1. Please introduce OAP.

Odd Per Brekk: The IMF Regional Office for Asia and the Pacific (OAP) was established in 1997 in Tokyo, Japan, as the IMF’s window to the Asia and the Pacific Region, given the substantial and growing importance of the region in the global economy. Our tasks include contributing to regional surveillance and bilateral surveillance on Japan and Mongolia, participating in regional meetings such as APEC and ASEAN+3, conducting capacity building activities through regional seminars as well as the JISPA, carrying out outreach activities, and facilitating the work of the IMF HQ.

2. Please explain why the IMF is involved in the JISPA and the history of OAP administration of the program.

Shogo Ishii: As Odd Per explained, OAP conducts several capacity building activities as part of the IMF’s capacity building efforts, which constitute one of three pillars of the IMF mandate (the other two pillars are the Fund’s surveillance and lending activities). The Japanese Government and the IMF agree that institutional capacity building in macroeconomic management is very important, and we share the common goal to contribute to the sustainable economic development of the Asia and Pacific region. To achieve this aim, we agreed to provide scholarships to train junior government officials from key economic agencies.

The JISPA was initially administered by the IMF Institute, currently known as the IMF Institute for Capacity Development at headquarters in Washington, D.C. However, given OAP’s establishment in Tokyo and the expansion of the JISPA in AY2001-02, it was decided to transfer administration functions to OAP to facilitate monitoring of the program and coordination with the Japanese universities.

3. Please describe the key features and strengths of the JISPA by having IMF/OAP involved.

Odd Per Brekk: The JISPA program is unique since it narrows its target down to junior officials from key economic agencies who wish to study in macroeconomics and financial related areas in line with the IMF’s mandate. Against such a background, and given the objectives of the program, I believe that the JISPA benefits from IMF/OAP involvement. For example, OAP economists provide input in designing and evaluating the curricula, to make sure that they maintain a macroeconomic-oriented and policy-relevant focus. Furthermore, the JISPA manages to recruit potential candidates from the key economic agencies through the close channels that each IMF Resident Representative has in his/her own country in the region.

4. What is your assessment of the achievements that the JISPA has made so far, in relation to recipient countries, Japan, and the IMF?

Shogo Ishii: I think that the JISPA has achieved a notable level of success. I have noted with great pleasure that many JISPA alumni have now risen up to senior positions and play important roles in policy making. The target agencies appreciate the long lasting support provided by the Government of Japan and the IMF. Some alumni are also working in areas that necessitate coordination and negotiation with Japan. We, at the Fund, have also recognized that many of our counterparts are graduates from the JISPA.

5. Please describe OAP’s involvement in ensuring quality control of the JISPA

Odd Per Brekk: Since we are based in Tokyo, we are involved in day-to-day administration, including close coordination with the universities. OAP staff also visit each university and have several occasions to exchange views with the scholars and to receive their feedback on the course program offered by each partnership university. In addition, we centralize the selection process, with close coordination and consultation with a selection committee which includes faculty members of all the partnership universities. This centralized selection process enables us to select the scholars with the highest potential from the applicants’ pool.

In addition to day-to-day management activities, we have also introduced and established a system to ensure the quality of the university programs. We periodically implement an open bidding process to select the partnership universities. This coming academic year, i.e., in AY2013-14, we are planning to conduct a mid-term review to assess the program of each partnership university as well as our own activities for the JISPA.

The JISPA is one of the major activities that OAP administers. We will continue to work in order to ensure the quality of the program as part of the IMF’s capacity building efforts, with a strong commitment to contribute to economic development in the region and in collaboration with the Japanese government.

6. Please outline the activities that OAP organizes for the JISPA scholars.

Shogo Ishii: In order to foster an identity of “Japan-IMF” scholars, we organize various activities. These activities leverage on the IMF mandate and expertise, and we believe that they compliment the academic education received by the scholars. For example, we regularly organize a series of JISPA seminars with participation of both OAP economist and those who visit Tokyo to talk about topical policy issues in macroeconomic and financial areas. We also invite the JISPA scholars as observers to OAP hosted high-level regional seminars, so that they can be exposed not only to up-to-date policy debates but also to regional fora. In collaboration with the International University of Japan, we arrange the Orientation Program for incoming scholars, which aims to refresh their skills in mathematics and academic English. It also provides some basic Japanese language and culture courses which should help JISPA scholars enjoy their stay in Japan.

I have attended those activities myself, and I was always amazed by the scholars’ enthusiasm and motivation for their studies, shown by active discussion sessions during the seminars as well as during their meetings with us.

