英文2024 年 MCM 產能發(fā)展年度報告

CAPACITYDEVELOPMENTANNUALREPORT

2024

“Drivenwithaspirationtoliftprosperityforall,theIMFisfullycommittedtomeetingtheevolvingneedsofour

membership.Weserveourmemberswithpolicyadvice,

financiallifelines,andcapacitydevelopmenttohelpsafeguardtheireconomicandfinancialstability,afoundationforinclusiveandsustainablegrowth.”

“Wecontinuetoassistmembersinbuildingcapacityto

implementgoodpolicies.TherecentreviewofourCapacity

Development(CD)Strategyshowsthatthroughtailoredsupportweenablememberstodevelopskillsandbuildstronginstitutions

thatcanbetterrespondtoeconomicchallenges.ThestrategyaimstomakeCDmoreflexibleandbetterintegratedwith

IMFpolicyadvice.”

GlobalPolicyAgenda,Spring2024

PREFACE

GitaGopinath

FirstDeputyManagingDirector,InternationalMonetaryFund

IMF’scapacitydevelopment(CD)

reinforcestheFund’sinstitutional

mandateforglobalmacroeconomic

andfinancialstabilitybyenhancing

humancapitalandinstitutionsin

membercountriesandempowering

themtomakethebestpolicychoicesgiventheirparticularconditions.As

aglobalinstitution,wehaveaduty

toensurethatallmembersbenefit

fromthelatestknowledgeandbest

practicesandputthemtobestuseformacroeconomicandfinancialstability,prosperity,andsustainability.

AttheIMF,weregularlyreview

ourCDstrategytoensurethatour

capacitybuildingcontinuestobe

ofhighqualityandattunedtothe

priorityneedsofmembercountries.ThethirdquinquennialreviewoftheFund’sCDstrategy,concludedin

April2024,hascalledforcontinuedeffortsinmakingtheFund’sCDmoreflexibleinrespondingtomembers’

emergingneeds,integratingwith

surveillanceandlending,andtailoringCDtocountries’circumstances.We

arefullycommittedtocontinuing

sharpeningourfocusinCDdelivery,innovatinginmoreflexiblemodalitiesofengagementwithmember

countries,andfullyleveragingour

complementarymandatesinthebestinterestoftheglobalcommunity.

TheIMF’sMonetaryandCapitalMarkets(MCM)Department,asagloballeaderinbuildingcapacityinmonetaryandfinancialsector

policiesandpractices,continuesits

decades-longtraditionofrespondingtotheneedsofmembercountries,

rangingfromadviceinthetraditionalareasofmonetaryoperationsand

bankingsupervisionandregulation,to

spearheadinginnovationsinfintech-andclimate-relatedfinancialrisks,

whilemaintainingthehighestqualityoftechnicalsupport.Inmymultipleinteractionswithcountryauthorities’representatives,Iampleasedto

takenoteofthestrongcontinued

appreciationforMCMCDandthe

gratitudetheyexpresstoMCMstaff.IalsonotethatMCM’sCDsupport

continuestobeintegratedintoFundsurveillanceandlendingandtailoredtotheevolvingneedsofourmembercountries,especiallylow-andlower-middle-incomecountries(LLMICs)

andfragileandconflict-affected

states(FCS).Iwouldliketothank

themanyIMFdonorsandpartners,

whoseunwaveringsupporthasmadetheseaccomplishmentspossible

andlookforwardtocontinuing

thissuccessfulcooperation.Asweallknow,thesuccessofbuilding

sustainableinstitutionsliesinlong-termcommitmentandsupport.

MCM’s2024AnnualReportprovides

anoverviewofMCM’sCDactivities

duringfiscalyear2024,highlightingthemainachievements,madepossiblebytheinvaluablefundingsupportfrom

donorpartners,aswellaspresentingsomeexampleswhereMCMCDwasparticularlyimpactful.

