IMF | CCAMTAC

Budget Transparency (May 14–17, 2024). The IMF’s CCAMTAC delivered a workshop with research and data analytical support from the IMFs Fiscal Affairs department. The workshop introduced concepts of budget transparency and reform trends across CCAM countries to support peer learning and will be supplemented by the development of a regional practice note. A combination of lectures, country presentations and group work strengthened the understanding of key concepts and fostered peer learning amongst participants.  The workshop was well attended by 25 participants from all CCAM countries.  Topics covered included: (i) fiscal transparency in budget documentation; (ii) budget oversight and participation, and (iii) reforms aimed at strengthening budget transparency and scored an average of 4.8 out of 5.

Local Currency Bond Market Development (LCBM) (May 20–24, 2024). A joint IMF–World Bank regional training was held for CCAMTAC member countries. The workshop was attended by 20 officials (10 female and 10 male) from 7 CCAMTAC member countries The LCBM workshop was the first opportunity to deliver the LCBM training in person within the region. The workshop aimed to strengthen capacity in member countries to implement their debt management strategies by tapping the local bond market in a cost–effective manner. The workshop focused on familiarizing participants with the framework of the Guidance Note covering the key building blocks, sequencing reforms and inter–linkages of the building blocks, understanding the operating framework of bond issuance and coordination with other policies, and developing a self–assessment of the stages of LCBM development. Participants were particularly engaged on auctions, investor relations, primary markets and the link to the debt management strategy and following the coverage of each building block, reviewing the LCBM tool questions.

Transition from national fiscal balance to Net lending / Net borrowing (June 4–6, 2024). The fourth in–person CCAMTAC Government Finance Statistics (GFS) workshop focused on further developing member countries’ capacity to improve the quality of their fiscal statistics. Twelve participants from ministries of finance and national statistical institutes of five CCAMTAC member countries (Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan) attended this workshop. Compared to the previous workshops where all CCAMTAC member countries were present, this activity was more of a peer–to–peer learning character, therefore workshop sessions covered more group work and group discussions. The country selection was based on the level of development of GFS compilation within the CCAM region. The discussions aimed at explaining to the participants the transition from the nationally defined fiscal balance into the net lending/net borrowing in line with the concepts and principles of GFS Manual 2014.. Each more methodological and theoretical session was followed by an exchange of countries’ experience in group sessions and summary presentation to the whole audience. The participants delivered country presentations on the compilation of GFS in their countries, prepared prior to the workshop. The last session focused on understanding advantages of countries compilation of GFS in line with the international standards and on improving current compilation practices.

Selected Issues in Regulation and Supervision of FinTech (June 17–21, 2024). This course delivered by the experts from Financial Regulation and Supervision Division (FR), of the Monetary and Capital Markets Division (MCM) was designed to give participants an overview of the key issues in fintech regulation and discuss ongoing supervisory and regulatory issues with regional nuances in mind.  The mission focused on areas relevant to the region including the digitalization of banking (e–money, banking as a service, open banking/open finance), machine learning, regtech/suptech, and big tech. The key area of focus was on the regulation and supervision of crypto assets, including how to implement global standards and recommendations and how to license and supervise participants in crypto markets. A highlight of the event was the roundtable by market participants which focused on relevant topics and responded to participants’’ questions.

Key issues in central bank transparency and policy communication (July 1-5, 2024 in Almaty, Kazakhstan). It was organized jointly by the IMF’s Monetary and Capital Markets Department (MCM) and CCAMTAC as a continuation of bilateral engagements with member countries. The workshop commenced with a keynote speech and discussion from Mr. Stefan Ingves (former Riksbank Governor, Sweden) and followed by 11 sessions, interactive discussions, and group work. Building on the experience with TA in the region and broadening the issues to other countries, the workshop aimed at familiarizing participants with conceptual and practical aspects of transparency and communication frameworks in modern central banks. Sessions covered monetary policy and FX communication, crisis communication, Central Bank Transparency Code and other topics. During participant presentations, they shared their central banks’ recent progress in communication practices; some participants focused on the improvements since the last TA. The workshop was delivered simultaneously in two languages (English, Russian) to extend the audience. Selected lectures and presentations were in Russian.