7. You were appointed as OAP’s Director for three years, and were heavily involved in the JISPA administration and activities. Please share with us some experiences that impressed you.

Shogo Ishii: I very much enjoyed working on the JISPA administration and activities, especially interacting with JISPA scholars and alumni. During my campus visits, I was very pleased that partnership university faculty members highly praised JISPA scholars for high levels of academic achievements and motivation. When I visited Myanmar last fall as part of JISPA promotion, I happened to witnessed that a number of JISPA alumni were engaged in economic adjustment program negotiations with the IMF mission, realizing the JISPA’s significant contribution to developing countries’ economic development.

8. You assumed the OAP’s Director in July 2013. How would you like to move the JISPA forward? Or, what do you envisage as the direction of the JISPA?

Odd Per Brekk: The JISPA has already had a positive impact on the region, on Japan, and on the IMF in several ways. We at OAP continue to be committed to the administration of the program. In particular, we will continue to monitor and ensure the effectiveness of the curricula offered by the partnership universities. The curricula need to equip JISPA scholars with sophisticated knowledge and skills enabling them to tackle complicating policy challenges in the macroeconomic and financial areas that they will face in the future.

Moreover, OAP as the IMF’s window to Asia, we would like to positively utilize an extensive network of JISPA alumni among officials in key economic agencies when we conduct our activities, such as participating in regional fora and organizing regional seminars. We strongly believe that the JISPA program can foster better macroeconomic management and international policy cooperation, thus benefitting not only the scholars’ home countries, but also Japan, the region, and the global economy.

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The presentations were extremely interesting, and stimulated active discussion sessions, which provided useful insights, including practical policy implications. After the thesis presentation, a farewell reception was held to celebrate the successful completion of the scholars’ studies.

Scholar’s comment on the Thesis Presentation: I was fortunate to witness the very first “IMF-OAP JISPA Thesis Presentation” event, held on June 18, 2013. The program was a good opportunity for me to acquaint myself with a real symposium environment and to interact with colleagues regarding each other’s research. The four representative research papers presented in the program were excellent in content. However, due to time prescriptions, it appeared that the presenters could not fully explain the contents of their papers. The program itself was nicely designed to make an interactive and complete package. Presentations followed by discussants’ comments, then by commenters’ comments enriched the understanding of the topics and inspired further discussions. Moreover, the most interesting aspect of the whole program for me was the research enthusiasm raised by this program of JISPA scholars, judged by observing unceasing interaction among scholars about the research presented. Finally, I appreciate this initiative by IMF-OAP and wish this program to be continued with more representative research on economic and financial themes, not excluding development issues, for years to come! (Mr. Bed Raj Phuyel, 2011-13, the University of Tokyo, National Planning Commission, Nepal).

High-level seminar: OAP jointly organized the “Capacity Building Seminar on Foreign Exchange Market Development”, in collaboration with the Monetary and Capital Markets Department (MCM) and Singapore Regional Training Institute (STI) of the IMF. The seminar was held on June 12-14, 2013, in Bangkok, Thailand. Government officials who work on foreign exchange operations and related issues from Cambodia, Lao PDR, Myanmar, and Vietnam were invited to the seminar, which provided an opportunity to discuss and deepen their knowledge of operational and policy issues related to their work. The seminar focused in particular on foreign exchange market development, including foreign exchange interventions and auctions. Three JISPA alumni attended the seminar; Mr. Kormoly Kimty (National Bank of Cambodia), Mr. Khaing Shwe War (Central Bank of Myanmar), and Mr. Hung Viet Le (State Bank of Vietnam). Mr. Le provided a country presentation during the seminar. The seminar also provided an occasion for the alumni to strengthen their network, by renewing relationships amongst themselves and with OAP economists.

Graduation Ceremonies and Awardees: Graduation ceremonies were held at the International University of Japan (IUJ, on June 26), Hitotsubashi University (HIT, on July 31), and the University of Tokyo (UT, on Aug 1). Some of the JISPA scholars received awards for the high quality of their academic achievements, which certified their hard work. Three IUJ-JISPA scholars, Mr. Harry Aginta (Bank Indonesia), Ms. Sreyleak Mon (National Bank of Cambodia), and Mr. Ram Krishna Regmi (National Planning Commission, Nepal) were awarded the Dean’s Citation. From HIT, Mr. Riza Putera Nazori (Bank Indonesia) received the Best Thesis Award, and Mr. Rene Cris Paquio Rivera (Department of Finance, the Philippines) was awarded the Director’s List Award for his highest GPA. At the pre-graduation ceremony held at the UT, Mr. Yuncheng Xu (State Administration of Taxation, China) provided a speech as a student representative given his best academic performance in his class.