CapacityDevelopmentAnnualReport2024|MonetaryandCapitalMarketsPREFACE|i

PREFACE

TobiasAdrian

FinancialCounsellorandDirector,MonetaryandCapital

MarketsDepartment

LookingbackatFY24,Ifeelvery

gratefulforthetrustandappreciationthatourmembercountriescontinue

tohaveforthetechnicalexpertise

andadviceoftheIMF’sMonetaryandCapitalMarkets(MCM)Department.ThedemandforMCM’sCDremainedverystrongduringthelastfiscal

year,withCDdeliveryandspending

surpassingpre-pandemiclevels.The

presenceofourlong‐termexpertsonthegroundhasexpandedsignificantlysincethepandemic,aswestrivedto

securethebestexpertiseforhands‐onsupport.OurCDdeliverymodalities

haveevolvedtoanewnormal,which

leveragesbothin-personactivities,aswellashybridandblendedmodalities,carriedoutbytopexpertsforthemostefficientandimpactfuloutcomes.Thedeploymentofblendedmodalitieshasalsoallowedustooptimizetheuseofthefundsprovidedbyourgenerous

donors.InlinewithourcurrentMCM

CDstrategy(2022–25),CDdeliveryhasincreasinglyadoptedaprogrammatic

approach,featuringwell-sequenced

activitiesaimedatachievingclear

medium-termgoals,whichenable

countriestosustainablybuildskillsandcapacityinthefinancialsector.Wehavealsocontinuedtotailorourtechnical

assistance(TA)andtrainingtomeetthespecificneedsofourmembers,

optimizingimpact,anddeepening

theintegrationwithsurveillanceand

lending.Thecontinuoushighdemand

andpositivefeedbackwehavereceivedfromcountryauthoritiesfuelourstaff’senergyandcommitmenttocontinuouslyimproveandserveourmembers.

MCM’s2024AnnualReportprovides

asnapshotofthemorethan1,000CD

activitiesundertakenbyMCMinFY24

andbringsintothespotlightoursupportbothincoretopics,suchascentral

banking,financialsectorsupervisionandregulation,crisismanagement,debtmanagement,monetaryand

macroprudentialpolicy,andfinancial

stabilityanalysis,aswellasinemergingpriorities,suchasdigitalmoney,fintechandclimate-relatedfinancialrisks.

Iamproudoftheseaccomplishments.Onbehalfofmyselfandtherestof

MCMmanagement,Iexpressmy

deepestgratitudetoMCMstaff,long-termandshort-termexpertsfortheir

continueddedicationandengagement.

Ialsoextendmythankstobothour

donorpartnersandrecipientcountriesfortheirtrustandsupport,asonly

togethercanwebuildsustainable

institutionsthatcanwithstandfuturechallengesandrisks.

MCMstandsreadytocontributeourbestexpertisetoamorestableandprosperousworld!

ThisreportwaspreparedbythestafffromtheTechnicalAssistanceStrategyDivisionoftheMonetaryandCapitalMarketsDepartmentoftheIMFundertheguidanceandsupervisionofMiguelSavastanoandOanaCroitoru.ThecoreteamcomprisedDanaAndreicut,BettyAfework,VeronicaBacalu,BetoHabe,AbdullahHaron,SangeetaNambi,HazelQuinonez,IbrahimaSangare,andChloeZhang.

ii|PREFACECapacityDevelopmentAnnualReport2024|MonetaryandCapitalMarkets

TABLEOFCONTENTS

I

PrefacebyGitaGopinath,

IMF’sFirstDeputyManagingDirector

II

PrefacebyTobiasAdrian,

IMF’sFinancialCounsellor

andDirectorofMCM

III

TableofContents

VI

AcronymsandAbbreviations

1

SECTIONI

MCMCDDelivery:ExceedingPre-COVIDLevels

2AFiscalYear2024ataGlance

7BMCMCDDeliveryinFY24

14CFinancialSector

StabilityReview(FSSR)

17DDonorPartners’Support

20

SECTIONII

Targetedand

TailoredCDinAction:

CaseStudies

21ALaoPeople’sDemocraticRepublic(P.D.R.):Multi-YearEngagementwiththe

CentralBankonMonetaryPolicy

22BSomalia:FromConflicttoStability,thePathtotheHIPCCompletionPoint

24CMozambique:

theBankofMozambiqueModernizationProgram

26DDebtManagement:CurrentThemes

andTools

28EDemocraticRepublicoftheCongoandSriLanka:Macroprudential

PolicyinAction

30FMauritania:EnhancingCentralBankOperationsintheContextof

aFundProgram

32GColombia:ImprovingModelingofExpectedCreditLosses

34HCyberRisk:ProgrammaticApproachtoCDon

RegulationandSupervision

36IMETAC:StrengtheningBankCorporate

Governance

38JATIandCARTAC:

ClimateRiskCDinAction

40KMoldova:

RevisingtheBank

LiquidationFramework

41Governors’Testimonials

CapacityDevelopmentAnnualReport2024|MonetaryandCapitalMarketsTABLEOFCONTENTS|iii

42

SECTIONIII

CDGovernanceandStrategy:

AimingatHigh-Quality

andImpactfulCD

43ACDStrategy

44BInterviewwith

MiguelSavastano,

DeputyDirector,MCM

48

APPENDICES

49AppendixI.

IMFRegionalCapacityDevelopmentCenters

51AppendixII.

MCMLong-TermResident

ExpertPlacement

(asofApril30,2024)

53

MCMTACONTACTS

iv|TABLEOFCONTENTSCapacityDevelopmentAnnualReport2024|MonetaryandCapitalMarkets

FIGURES

3Figure1.NumberofMCMCDActivities

3Figure2.MCMCDDirectDeliverybyModality

3Figure3.MCMCD

DirectDeliverybyCoreWorkstream,FY24

4Figure4.MCMCDDeliveryinPriorityAreas

4Figure5.MCMCDDirectDeliverybyRegion,FY24

5Figure6.MCMCDWorkAreas

6Figure7.FundCDEngagementOverTime

6Figure8.MCMCDTrendsbyRegions

7Figure9.MCMCDDeliveryandResourceAllocationRatio

7Figure10.MCMTAandTrainingDirectDelivery

9Figure11.PresenceintheField:MCMRCDC-basedandBilateralLTXs

10Figure12.MCMLTXsDistributionbyRegion

10Figure13.MCMCDDirectDeliverybyResourceType

10Figure14.MCMClimate-RelatedCDbyWorkstream

10

Figure15.MCMDigitalMoney

11

CDbyWorkstream

Figure16.GlobalCoverageofMCMCDDelivery,FY24

11

Figure17.TopMCMCDRecipients,FY24

12

Figure18.MCMCDDirectDeliverytoFCS

andNon-FCSCountries

12

Figure19.MCMCDDirectDeliverytoFCSbyResourceType,FY24

12

Figure20.MCMCDDirectDeliverytoFCS

byModalities

12

Figure21.MCMCDDirectDeliverytoFCS

byWorkstream,FY24

13

Figure22.GlobalandRegionalRBMOutcomeRatings,FY24

15

Figure23.FSSRActivities,asofFY24

18

Figure24.MCM’sDonor-FundedCDSpending,FY24

39

Figure25.Three-StageApproachtoClimateRiskAnalysis

BOXES

5Box1.LookingBack:AstheIMFTurns80,MCMCapacityDevelopmentApproaches60

9Box2.AdvisingtheAdvisors:10thAnnualMCMLTX

Workshop

15Box3.CapacityDevelopmentTalk:StrengtheningFinancialSectorStabilityinFragileandLow-IncomeCountries

