High-Level Summary Technical Assistance Reports
The High-Level Summary Technical Assistance Report series provides high-level summaries of the assistance provided to IMF capacity development recipients, describing the high-level objectives, findings, and recommendations.
2023
December 4, 2023
Republic of Kosovo: Public Investment Management Assessment Update and Climate PIMA
Description: Kosovo is working to improve its public investment management to support future economic growth and improvements in wellbeing. This assessment applies the IMF Public Investment Management Assessment (PIMA) framework, including the Climate-PIMA module. It finds that there have been improvements in Kosovo’s public investment management institutions since the original 2015 PIMA assessment. Nonetheless, there is room to continue to strengthen public investment management institutions and their climate sensitivity in Kosovo
November 13, 2023
Islamic Republic of Mauritania: Climate Public Investment Management Assessment
Description: Mauritania is working to improve its public investment management framework to boost the efficiency of public investment and to make it more adaptable to climate change. support future economic growth and improvements in wellbeing. This assessment applies the IMF Climate Public Investment Management Assessment (CPIMA) framework and updates an earlier Public Investment Management Assessment (PIMA) undertaken in 2020. It finds that there have been improvements in Mauritania’s public investment management institutions since 2020, while room remains for further improvement. Like most other countries, Mauritania is at an early stage of incorporating climate aspects into public investment management. Nevertheless, some good progress has been made, notably on the planning side. This assessment provides a progressive timetable for reforms, based on international good practice, striking a balance between the stated objectives of the authorities and the existing capacities within the public administration.
November 13, 2023
Republic of Moldova: Climate Module of the Public Investment Management Assessment
Description: Moldova has committed to an ambitious climate change mitigation and adaption agenda, which is underpinned by significant public investments, particularly in the energy sector which accounts for more than 2/3 of the country’s GHGs. The country is in the process of updating its public investment management framework, offering a window to enhance climate sensitivity of the framework, and of adopting regulation to align to EU standards. The Climate Module of the Public Investment Management Assessment (C-PIMA) proposes reforms across multiple areas, underscoring as priority areas project appraisal and selection and budgeting and portfolio management.
November 3, 2023
Peru: Central Bank Digital Currency Stakeholder Engagement
Description: An IMF mission visited Peru in June 2023. This mission was the third engagement with the Central Bank of Peru (BCRP) aimed at enhancing staff capacity for engaging directly with key stakeholders on strategic and policy matters regarding Central Bank Digital Currency (CBDC). Building from ongoing virtual support, the mission initially assisted the BCRP to deliver a CBDC white paper, and a survey to gauge the reactions to a proposed CBDC. Also, the mission delivered an operating manual for guidance when considering innovation challenges as potential modalities for CBDC concept development. Off the back of the publication of the white paper, and on request of the BCRP, a physical mission worked with the BCRP to host an inaugural industry-wide stakeholder engagement on CBDC between June 19 and June 23, 2023. This strategic engagement marked a significant milestone for the BCRP, facilitating a candid assessment of stakeholder support for CBDC. Nine recommendations along three strategic themes surfaced from the robust and dynamic interactions.
October 25, 2023
Suriname: Financial Stability Report
Description: The technical assistance aimed to enhance the financial stability report (FSR) of the Central Bank of Suriname. The mission concluded that the preparation of detailed FSR production plan and communication strategy are critical and could facilitate improvements, promote the report, and bring some synergies between different teams involved. The report should reflect on all important elements of financial stability assessment and needs to be streamlined to follow the central story with the key messages. The quality of the report could be further improved by advancements in the employed analytical toolkit and utilization of all available data sources.
October 17, 2023
Zimbabwe: FSSR Follow Up Technical Assistance—Implementation of the Basel II/III Capital Framework
Description: The Financial Sector Stability Review (FSSR), which was conducted in November 2018, identified areas requiring improvement and technical assistance in Zimbabwe’s regulatory and supervisory frameworks, including the need to strengthen the capital framework for the banking sector. With the support of the IMF, the Reserve Bank of Zimbabwe (RBZ) is planning to implement Basel III capital standards, considering Zimbabwe’s specific circumstances and applying proportionality. The mission reviewed Zimbabwe’s capital framework, which includes laws and regulations, identified areas for updating capital requirements, and discussed them with the RBZ management. The mission also made recommendations for drafting amendments that align primarily with the Basel III capital framework, particularly focusing on standardized approaches.
September 29, 2023
Republic of Armenia: Review of Tax Expenditures
Description: Supporting the authorities’ objective to consolidate revenue, this technical assistance report assesses tax expenditures in Armenia. The report covers major tax expenditures related to the value-added tax, excise taxes, the profit tax, and the personal income tax. With total estimated tax expenditures in excess of 5.5 percent of GDP in 2021, streamlining preferential regimes, exemptions and incentives has strong potential for boosting revenue while improving the equity and efficiency of the tax system.
September 4, 2023
Project Summary:: Nordic-Baltic Technical Assistance Project – Financial Flows Analysis, AML/CFT Supervision, and Financial Stability
Description: In their efforts to strengthen the effectiveness of Anti-Money Laundering/Countering the Financing of Terrorism Frameworks across the Nordic-Baltic Region (Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden), the Governors of the Nordic-Baltic Central Banks reached out to the IMF to request technical assistance. The request stems from various international money laundering banking scandals (ABLV, Danske Bank, Nordea, Swedbank), involving cross-border payments by non-residents that exposed financial integrity risks in the financial sector of the region, attracting international scrutiny on the level of non-resident Money Laundering/Terrorist Financing ML/TF risks and highlighting the vulnerabilities related to AML/CFT risk-based supervision of banks in the region. The flagship project relied on a novel methodology to leverage data analysis to understand ML/TF threats and vulnerabilities and their potential impact on financial stability, and developed country and regional recommendations. Notably, the project involved an analysis of (i)potentially high-risk financial flows to and from the region; (ii) the AML/CFT domestic and regional supervisory landscape related to banks and virtual assets; and (iii) the potential implications of financial integrity shocks on financial stability.
September 1, 2023
Colombia: Assessment of Financial Stability
Description: The financial stability report of the Banco de la República of Colombia (BR) provides broad coverage of macroeconomic environment and the assessment of risks in the financial system. The BR should continue developing data and enhancing forward-looking analytical approaches, sharpen messages on key risks, and develop a layered communication approach to reach audiences with different levels of technical expertise. As new risks emerge, the BR could take stock and update the structure as needed in the medium term. Over the long term, the BR should continue deepening the understanding of the channels and interaction between financial stability and monetary policy.
August 22, 2023
The Bahamas: Operationalizing the New Bank Resolution Framework and Amended Deposit Insurance Legislation - Second Mission
Description: This technical assistance report on The Bahamas focuses on operationalizing the new bank resolution framework and amended deposit insurance legislation-second mission. The Bahamas has made considerable progress in developing the legal framework, infrastructure, and key tools for an effective bank recovery and resolution regime and is taking steps to operationalize the regime. Effective operationalization of the resolution regime will also require review and reform in other key framework areas, including contingency arrangements for public resolution funding if required, fully implementing the deposit insurance system, and establishing a program of regular testing. Strengthening and updating the supervisory early intervention and recovery planning frameworks and requirements are critical to maintaining financial system stability in the context of acknowledged limits of the structure and depth of the financial system that, in turn, constrain resolution options. Enhancement of the underpinning legislation is recommended to support building out and implementing the operational infrastructure for bank resolution.