Orientation Program: 28 incoming JISPA scholars attended the English component of the Orientation Program starting on July 15. Another seven scholars from countries where English is the official language have participated in the other courses of the program (mathematics/computational skills, introductory economics, and Japanese language and cross-cultural understanding) since August 12. OAP staff visited the IUJ on August 28 to observe classes and hold meetings with the faculty members. During this visit, Mr. Giovanni Ganelli, OAP Senior Economist, delivered a lecture entitled "The Role of the IMF in the Global Economy”. The OAP Programs Officer made a presentation in which she explained Japan’s contribution to the IMF and JISPA. These presentations and the Q&A session which followed provided an opportunity to deepen the scholars’ awareness of the IMF’s role, as well as of Japan’s long lasting support in the area of IMF’s capacity building efforts.

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

Just after graduating from JISPA, I returned to the Ministry of Finance, Mongolia and was promoted to Deputy Director-General for the Department of Foreign Loan and Aid Policy. In 2012, I was promoted to Director-General for the Department of Development Financing and Cooperation. Due to the restructuring of the current Government in March of 2013, I have been assigned to my current position of Director-General for the Department of Financial Policy and Debt Management. I am deeply grateful for the JISPA that has made a huge contribution to my career at the Government.

2. Have you worked on any issues relevant to Japan or regional cooperation? If so, please explain the duties and/or experiences that you had.

Japan and Mongolia have developed a very close relationship since 1990, when Mongolia faced many economic challenges due to the transition to the market economy. Japan was one of the biggest donor countries to provide assistance to Mongolia with grants and loans to help the country to solve various fiscal and monetary problems. Since then, cooperation between Japan and Mongolia has continuously expanded and strengthened. With 14 years of experience in the Ministry of Finance, Mongolia, I have been directly involved as a government focal point in many projects and programs, supported by the Government of Japan through JICA, JBIC and JFC. At the same time, I was representing the Government of Mongolia as a national focal point for regional programs such as the Central Asian Regional Economic Cooperation (CAREC) under ADB and the Great Tumen Initiative (GTI) under UNDP.

3. You were appointed as Director-General, Department of Financial Policy and Debt Management, the Ministry of Finance, Mongolia in February 2013. Could you please briefly outline your duties as the Director-General, mentioning any challenging issues that you are facing (if there are any)?

Mongolia is now undergoing a very important period in development and our economy has been accelerating by more than 10 percent every year since 2004. However, the domestic economy is facing a number of challenges, especially a weak capital market and high level of government debt as well as the risk of Dutch disease. The government’s prioritized measures in the coming year(s) are to ensure macroeconomic stability, curb inflation and maintain an appropriate level of economic growth. In this regard, my department is working on the draft law of Debt Management, Establishment of Sovereign Wealth Fund and Local bond market development, etc. My department has three major functions:

• Financial sector policy
• Debt management
• Sovereign wealth fund management

4. You attended the IMF-World Bank Annual Meetings in Tokyo in October 2012. Please tell us which events were useful for you during the Annual Meetings and/or your stay in Tokyo.

Most recently, in October 2012, I attended the IMF/WB Annual Meetings in Tokyo and really enjoyed the strong speeches made by Madam Lagarde, IMF Managing Director, and Mr. Kim, World Bank President, which were unique and inspiring. The Annual Meetings gave us a great opportunity to exchange views and expereinces with other country delegations.

On the occasion of attending the meetings, I had an opportunity to visit my graduated program, the Asian Public Policy Program (APPP), Hitotsubashi University, with the Finance Minister of Mongolia. It brought me good memories from the last 10 years back from now.

Photo from left: Prof. Ariyoshi, the APPP Director, Mr. Chultem Ulaan, the Finance Minister of Mongolia, and Mr. Dorjkand
Hitotsubashi-APPP campus, Tokyo, October 2012

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

My student days in Japan were very enjoyable, full of learning new knowledge and experiences. I believe that APPP is one of the best suited programs for government officials and central bankers. I spent more than one year at the Japanese Ministry of Finance as a practical student, which helped me learn how to work hard and respect seniors. Studying in Japan was one of my happiest and memorable moments.

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

When you return home, I am sure that there will be less time for researching, learning, and developing yourselves at your work. Therefore, please wisely manage your time and absorb as much the knowledge as you can from the professors and policy makers during your stay in Japan.