16Box4.FSSR:DevelopmentsDuringFY24

43Box5.The2024IMFCapacityDevelopmentStrategyReview

47Box6.JointBanquedeFrance—MCMRegionalCDForum,Paris,April2024

TABLES

17Table1.SupportofMCMPartnersinFY24

CapacityDevelopmentAnnualReport2024|MonetaryandCapitalMarketsTABLEOFCONTENTS|v

ACRONYMSANDABBREVIATIONS

AD

IMFAreaDepartment

FSSR

FinancialSectorStabilityReview

AFRITAC

IMF’sRegionalTechnicalAssistanceCenterinAfrica

FTE

Full-TimeEquivalent

FY

FiscalYear

AFE

AFRITACEast

HQ

IMFHeadquarters

AFS

AFRITACSouth

IFRS

InternationalFinancialReportingStandards

AFW

AFRITACWest

ICD

IMFInstituteforCapacityDevelopment

AFW2

AFRITACWestII

IMF

InternationalMonetaryFund

CAPTAC-DR

IMF’sRegionalTechnicalAssistanceCenter

forCentralAmerica,Panama,andtheDominicanRepublic

LLMIC

Low-andLower-Middle-IncomeCountry

LTX

Long-TermExpert

CARTAC

IMF’sCaribbeanRegionalTechnical

AssistanceCentre

MCM

IMFMonetaryandCapitalMarketsDepartment

CBDC

CentralBankDigitalCurrency

METAC

IMF’sMiddleEastRegionalTechnical

CCAMTAC

IMF’sCaucasus,CentralAsia,andMongoliaRegionalCapacityDevelopmentCenter

AssistanceCenter

MTDS

Medium-TermDebtManagementStrategy

CD

CapacityDevelopment

PFTAC

IMF’sPacificFinancialTechnical

CDMAP

TheIMF’sCapacityDevelopment

ManagementandAdministrationProgram

AssistanceCentre

RBM

Results-BasedManagement

CDSR

CapacityDevelopmentStrategyReview

RCDC

RegionalCapacityDevelopmentCenter

CDOT

IMF’sCapacityDevelopmentOffice

inThailand

SARTTAC

IMF’sSouthAsiaRegionalTrainingandTechnicalAssistanceCenter

DRC

DemocraticRepublicoftheCongo

STX

Short-TermExpert

FCS

FragileandConflict-AffectedStates

TA

TechnicalAssistance

FPAS

ForecastingandPolicyAnalysisSystems

FSSF

FinancialSectorStabilityFund

vi|ACRONYMSANDABBREVIATIONSCapacityDevelopmentAnnualReport2024|MonetaryandCapitalMarkets

SECTIONI

MCMCDDELIVERY:

EXCEEDINGPRE-COVIDLEVELS

CapacityDevelopmentAnnualReport2024|MonetaryandCapitalMarketsSECTIONI|1

SECTIONI

A

Duringfiscalyear2024(FY24),the

MonetaryandCapitalMarkets(MCM)Departmentcontinuedtoassistthe

IMFmembershipbuildcapacity

inmonetaryandfinancialstability

againstanincreasinglycomplexglobalbackdrop.Astheglobaleconomy

grappledwithinflationarypressures,

newchallengesinthefinancialsector,andrisingdebtvulnerabilities,MCM

steppedupeffortstorespondtothe

highdemandforsupportfrommembercountries.Itdidsobyincreasingthe

numberofcapacitydevelopment(CD)activitiesandexpandingtheprogrammaticinstitution-buildingengagements,alldeliveredina

varietyofmodalities.Yetagain,strongownershipfromtheauthoritiesprovedtobeakeyingredienttosuccessful

CDoutcomes.

TheMCMCDdeliveryinFY24

exceededpre-COVIDlevelsandtotaled1,037activities(Figure1),whichfullyreflectedthe“new

normal”ofadaptingdelivery

modalities(Figure2).1AbouthalfofallCDengagementsweredeliveredinperson(52percent),whiletherestweredeliveredeitherinvirtualor

hybridformat(37and11percent,

respectively).ProgresswithblendeddeliveryofCD,whichcombines

real-timeengagement(inpersonor

virtual)withasynchronousCDdelivery(self-pacedonlinelearning),hasalso

advanced.WhilemeasuringaccuratelyblendedCDisworkinprogress,

1TheFY24activitycountincludesthe

followingcategories:directdelivery,

managementandadministration,and

analyticsanddevelopment.InFY22,

theIMFadoptedanewadministrative

systemforplanningandtrackingCD

(CapacityDevelopmentManagementandAdministrationProgram(CDMAP)).CDMAPintroducedmethodologicalchangestoCDdatathatcreateastructuralbreakinFY22.Thecomparisonwithpre-COVIDdelivery

ismaderelativetoFY20(comprisingMay2019–April2020),withpandemic-relatedtravelrestrictionsafterApril2020.COVIDyearsincludeFY21andFY22.

demandforthisapproachtoCDdeliverykeepsgrowing.