CBDC and Digital Payment Innovations (July 29–August 2, 2024). The five-day workshop was delivered by the IMF’s Payment, Currencies, and Infrastructure Division of the Monetary Capital Markets Department in cooperation with the Information Technology Department and CCAMTAC. Topics covered included the objectives of CBDCs, emerging experience, monetary, financial stability, legal, technology, and cybersecurity aspects of both retail and wholesale CBDC. The workshop also discussed CBDC exploration and project management issues. Presentations on the CBDC experience of the Swedish Riksbank, the Digital Tenge in Kazakhstan, and from the Bank for International Settlement (BIS) Innovation Hub, as well as a CBDC simulation game complemented the interactive workshop. The lecturers offered office hours to discuss country-specific issues.

Peer-to-Peer Statistics network meeting (September 23–24, 2024). CCAMTAC, in collaboration with the IMF’s Statistics Department (STA), hosted its inaugural high-level peer-to-peer event for senior officials from the Caucasus, Central Asia, and Mongolia (CCAM) region overseeing the work on macroeconomic statistics and data management. The primary goal was to enhance statistical cooperation within the region, bolster the statistical strategies of CCAM authorities, discuss emerging trends, and strengthen the formulation and communication of government policy strategies. Twenty-six senior officials from National Statistical Agencies, Ministries of Finance, and Central Banks participated in the meeting. The event covered various topics, including the ongoing update of the System of National Accounts (SNA) and related manuals, big data initiatives, emerging trends in data (such as potential artificial intelligence applications), progress in developing climate change statistics, and the initial results of the new IMF data adequacy assessment framework.

Current Issues in Monetary Policy Implementation (September 30 – October 2, 2024). CCAMTAC, in collaboration with the Swiss National Bank (SNB) and Deutsche Bundesbank (DBB), held an inaugural Regional Roundtable on “Current Issues in Monetary Policy Implementation” for senior officials from central banks of the Caucasus, Central Asia, and Mongolia (CCAM) region. The event brought together seventeen senior central bank officials from the region and officials from the SNB and DBB to discuss both conceptual and practical aspects of contemporary central banking, linked to the technical assistance provided by our institutions. Topics focused on monetary policy transmission, communication, and transparency. The roundtable also provided CCAM central bank senior officials a good environment for networking. During the high-level event, officials presented their domestic economic developments and shared monetary policy implementation experiences, including progress and challenges. These presentations were followed by lively and insightful discussions. The meeting also helped to broaden bilateral capacity building cooperation.

International Survey on Revenue Administration (ISORA) (October 7–11, 2024). This five-day in-person regional workshop was conducted by CCAMTAC jointly with FAD’s Revenue Administration Division 2. The aim was to enhance CCAM member tax administrations’ understanding of the International Survey on Revenue Administration (ISORA) and how the data may be used by a tax administration. It was designed to provide hands-on experience on working with ISORA data and to encourage regional sharing of tax administration experience and expertise over time. During the successful workshop the region ISORA data was analyzed and discussed in detail.

Building Institutions to Fight Corruption (October 28–November 1, 2024). The training   was organized by FAD in collaboration with CCAMTAC and was delivered for the first time in this region. Topics covered centered on identifying corruption vulnerabilities at different stages of the PFM system and cross cutting areas including legal and regulatory frameworks (supported by the legal department) and digitalization.

Corporate Governance Workshop (November 4-8, 2024). This in-person workshop, which is one of the flagship events in banking regulation and supervision workstream, focused on the Corporate Governance principles and delivered on-location in the Central Bank of Armenia’s training and research center in Dilijan, Armenia. The workshop aimed to expand the knowledge base of the regional supervisors with an aim to ensure that the authorities have sufficient capacity to effectively implement the key elements of   comprehensive corporate governance frameworks in their jurisdictions. The five-day program aimed to equip regional supervisors with adequate knowledge and tools to deal with governance challenges and raise awareness regarding the importance of good governance across a broad spectrum of current issues. Sessions focused on the foundations of corporate governance supervision and case studies introduced to reinforce the value of the existence of the strong corporate governance frameworks. Some 42 participants joined the workshop and received their certificates following the successful completion of the sessions.

