Remarks by the IMF Managing Director Kristalina Georgieva at the IMF-Singapore Regional Training Institute (STI)'s 25th Anniversary Event: "Central Bank Digital Currency: Emerging Good Practices"

IMF News, November 14, 2023

Source details

Canonical URL: Remarks by the IMF Managing Director Kristalina Georgieva at the IMF-Singapore Regional Training Institute (STI)'s 25th Anniversary Event: "Central Bank Digital Currency: Emerging Good Practices"

Other formats

Bibliographic details

Published: November 14, 2023

Event context and acknowledgments

Occasion: 25th anniversary of the Singapore Regional Training Institute (STI).
Speaker: IMF Managing Director Kristalina Georgieva.
Location/date lines in source: November 14, 2023, Singapore; November 13, 2023 (IMF Communications Department).
Acknowledged participants and hosts: Ravi Menon, Ogata San, Governor Chea.
Noted upcoming event: Fintech Festival that Singapore is hosting, "starting tomorrow."

STI role, reach, and institutional expansion

STI characterized as reflecting how the IMF is changing—turning more toward its members and increasing regional integration.
Regional capacity development expansion:
- Increased number of regional capacity development centers to 17.
- Recently inaugurated the center in Almaty Kazakhstan to serve the Central Asia and Caucuses region.
- Exploring platforms for engaging with parts of the world such as the Middle East through a new regional center financed by Saudi Arabia.
STI training footprint:
- Since its establishment, trained more than 21,000 government officials across 37 countries.
- Programs include over 700 courses covering core IMF macroeconomic and financial sector issues.

Training priorities and thematic emphasis

Three highlighted areas covered by STI:
- Core IMF macroeconomic and financial sector issues with over 700 courses.
- Expansion of teaching to cover new emerging issues such as climate change and digitalization.
- Connection to Singapore’s leadership in digital money and CBDC-related expertise.
Pedagogical and network value:
- Institutes bring people together to learn from each other and from the IMF.
- Emphasis on building networks and friendships that endure as participants become senior officials.
- Example classroom composition observed: participants from Mongolia, Papua New Guinea, Bhutan, Sri Lanka — from all over Asia and the Pacific region.

Policy environment and policymaker needs

The policymaking environment is described as more uncertain, technologically dynamic, multipolar, and subject to more frequent unexpected exogenous shocks.
Policymakers must be:
- Faster and more agile.
- Able to operate amid degrees of uncertainty that did not exist decades ago.
STI’s training objective includes building "the muscle of agility and adaptability" for current and future policymakers.

Central Bank Digital Currency (CBDC) engagement and key questions

CBDC prominence:
- STI identified as "the premier place on digital money, and specifically on CBDCs."
- Over 110 of IMF members are at some stage of engagement with CBDCs.
Critical questions for IMF and members regarding CBDCs:
- How can CBDCs help promote financial inclusion?
- What could CBDCs do for more people and businesses to tap into the financial assets of the world?
- How to onboard small businesses and informal merchants and make them part of the more formal system on the basis of CBDCs?
- How could CBDCs help with interoperability and cross-border transactions, given design risks that could fragment rather than integrate the world of money?

IMF actions and resources on CBDCs

Launch announced: virtual CBDC handbook (launched on the 25th anniversary).
- Acknowledged support from Japan for the handbook.
- Described as presenting lessons learned and as an open system for additional lessons to be contributed.

Closing observations

The institute is assessed as having a bright future based on past achievements and demonstrated possibilities.
Reinforcement of gender equality progress: panel composition noted as gender balanced, reflecting IMF transformation over decades.
Final thank you to participants and hosts.

Source: Remarks by the IMF Managing Director Kristalina Georgieva at the IMF-Singapore Regional Training Institute (STI)'s 25th Anniversary Event, Central Bank Digital Currency: Emerging Good Practices.