Asinpreviousyears,MCM’sCD

coveredabroadrangeoftopicsinFY24(Figure3),spanningbothcoreandemergingpriorityareas(Box1).

Therewasparticularlystrongdemandfortechnicaladviceincentralbank

operationsanddebtmanagement,whiledemandfornewCDpriority

areas,includingclimatechange

anddigitalmoneyalsoincreased.

DeliveringCDtofragileandconflict-

affectedstates(FCS)remainedhigh

onthecountryprioritylist(Figure4).

MCMcontinuedtofurtherenhanceitsexpertiseinthegrowingnumberof

topics,whileremaininghighlyattunedtotheviewsfromthefield,ensuring

thatourCDfocusandmodalities

remainedinsyncwiththeneedsofthemembership.AfricaremainedourtopCDrecipient,followedbyAsiaandthe

PacificIslandsregion,MiddleEastandCentralAsia,WesternHemisphere,andEurope(Figure5).

FISCALYEAR2024ATAGLANCE

2|SECTIONICapacityDevelopmentAnnualReport2024|MonetaryandCapitalMarkets

FIGURE1.NUMBEROFMCMCDACTIVITIES

1200

1037

1000

800

836

919

806

600

689

400

200

0

FY20FY21FY22FY23FY24

Source:CDMAP(CDManagementandAdministrationProgram)andTIMS.

FIGURE2.MCMCDDIRECTDELIVERYBYMODALITY(PERCENTOFTOTAL)

100

90

80

70

COVID-19TRAVELRESTRICTIONS

60

50

40

30

20

10

0

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2021

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2022

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2023

Jan

Feb

Mar

Apr

2024

Source:CDMAP.

HybridInPersonVirtual

FIGURE3.MCMCDDIRECTDELIVERYBYCOREWORKSTREAM,FY24(PERCENTOFTOTAL)

6

3

38

7

6

15

26

FinancialSupervisionandRegulationCentralBankOperations

DebtManagement

MonetaryandMacroprudentialPoliciesPaymentsandInfrastructure

SystemicRiskAnalysis

FinancialCrisisManagement

Source:CDMAP.

Note:Forallchartswithapercentagebreakdown,thepercentagesmaynotadduptoahundredduetorounding.

CapacityDevelopmentAnnualReport2024|MonetaryandCapitalMarketsSECTIONI|3

FIGURE4.MCMCDDELIVERYINPRIORITYAREAS(MILLIONSOFUSD)

8

7

7.7

6

6.5

6.8

6.7

5

5.6

4

4.5

4.4

3.6

33.0

2

2.7

1

1.1

1.6

0

ClimateChangeDigitalMoneyDebtManagementFCS

FY22FY23FY24

Source:CDMAP.

FIGURE5.MCMCDDIRECTDELIVERYBYREGION(PERCENTOFTOTAL)

18

910

5

13

1415

3

EUR

MCD

25

20

2122

46

18

43

15

38

37

15

13

APD

WHD

AFR

FY20COVIDyearsaverageFY23FY24

Sources:CDMAP,ICD/ACES,andIMFStaff.

4|SECTIONICapacityDevelopmentAnnualReport2024|MonetaryandCapitalMarkets

BOX1.LOOKINGBACK:ASTHEIMFTURNS80,MCMCAPACITYDEVELOPMENTAPPROACHES60

CDisakeyactivityofMCM,which

isthesecondlargestdepartment

deliveringCDintheIMF.Sinceits

inceptionin1965asaCentralBankingServicesunit,MCMhasevolved

andexpandedtoamulti-functional

departmentthatbringstogethera

uniquecombinationofexpertisein

monetaryandfinancialsectorand

capitalmarkets(Figure6).ThisdiversityenhancesthequalityandimpactofitsCDwork.MCMCDhasprogressed

alongsidetheIMF,respondingtotheevolutionofthegloballandscape

(Figure7).