7. Any message to Japan?

I believe that the Japanese Government structure and 150 years bureaucratic system is a very useful model to learn. Therefore, it would be extremely important to provide more scholarships to government officials and central bankers from developing countries.

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

It was my big honor to be the Japan-IMF scholar and I would be most happy to work as a bridge between Japan, the IMF, and Mongolia for further cooperation.

From left: Mr. Luvsandash (JISPA alumnus), Senior advisor to the President of Mongolia, Mr. Kuroda, then-ADB President, and Mr. Dorjkhand
ADB-Mongolia Partnership Forum, Ulaanbaatar, October 2011.

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

I worked for the National Bank of Cambodia for almost 3 years from 2008 to 2011 in the exchange management department (Reserve Department). I was responsible for accounting and book keeping relevant to portfolios and securities. Moreover, I was nominated to attend seminars or conferences abroad, such as in the United States, Korea, India, and Thailand where the topics were mostly dealing with reserve management. Besides those routine jobs, I was also one of liaison officers (LO) to assist in a series of international meetings organized by the National Bank of Cambodia.

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

I had heard of the popularity of studying in Japan since I was in tenth grade, then I told myself that “I must earn a scholarship to study in Japan”. While I was growing up, there were several other reasons which inspired me to study in Japan, such as (1) Japan is one of the high economic growth countries, with high standards of education quality and technology innovation, (2) people are hard-working and helpful, (3) high social security. In its history, Japan has encountered serious natural disasters; however, this country has always recovered in a short period. Why that fast? Personally, I think that the answer lies in how well the Japanese economic system works. I would like to learn all these specific topics from the case of Japan.

In the National Bank of Cambodia, most of the officials who studied in Japan are JISPA scholars and currently they play important roles in the management level. JISPA has also provided the master’s program with useful curricula, informative seminars, and academic field trips.

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

I have been studying at the International University of Japan for a master’s degree in Economics. The program offers me not only fundamental economic courses but also some others which are important for my job and fit my interests, such as Macroeconomics and Policy Analysis, Japanese Economy and Macroeconomics Policies, and Central Banking courses. In addition, the university also provides field trips to improve our academic understanding with practical experience. The courses designed for the JISPA scholars at the IUJ will ultimately allow me to implement and evaluate the policies that I will encounter and deal with in my job in the future.

4. You received the Certificate of Distinguished Service by the International Relations Council (IRC) in addition to the Dean’s Citation at the time of graduation in late June. Please briefly explain the IRC, and describe your activities that led you to receive this award.

I have earned many precious experiences during my academic endeavor in Japan. One of the most memorable contributions is to be a member of the International Relations Council (IRC). We have worked closely with each other to build a bridge between students and faculty members in order to solve academic problems and deal with any concerns which may emerge. We have arranged thesis sharing sessions, published term tribunes, and organized the field trips. These extra academic and non-academic activities have equipped me with the skills in problem solving and enhanced and extended human networks. Besides, during two years in Japan, I have studied my course work very hard and successfully received the Dean’s Citation at the time of my graduation in late June 2013.

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

IMF/OAP staff visits the university and meet with the JISPA scholars once a year. During the meeting, we have reported challenges, difficulties, and overall comments on academic and daily life. OAP also arranges for JISPA scholars a series of seminars on topical economic issues, which provide us with chances to get familiar with the international environment, raise questions, and communicate with economists from the IMF, Ministry of Finance, and the Bank of Japan. Importantly, the annual meeting of the IMF and the World Bank Group in October 9-14, 2012, which took place in Tokyo, exposed me to valuable information from all stakeholders about the economic outlook, poverty eradication, economic development, and aid effectiveness. In addition, these occasions allowed me to meet with JISPA scholars from other universities and exchange experiences. There would have been none of these opportunities if I were not a JISPA scholar.

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

It is generally known that human capital development is a major driving force for economic growth, besides physical capital and technology. Hence, the major step I need to make is to help improve the human resources in my country. Obtaining a MA in economics permits me to be qualified enough to provide lectures and conduct research on various interesting issues specifically in the field of economics.

7. What is your future career vision and dream?

Hopefully, I can participate in policy making in economics in the context of my job at the National Bank of Cambodia to drive the nation forward and create economic knowledge for next generations.

8. What is your favorite proverb or motto?

"Vision without Action is a waste of time and Action without Vision is a nightmare."

9. Any message to Japan?

Japan without you I have no today!

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

Furthermore, I would like to express my special thanks to JISPA that has given me chance for this scholarship. I will utilize this knowledge and experiences wisely.

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