1. The National Bank of Cambodia (NBC) has sent 36 officials to the Japan-IMF Scholarship Program for Asia (JISPA). Could you please briefly outline what type of officials the NBC encourages to apply for the JISPA? In addition, please describe the achievements that the NBC-JISPA alumni have so far made with a reference to some of the alumni.

The National Bank of Cambodia (NBC) is pleased to express its gratitude to the Japanese Government and to the International Monetary Fund (IMF), and to the Japan-IMF Scholarship Program for Asia (JISPA) in particular, for its great and very effective support during these two decades.

Indeed, 36 officials from the NBC have studied or are currently studying in Japan under the JISPA. As a rule, the NBC selects its high-potential and qualified candidates, and within this population, choose those who are entitled to follow the program, with a double purpose:

• individually, in order to significantly improve the capacity and the knowledge of the selected candidates.
• collectively, to enhance the whole quality of NBC’s management and top management.

Briefly speaking, the NBC strongly encourages its “best staff” to take part in the JISPA, which is unanimously considered as an excellent incentive. In fact, the NBC gives the highest priority to the JISPA since it is viewed as one of the best “human investments”.

The 32 officials who have already graduated through the JISPA are making important contributions in many fields of the modernization of NBC operations, and some have risen to senior positions as illustrated below:

• Mr. KHAY PHOUSNITH, former Director of Economic Research and Statistics Department, has joint IMF as a senior economist in statistics department.
• Mrs. NGUON SOKHA, former Director General of NBC, has recently been appointed as the Secretary of State at the Ministry of Economy and Finance.
• Mr. THAI SAPHEAR, Deputy Secretary General
• Mr. KIMTY KORMOLY, Deputy Director General
• Mr. SOUK MANN, Deputy Director
• Mr. LY SIDETH, Deputy Director
• Mr. LUN SAM OL, Deputy Director, etc.

2. Please tell us what aspects and features the NBC appreciates in terms of what JISPA provides for its scholars.

There is no doubt that the JISPA is outstandingly beneficial for the NBC, in many aspects, but, some of the main features should be especially highlighted. First of all, what is really appreciated is the intrinsic high quality of the scholarship, which is certainly demanding for the trainees but it is also very beneficial for them, and consequently, for the NBC. With the JISPA, they are learning a great number of subjects in the most excellent education system. Secondly, the program covers all the most important and relevant topics for Central Bankers. Undeniably, the JISPA is usefully focused on the major functions of the NBC. Thirdly, the courses, both theoretical and practical, are helpful for the participants who are facing such diverse and unexpected problems in their social and professional lives. Therefore, the trainees can effectively put into practice what they have learnt.

The program has also provided the opportunity to:

• gain both practical and theoretical knowledge of the changing world from various universities in Japan. Japan is an international learning hub for foreign students from transition economies to share views and experience regarding economic and social development.
• build networking among executives and students from across the region

Incidentally, through the accomplishment of their studies, the participants are significantly enhancing their level of English, which is definitely not the least advantage of the JISPA.

3. Please briefly explain the subject areas where the NBC considers their officials need to learn the most during their studies in Japan under the JISPA. To what extent have the NBC-JISPA scholars returned with benefits from studying in Japan in the areas of these subjects?

There are many subjects which the NBC considers its officials need to learn during their studies in Japan under the JISPA. All of them are evidently related to the core mission of the Central Bank.

One of these is macroeconomic policy, which is fundamental for the conduct of monetary policy. Another important topic for the NBC is financial stability, which is progressively becoming a priority for any Central Banker in our modern and global environment. These two important fields require not only academic knowledge and daily practice, but also the capacity of correctly using specialized techniques. Therefore, the NBC highly appreciates that some courses are devoted to statistics, econometrics, and mathematical tools aimed at practically supporting and implementing monetary policy. For the financial stability of markets, the NBC needs staff who have a capacity and sufficient knowledge in the areas of risk control, capital requirements, policies to deal with systemic risk and the relationships of these subjects to Monetary Policy.

For this reason, these subjects should be ideally a large component of the program. To better equip our staff in advancing their knowledge of these areas, the leadership courses are included. Finally, the NBC positively considers that its staff can be effectively trained for coping with the latest statistical software developments.