Almost60yearslater,MCMcontinues

tohelpcountriesmaintainandrestore

financialstability,byadaptingtonew

challengesanddevelopingmedium-termreformstrategiestostrengthenfinancialsectorresilience,developfinancial

markets,andimproveregulatoryandsupervisoryframeworks.Looking

back,wehavelearnedalotfromour

membershipandfromourexpertsonthegroundandadaptedtoachangingglobalworld,bothintermsoftopical

expertiseaswellasdeliverymodalities.

ThelatestMCMCDstrategy,

“

SupportingFinancialResilienceThrough

DisruptionandChange

”(2022–25),

outlinesMCM’sapproachtosupportingglobalfinancialandmonetarystabilityamidchallengesbroughtaboutby

theCOVID-19pandemic,fast-movingtechnologicaladvances,andcomplexglobaldevelopments.ItalsooutlinestheoverarchingprinciplesforMCM

CDdelivery:closealignmentwithIMF

andMCMpriorities,strengtheningpartnerships,adaptingdelivery

modalities,enhancingexpert

capacity,andimprovinggovernanceandtransparency.

DemandforCDinMCM’score

areas—financialsupervisionand

regulation,centralbankoperations,

debtmanagement,financialcrisismanagement,monetaryand

macroprudentialpolicies,systemicrisk,andpaymentsandinfrastructures—hasshapedCDdeliverytrends.

Overthelastdecade,spendingon

MCM’sCDhasexceeded$0.4billion.TheAfricanregionhasreceived

40percentofthisCD,followedbytheAsiaandPacificregion(20percent),

theWesternHemisphere(17percent),theMiddleEastandCentralAsia

(15percent),andEurope(8percent).

ThisallocationreflectsthedemandforMCMCD(Figure8).Aboutaquarter

ofthespendingonMCM’sCDdeliverywaschanneledtofragileandconflict-affectedstates.Thetop10recipients

ofMCMCDinthis10-yearperiod

were:Ukraine,Myanmar,Cambodia,Mozambique,Ghana,SierraLeone,Uganda,DemocraticRepublicoftheCongo,Somalia,andNigeria.

FIGURE6.MCMCDWORKAREAS

DigitalMoney

CBDC

CyberRisks

Climate-stressTesting

Sovereign

Debt

Restructuring

CryptoAssets

GenderInequality

FragileStates

BigTech

StableCoins

Climate-risk

Debt

Management

Nowcasting

Climate

Change

Disclosures

Integrated

Policy

Framework

LocalCurrencyBondMarkets

CentralBankBalanceSheet

MonetaryStressTesting

Policy

Communications

Non-bank

E-Money

CentralPayments,

BankCurrencies&

OperationsInfrastructure

Monetary

PolicyMonetary

ModelingMacroprudential

MCMCapacity

CapitalDevelopmentSupervision

FlowsCoreTopics&Regulation

FiscalYear2024

Financial

Crisis

DebtCapitalMarkets

FinancialStability

ClimateFinance

Preparedness

Financial

Policies

Financial

Intermediation

Source:IMFStaff.

CapacityDevelopmentAnnualReport2024|MonetaryandCapitalMarketsSECTIONI|5

FIGURE7.FUNDCDENGAGEMENTOVERTIME(INDEX1964=100,INFTE)

14,100

12,100

10,100

Financial

8,100

6,100

4,100NewlyIndependent

AfricanStates

2,100

100

Source:

IMF2024CDStrategyReview

EconomiesinTransition

COVID-19

Pandemic

Global

Crisis

FIGURE8.MCMCDTRENDSBYREGIONS(MILLIONSOFUSDANDPERCENTAGEOFTOTAL)

TotalCDDelivery(MillionsofUSD)

CDDeliverybyRegion(PercentofTotal)

55100

90

80

40

70

35

60

30

50

25

40

20

30

15

20

10

0

FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24

.TotalCDDelivery(MillionsofUSD)AFRAPDEURMCDWHD

Sources:CDMAP,ACES,andIMFStaffestimates.

