{ "title": "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\"", "publication": "IMF News, November 14, 2023", "sourceUrl": "https://www.imf.org/en/news/articles/2023/11/14/sp111423-mdremarks-sti25th", "canonical": "https://www.imf.org/en/news/articles/2023/11/14/sp111423-mdremarks-sti25th", "overlayPath": "/en/news/articles/2023/11/14/sp111423-mdremarks-sti25th/index.md", "summary": "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", "publishDate": "2023-11-14", "sections": [ { "heading": "Event context and acknowledgments", "content": "- Occasion: 25th anniversary of the Singapore Regional Training Institute (STI).\n- Speaker: IMF Managing Director Kristalina Georgieva.\n- Location/date lines in source: November 14, 2023, Singapore; November 13, 2023 (IMF Communications Department).\n- Acknowledged participants and hosts: Ravi Menon, Ogata San, Governor Chea.\n- Noted upcoming event: Fintech Festival that Singapore is hosting, \"starting tomorrow.\"" }, { "heading": "STI role, reach, and institutional expansion", "content": "- STI characterized as reflecting how the IMF is changing—turning more toward its members and increasing regional integration.\n- Regional capacity development expansion:\n - Increased number of regional capacity development centers to 17.\n - Recently inaugurated the center in Almaty Kazakhstan to serve the Central Asia and Caucuses region.\n - Exploring platforms for engaging with parts of the world such as the Middle East through a new regional center financed by Saudi Arabia.\n- STI training footprint:\n - Since its establishment, trained more than 21,000 government officials across 37 countries.\n - Programs include over 700 courses covering core IMF macroeconomic and financial sector issues." }, { "heading": "Training priorities and thematic emphasis", "content": "- Three highlighted areas covered by STI:\n - Core IMF macroeconomic and financial sector issues with over 700 courses.\n - Expansion of teaching to cover new emerging issues such as climate change and digitalization.\n - Connection to Singapore’s leadership in digital money and CBDC-related expertise.\n- Pedagogical and network value:\n - Institutes bring people together to learn from each other and from the IMF.\n - Emphasis on building networks and friendships that endure as participants become senior officials.\n - Example classroom composition observed: participants from Mongolia, Papua New Guinea, Bhutan, Sri Lanka — from all over Asia and the Pacific region." }, { "heading": "Policy environment and policymaker needs", "content": "- The policymaking environment is described as more uncertain, technologically dynamic, multipolar, and subject to more frequent unexpected exogenous shocks.\n- Policymakers must be:\n - Faster and more agile.\n - Able to operate amid degrees of uncertainty that did not exist decades ago.\n- STI’s training objective includes building \"the muscle of agility and adaptability\" for current and future policymakers." }, { "heading": "Central Bank Digital Currency (CBDC) engagement and key questions", "content": "- CBDC prominence:\n - STI identified as \"the premier place on digital money, and specifically on CBDCs.\"\n - Over 110 of IMF members are at some stage of engagement with CBDCs.\n- Critical questions for IMF and members regarding CBDCs:\n - How can CBDCs help promote financial inclusion?\n - What could CBDCs do for more people and businesses to tap into the financial assets of the world?\n - How to onboard small businesses and informal merchants and make them part of the more formal system on the basis of CBDCs?\n - How could CBDCs help with interoperability and cross-border transactions, given design risks that could fragment rather than integrate the world of money?" }, { "heading": "IMF actions and resources on CBDCs", "content": "- Launch announced: virtual CBDC handbook (launched on the 25th anniversary).\n - Acknowledged support from Japan for the handbook.\n - Described as presenting lessons learned and as an open system for additional lessons to be contributed." }, { "heading": "Closing observations", "content": "- The institute is assessed as having a bright future based on past achievements and demonstrated possibilities.\n- Reinforcement of gender equality progress: panel composition noted as gender balanced, reflecting IMF transformation over decades.\n- Final thank you to participants and hosts.\n\nSource: 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.\n\n---\n\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- Central Bank Digital Currency: Emerging Good Practices\n- Singapore and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2023/11/14/sp111423-mdremarks-sti25th" } ], "bullets": [ "[Markdown version](/en/news/articles/2023/11/14/sp111423-mdremarks-sti25th/index.md)", "[Structured JSON version](/en/news/articles/2023/11/14/sp111423-mdremarks-sti25th/index.json)", "[Bundle manifest](/en/news/articles/2023/11/14/sp111423-mdremarks-sti25th/bundle-manifest.json)", "Published: November 14, 2023", "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 characterized as reflecting how the IMF is changing—turning more toward its members and increasing regional integration.", "Regional capacity development expansion:", "STI training footprint:", "Three highlighted areas covered by STI:", "Pedagogical and network value:", "The policymaking environment is described as more uncertain, technologically dynamic, multipolar, and subject to more frequent unexpected exogenous shocks.", "Policymakers must be:", "STI’s training objective includes building \"the muscle of agility and adaptability\" for current and future policymakers.", "CBDC prominence:", "Critical questions for IMF and members regarding CBDCs:", "Launch announced: virtual CBDC handbook (launched on the 25th anniversary).", "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.", "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)", "[Central Bank Digital Currency: Emerging Good Practices](https://www.imf.org/en/news/seminars/conferences/2023/11/13/111323-sti-central-bank-digital-currency-emerging-good-practices)", "[Singapore and the IMF](http://www.imf.org/external/country/SGP/index.htm)", "[Speeches](https://www.imf.org/en/news/searchnews)", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2023/11/14/sp111423-mdremarks-sti25th/index.md", "json": "/en/news/articles/2023/11/14/sp111423-mdremarks-sti25th/index.json", "bundleManifest": "/en/news/articles/2023/11/14/sp111423-mdremarks-sti25th/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T02:30:04.568Z" }