## 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_

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## Bibliographic details
- Published: November 14, 2023

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### 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.*

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## References

- [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)
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_Source: https://www.imf.org/en/news/articles/2023/11/14/sp111423-mdremarks-sti25th_