• "Economic Outlook, Governance, and Ethical Leadership"
  Dr. Bandid Nijathaworn
  President and CEO of the Thai Institute of Directors and the Former Deputy Governor of the Bank of Thailand
  December 7, 2015

• "Fiscal Condition and Long Term Interest Rates"
  Mr. Koji Nakamura
  Associate Director-General and Division Head, Economic Research Division, Research and Statistics Department, Bank of Japan

While Dr. Bandid gave the lecture on ethical leadership, which is important for policymakers, Mr. Nakamura gave a presentation based on his working paper, which analyzed the effects of fiscal conditions on long-term interest rates. Both presentations were well appreciated by the scholars as the topics were of high relevance to their career path and research interests.

JISPA Review: Under the systematic framework of a periodical review, OAP has formed a committee to review the JISPA with an aim to assess the effectiveness of the program and to orient its future direction.

In February 2016, the committee convened in Tokyo and visited all the partnership universities to meet with faculty members and scholars. The meetings were an opportunity to hear about the program and receive feedback to enhance the JISPA as well as the academic and living environment at each university.

In late March, the committee visited Cambodia and Myanmar to meet with the sponsoring agencies to hear their needs as well as the JISPA alumni to receive their feedback and experience with the JISPA. During the meetings, some of the JISPA alumni in senior positions met the committee as representatives of their agencies; Mr. Thai Saphear, Deputy Secretary General of the National Bank of Cambodia, and in Myanmar, Ms. San Thida, the Deputy Director of the Budget Department, the Ministry of Finance (at that time).

At the end of May, the Committee again convened in Tokyo to discuss and summarize its findings and recommendations. The review report, which is the final output of the JISPA review process, is scheduled to be submitted to OAP’s Director in June (last sentence needs to be updated)

OAP Hosted Seminars: The JISPA scholars were also invited to the following OAP seminars held in Tokyo. In particular, the scholars were invited as observers to the Hitotsubashi-OAP joint seminar on “Advances and Challenges in Regional Integration” held on March 3-4, 2016, and they had valuable opportunities to listen to the most updated progress in the area of financial integration and hear views of prominent professors and policymakers.

The seminars where the JISPA Scholars were invited during Dec 2015-May 2016.

• OAP Economic Issues Seminar: Building on Asia’s Strengths in Turbulent Times
  Speaker: Rail SALGADO, Chief of the Regional Studies Division, Asia and Pacific Department, IMF
  Regional Economic Outlook-Asia and Pacific
  Date: May 10, 2016
  Tokyo, Japan

• Open Workshop on Issues in International Taxation
  The Seventh IMF-Japan High-Level Tax Conference For Asian Countries in Tokyo
  Date: April 06, 2016
  Tokyo, Japan

• Advances and Challenges in Regional Integration
  Jointly organized by Hitotsubashi University and the IMF Regional Office for Asia and the Pacific
  Date: March 03, 2016 - March 04, 2016
  Tokyo, Japan

• OAP Economic Issues Seminar Series: Macroeconomic Developments and Prospects for Low Income Developing Countries
  Speaker: Sean Nolan, Deputy Director in the Strategy, Policy and Review Department, IMF
  Presentation
  Date: February 23, 2016
  Tokyo, Japan

• Japan's Economic Challenges and Structural Reform Options—IMF Views
  co-hosted by PARI, University of Tokyo, and the IMF
  Date: January 18, 2016
  Tokyo, Japan

• Climate Change: Challenges and Opportunities after the 2015 Paris Conference
  Jointly organized by the British Embassy, the IMF Regional Office for Asia and the Pacific (OAP), and the Royal Norwegian Embassy
  Seminar Website
  Date: December 15, 2015
  Tokyo, Japan

OAP’s Capacity Building Seminar: OAP organized the Capacity Building Seminar on "Integrated Macroeconomic Statistics and the Balance Sheet Approach for Better Economic Decision-Making" in Siem Reap,Cambodia on January 21-22, 2016, jointly with the National Bank of Cambodia (NBC) and the IMF’s Statistics Department (STA). This seminar aimed to demonstrate the linkages between various domains of macroeconomic and financial statistics and illustrate the policy implications of inter-sectoral linkages.