Until now, all the NBC-JISPA scholars returned with the highest benefits from their studies in Japan in various subject areas, and the NBC sincerely hopes that this fertile cooperation will continue in the future.

4. Overall, how would the NBC evaluate the extent to which the JISPA meets the capacity building needs of the NBC?

Overall, the JISPA has been a major contributor to the capacity building of the NBC for many years, and continues to be essential to the development and to the enhancement of our staff capacity. Indeed, the NBC is still a young institution, yet with a rapidly developing financial system having limited resources. In this respect, the assistance of Japan, and particularly of the JISPA, remains determinant for the future development of the Cambodia financial sector. This is especially needed since the JISPA fully meets the needs of the NBC, and plays such a central role in improving the capacity of the institution.

Last but not least, the JISPA is perfectly complementary with the other parts of the technical assistance provided by Japan through the IMF, which mainly focuses on banking supervision issues, notably with the assignment of a long-term resident advisor to the NBC.

5. Please provide us with any recommendation the NBC has in order to enhance the JISPA so as to meet the needs of the NBC and Cambodia.

As already underlined, the JISPA largely meets the needs of the NBC. We would much appreciate it if the number of scholarships could be increased especially on the Ph.D. program.

Nevertheless, if some minor improvement may be suggested, it might be recommended to give an even more practical approach to the training, although this dimension is already taken into consideration.

Certainly, it is always helpful for our staff to be familiarized with real situations that they will probably encounter in the course of their career. This means that, whenever possible, application of their training to Cambodian situations is particularly productive.

6. Do you have any message that you wish to pass on to Japan and the IMF?

Finally, the main message that the NBC would like to pass on to Japan and to the IMF, is that the Cambodian Central Bank would not be the regarded institution as it is now without the extraordinary support provided through the JISPA.

There is no doubt that the opportunities and academic knowledge our staff obtain from JISPA are core to the subsequent success and to the contribution that our staff have made to the NBC and above all to banking sector upon they return to Cambodia.

Once again, we would like to express our gratitude to the Japanese Government for providing technical assistance and scholarships, which is a vital contribution to strengthening the capacity building of the staff of the National Bank of Cambodia and we look forward to further support.

In addition to all professional benefits that the JISPA has granted to the NBC, it continues to offer another invaluable profit: deeper and closer human relationships between Cambodian and Japanese people, demonstrating the profound and precious friendship between Cambodia and Japan.

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Following the seminar, a welcome reception was held for 35 new scholars from 14 countries who started their graduate studies in AY2013-14. Representatives from the Ministry of Finance and the relevant embassies and central bank representative offices in Tokyo also attended to wish the scholars’ success at the commencement of their studies. In particular, the scholars were highly honored with the participation of Mr. Tatsuo Yamasaki, Director-General of the International Bureau, the Ministry of Finance, and H.E. Mr. Ahmed Khaleel, Ambassador of the Embassy of the Maldives. Mr. Yamasaki provided a guest speech, wishing the scholars’ successful completion of their programs and encouraging them to develop a human network.

Completion of the Orientation Program: The 35 new scholars successfully completed the Orientation Program at the International University of Japan and received the certificate for the completion on September 21, 2013. After spending two and half months (1.5 months for those who started from the mathematics component) together on the same campus, the scholars moved to their own universities to start a core course at each partnership university.

Scholar’s comment on the Orientation Program and the Seminar:: The Orientation Program (OP) held at the International University of Japan (IUJ), which covered basic and preliminary concepts of economic theories, mathematics and academic English, was one of the most useful and beneficial programs. The sessions were well organized and equipped me for my advance study in my present university. I also obtained more knowledge of the Japanese language, culture, and traditional values from the cultural understanding courses which were given to me during the program. Moreover, this program gave us the platform to socialize with other international students from different countries and provided us with the space to mix and develop our social networks.