Liquidity Management and Forecasting Framework (November 4-8, 2024). A five-day workshop on liquidity forecasting was held at CCAMTAC in Almaty, Kazakhstan, benefiting 20 officials from seven central banks in the Caucasus, Central Asia, and Mongolia. The workshop focused on advanced statistical methods for liquidity forecasting, covering conceptual issues and statistical fundamentals of liquidity forecasting, and hands-on training on application of newly developed MCM forecasting tools. Participants from CCAM central banks shared their frameworks, leading to active discussions. The workshop included practical examples in R and Python, with participants applying the tools to actual data and presenting the results of their group works.

Cohort training: Macroeconomic Analysis and Management (November 5 – December 13, 2024). After successfully piloting a blended Cohort Training on Macroeconomic Analysis and Management in FY2024, CCAMTAC and the Joint Vienna Institute continued the training, bringing together a new group of young and talented officials from the Caucasus, Central Asia, Mongolia, and Moldova. Following a three-week virtual interactive learning, CCAMTAC hosted the first two-week in-person workshop in Almaty on December 2-13, which brought together 30 participants from central banks and ministries of finance and economy. During the workshop, the participants learned how to use the Comprehensive Adaptive Expectation Model (CAEM) developed by the IMF's Institute for Capacity Development to generate a consistent baseline scenario applied to three countries from the region and perform shock analyses. The training also included interactive elements such as a negotiation game, which deepened the participant's understanding of authorities’ role in policymaking, and a final presentation of baseline forecasts and shock analyses.

Managing International Taxation (December 16 - 20, 2024). This five-day in-person regional workshop was conducted by CCAMTAC jointly with IMF’s Fiscal Affairs Department (FAD). The aim was to enhance CCAM member tax administrations’ understanding of key concepts of international tax administration and how revenue administrations can successfully deal with international tax risks. The workshop was very successful and covered among other issues transfer pricing and the Global Minimum Tax.

Compilation of Consolidated GFS (January 20-23, 2025). This in person regional workshop focused on the issue of consolidation in GFS. The lectures also provided a refresher of other topics related to the consolidation processes, including (i) institutional units subject to consolidation; (ii) distinction between above the line and below the line transactions and their reconciliation; and (iii) specific government operations (such as privatization, super dividends, and policy lending). The GFS and PSDS resident advisor of Capacity Development Office in Thailand (CDOT) shared the experience with solving consolidation issues in the CDOT Region. The second main topic of the workshop was establishing documentation of fiscal data compilation processes. The representatives of Kazakhstan, Mongolia and Uzbekistan shared their experience with the participants. During the group work the participants prepared possible structure of such documentation, presented it and discussed with other groups. Eighteen participants from ministries of finance, ministries of economy, central banks and national statistical institutes of seven CCAMTAC member countries attended the workshop.

Non-observed Economy (January 27-31, 2025). This workshop trained twenty-eight participants from nine countries on developing and improving the methods for measuring the NOE in line with international standards and best practices. The workshop helped participants to have a better understanding of the NOE types, methods, and data sources as well as its crucial role to ensure exhaustiveness of the GDP estimates. The workshop included a peer-to-peer learning component, with presentations of the NOE in their respective countries. Countries’ presentations and interactive discussions were very useful. Participants found the course to be very relevant to their jobs as well as for their own professional development.

Gender Inequality and Macroeconomic Outcomes (February 3-7, 2025).  IMF CCAMTAC, in collaboration with the Strategy, Policy, and Review (SPR) and Fiscal Affairs Departments (FAD) of the IMF, conducted a 4-day workshop focusing on gender gaps in macroeconomics and their economic impacts. Designed for staff with technical backgrounds, the program aimed to explore the quantitative relationship between gender inequality and macroeconomic outcomes. The workshop gathered 25 officials from seven CCAMTAC member countries. The workshop enhanced understanding of gender factors in macroeconomics and is expected to help lay the groundwork for more informed and effective policy decisions.

