Our Workstreams

 

Central Bank Operations

The Central Bank Operations (CBO) workstream provides guidance to central banks to modernize their monetary policy operational frameworks, with increased focus given to forward-looking and interest rate-based operational frameworks. Technical assistance is geared toward enhancing monetary policy transmission. This includes improving liquidity forecasting for the calibration of open market operations and reviewing the setting of other instruments, such as the reserve requirement and standing facilities, to strengthen the central bank’s control on its chosen operational target, e.g., short-term interest rates, monetary aggregates, or the exchange rate. Some central banks require assistance in adapting their foreign exchange (FX) operations to deal with pressures from capital outflow dynamics and swings in their current account. Technical Assistance devotes particular attention to the design of the operational frameworks to support the development of the money and FX markets, which are key to monetary policy transmission, as well as to transparency—in view of the growing attention that has been given to this critical dimension of policy implementation.

Financial Supervision and Regulation

The Financial Supervision and Regulation (FSR) workstream helps central banks and supervisory authorities develop and strengthen regulatory and supervisory frameworks for banks and financial institutions, including Islamic banks. Technical assistance in FSR offers guidance on amending or developing regulations and guidelines on licensing criteria, corporate governance, risk management, internal control, consolidated supervision, and prudential requirements on capital and liquidity. This includes guidance on the adoption of Basel Committee for Banking Supervision (BCBS) standards (Basel II and III), Shariah governance, and requirements set forth by the Islamic Financial Services Board (IFSB). METAC also provides support in refining supervisory methodologies, developing manuals for onsite inspections and offsite supervision, incorporating Risk-Based Supervision (RBS) methodologies, such as risk assessment matrices and institutional profiles, Supervisory Review Processes (SRP), early intervention framework, and stress testing.

Public Financial Management 

The Public Financial Management (PFM) workstream focuses on improving PFM institutions through adoption of strategic budgeting, better budget preparation, execution, and control; fiscal risk management (including state-owned enterprises and public-private partnerships), improved asset and liability management; robust management of public investments, and increased fiscal transparency. Technical assistance supports efficient delivery of public policies and services, the sustainability of public finances, the efficient use of public resources, managing uncertainties, ensuring fiscal transparency, and fighting corruption.

Revenue Administration 

The Revenue Administration (RA) workstream supports both tax and customs administrations in developing and implementing their reform agendas, and strengthening administrative capacity to mobilize revenue, particularly in fragile and conflict-affected countries. The RA team provides technical assistance in areas such as institutional governance, strategic and operational planning, reform and project management, legislative improvements, compliance management, digitalization and e-services, international taxation, data governance and data analytics, organizational structure, business processes, among other areas. The workstream also supports core revenue administration functions such as registration, filing and payment, audit, and collection, as well as risk-based customs controls, customs classification, and customs valuation.

Tax Policy 

The Tax Policy (TP) workstream provides advice to member countries on how to design tax systems in support of domestic revenue mobilization goals to cover spending needs, and how to structure tax system to balance key objectives including tax efficiency and equity, as well as allocative efficiency such as the impact of taxes on incentives to invest, work, and save.

Government Finance Statistics and Public Sector Debt Statistics 

The Government Finance Statistics (GFS) and Public Sector Debt Statistics (PSDS) workstream focuses on addressing gaps in the fiscal accounts that hinder fiscal management and IMF surveillance, particularly in fragile states. Technical assistance in the GFS/PSDS area assists member country authorities to develop and upgrade their fiscal statistics by introducing international standards, expand coverage, and increase the quality and timeliness of data. IMF-METAC assists its member countries improving their data collection processes, classifications in accordance with international standards, data processing, proper identification of the general government and the public sector, and data dissemination and reporting.

Real Sector Statistics 

The Real Sector Statistics (RSS) workstream focuses on strengthening the compilation and dissemination of national account and price statistics according to internationally accepted statistical standards. This includes developing and improving the statistical infrastructure, source data, serviceability and/or metadata. RSS capacity development builds member countries’ staff capacities and supports the improvement and further developing of national accounts statistics (annual and quarterly, supply and use tables, non-financial accounts) and price statistics (consumer price index, producer price index, export- and import price indices, construction cost and residential property price indices).

Macroeconomic Frameworks

The Macroeconomic Frameworks (MF) workstream helps central banks and ministries of finance to improve their macroeconomic analysis and forecasting capacity, in particular developing tools to support evidence-based policymaking. It develops the authorities’ capacity to simulate and forecast the impact of various external shocks and policy changes on the real, external, monetary, and fiscal sectors to gauge and quantify the impact of these shocks and their transmission mechanism into the economy. The workstream also helps member states to assess the effectiveness of monetary policy under various exchange rate regimes and inflation targeting rules, allowing to diagnose the effect of monetary policy on growth and inflation. It further provides CD in the area of nowcasting, using econometric and machine learning methods.

Cross cutting work programs on Climate and Gender 

At its June 2023 meeting, METAC’s Steering Committee endorsed the introduction of cross-cutting work programs on Climate and Gender issues. The programs are delivered through regional workshops and dedicated webinar series. The objective is to broaden CD engagement on climate and gender through (1) raising awareness for the macro-criticality and policy implications of climate change and gender inequality, (2) introducing related analytical tools and CD products that the IMF is developing, and (3) supporting the IMF’s dialogue on economic policies that can help our members to reach shared climate goals and reduce gender gaps and inequality. It is based on the IMF’s respective Climate and Gender Strategies and is developed in close coordination with IMF Headquarters.