NEWSLETTER: JANUARY - JUNE 2026 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 Staff News ATI Training Webinars/Outreach Peer 2 Peer Seminars Feedback from Course Participants Highlights by Mr. Sukhwinder Singh Director, IMF Africa Training Institute (ATI) The Africa Training Institute (ATI) continues to play a critical role in strengthening the policymaking capacities of African countries, generously supported by Mauritius, development partners, and member countries. This edition highlights ATI’s main achievements in the first half of calendar year 2026. The 13th ATI Steering Committee meeting, chaired by Mali’s Minister of Economy and Finance, reaffirmed strong regional support for ATI’s mission. The meeting showcased ATI’s strategic collaborations and capacity development priorities, underscoring the institute’s vital role in regional economic resilience. Between January and June 2026, ATI trained 360 officials from 49 countries through 16 courses and workshops covering core IMF expertise areas such as macroeconomic diagnostics, fiscal frameworks, debt sustainability, and banking supervision. Notable programs included an innovative cohort approach in support of IMF technical assistance, a climate change statistics workshops generously supported by JICA, and specialized courses on sovereign debt restructuring and Islamic finance regulation. Complementing these were webinars on key topics relevant to the region, alongside a peer-to-peer research seminar exploring machine learning applications in economic forecasting. As ATI continues to innovate and expand, its role in supporting Africa’s economic stability and growth remains indispensable. ATI would like to thank the host country, Mauritius, the development partners (China, the European Union, Norway, and Saudi Arabia) and its contributing member countries (Cabo Verde, Ghana, Kenya, Madagascar, Malawi, Mozambique, Rwanda, Seychelles, South Africa, Tanzania, Uganda, Zambia, and Zimbabwe) for their generous support. NEWS & EVENTS 13th ATI Steering Committee, June 12, 2026 The 13th Steering Committee (SC) of the ATI met on June 12, 2026, under the chairpersonship of Hon. Alousséni Sanou, Minister of Economy and Finance of Mali. The virtual SC meeting was attended by 40 officials, representing 17 member countries, development partners and regional bodies. The SC acknowledged the critical impact of ATI training for the region and reaffirmed its strong support to ATI’s mission. Members welcomed the outcomes of FY26 operations and endorsed the proposed FY27 workplan. The SC also endorsed an increase of US$2 million in the Phase III budget, for ATI’s office relocation. The SC meeting featured presentations on the IMF’s capacity development (CD) strategy for the region, as well as ATI’s CD priorities and collaborations with development partners. Members also positively received updates on ATI’s facilities and relocation plans, a presentation of ATI and ICD survey results on the impact of ATI training, and an update on budget and finance costs. ATI’s Annual Report FY26, which covers these points is available on ATI’s website at ATI Annual Reports. ATI’s impact is made possible through the steady support of the host country, Mauritius; the development partners (China, the European Union, Norway, and Saudi Arabia) and member countries (Cabo Verde, Ghana, Kenya, Madagascar, Malawi, Mozambique, Rwanda, Seychelles, South Africa, Tanzania, Uganda, Zambia, and Zimbabwe). Staff News Mr. Cedric Ha Shun, Office Manager Mr. Ha Shun joined the IMF's Africa Training Institute as Office Manager in May 2026. He holds a Bachelor of Engineering and a Master of Engineering in Building Services, both from the University of Mauritius. He brings over 10 years of professional experience spanning operations management, facilities management, and campus operations. Prior to joining the IMF, he served as Campus Operations Lead at the African Leadership College of Higher Education in Mauritius. He is a Certified Facility Manager (CFM), reflecting his commitment to excellence in professional facilities management. Ms. Tani Ramoo, Program Officer Ms. Ramoo joined the ATI as a Program Officer in May 2026. She brings a decade of experience in office and event coordination, with a strong background in event planning, team supervision, and office administration. Prior to joining ATI, she worked with a company specialized in team development and outdoor activities, where she was responsible for the end-to-end planning and coordination of more than 15 annual team-building events. She holds a BA in Public Policy and Governance. ATI IN NUMBERS Applicants and Participants Male and Female Participation Diversity by Language Between January and June 2026, 360 officials from 49 African countries attended ATI courses. Participants were selected from 3,265 applications, highlighting the strong demand for ATI’s offering. As part of efforts to encourage female participation, 24 percent of female applicants were accepted, compared to 17 percent of male applicants. As a result, women represented 40 percent of total participants. ATI TRAINING Between January and June 2026, ATI hosted 16 courses and workshops covering the IMF’s core areas of expertise (see