NEWSLETTER: JULY – DECEMBER 2025 French Portuguese The Africa Training Institute (ATI) is part of a global network of IMF regional training centers to help develop countries’ human capital and policymaking capacity. Its training courses are open to government and central bank officials from 45 sub-Saharan African member countries. Courses are offered in English with simultaneous interpretation into French and Portuguese. The institute is generously supported by the host country, Mauritius, contributing member countries, and donor partners. The Institute is located in Bramer House, Ebene, Mauritius. WHAT’S INSIDE THIS ISSUE Highlights News & Events ATI Training Webinars/Outreach Feedback from Course Participants Highlights by Mr. Sukhwinder Singh Director, IMF Africa Training Institute (ATI) The period July–December 2025 reaffirmed the IMF Africa Training Institute’s (ATI) role as a trusted, innovative, and collaborative hub for capacity development across sub-Saharan Africa. ATI delivered nine courses in response to strong demand, receiving nearly 1,900 applications, with women representing 46 percent of participants. In addition, the Institute hosted five virtual events addressing pressing economic policy issues facing the region. ATI also strengthened its in-house expertise with the arrival of two new Resident Advisors, Ms. Lagrine and Mr. Nield (who returns to ATI). ATI convened its FY26 annual Steering Committee (SC) meeting in July 2025 in Madagascar, bringing together 126 officials from 26 member countries and partner institutions. Chaired by Madagascar’s Minister of Economy and Finance, the meeting reviewed ATI’s performance, discussed strategic priorities, and endorsed the FY26 budget and workplan in the context of sustained high demand for training. ATI extends its sincere appreciation to the Malagasy authorities for their generous support and excellent hosting of the SC meeting. Regional and global partnerships were further deepened through several key initiatives. ATI collaborated with the Southern African Development Community (SADC) on a macroeconomic diagnostics course designed to support peer-review processes. A regional workshop on advanced data dissemination standards was co-hosted with the African Development Bank and the IMF. ATI also partnered with the Bank of Mauritius and the OECD to launch a report on Africa’s capital markets, facilitating dialogue among policymakers and market stakeholders to advance sustainable financial development across the continent. NEWS & EVENTS IMF’s Africa Training Institute Steering Committee Sets Strategic Direction for FY26 The Steering Committee (SC) of the International Monetary Fund’s Africa Training Institute (ATI) met in Antananarivo, Madagascar, on July 1, 2025, under the chairpersonship of Hon. Rindra Hasimbelo Rabarinirinarison, Minister of Economy and Finance of Madagascar, to review progress and define strategic priorities for fiscal year 2026. The Steering Committee acknowleged ATI’s progress and results, and reaffirmed its strong support to ATI. The Honorable Minister Rabarinirinarison chaired the SC meeting and emphasized the high value of ATI’s training in sub-Saharan Africa and the critical support it provides to develop and reinforce the region’s institutions and human capital. Members of the SC acknowledged the critical impact and continued relevance of ATI’s training and capacity development efforts in sub-Saharan Africa. Members welcomed the outcomes of FY25 operations and endorsed the proposed FY26 budget and work plan, which reflects a delicate balance between financial constraints and the growing demand for in-person training across a variety of core areas and strategic topics, and the underlying resource envelope. The SC supports ATI’s efforts for continued innovation in training delivery and curriculum development and took note of the Directors of Training event. The SC meeting featured presentations on ATI’s strategic direction and collaboration with partners, as well as panel discussions on monetary and financial sector issues, and capacity development priorities in the region. Members also received updates on ATI’s facilities and relocation plans, and the IMF’s medium-term outlook for capacity development and training reform. Steering Committee members reiterated the importance of closing the gap of ATI’s Phase III and timely yearly payments, welcomed efforts to diversify funding sources and enhance collaboration with development partners and member countries. The SC meeting was attended by 126 officials (both virtually and in-person), representing 26 member countries and development partners along with relevant regional bodies. The ATI and IMF extend their sincere appreciation to the Malagasy authorities for their gracious hospitality and support in successfully organizing ATI’s 12th annual SC meeting. Mali kindly agreed to be the next chair of ATI’s annual Steering Committee. ATI Collaboration With Partners ATI, in partnership with SADC, delivered in November 2025 a refresher Macroeconomic Diagnostics course supporting SADC’s peer-review process, with teams working directly on the data of the countries being reviewed this year. A highlight was a guest session by Tidiane Kidane, IMF Resident Representative in South Africa, sharing insights on IMF surveillance. The delivery brought together 36 review-process practitioners and featured hands-on diagnostic work using SADC country