Technical Assistance Reports

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2025

February 21, 2025

Botswana: Technical Assistance Report-Enhancing the Forecasting Policy and Analysis System at the Bank of Botswana

Description: At the request of Bank of Botswana, a Technical Assistance mission from the Monetary and Capital Markets (MCM) Department visited Gaborone, Botswana during May 27–31, 2024, to assist the authorities in enhancing their forecasting and policy analysis system (FPAS). The mission assessed and advised on both near-term and medium-term forecasting tools and models currently used by the Bank of Botswana. The mission team helped create a new centralized database and introduced a new flexible platform with a suite of models that expands and complements existing near-term forecasting models. The mission team also improved the medium-term forecasting framework by reviewing model calibration, introducing a fiscal block, and recommending further adjustments.

February 21, 2025

Angola: Technical Assistance Report-Strengthening the Forecasting and Policy Analysis System on the Transition to Inflation Targeting

Description: At the request of the Banco Nacional de Angola (BNA), a technical assistance (TA) mission from the Monetary and Capital Markets (MCM) Department visited Luanda, Angola from May 20 to May 24, 2024. The mission helped the authorities review its forecasting and policy analysis system (FPAS), proposed enhancements to modeling and forecasting procedures, and introduced fiscal channels into the core forecasting model to better characterize the dynamics of the Angolan economy. The mission concluded that while the BNA had made impressive progress in improving its FPAS in recent years, the current system only partially met the conditions for inflation targeting. Recommendations were made to facilitate the transition to full inflation targeting and enhance analytical capacity. Further progress is needed in using FPAS models for forecasting, policy advising, and improving monetary policy communication.

February 21, 2025

The Gambia: Technical Assistance Report-Climate Policy Diagnostic

Description: The Gambia’s economic and social development is highly impacted by climate change. Sea level rise poses substantial risks, and the country is exposed to natural disasters that could become more frequent and intense. Recurring droughts and floods impose large economic and welfare losses. With increasing temperature and decreasing rainfall, The Gambia will face a significant challenge due to the heavy reliance on rain-fed agriculture. Salinization and degradation of soil is expected to intensify, that, together with declining agricultural productivity, leads to increased deforestation. Groundwater depletion is an emerging risk, and water access, as well as agricultural expansion are the main drivers of climate related challenges. The lack of efficient land policy, planning and forest protection lead to the expansion of agricultural and livestock activities to forest areas. Demand for water and electricity is expected to grow, but private investment in these sectors is lacking. The mission reviewed the current fiscal policies supporting climate action, including mitigation and adaptation policies and the institutional framework, and provided recommendations to support the long-term climate resilience of The Gambia’s economy.

February 12, 2025

Namibia: Technical Assistance Report-Retail Central Bank Digital Currency Exploration and Roadmap

Description: The Bank of Namibia (BON) explored the potential of Retail Central Bank Digital Currency (rCBDC). The key drivers included promoting financial inclusion, modernizing financial system modernization, as well as improving cross-border payments. The technical assistance (TA) mission aimed to provide the groundwork for a feasibility study of rCBDC and to draft a rCBDC exploration roadmap for the BON. The mission analyzed Namibia’s payment systems and financial inclusion and assessed the potential value propositions and drawbacks of rCBDC. Additionally, the mission evaluated the implications of rCBDC for monetary policy and financial stability, while assessing the BoN’s foundational requirements. Finally, the mission helped draft a rCBDC exploration roadmap, intending to foster a cohesive and coordinated approach for the BoN and external stakeholders. The mission’s findings will inform the development of the BoN's rCBDC position paper.