Table 1). Highlights from five of these courses are presented below. ATI TRAINING Financial Programming and Policies/ Macroeconomic Diagnostics December 1, 2025 – January 23, 2026/ March 2 – April 3, 2026 The African Training Institute, in collaboration with the IMF’s Institute for Capacity Development, implemented an innovative blended cohort approach combining Financial Programming and Policies (FPP) and Macroeconomic Diagnostics (MDS) training to strengthen macroeconomic analysis and policy design, in support of IMF technical assistance projects. The first stage introduced participants to FPP through a blended format, combining online learning with interactive sessions to build a common foundation in macroeconomic frameworks and policy analysis. The second stage expanded the blended approach through a combination of virtual learning and an in-person component, allowing participants to deepen their diagnostic skills and apply analytical tools to real-world policy challenges. Bringing together officials involved in ongoing macroeconomic technical assistance by the IMF, the cohort model strengthened peer learning, collaboration, and sustained engagement. Participants developed practical capacity to assess macroeconomic developments, evaluate policy trade-offs, and identify vulnerabilities across fiscal, monetary, financial, and external sectors. The experience generated valuable lessons for scaling innovative capacity development approaches. Macro-relevant Environment and Climate Change Statistics –Workshop for Managers January 26 – 30, 2026 Organized jointly by the African Training Institute (ATI) and the IMF’s Statistics Department, with generous funding support from Japan International Cooperation Agency (JICA), this five-day workshop brought together 38 participants from 23 African countries, including representatives from central banks, ministries of finance, national statistical offices, and ministries of environment. The program strengthened participants’ understanding of environment and climate change statistics and their importance for macroeconomic and financial policymaking. Topics covered included energy and air emission accounts, carbon footprints, climate finance, physical and transition risks, climate-related expenditures and subsidies, and trade in low-carbon technologies. The workshop emphasized strategic approaches to developing climate statistics programs, including interinstitutional collaboration, data sharing, and effective communication of statistics. Through expert presentations and peer exchange, participants developed practical insights to address climate-related data gaps and support evidence-based policies for economic and financial resilience. ATI is very grateful to JICA for their close collaboration and continued support to the African region. Public Debt Sustainability Debt Restructuring March 9 – 13, 2026 The Africa Training Institute, together with the IMF’s Legal, Monetary and Capital Markets, and Strategy, Policy and Review Departments, delivered a five-day course on debt sustainability and debt restructuring for government officials from Sub-Saharan Africa. The program strengthened participants’ understanding of sovereign debt challenges, covering the IMF’s lending framework and sovereign debt policies, debt sustainability analysis for low-income countries, public debt management frameworks, and the principles and processes underpinning sovereign debt restructuring. Through a combination of technical presentations, interactive discussions, and practical exercises, participants applied concepts to real-world scenarios, including reviewing debt restructuring term sheets and analyzing country case studies. The course enhanced participants’ ability to assess debt risks, understand restructuring processes, and support informed policy decisions on sovereign debt management. Fiscal Frameworks April 13 – 24, 2026 Generously supported by JICA, the African Training Institute delivered the Fiscal Frameworks course to 35 participants from 19 countries, including officials from ministries of finance, planning agencies, and central banks. The program strengthened participants’ capacity to analyze, monitor, and improve fiscal policy through practical tools and methodologies for fiscal management and governance. The course covered fiscal objectives, fiscal risks, transparency, accountability, and institutional frameworks that support sustainable fiscal outcomes. Through lectures, case studies, practical exercises, and participant presentations, officials applied course concepts to country-specific challenges, including cash-flow planning, macroeconomic budget frameworks, and fiscal rules. The program enhanced participants’ ability to strengthen fiscal institutions, improve the quality of fiscal information, and support responsible management of public resources. Basel and IFSB Core Principles April 20 – 24, 2026 In partnership with the Islamic Financial Services Board (IFSB), the African Training Institute hosted a five-day course to strengthen the capacity of 16 banking supervisors and regulators from eight countries, representing central banks, supervisory authorities, and regional institutions. The program focused on the application