The OP at the IUJ clarified and refreshed my knowledge of all the basic aspects of economics and mathematics. The learning experience during the OP certainly helped me in my studies here at Hitotsubashi University. Coming from a country where we do not study or hardly use English in our work life, the program provided me with an opportunity to improve my communication skills in English. If I had not taken this English session at the IUJ, I would be having a difficult time in my university as all the lectures are conducted in English. I feel that the OP is a well conceived program which enables newly arrived students to settle down in this fast paced lifestyle quite easily.

Since I enrolled in the JISPA, I have so far attended two seminars organized by IMF-OAP. One of them was the JISPA seminar entitled “The Path to Higher Growth: Does Revamping Japan's Dual Labor Market Matter” presented by Mr. Giovanni Ganelli, OAP Senior Economist. I feel that these seminars are a wonderful opportunity for students like me to get a first-hand review from practitioners - economists and professionals -who have spent a lot of their time studying and researching Japan and the Japanese economy. The seminars provided me with valuable insights that helped me develop a better understanding of the current economic situation and challenges the country is facing. I feel that such seminars supplement our understanding about macroeconomic theories and models that we are studying in our universities. Further, this will surely help me when I take courses on the Japanese economy in the future.

Apart from the knowledge that I gained during the OP, I am very thankful to the IMF-OAP for allowing me to attend these seminars as otherwise I would have missed out on an opportunity for valuable learning. I hope that the IMF-OAP continues to invite JISPA scholars to attend and participate in their future seminars.

(Ms. Ei Ei Phyu, 2013-15, Hitotsubashi University, Ministry of Finance and Revenue, Myanmar)

Alumni Gatherings: On the occasion of an OAP staff visit in October, alumni gatherings in Sri Lanka and India (both in Delhi and Mumbai) were organized. In Sri Lanka, an open seminar on the JISPA was held at the Central Bank of Sri Lanka (CBSL), and attended by 80 junior officials from key economic agencies who are interested in the program. Mr. Koshy Mathai, the IMF Resident Representative for Sri Lanka, also participated and facilitated discussions. Dr. Aazim, a CBSL official and JISPA alumnus, shared his experience and encouraged the audience to apply for the program.

OAP-Hosted Seminar: The IMF Asia and the Pacific Department (APD) and OAP jointly organized a seminar entitled “Abenomics Approaching its One- year Mark” on October 29, 2013, where the JISPA scholars were also invited. The seminar provided them with a better understanding of the views of the IMF, of the Japanese authorities, and of academic and private sector representatives on recent economic developments in Japan.

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1. Please describe your career path after graduating from the JISPA. How has the JISPA contributed to your career development?

My studies in Japan at GRIPS under the JISPA significantly contributed to my theoretical background and practical experience. Moreover, my successful graduation from the JISPA was highly appreciated by the Government.

Upon my return to Uzbekistan and to the Central Bank of Uzbekistan (hereinafter CBU) in 2002, I was promoted to Deputy Director of the Department for Monetary Policy and Economic Analysis of the CBU. After 4 years, in 2006, I was promoted Director of the Department for Monetary Policy of CBU.

In 2008, an important change in my career took place – I joined the Ministry of Finance and was appointed to the position of Deputy Minister of Finance of the Republic of Uzbekistan.

2. You were appointed as Deputy Minister of Finance, the Ministry of Finance of Uzbekistan in 2008. Could you please briefly outline your duties as the Deputy Minister, mentioning any challenging issues that you are facing (if there are any)?

Three Departments are under my direct control, namely Tax and Customs Tariffs Policy Department, Department for Methodology of Accounting and Audit, and Financial Inspectors Department. I supervise the preparation and introduction of legal acts on taxation, customs regulation, financial market, accounting and audit as well as financial inspection issues.

One of my main responsibilities is the preparation and coordination of work on designing the fiscal policy and financial markets framework in Uzbekistan.

I took the position of the Deputy Minister of Finance right at the beginning of the world financial-economic crisis. My contribution to the design of the National package of anti-crisis measures in Uzbekistan would not have been possible without the profound theoretical and empirical background which I received during my studies at GRIPS. Adoption of a wise anti-crisis strategy in Uzbekistan resulted in sustainable economic growth at the level of over 8 percent while also achieving a consolidated budget surplus for the last 5 years.