The seminar was attended by about 40 participants, including IMF staff and policy makers from central banks and statistics agencies in the region. Several JISPA alumni from the NBC attended this seminar.

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1. Please describe your career path after graduating from the JISPA. How has the JISPA contributed to your career development?

After my graduation from IUJ as a JISPA scholar, I worked at Bank Indonesia in the Bureau of Economic Research. With the broadened academic knowledge, worldwide friendship and network that I obtained as a JISPA scholar, I was assigned as assistant to the Board of Governors of Bank Indonesia. Three years later, I obtained my Doctoral Degree in Economics at the Graduate School of Economics of Nagoya University. Afterwards, I continued to work at Bank Indonesia as a senior economist in the Department of Macroprudential Policy and then got my position as Deputy Director. Until recently, I have been assigned by Bank Indonesia to work with the Executive Office of the President of the Republic Indonesia.

2. Could you please briefly outline your current duties, mentioning any challenging issues that you are facing (if there are any)?

My duties include:

• Analysis and monitoring of the development of Economy and Finance in general.
• Analysis and Assessment of Strategic Economic and financial issues
• Supporting the availability of data and reports, both on a routine and ad hoc basis.
• Coordination with the Ministry / state agencies

3. Please describe the economic outlook of Indonesia and any policy challenges.

• In 2016 economic growth is expected to increase by 5,2-5,6%, supported by fiscal stimulus, in particular the acceleration of infrastructure projects.
• Private investment is expected to increase as a result of policy support, such as measurable and gradual monetary easing while maintaining the macroeconomic stability.
• The economy in 2016 will be characterized by inflation at the lower end of the 4±1% inflation target, with the current account deficit projected at below 3% of GDP.
• In the midst of global economic dynamics, government efforts to improve purchasing power and effectiveness of fiscal stimulus will play an important role in promoting economic growth in 2016.

Some Policy Challenges.

• Risk of continued China economic slowdown, accompanied by uncertainties in financial markets.
• Persistent decline in global commodity prices, including the oil price.
• Risk in global financial markets associated with the Federal Fund Rate (FFR) hike is expected to abate, although vigilance is still required.
• On the domestic front, potential risk emerges from rising volatile food inflation

4. Please briefly describe your student days in Japan under the JISPA, such as your major and research interest, as well as your experience of life in Japan.

Studying at IUJ with the support of the JISPA was a very rewarding experience. The program offered a unique opportunity to broaden my understanding and knowledge of developing and implementing economic policies, which are invaluable for my career at the Bank of Indonesia. Moreover the IUJ's international environment enhanced my personality, provided me with an eye-opening cultural experience, and endowed me with a global network of friends. I want to thank all IUJ professors and IMF staff who provided me with all the knowledge, experience, and financial support.

5. You have recently participated in the Japan-IMF Macroeconomic Seminar for Asia (JIMS). Please describe your experience with the JIMS.

It has been a very effective, productive and interesting learning week event to all of us during the Japan-IMF Macroeconomic Seminar for Asia (JIMS). I found the topics covered quite relevant and useful, starting from the overview of the World Economic Outlook presented by the IMF. The JIMS offered courses on various macroeconomic framework options, structural changes and their applicability and relevance to infrastructure, SME developments, promoting regional trade integration, execution of conventional and unconventional monetary and exchange rate policies, fiscal policies, key notes on debt management, in particular bond market developments, long term investors strategies, Global Value Chain, FDIs and PPP. Specifically, it provided the lessons learnt from the Japanese economic model that should allow us to cope with the risks associated with the approaches, taking into consideration our specific cultural differences, national values, structural capacity, political ability which would enable us to skip risks.