of the Basel Core Principles (BCP) and the IFSB Core Principles for Islamic Finance Regulation , including their role in Financial Sector Assessment Programs (FSAPs). Through technical lectures, case studies, practical exercises, and interactive discussions, participants explored supervisory standards and their implementation in different regulatory contexts. The course enhanced participants’ ability to apply international supervisory frameworks and contributed to strengthening banking regulation and financial sector resilience across participating institutions. WEBINARS/OUTREACH In addition to its training, ATI hosted three including webinars and a peer-to-peer seminar on key policy issues between January and June 2026. Highlights are presented below. WEBINAR Tools and Models for Assessing the Macroeconomic Impact of Climate Change and for Fiscal Policy February 11, 2026 The Africa Training Institute hosted this webinar for the Central Bank of West African States (BCEAO) on tools and models for assessing the macroeconomic impact of climate change and its implications for fiscal policy. Delivered by IMF staff, the session strengthened participants’ understanding of how climate-related risks and policies affect economic growth, public finances, debt sustainability, and financing conditions. Participants were introduced to IMF analytical tools for assessing the macroeconomic impacts of natural disasters, adaptation and mitigation policies, and long-term fiscal risks. The webinar highlighted the importance of integrating climate considerations into macroeconomic frameworks and fiscal policymaking, equipping participants with approaches to support climate-informed analysis and policy design. Enhancing Growth and Resilience: What Is the Role of Industrial Policies? March 26, 2026 The Africa Training Institute hosted this webinar as part of its research series, focusing on the role of industrial policy in promoting growth and resilience. Drawing on recent IMF research, the session examined the motivations behind the growing use of industrial policies, including efforts to strengthen productivity, reduce strategic dependencies, and enhance economic resilience. Participants explored the key trade-offs associated with industrial policy, including fiscal costs, potential market distortions, and broader effects across sectors. The discussion highlighted the importance of effective targeting, strong institutions, complementary structural reforms, and sound macroeconomic policies to maximize benefits and mitigate risks. The event provided participants with insights into current global debates and their implications for economic policymaking. Fiscal Response to Energy and Food Shock during the Conflict in the Middle East May 21, 2026 The Africa Training Institute and the IMF’s East Africa Regional Technical Assistance Center, in collaboration with the IMF’s Fiscal Affairs Department, organized a webinar on fiscal policy responses to energy and food price shocks in Sub-Saharan Africa. The session examined the challenges policymakers face in balancing short-term pressures, including protecting vulnerable households and containing inflation risks, with the need to preserve fiscal sustainability and advance medium-term reforms. With more than 150 participants, the webinar explored policy options for managing commodity price shocks, emphasizing the importance of targeted support through existing social protection systems and the careful design of temporary interventions when needed. Participants gained insights into approaches that preserve market signals, avoid costly generalized subsidies, and strengthen fiscal resilience in the face of external shocks. Peer 2 Peer Seminars ATI hosted a Peer-to-Peer Research Seminar on Machine Learning for Nowcasting and Short-term Forecasting on April 28, 2026. Three papers presented addressed: Evaluating the Effectiveness of Machine Learning Models for Scenario Analysis of Inflation in Nigeria Presenter: Ada Tony Odu (Research Economist, Central Bank of Nigeria) Discussant: Hany Abdel-Latif (Senior Economist, IMF AFR) Measuring Inflation in Ghana: Evidence from Big Data and Artificial Intelligence Techniques Presenter: Francis Mawuli Abude (Economist, Bank of Ghana) Discussant: Klakow Akepanidtaworn (Economist, IMF ICD) Nowcasting Madagascar’s Real GDP Using Machine Learning Algorithms Presenter: Gerzhino Rasolofomanana (Head of the studies and Modeling Department, Ministry of Economy and Finance, Madagascar) Discussant: Ilhame Lagrine (Resident Advisor, IMF ATI) All presentations are available here (LINK) in English, French, and Portuguese. FEEDBACK FROM COURSE PARTICIPANTS The methods and tools presented, in particular the DDT, make it possible to rigorously analyze the trajectory of public debt... Mr. Jo-Delbrin AKUE LENDOYE, Head of Division, General Planning Commission, Ministry of Planning and Territorial Development, Gabon AT26.03 Fiscal Sustainability (FS) The training course was instrumental in deepening my understanding of debt dynamics and fiscal risks, as well as their interaction with public investment choices. The methods and tools presented, in particular the DDT, make it possible to rigorously analyze the trajectory of public