3. Please describe the economic outlook of Uzbekistan and any policy challenges (this answer can be combined with Question 3).

As I have already mentioned, Uzbekistan has been enjoying positive budget performance for the last five years. Therefore, financial resources which accumulated during this period are not simply utilized as budget expenditures, but they are designated for the establishment of the Fund for Reconstruction and Development of Uzbekistan (FRD). Currently, the capital of the FRD amounts to 15 billion US Dollars. The prime objective of FRD is to provide financial support to strategic economic projects in the sectors of energy, oil and gas, chemical industry, machinery and transportation.

In order to promote the development of the economy and the introduction of advanced and high-tech industry clustering, Uzbekistan introduced Free Economic Industrial Zones in three regions, namely Navoi, Angren and Djizzak.

Strong government position in providing sustainable and equal infrastructural and institutional development in all regions of the state affects the fiscal policy framework in Uzbekistan. This means that the largest financial provision for the above mentioned transformations is shouldered by the state.

Nevertheless, tax policy in Uzbekistan at present pays greater attention to applying taxes as stimulus, rather than pure fiscal instrument for provision of public revenues. Thus, the process of maturing Uzbekistan’s economy is being accompanied by lowering the tax burden on physical and legal entities, broadening the tax bases, and aligning the tax system with international taxation standards.

4. Please briefly describe your student days in Japan, such as your major and research interest, as well as your experience of life in Japan.

Studying at GRIPS was a wonderful combination of extensive academic background and rich empirical experience. The invaluable contents of the university’s library provided very useful resources for my studies in the area of economics, finance, and banking.

I was also very impressed by Japanese people’s kindness and good will. The beautiful combination of traditional Japanese inheritance and contemporary cosmopolitan cultures is an example to be followed by any country.

Students of the program are from developing countries all over the world, such as those in Asia, Africa, and South America. Therefore I enjoyed, more than ever, cultural exchanges with many diverse cultures.

5. Any message to the current JISPA scholars studying in Japan as well as potential candidates?

I am sure that those scholars undergoing the JISPA courses in Japan now, have already realized how lucky they are and they take every single chance to grasp knowledge and experience in professional, cultural, social aspects as much as possible. I have no doubt they treasure every moment of their stay in Japan.

For those who are willing to apply for the program, I can only say in Japanese: “ganbatte!” which means “strive and aspire, keep working harder and harder to reach your goal”. And you will be awarded with the program that can expand your professional and academic horizons.

6. Do you have any message that you wish to mention to Japan?

I am always pleased to express my greatest appreciation to the IMF and the Government of Japan for their support and having provided me with the chance to study and live in Japan.

7. Please provide us with any comments that you wish to convey.

I would like to convey my cordial gratitude and say that I am always indebted to President Takashi Shiraishi, Mr.Tanaka-san, the Former Dean of Transition Economy Faculty, Messrs. James Rhodes and Sunku Hahn, professors of Macro- and Microeconomics, and all the professors and mentors from GRIPS for generously sharing their knowledge and experience with me. I’ll also keep sweet memories of all the friends I made during my studies and everyone for my wonderful life in Japan.

Mr. Mirzaev and Mr. Ishii, then-OAP Director
JISPA Alumni Gathering, Tashkent, Uzbekistan, March 2012

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1. Please outline your work responsibilities before enrolling on your studies in Japan.

Prior to my coming to Japan to pursue my studies, I was posted in the Department of Banking Supervision at Mumbai. I was part of the annual financial inspections teams responsible for carrying out onsite annual and themed inspections of scheduled commercial banks in India. My specialization was in the area of ‘Systems’ (including IT) under the CAMELS model and evaluation of enterprise wide operational risk during onsite inspections. I also focused on ‘Earnings’ and fund management. As part of my job profile, I was also required to assess ICAAP documents and carry out Supervisory Review and Evaluation Process (SREP) under pillar II of BASEL II.

2. What led you to study in Japan, and what motivated you to apply for the JISPA?

The financial crisis of 2008 has redefined many practices and policies of Central Banks around the world. With a view to keeping abreast, I strongly felt a need to take a break to learn and update myself again. This was especially true when the only literature that I was reading in my professional life were Office memos, circulars, reports, etc.

