IMF | CCAMTAC

Selected Themes in Risk Based Supervision (April 22–26, 2024)

This hybrid workshop, which was the second one conducted now on an annual basis provided an in-depth discussion platform for the regulators in the region covering current issues and key challenges in Risk Based Supervision (RBS). Specific topics selected for discussion included challenges in Corporate Governance and its implementation, Basel Pillar 2 implementation and addressing the surrounding operational challenges, payment Systems supervision and, Climate risk and its integration to RBS operational flows (remote participation form DC). These topics were identified following workshops and interaction with supervisors in the region during 2023.

Public Investment Management (PIM) (April 14–17, 2024)

PIM practices in the region was strengthened by bringing together officials to share and learn from each other’s reform experiences and discuss strategies and tools to strengthen infrastructure governance through a mix of lectures, country presentations and practical group work. 24 participants from all nine CCAMTAC member countries benefited from the workshop, which was primarily funded by the Japanese Government.

Course on Frontiers of Macroprudential Policy (April 1–3, 2024)

 The training covered the foundations of the IMF framework for advice on macroprudential policy, such as the definitions of macroprudential policy and systemic risk, the institutional desirables for conducting effective macroprudential policy, and the mapping of broad-based, sectoral, liquidity, and structural vulnerabilities to macroprudential policy tools. Among the frontier topics covered by the workshop were positive neutral rates for capital buffers, the macroprudential and financial stability considerations involved in issuing a central bank digital currency (CBDC), and the use of macroprudential policies in addressing risks from capital flows, based on the recent Review of the Institutional View.

Cross-border and domestic payments, financial integrity considerations (March 26–29, 2024)

The Financial Integrity Group of the IMF’s Legal Department in collaboration with the Financial and Fiscal Law Division delivered a four day in-person workshop on cross-border payments and financial integrity considerations. The training aimed at improving the understanding of financial integrity issues related to payments for both traditional and digital money. It also helped continue the dialogue on cross-border payment challenges in the region and practical solutions. Topics included the key standards on cross-border payments, cross-border flows analysis, correspondent banking pressures, de-risking and remittances, risk-based supervision of cross-border payments, national risk understanding of cross-border and non-resident risks, virtual assets as well as central bank digital currencies and cross-border payments, and a presentation of the innovative solutions to facilitate cross-border payments and address corresponding banking relation (CBR) pressures. Participant presentations on country experiences further promoted knowledge sharing.

Taxation of Extractive Industries (March 11 – 15, 2024)

Complementing the tax administration work of CCAMTAC and building on previous years’ tax policy workshops, the regional workshop aimed at strengthening participants’ capacity for designing and analyzing extractive industries (EI) fiscal regimes. The team familiarized participants with key concepts and practices of EI taxation, including the use of the Fund’s Fiscal Analysis of Resource Industries (FARI) methodology and models. The workshop included hands-on training on modeling case studies and discussions.

Peer-to-Peer Macro-Fiscal meeting (February 26–27, 2024)

The first regional peer-to-peer macro-fiscal network meeting took place in the CCAMTAC offices in Almaty. The network provided an opportunity for 23 senior officials of Ministries of Finance and Economies across the nine CCAMTAC member countries to exchange views and provide rich discussion on fiscal developments in member countries and the key challenges they have for macro-fiscal work and managing short- and medium-term fiscal risks. Participants showed a strong preference for the continuation of the network with a follow-up meeting at about the same time next year.

Fiscal Risk Management (February 21–23, 2024)

The IMF’s Fiscal Affairs Department (FAD) and CCAMTAC delivered a joint peer learning workshop, with funding support from SECO, on strengthening fiscal risk analysis and management. The workshop was well attended by 29 participants from all CCAMTAC countries and Pakistan. The workshop covered fiscal risk institutions and analysis and management of fiscal risks related to state-owned enterprises (SOEs), public private partnerships (PPPs), and climate change (including demonstration of FAD’s Quantitative Climate Change Risk Assessment Fiscal Tool (Q-CRAFT).

Monetary Policy Implementation (February 12–15, 2024)

This 4-day workshop on Monetary Policy Implementation was held in Almaty for all nine CCAM central banks. The training contributed to strengthening central bankers’ theoretical and practical knowledge related to monetary policy implementation. The workshop targeted junior to mid-level technical staff who are directly involved in monetary policy analysis, policy implementation, and market operations.

Sovereign Risk and Debt Sustainability Framework for Market Access Countries (January 29 – February 2, 2024)

A one-week workshop presented the new Sovereign Risk and Debt Sustainability Framework (SRDSF) for Market-Access Countries (MAC). Globally, this was the first time the IMF provided training on this framework. The primary aim of the SRDSF is to guide countries’ borrowing decisions to match their need for funds with their current and prospective ability to service debt, tailored to their specific circumstances where public debt is found to be unsustainable. The framework also provides a methodology for setting targets to guide debt restructurings undertaken in the context of Fund-supported lending programs. This training introduced participants to using the MAC SRDSF, including standardized forward-looking analysis of the debt and debt service dynamics under a baseline scenario and in the face of plausible shocks.