cases, which participants valued for its practical relevance and direct application to their upcoming assessments. In December 2025, ATI, in collaboration with the African Development Bank (AfDB) and the IMF Statistics Department, hosted a “Regional Workshop on Enhanced Data Dissemination” which provided training on SDMX and ODP 2.0, featuring innovative sessions on AI-ready data and multidimensional modeling. The sessions stood out for their highly interactive delivery, hands-on exercises, and real-time data modeling. AfDB lecturers showcased regional experiences that sparked enthusiastic engagement. Participant feedback highlighted the practical approach and peer exchange, with participants reporting increased learning and confidence in the application of the tools. Attendees presented their work and shared solutions to challenges, advancing SDMX data modeling expertise in Sub-Saharan Africa. ATI hosted the World Meteorological Organization (WMO) and the Intra-ACP ClimSA Programme for a four-day workshop aimed at strengthening climate resilience. Participants from Angola, Jamaica, Mauritius, Seychelles, and Samoa engaged in practical sessions on computing climate indices, ensuring data quality, and integrating climate science into national plans and policies. The training emphasized actionable strategies for climate risk management and adaptation. ATI partnered with the Regional Centre of Excellence (RCE), the Bank of Mauritius, and the Organisation for Economic Co-operation and Development (OECD) to host a high-level roundtable on financial market development. The event featured the official launch of the OECD “Report on Africa Capital Markets” and brought together senior policymakers from Africa and OECD countries. ATI reaffirmed its position as a trusted partner in advancing capacity development and policy dialogue by hosting these events.ATI continues to provide a platform for collaboration that drives sustainable growth across Africa and beyond. Staff News Ian Nield Ian Nield rejoined the IMF’s Africa Training Institute (ATI) as Resident Advisor in September 2025 from the IMF’s Pacific Financial Technical Assistance Centre (PFTAC) in Suva, Fiji where he delivered Macroeconomic Frameworks technical assistance to PFTAC member countries. Prior to PFTAC Ian was with ATI from October 2016 to March 2023. Ian started his IMF career as the Monetary Operations Adviser with the IMF’s Capacity Development Office in Thailand (CDOT) from October 2013. From 1998-2013 Ian was a senior central bank official with the Reserve Bank of New Zealand. Ian has worked “in and around” financial stability in many ways for more than two decades, primarily taking a pragmatic approach to solve problems. Ian studied at the University of Waikato in Hamilton, New Zealand and at Cranfield University in England. He read Chemistry, Mathematics and Physics at Waikato where he was awarded an MSc (Hons) degree. At Cranfield he read Physics for his PhD. Ilhame Lagrine Ilhame Lagrine joined the ATI as Resident Advisor in September 2025. She began her career in 2014 at the Central Bank of Morocco, where she was responsible for inflation and external accounts forecasting and analysis, as well as supporting monetary policy decisions. She later worked as a consultant for the OECD, focusing on the economic impact of the COVID-19 crisis in Asia, before joining the French Treasury in 2021. There, she served as Deputy Head of the Short-Term Economic Analysis Unit, specializing in macroeconomic projections and forecasting models, and subsequently as Deputy Head of the Research and Strategy Unit at Agence France Trésor, where she contributed to the design and evaluation of France’s debt management strategy. She has also lectured at various universities and high engineering schools in France. Ilhame is a French Moroccan citizen and holds a PhD in International Economics from Rennes University (France), two master’s degrees in Econometrics and Development Economics from Aix-Marseille University (France), and an Engineering degree in Applied Economics from the National Institute of Statistics and Applied Economics (INSEA) in Rabat (Morocco). ATI IN NUMBERS Applicants and Participants Male and Female Participation Diversity by Language Between July and December 2025, 357 officials from 50 African countries attended ATI courses. These participants were selected from 1,884 applications, highlighting the strong demand for ATI’s programs. As part of efforts to encourage female participation, 25% of female applicants were accepted, compared to 16% of male applicants. As a result, women made up 46% of the total participants. ATI TRAINING Between July and December 2025, ATI hosted 9 courses covering the IMF’s core areas of expertise (see Table 1). Highlights from 4 of these courses are presented below. ATI TRAINING Monetary Policy Analysis and Forecasting September 1 – 12, 2025 The IMF’s Institute for Capacity Development (ICD), in collaboration with ATI, delivered an in-person course on Model-Based Monetary Policy Analysis and Forecasting to 35 participants, primarily central bank officials, from 20 countries. The course provided rigorous, hands-on training in the use of Quarterly Projection Models for monetary policy analysis and forecasting, directly supporting Financial Programming and Analysis System (FPAS) technical assistance across the region. The program emphasized real-time macroeconomic diagnostics, monetary