50

45

10

0

5

6|SECTIONICapacityDevelopmentAnnualReport2024|MonetaryandCapitalMarkets

SECTIONI

B

Drivenbystrongdemand,MCM

CDdeliveryincreasedrobustlyin

FY24,reaching1,037activitiesacross

143countries,upfrom919across

137countriesinFY23.InUSdollar

terms,totalCDspendingrosebynearly

20percentto$52.1millioninFY24

from$43.6millionayearearlier,alsoexceedingpre-COVIDCDspending.

Overthelastthreeyears,efficiencyinallocatingCDresourceshasincreased,asreflectedbytheresourceallocationratio,measuredastheproportion

ofdirectdeliverytospendingonmanagementandadministration(Figure9).

HOWDIDMCMDELIVERCD?

DeliveryofMCMCDcanbegroupedintotwomaincategories:technical

assistance(TA)andtraining.

?Technicalassistance.InFY24,

threequartersofMCM’sCDwas

intheformofTA(Figure10).The

topareasofdeliverywerefinancial

supervisionandregulation,central

bankoperations,debtmanagement,andmonetaryandmacroprudentialpolicy,reflectingastrongdemand

forCDinMCMcoreareas.FY24also

sawanincreaseinTAdeliveryon

emergingtopics,suchasclimateanddigitalmoney.

FIGURE9.MCMCDDELIVERYANDRESOURCEALLOCATIONRATIO

DirectDeliveryandManagementand

AdministrationSpending(MillionsofUSD)

ResourceAllocationRatio

8

60

50

7

6

5

4

3

2

1

0

40

30

20

10

0

FY22FY23FY24

DirectDeliverywManagementandAdministrationoResourceAllocationRatio

Sources:CDMAPandIMFStaff.

Note:ResourceAllocationRatio=DirectDelivery/ManagementandAdministration.

FIGURE10.MCMTAANDTRAININGDIRECTDELIVERY(PERCENTOFTOTAL)

100

80

13

●

23

●

26

60

40

87

20

77

74

0

COVIDyearsaverageFY23FY24

TechnicalAssistanceTraining

Source:ICD/ACES;CDMAPandIMFStaffestimates.

MCMCDDELIVERYINFY24

CapacityDevelopmentAnnualReport2024|MonetaryandCapitalMarketsSECTIONI|7

?Training.Trainingremainedinhigh

demandandrepresentedaquarterofalldirectCDdeliverybyMCM.Virtualtrainingrepresented57percent,

whilein-personandhybridmodalitiesoftrainingaccountedfor36and

7percent,respectively.Trainingin

financialsupervisionandregulationwasinhighdemand,exceedinga

thirdoftotaldirectdelivery.Traininginemergingtopicsaccountedforathirdofthetotal.

InnovativeCDApproaches

InFY24,MCMcontinuedtocombinethetwotraditionalmodalitiesof

CDdeliverytoenhanceengagement

andmaximizeimpactinareasofhighdemand.Concretely,MCMdelivered

severalregionalprogramsandcoursestodisseminategeneralknowledge

onselectedtopicsandfollowedup

withtailoredbilateralengagements.

Twoexamplesofthisapproachwere

theAfricaTrainingInstitutecourse

onincorporatingclimateriskinto

regulatoryandsupervisoryframeworks

(page38)andtheprogrammaticMCMcyberriskregulationandsupervisionprogram(page34).

Anotherexampleofaninnovative

CDapproachaimedatdisseminatingknowledgeandsharingexpertiseis

therolloutofthe

CentralBankDigital

Currency(CBDC)VirtualHandbook

,whichcanbefollowedbymore

tailoredTA.

ProgrammaticCD

ProgrammaticCD,whereby

engagementsspanseveralyears

andinvolvesequencedTAdelivery,

haveprovedparticularlyeffectivein

manyofourmembercountries.Theseengagementshelpbuildcapacity

graduallyandensurethatknowledgeandskilltransferaredurable.Key

recentexamplesincludethemulti-yearcentralbankmodernizationprojectinMozambique(page24),themulti-yearengagementonthemonetarypolicy

frameworkinLaoP.D.R.(page21),andthecaseofSomalia,wherecontinuous

CDishelpingrebuildthecountry’s

financialsystemoversighti