 Improving quality of fiscal statistics (November 20 – 24, 2023)

This CCAMTAC Government Finance and Public Debt Statistics regional workshop focused on further developing member countries’ capacity to improve the quality of fiscal statistics. Twenty-six participants from ministries of finance, central banks and national statistical institutes of all CCAMTAC member countries attended the in-person workshop. The lectures covered the following topics: integrating accrual elements in their GFS reporting and compiling GFS for SOEs that are non-market producers. The presentations also covered documentation of compilation processes and validation of annual GFS reported to IMF’s Statistical Department (STA). Practical exercises reinforced participants’ understanding of the topics covered. To provide an opportunity for peer learning, the workshop integrated several presentations from practitioners and from the IMF headquarters, which participants highly appreciated. They also underlined the importance and usefulness of practical exercises for a better understanding of the covered topics. They also highly appreciated the knowledge sharing by external partners.

Financial Access Data Collection and Usage (November 13 – 16, 2023)

A workshop aimed to facilitate peer-learning and improve the reporting and usage of the IMF’s Financial Access Survey (FAS) by CCAMTAC member countries. Twenty-six officials—including both data compilers and policy experts representing all nine CCAMTAC countries attended the workshop. Participants had the opportunity to discuss data gaps in reporting to the FAS as well as questions related to the FAS methodology, usage, and pilot data collection. The workshop showcased recent FAS analytical work including developments in financial access and usage during the COVID-19 pandemic years with a focus on digital finance, small and medium enterprises (SMEs),

Regional Workshop on Supply and Use Tables (October 23-27, 2023)

An in-person workshop covered the main challenges in compiling supply and use tables (SUT). Twenty-one national accountants attended the workshop from eight CCAMTAC member countries: Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyz Republic, Mongolia, Tajikistan, and Uzbekistan. The workshop focused on: (i) data sources and methods for the compilation of SUT; (ii) compiling valuation matrices and the Import and domestic use table; (iii) (iii) balancing the SUT; and (iv) transforming SUTs into input-output tables (IOT). Through presentations, discussions, and workshops, participants were encouraged to implement the recommended practices to the extent possible in: (i) compiling valuation matrices and the Import and domestic use table; (ii) balancing the SUT by applying the IMF balancing tool SUTB; and (iii) transforming SUTs to IOTs.

Legal, Organizational, and Strategic Approaches to Confronting Corruption (October 16-18, 2023) In coordination with the Caucasus, Central Asia and Mongolia Technical Assistance Center (CCAMTAC), LEG’s Governance and Anti-Corruption Division (GA) prepared and delivered for the first time this four-day course. The workshop aimed at (i) familiarizing participants with the IMF approach to addressing corruption, as provided by the 2018 Framework on Enhanced Engagement on Governance, and (ii) strengthening their capacity to confront corruption in their home countries. Further, the course contributed to a constructive engagement with the participating institutions to identify opportunities for further cooperation, technical assistance, and other capacity development activities.

Reform Management: (October 9 – 13, 2023)

This five-day in-person regional workshop (RWS), hosted by CCAMTAC sought to enhance CCAM member tax administrations’ understanding of the tools and methods in planning and monitoring, and reporting tax administration reform programs. It also sought to encourage connections for sharing of tax administration experience and expertise. Seven tax administrations participated in person with a number of participants also joining online. The training was based on VITARA online training content developed by the IMF FAD.

Strengthening Budget Institutions and Revenue Administration for Climate Change Action and Gender Equality (October 3-5, 2023)

This workshop was delivered by the IMF FAD with the support of CCAMTAC and in cooperation with and primarily funded by the Swiss State Secretariat for Economic Affairs (SECO). It was the first PFM and revenue administration workshop to be held on this topic and 30 participants from all CCAMTAC countries benefited from discussions on recent research papers, tools and techniques to integrate gender and climate into public financial management systems. This was supported by a series of lectures and group work sessions to share experiences and support countries as they develop their reforms in these areas. 

Uzbekistan: Workshop on Financial Programming and Policies (September 25 – 29, 2023)

Under the macroeconomic frameworks work program of the Institute for Capacity Development (ICD),  CCAMTAC, the Joint Vienna Institute (JVI), and the IMF Resident Representative Office in Uzbekistan jointly delivered a pilot national workshop on Financial Programming and Policies in Tashkent, Uzbekistan. During the one-week workshop 29 officials from selected public institutions of the country were actively engaged in the discussions and learned how to analyze and make projections for key macroeconomic indicators using the IMF-ICD’s Comprehensive Adaptive Expectations Model (CAEM) with actual Uzbekistan data.