policy responses to shocks, and adaptation of the canonical modeling framework to country-specific institutional and structural features. Participants highlighted the strong relevance of the course to their day-to-day responsibilities and its contribution to strengthening analytical capacity and future engagement with IMF technical assistance. The course also featured a guest lecture from the Bank of Mauritius, showcasing its successful experience in developing and integrating these models into its FPAS framework through an IMF-supported technical assistance project. Tax Policy and Tax Administration November 17 – 21, 2025 On the right: Mr. Stephen Mendes, Resident Advisor at AFRITAC South, shaking the hand of The Director-General of the Mauritius Revenue Authority (MRA) is Mr. Rohit Ramnawaz. The Tax Policy and Tax Administration course, delivered by the Fiscal Affairs Department (FAD) in collaboration with ATI, provided participants with a comprehensive understanding of how tax policy design and tax administration interact and reinforce each other. The course combined strong theoretical foundations with practical implementation, with a focus on challenges commonly faced by African economies. Sessions covered key tax instruments—including personal and corporate income taxes, value-added tax, excises, property taxes, and international taxation—while emphasizing how policy choices affect administrative feasibility and compliance. The tax administration component addressed organizational structures, core functions, self-assessment systems, compliance management, tax culture, and the administration of international tax. Through applied discussions and peer exchange, participants strengthened their ability to provide effective, context-specific policy advice and to support tax reform implementation in their home institutions, including through closer alignment with IMF technical assistance activities. Financial Development and Financial Inclusion November 17 – December 5, 2025 The Course on Financial Development and Financial Inclusion was delivered in a blended format, combining one virtual week with a face-to-face week at the Africa Training Institute (ATI) with sponsorship from the China-IMF Capacity Development center (CICDC). Presented by the IMF’s Institute for Capacity Development, the course examined the macroeconomic relevance of financial development and inclusion, introduced frameworks for financial market development, and highlighted obstacles and policy options. It emphasized financial inclusion as a core dimension of financial development and reviewed key indicators, macroeconomic impacts, and policy strategies, drawing extensively on case studies, group work, and practical workshops. Discussions were lively across both phases, reflecting the diverse experiences of Sub-Saharan African countries in expanding access to and use of financial services, particularly for households and small and medium-sized enterprises. Thirty-three participants from 17 countries participated in the course. Financial Programming and Policies December 8 – 19, 2025 The joint AFRITAC East/Africa Training Institute (ATI) Financial Programming and Policies (FPP) course—one of the flagship offerings of the IMF and the Institute for Capacity Development (ICD)—was delivered as part of the Fund’s closely integrated training and technical assistance (TA) program. The course brought together participants from 18 sub-Saharan African countries, including nine fragile and conflict-affected states. Presented by ICD, the program focused on diagnosing macroeconomic imbalances and designing coherent adjustment strategies through a coordinated set of macroeconomic policies. It covered the core features of the real, fiscal, external, and monetary sectors, emphasizing their interlinkages through both accounting identities and behavioral relationships. Using country-based data and applied exercises, participants strengthened their ability to analyze macroeconomic developments and to support policy formulation and TA-related work in their home institutions, reinforcing the link between analytical frameworks and practical policy implementation. WEBINARS/OUTREACH In addition to its training courses, ATI hosted five non-course events—including webinars, virtual conferences, workshops, and outreach activities—on key policy issues between July and December 2025 (see Table 2). Highlights from two of these events are presented below. WEBINAR Digital Payment Innovations in Sub-Saharan Africa July 22, 2025 AFR presented the departmental paper Digital Payment Innovations in Sub-Saharan Africa, a topic very relevant to the region that attracted to a broad audience of more than 500 participants. The discussion examined what distinguishes sub-Saharan Africa from other regions in the digital payments space and outlined key policy recommendations to strengthen the region’s payment landscape. Topics included central bank digital currencies, fast payment systems, mobile money, and crypto assets, as well as cross-border payment efficiency. Participants discussed the role of the private sector in CBDC and crypto ecosystems and the practical challenges of implementation. The paper takes stock of recent developments and prospects, offering tailored policy, regulatory, and design recommendations to enhance the efficiency, speed, and resilience of digital payments across the region. REO Analytical Chapter Discussions: Debt trends and fragility in Sub-Saharan Africa August 18, 2025 ATI hosted a webinar featuring the authors of analytical notes from the Regional Economic Outlook (REO), bringing together over 200 participants from ministries of finance, central banks, and regional institutions across sub-Saharan Africa. The session discussed two key themes: pathways to stabilizing public debt and strategies to address fragility and conflict. The authors from IMF’s Africa Department highlighted evidence showing that, despite elevated debt levels and vulnerabilities, debt stabilization remains achievable in most countries without restructuring, provided public finances are strengthened and macroeconomic policies are sound. The discussion on fragility examined reforms needed to escape persistent instability. Moderated by ATI management, the webinar featured active audience engagement, with participants reflecting on how the findings apply to their national contexts and policy challenges. FEEDBACK FROM COURSE PARTICIPANTS I leave this course a stronger macroeconomist and policymaker Ms. Thokozire Ella CHILIMA, Economist, Department of Economic Planning and Development, Ministry of Finance, Malawi AT25.25 Model-Based Monetary Policy Analysis and Forecasting (MPAF) As an economist at the Malawi Ministry of Finance, this training enabled me to build a QPM tailored to Malawi’s macroeconomic context and strengthened my understanding of both FPAS and monetary policy objectives. Such knowledge enhances the ability of Ministries and Central Banks to work in tandem, particularly in contexts like fiscal consolidation. Through workshops in nowcasting and Matlab and by exchanging techniques with participants across the continent, I likewise gained technical skills and new perspectives. I leave this course a stronger macroeconomist and policymaker. The program was of great relevance to the performance of my duties as a Financial Sector Supervisor,... Mr. Teodato Bernardo António Muendhane, Supervisor of Credit Institutions, Prudential Department, Bank of Mozambique, Mozambique AT25.24 Financial Sector Surveillance (FSS) I participated in the Financial Sector Surveillance Training, held from 4 to 17 October 2025 in Ebene, Mauritius. The program was of great relevance to the performance of my duties as a Financial Sector Supervisor, allowing me to deepen my competencies in identifying and monitoring financial risks, conducting stress testing, and assessing systemic risk. The course was distinguished by its excellent balance between theory and practice, the trainers’ high level of technical expertise, and the rich exchange of experiences among the 36 participants. The organization and logistics were exemplary, contributing to a well-structured and productive learning environment. Overall, it was a highly enriching experience, professionally and personally, that will undoubtedly contribute to enhancing the quality and effectiveness of banking supervision. The lessons learned will directly contribute to ongoing discussions in the CEMAC region... Ms. Elisabeth MEKOUDJOU NGANDJON EPSE AJAMEN, Analyst, Securities Regulation and Conservation Unit, Bank of Central African States, Cameroon AT25.32 Local Currency Bond Market Development (LCBM) I would like to thank the organizers for the quality of the AT 25.32 training course on local currency bond market development, in which I had the honor of participating. This training was particularly enriching, as it provided a better understanding of the benefits and risks associated with local currency bond markets, as well as the conditions necessary for their sustainable development. The discussions and case studies strengthened my ability to analyze the challenges specific to our region and identify appropriate reforms. The lessons learned will directly contribute to ongoing discussions in the CEMAC region, particularly regarding the deepening of the government securities market and the mobilization of domestic savings to sustainably finance development. Thank you for reading this Newsletter! Africa Training Institute | Facebook Please send us a note for any further inquiries. NEWSLETTER ACKNOWLEDGEMENT The 15th Edition of the Newsletter was prepared by Mr. Sukhwinder Singh (Director, ATI), Mr. Andrea Salerno (Deputy Director, ATI) and Mr. Nicolas Aragon (Resident Advisor, ATI). Ms. Wenda Morin, Program Officer, coordinated the logistics and editorial process. We would like to express our deep appreciation for contributions from: Mr. Ian Nield, Resident Advisor, ATI-IMF, Mauritius Ms. Ilhame Lagrine, Resident Advisor, ATI-IMF, Mauritius Mr. Nadeem Jeetun, Economic Analyst, ATI-IMF, Mauritius Ms. Anju Ramsurrun, Finance Officer, ATI-IMF, Mauritius Ms. Diksha Ramdawa, Program Officer, ATI-IMF, Mauritius Ms. Anna Joorun-Somna, Program Officer, ATI-IMF, Mauritius Ms. Sandhya Rughoo, Program Officer, ATI-IMF, Mauritius Ms. Joshila Dhaby, Program Officer, ATI-IMF, Mauritius Mr. Ishfaaq Rugid, IT Administrator, ATI-IMF, Mauritius Mr. Steeve Rackin, IT Technician, ATI-IMF, Mauritius Ms. Thokozire Ella CHILIMA, Economist, Department of Economic Planning and Development, Ministry of Finance, Malawi Mr. Teodato Bernardo António Muendhane, Supervisor of Credit Institutions, Prudential Department, Bank of Mozambique, Mozambique Ms. Elisabeth MEKOUDJOU NGANDJON EPSE AJAMEN, Analyst, Securities Regulation and Conservation Unit, Bank of Central African States, Cameroon