IMF and World Bank Approach to Cross-Border Payments Technical Assistance

Publication Date:

December 22, 2023

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

The G20 had made enhancing cross-border payments a priority. Faster, cheaper, more transparent and more inclusive cross-border payment services have the potential to be transformative for citizens and economies across the world. The Roadmap for Enhancing Cross-Border Payments, launched in 2020, is the first attempt by the international community to address the challenges faced by cross-border payments in a holistic way. A key foundational element in the Roadmap was the publication by the FSB of 11 quantitative targets to define the Roadmap’s aims and create accountability. Technical Assistance (TA) plays a critical role in helping achieve the Roadmap targets. TA relates closely to, and builds on, the IMF’s and World Bank’s respective missions. This paper outlines a multi-year strategy to provide TA in order to meet the cross-border payments targets. The paper (1) details the important role TA plays in achieving the Roadmap targets; (2) summarizes stocktakes conducted by the IMF and World Bank of recent and ongoing TA supporting cross-border payments; and (3) explains the IMF’s and World Bank’s approaches to cross-border payments TA. The IMF and World Bank commit to collaborating, coordinating, and complementing each other on cross-border payments TA wherever possible and appropriate at country/project level.

Series:

Policy Paper No. 2023/062

Subject:

Frequency:

occasional

English

Publication Date:

December 22, 2023

ISBN/ISSN:

9798400264412/2663-3493

Stock No:

PPEA2023062

Format:

Paper

Pages:

45

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