6. Any message to the current JISPA scholars studying in Japan as well as potential candidates?

For those of you who are lucky to be selected as JISPA scholars, please take advantage in terms of both academic and personal opportunities, say, by studying hard and establishing an international network of friendships, and enjoy your life in Japan with the c

7. Do you have any message that you wish to mention to Japan?

I hope that the Japanese government will be more open to giving a chance for foreigners, especially from Indonesia, not only to study but also to work. In addition, it would be appreciated if the Japanese government could be more friendly to tourists or Muslims by providing adequate facilities, which I understand that ongoing efforts are being made.

8. Please provide us with any comments that you wish to convey.

Hope I can join and take another advantages from JISPA program.

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1. Please outline your work responsibilities before enrolling on your studies in Japan.

As a chief economist of the Balance of Payments and External Debt Division, I have been mainly responsible for balance of payments and external sector analysis and forecasting. I have also been involved in issues regarding balance of payments statistics methodology, especially in the view of adopting the guidelines of Balance of Payments and International Investment Position Manual (6th edition). Both directions of my job involve intensive interaction with other departments of the National Bank of the Kyrgyz Republic as well as with the government, international organizations and commercial banks.

2. What led you to study in Japan, and what motivated you to apply for the JISPA?

Having been a part of the National Bank’s team for about 6 years, I realized that I do need extra knowledge and new skills to make progress in my professional career. The JISPA was an excellent choice: administered by the IMF, it is known for its strict selection of scholars and strong graduate programs focusing on macroeconomics, run by excellent partnership universities in Japan. And definitely, the best evidence of the program’s success is the progress of its alumni: the experience of some of my senior colleagues who graduated from the JISPA was my main motivation to apply for the program.

Additionally, I was really interested in studying and living in Japan, a unique country presenting a mixture of an ancient culture and traditions with an inspiring experience of the economic miracle and the most contemporary technologies.

3. What are you studying? (What have you been studying?)

The National Graduate Institute for Policy Studies (GRIPS) provides a Macroeconomic Policy Program for JISPA scholars. During the fall semester I have studied essential courses like Macroeconomics, Microeconomics and Econometrics. In addition, I chose classes of particular interest to me: monetary economics, accounting and financial management, and statistics. Now I am taking International Finance and Government and Market courses. I am also taking a very interesting course devoted to development issues of East-Asian economies.

4. Please tell us of one experience in Japan that made you feel happy, sad, surprised, or moved.

During the last eight months in Japan. I have had many positive experiences. Here I have met many people coming from different cultures, and have gained experience from them which I value as lessons learnt. I remember a young Japanese girl I met near Roppongi Station a few months ago. It was raining heavily. Even though she had no coat on, and I had my windbreaker on, she kindly offered me her umbrella. I was really touched by her kindness.

5. Please describe your experience and/or impression of the JISPA (such as the Orientation Program, seminars, and meetings with IMF/OAP economists).

In my opinion, the Orientation Program is one of the best parts of the JISPA. Participating in the program greatly helped my preparedness for graduate studies. I had a chance to improve my knowledge in mathematics, econometrics and economics, and I really enjoyed the English and Japanese language classes. I would like to make a special mention of the Oral Communication Skills classes taught by Professor Mohammed Ahmed, where I had the most exciting experience of making individual presentations.

In addition, the Orientation Program gave me a chance to make friends from all over the world and enjoy Japanese countrysides’ beauty and tranquility.

6. How would you like to utilize the knowledge and skills obtained through your studies under the JISPA in your future work?

Applying to JISPA, I intended to deepen my knowledge in macroeconomics and to improve my computational and analytical skills. At the moment, I am the only in the middle of my studies, but I have already benefited a great deal. After graduation, I hope to be useful as a member of the National Bank’s team and to contribute to my country’s development.

7. What is your future career vision and dream?

I believe that a country develops when every member of the society is doing his own job well. My professional dream is to be fully competent and confident at any job I do.

8. Do you have any message to Japan?

I would like to thank the Japanese government and people for the opportunity to study and live in Japan, as well as for the hospitality and unique chance to experience Japanese culture. I hope Japan continues to prosper further and to live in peace.

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