February 12, 2025

Indonesia: Technical Assistance Report-Report of the Diagnostic Mission on Macro-relevant Climate Change Statistics (July 10–13, 2023)

Description: Indonesia’s key climate change policy related-data needs stem from well-defined domestic policy priorities and international commitments. The domestic policy priorities are set in the long-term strategy for low-carbon and climate resilience as well as in the medium-term national plan that among others seeks to strengthen the environment condition and improving resilience against natural disasters and climate change. Indonesia has been producing a wide range of environmental and climate change related statistics since early 1980’s, but further enhancements are needed. The authorities are publishing several reports related to environmental statistics and environmental accounts (physical air emission accounts; physical energy flow accounts; physical and monetary assets account for land, timber, minerals and energy resources), albeit with some discrepancies between reports. In this context, a mission took place from July 10–13, 2023, funded by the Swiss State Secretariat for Economic Affairs and hosted by Badan Pusat Statistik, Indonesia. During this mission, discussions with authorities focused on key priorities and identifying the needed methodological improvement to physical energy flows and air emission accounts.

February 12, 2025

Belize: Technical Assistance Report-Developing the Supervision of E-Money Issuers

Description: IMF conducted a mission at the request of the Central Bank of Belize provided technical assistance focusing on developing a framework for the supervision of electronic money issuers in Belize. The mission reviewed existing approaches to supervising firms conducting regulated financial activities, as well as the regulatory framework and licensing practices for e-money issuers only to the extent that they influence and impact effective supervision. The mission also met with other key stakeholders from the public and private sector setting out nine key recommendations covering risk-based supervision, data collection, reconciliations, transparency, fund safeguarding, permitted investments, agents, inspection reports, and domestic collaboration.

February 12, 2025

Colombia: Technical Assistance Report-Foreign Exchange Market Development and Regulatory Framework Review

Description: This report provides an overview of the technical assistance provided by the International Monetary Fund (IMF) to the Banco de la República to support the authorities in reviewing the regulatory framework and formulating development strategies for the foreign exchange market.

February 12, 2025

Republic of Azerbaijan: Technical Assistance Report-Modernizing Central Bank Communication

Description: This report presents an analysis of the Central Bank of the Republic of Azerbaijan's (CBA) communication framework and offers recommendations for enhancement. The technical assistance mission, led by the IMF Monetary and Capital Markets Department, aimed to modernize the CBA's communication strategies to align with international best practices. The findings indicate that while the CBA has made significant progress in external communications, there are areas for improvement, particularly in formalizing communication processes and enhancing message clarity. Recommendations include strengthening the role of the Communications Division, adopting a proactive communication policy, and improving the monetary policy communication cycle. These changes are expected to elevate the CBA's communication to a policy tool that supports its objectives of price and financial stability.

February 7, 2025

Indonesia: Technical Assistance Report-Report on National Accounts Statistics Mission Energy and Air Emissions Accounts (July 8–12, 2024)

Description: A technical assistance (TA) mission was conducted during July 8–12, 2024, to support Statistics Indonesia (BPS) in improving Energy and Air Emissions Accounts statistics. The mission provided advise on how to improve the existing Indonesia energy and air emissions accounts and provided training to the participants on general System of Environmental Economic Accounts (SEEA) principles, including, for instance, use of the residence principle.

February 7, 2025

Bosnia and Herzegovina: Technical Assistance Report-Technical Assistance to Develop a Macroeconomic Framework at the Central Bank of Bosnia and Herzegovina

Description: Technical assistance to develop a macroeconomic framework was delivered to the Central Bank of Bosnia and Herzegovina (CBBH) between April 2021 and December 2023. The Quarterly Macro Forecasting Framework (QMFF) developed during this project is a quarterly framework whose main behavioral equations are specified in terms of deviations of real variables from their long-run trends. The framework is a novel combination of a gap-based modeling approach and financial programing. This novel approach was custom-built for the CBBH, but it has the flexibility to be adjusted to accommodate the macroeconomic characteristics of various countries and different exchange rate regimes, as well as to incorporate backward- or forward-looking expectation formation. While considerable progress has been achieved in the operation of the QMFF, more time and resources are needed to fully utilize and integrate the QMFF as the CBBH’s main policy analysis and forecasting tool.

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