Japan was an attractive destination for two reasons – (i) the “branding” factor due to the association of the IMF with this Scholarship program, and (ii) Japan (or rather the Bank of Japan-BoJ) has been the forerunner in implementing path breaking and unconventional monetary policies in the past. Such policy measures were adopted by the BoJ without having the luxury of falling back upon a precedent. And as it innovated, the world learned. What better way to learn for a Central banker than to be here and hear it from the academics and practitioners who can provide first-hand insights into such pioneering policy actions.

3. What are you studying? (What have you been studying?)

I have been taking courses on Macroeconomics, International Finance, Monetary Economics (Money and Banking), etc. And all these have contributed in a major way in providing a better understanding of the policies/practices of Central Banks and Governments adopted during both the pre and post crisis period. Further the course on “Global Economy, Financial Markets and Monetary Policy” has provided detailed insights into the unconventional monetary policy measures adopted by the BoJ since the late 1990s. Courses on the Japanese Economy provided valuable lessons on fiscal policies. Courses on Econometrics, Time Series Analysis, Statistics, etc., were new to me and have helped me in improving my understanding of relevant scholarly papers and research work.

4. Please tell us of one experience in Japan that made you feel happy, sad, surprised, or moved.

I feel what defines Japan is not its sky-scrapers, hi-tech gadgets or the futuristic maglev; but rather the PEOPLE. And it is from THEM that I have learnt new definitions of politeness, courteousness, patience, respect, tolerance, discipline, cleanliness, safety, and customer service. It is the PEOPLE that has impressed me the most here in Japan.

The one incident that evoked deep feelings of happiness and sadness at the same time is narrated below - One day I observed a medical helicopter land at the helipad (adjacent to GRIPS) with a patient (an old lady) accompanied by a family member (probably her husband). An ambulance and a fire-engine had waited patiently to receive them. As soon as the helicopter touched down, the patient was swiftly and smoothly taken away by the ambulance for medical attention. The sight made me feel very happy to see care, love, respect and more importantly how life was valued. At the same time, it made me feel very sad. It reminded me of the health inequities that exist in this world. There would be millions who are deprived of simple and basic medical attention and health services. And more sadly, children from rural and poorer households are the worst sufferers. Every day 21,000 children die before their fifth birthday. A child born in Malawi can expect to live for 47 years while a child born in Japan can expect to live 83 years (WHO, October 2011). They miss out on basic human right to medical treatment just because they were not born in a family here in Japan.

5. Please describe your experience and/or impression of the JISPA (such as the Orientation Program, seminars, and meetings with IMF/OAP economists).

The Orientation Program at International University of Japan (IUJ) at Urasa was the perfect way to blend into a foreign country upon arrival. Apart from offering a picturesque view, the hamlet gave us an opportunity to review some of the topics which we had once learnt and long forgotten. But what supersedes all this was the location and environment which “forced” us to interact and mingle with students from other nationalities, including Japanese students. That was the first occasion where we got exposed to young Japanese people, their way of life and thinking. We studied together, played sports together, partied together, laughed and joked a lot. For me, what I took from my short stint at IUJ was not only the academic learning, but also the friendship with some of the most wonderful people that I ever met. I guess there could not have been any better way to get acclimatized with the Japanese culture, tradition, food, and people.

6. How would you like to utilize the knowledge and skills obtained through your studies under the JISPA in your future work?

I always had an inclination towards teaching. I believe that the best of learning comes from a compulsion to teach. In the near future, I wish to take up the position of a faculty in one of our Training Colleges in RBI and share some of my learning here.

7. What is your future career vision and dream?

In the long run, I wish to continue to work for RBI, and I would also welcome the opportunity to be seconded for a few years to a multilateral institution like the IMF, BIS, ADB or the World Bank. This would provide me with further skills that would enhance my capacity to contribute to policy-making when I return to the RBI. At a personal level, I also wish to get involved with agencies engaged in humanitarian activities.

8. What is your favorite proverb or motto?

Someone asked God - "Who is your favorite person?" God replied- "The One who has the power to take REVENGE. But, chooses to FORGIVE !!"

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