debt and, in my view, provide the capacity to fully integrate sustainability considerations into the investment management cycle. Thanks to the analysis of long-term risks and the IMF’s early warning indicators, I am now better able to assess the real impact of projects on debt, macroeconomic stability, and future fiscal space. As the officer responsible for monitoring public investments, I particularly appreciated highlighting the role of high-quality public investment, which—when it strengthens productivity and economic capacity—can sustainably support growth and improve the debt-to-GDP trajectory. At the same time, it is essential to ensure that resources derived from borrowing remain a lever for economic development, rather than being dispersed into ad hoc, low‑return interventions. The tools presented therefore make it possible to anticipate the debt ratio trajectory, adjust it, and steer it strategically, so that it does not become a structural macro-fiscal constraint. Finally, it would be relevant to offer this training in a “blended” format, allowing participants to absorb the theory in advance and devote in‑person time to practice and hands‑on use of the tools—particularly the DDT—for fully operational learning. The workshop provided the analytical tools that can be used to assess how responsive is the national budget towards inclusive growth. Ms. Nontobeko Precious QWABE, Research Officer, Parliamentary Research Unit, Parliament of the Republic of South Africa AT26.29 Optimizing Growth and Resilience through Distributional Analysis and Evidence-based Policies As a parliamentary researcher, I conduct in depth budget and policy analysis that informs the oversight role of parliamentarians in the National Assembly (NA) of the Parliament of the Republic of South Africa. The South African Government has identified the challenges of poverty, inequality, and unemployment as key areas that should be addressed through various policies for inclusive growth. The workshop provided the analytical tools that can be used to assess how responsive is the national budget towards inclusive growth. Moreover, we spent a significant portion of the workshop on practical application of these tools with country and regional datasets. The workshop was enhanced by the interesting inputs from participants who shared their country perspectives on policy choices that foster ‘leave no one behind’ as a mantra. We delved into trends in micro level data on labour markets and financial inclusion and how these can be influenced by choices in fiscal policy. Throughout the workshop, the theme on economic empowerment of women through targeted policy responses on health, education, safety, social protection etc. can have a direct impact on inclusive and resilient economic growth. Furthermore, within the context of Sub-Saharan Africa, the dimensions of age distribution and rurality added another layer for analysis of public policies. In summary, the efficient allocation of resources does matter for inclusive and meaningful economic growth when policies are based on evidence that takes into account the distributional effects of budget expenditure by national governments. ...provided me with a structured framework to revisit the theoretical and operational foundations of monetary policy conduct, ... MMr. Ruben Barnabas DJOGBENOU, Senior Staff, Department of Economic Studies and Regional Integration, Central Bank of West African State AT26.02V Monetary Policy (MP) The ATI's "Monetary Policy" course provided me with a structured framework to revisit the theoretical and operational foundations of monetary policy conduct, with a particular focus on the challenges of emerging economies. As a specialist in macroeconomic analysis and forecasting at the BCEAO, where I contribute to the development of the quarterly projection model (QPM) and its multi-country version for the eight WAEMU countries, as well as to the construction of business cycle forecasting systems, this course enriched my understanding of the trade-offs faced by central banks under different regimes. The practical workshops and peer exchanges, drawing on diverse institutional contexts, were particularly stimulating. The lessons learned directly inform my research, especially on inflationary dynamics in monetary unions. Many thanks again to the ATI for this unique opportunity, and special mention to our instructor, Ilhame Lagrine, whose teaching was exceptional! Thank you for reading this Newsletter! Africa Training Institute | Facebook Please send us a note for any further inquiries. NEWSLETTER ACKNOWLEDGEMENT The 16th 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 Mr. Cedric Ha Shun, Office Manager, ATI-IMF, Mauritius Ms. Tani Ramoo, Program Officer, ATI-IMF, Mauritius Ms. Diksha Ramdawa, 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 Mr. Jo-Delbrin AKUE LENDOYE, Head of Division, General Planning Commission, Ministry of Planning and Territorial Development, Gabon Ms. Nontobeko Precious QWABE, Research Officer, Parliamentary Research Unit, Parliament of the Republic of South Africa Mr. Ruben Barnabas DJOGBENOU, Senior Staff, Department of Economic Studies and Regional Integration, Central Bank of West African State