Corporate Governance (September 11 – 15, 2023)

This case study-based, in-person workshop provided training for the management of corporate governance from a regulatory perspective and discussed key elements of effective corporate governance frameworks. Some 29 participants from the member countries joined the workshop at CCAMTAC in Almaty.  The workshop was designed to be 50% lecture and 50% case study work and participants joined their counterparts in the region to discuss 12 case studies during the workshop with substantive discussions taking place during and after the sessions. Lectures and case studies focused on the practical aspects of corporate governance and provided solutions to difficulties and challenges

 International Survey on Revenue Administration (ISORA) (July 31 – August 4, 2023)

Six CCAM countries participated in a five-day in-person regional workshop (RWS), hosted by the Caucasus, Central Asia, and Mongolia Regional Capacity Development Center (CCAMTAC) jointly with Revenue Administration Division 2, Fiscal Affairs Department (FAD) from July 31 to August 4, 2023.  The workshop sought to enhance CCAM member tax administrations’ and related ministries’ understanding of the International Survey on Revenue Administration (ISORA) and survey questions. It was designed to provide practical information on how ISORA data can be used by an administration and encourage regional sharing of tax administration experience and expertise over time.

High frequency indicators (July 17 – 21, 2023)

The in-person workshop covered the main challenges in compiling a Monthly Index of Economic Growth (MIEG). Twenty-five national accountants attended the workshop from eight CCAMTAC member countries. The workshop focused on: (i) assessment of data sources for the compilation of MIEG; (ii) challenges in compiling the MIEG; (iii) consistency between the MIEG and QNA; and (iv) sharing country experiences with the compilation of MIEG.

 Improving quality of fiscal statistics (July 10 – 14, 2023)

This 5th CCAMTAC Government Finance Statistics (GFS) and Public Sector Debt Statistics (PSDS) regional workshop focused on ensuring understanding by the participants of the conceptual framework of GFS and PSDS as presented in the Government Finance Statistics Manual 2014 (GFSM 2014) and Public Sector Debt Statistics Guide for Compilers and Users (PSDSG 2011). The lecturers covered issues raised by the participants in previous workshops, including: the definition and instrument coverage of public sector debt; inclusion of extrabudgetary funds and extrabudgetary accounts of the public sector, and consolidation in GFS and PSDS. Practical exercises reinforced participants’ understanding of the statistical framework and key concepts and methodologies in GFSM 2014 and PSDSG 2011. The workshop integrated several presentations from practitioners, In addition, the CCAMTAC Real Sector resident advisor delivered a session on the consistency of macroeconomic statistics.

Foreign Exchange Operations (July 3 – 7, 2023)

The 5-day workshop gathered 21 officials from eight CCAM countries. The main goal of the regional engagements was to support central banks in enhancing their FX policy implementation. The workshop allowed better understanding of key issues related to FX operations (including swaps, forwards), FX market functioning, promote broader discussion of FX interventions and its triggers, the benchmarking and the FX Global Code. Separate sessions touched upon the recently revised institutional view on the Multiple Currency Practices and presented the new tool to model the FX intervention triggers. Experts stressed the importance of developing the money market in local currencies, strengthening the operational framework, which are the core of monetary policy implementation. Peer-learning is an integral part of capacity building and participants presented their experience and challenges related to FX operations.

 Selected Issues in FinTech Regulation and Supervision (May 29 – June 2, 2023)

This workshop was delivered in-person in Almaty, CCAMTAC offices focused on the regulation of technology driven innovation in financial services. Sessions drew on the IMF/World Bank Bali Fintech Agenda, IMF publications on Fintech, and the work done by global standard setting bodies. Fifteen participants with experience in regulation/oversight of Fintech operations joined the workshop. The key focus of the workshop was selected from areas of relevance to the CCAMTAC member countries with an aim to give participants an overview of the key issues around the globe in relation to Fintech regulation. The program reflected the growing importance of Fintech in financial markets and included sessions in regulation and supervision of Fintech, e-money, SupTech, RegTech, crypto assets, BigTech, and machine learning.

Peer-to-Peer Engagement (P2P) in Licensing Practices and Processing (May 24 – 26, 2023)

This first P2P engagement, which was conducted in Almaty, CCAMTAC offices brought three jurisdictions together to discuss issues surrounding licensing practices, challenges, and possible solutions. The overall goal was to provide a discussion platform for the authorities to exchange views on bank and non-bank licensing practices. During the three-day engagement supervisors from Georgia, Kazakhstan and Mongolia had engaging discussions covering both regulatory and operational aspects of licensing processes. Participants also discussed Basel Core Principles related to licensing and challenges in their application, legal and operational frameworks and operational challenges. The discussions were substantial in depth and specific topics included assessments of significant ownership, background checks, and assessing fitness and probity of the board and management, among others.