Regional event: Leaders’ Forum (February 13-14, 2025). On February 13-14, CCAMTAC and the IMF’s Fiscal Affairs Department organized the inaugural Revenue Administration Leaders’ Forum in Almaty, Kazakhstan. This significant event brought together (Deputy) Commissioners and senior leaders from the nine tax administrations across the region. The forum provided a platform to engage in lively discussions and peer learning on global and regional trends in tax administration and taxes, focusing on the challenges and opportunities that lie ahead, including with the increasing integration of AI technologies. Participants also explored avenues for future collaboration, emphasizing the importance of enhancing cooperation among tax administrations in the region.

Medium-term Fiscal Frameworks (February 17-21, 2025). The workshop was well attended by 26 participants from eight CCAM countries and covered a range of topics, including a three-part simulation exercise that mirrors top- down fiscal constraints, bottom-up expenditure baseline costing and documenting expenditure prioritization choices in the context of fiscal rules through a fiscal strategy document.

Peer-to-Peer Macro-Fiscal Meeting (February 24-25, 2025). The second in-person regional peer-to-peer macro-fiscal network meeting offered an opportunity for 21 senior officials from Ministries of Finance and Economy across the nine CCAMTAC member countries to exchange views and provide rich discussion on challenges in implementing fiscal rules, supporting institutions for their effective implementation and the effectiveness of stabilization frameworks. Participants showed a strong preference for the continuation of the network.

Macroeconomics of Climate Change (March 3-7, 2025). CCAMTAC, in collaboration with the IMF Institute for Capacity Development, hosted for the first time a workshop on Macroeconomics of Climate Change. This training aimed to provide participants with the knowledge and tools needed to address the complex challenges related to climate change. The workshop brought together 25 officials from 8 CCAMTAC member countries. Participants explored the science of climate change, its significant economic impacts, and various adaptation and mitigation strategies. Additionally, the course introduced a variety of data and analytical tools to help participants make informed decisions on climate policy.

Tax Policy: Principles and Practice (March 11-14, 2025). CCAMTAC, in collaboration with the IMF's Fiscal Affairs Department (FAD), conducted a workshop on Tax Policy. Training aimed to strengthen the ability of officials from the Caucasus, Central Asia, and Mongolia to identify and implement key principles of effective tax policy design. Twenty officials from 8 CCAMTAC member countries learned to evaluate the efficiency, revenue, and distributional impacts of tax policy changes. By the end of the workshop, participants engaged with specialized training materials and models, demonstrating how empirical analysis and simulation can be applied to various policy areas discussed during the workshop.

SDG Financing Online Tool (April 2-4, 2025). In collaboration with the IMF's Fiscal Affairs Department (FAD), CCAMTAC hosted a regional training workshop on Sustainable Development Goal (SDG) financing tool, SDG-FiT, from April 2 to 4, 2025. The workshop aimed to provide officials with hands-on experience in using SDG-FiT, covering its core functionalities and result interpretation. The workshop included lectures on the SDG financing model, breakout sessions for developing baseline scenarios and assessing financing needs in key sectors (education, health, electricity, roads, and water and sanitation), as well as sessions exploring alternative policy scenarios to address financing gaps.

Risk Based Supervision Workshop (April 14-18, 2025).This regional workshop in Risk-Based Supervision (RBS), a third one conducted since the CCAMTAC became operational, discussed the key elements, as well as the emerging issues and challenges to implement RBS. During the five-day engagement, in-depth discussions in several areas took the center stage, including the rollout of RBS bespoke to each jurisdiction. Key elements of risk and its identification, measurement and assessment by the supervisors. Key international guidance in Basel, such as Pillar-2 implementation was also discussed at length. Country presentations and case studies were conducted interactively with the participation and contribution of the supervisors.