Mr. Sandeep Saxena, Trevor A Lessard, Ms. Marie-Helene Le Manchec, John Gardner, Martin Marcone, and Alissa Ashcroft
This High-Level Summary technical assistance report focuses on developing a legal, policy and operational framework for the sovereign development fund (SDF) in Maldives. Until the fiscal situation in Maldives improves, the SDF could continue to usefully serve the twin objectives of external debt repayment and credit enhancement. It has helped boost investor confidence, enabling Maldives continued access to international financial markets, and come in handy for liquidity management during the pandemic. Decisions are required on the size of the SDF, the treatment of any excess inflows, and the application of the Fund’s balance upon its liquidation. While the fund size of a sinking fund would correspond to the underlying debt, a credit enhancement objective would consider a combination of factors, such as market conditions, credit standing, liabilities covered by the fund, and the medium-term debt strategy. A strong governance framework would enhance the legitimacy, performance, and accountability of the IMF.
Mr. Udaibir S Das, Mr. Vassili Prokopenko, Mr. Florian Gimbel, Altynai Aidarova, Marianne Nessen, and John Power
This paper presents High-Level Summary Technical Assistance (TA) report on Mongolia Central Bank Communications. The TA report reviews the existing communication framework of Bank of Mongolia (BOM). The analysis focuses on the assessment of the monetary and financial policy communications as well as the evaluation of the internal organization of the BOM’s communication function. The organizational arrangements are reviewed in terms of structure, resources, and procedures. The report also highlights the importance of establishing several pre-conditions for effective central bank communications, which include the presence of sound legal and normative frameworks particularly in relation to the mandate and independence of the central bank. The report identifies several areas where BOM could enhance the effectiveness of its communications. Creating a dedicated well-staffed department in charge of communications and integrating this department into major BOM’s policy actions and flagship reports would significantly strengthen the BOM’s internal organization of communications.
Responding to a request from the Bangko Sentral ng Pilipinas (BSP) for developing a regulatory and supervisory framework for operational resilience, a Technical Assistance mission aided the authorities in identifying regulatory gaps, provided guidance in enhancing the regulatory framework and delivered a training program focusing on regulatory aspects pertaining to operational resilience. The recommendations focused on articulating the case for policy initiative, developing a regulation in consultation with the industry, considering potential severe but plausible scenarios.