NEWSLETTER: JULY – DECEMBER 2024 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 Peer-to-peer and ATI Research Seminars Feedback from Participants on ATI CD Events Highlights by Mr. Sukhwinder Singh ATI Director The Africa Training Institute (ATI) newsletter for July to December 2024 highlights the institute's ongoing commitment to enhancing human capital and policymaking across sub-Saharan Africa. The annual Steering Committee meeting on July 12, 2024, focused on defining the priorities for fiscal year 2025, and emphasized the importance of securing financial sustainability. The Committee endorsed a workplan that balances delivering across a range of priority topics , such as training on debt and fiscal issues, climate and gender, with the strong demand that training is preferred in-person. Discussions also highlighted the importance of modernizing ATI’s facilities and enhancing its governance structure. During the period July-December 2024, ATI successfully conducted 11 training courses and hosted 9 non-course events addressing critical macroeconomic issues. As part of the regionalization and tailoring of its offerings, ATI delivered the SADC Macroeconomic Refresher Course in Johannesburg, which examined economic interrelations and featured guest lectures on regional conflicts and climate change's macroeconomic implications, and a course on macroeconomic diagnostics in Accra for Anglophone West African countries. Webinars and outreach events on key policy issues, including climate, saw notable participation from the region and helped complement ATI training courses. ATI also welcomed three new staff in key roles (Finance, Program Officer and IT) that will help strengthen the existing team. NEWS & EVENTS IMF’s Africa Training Institute’s Steering Committee Defines Priorities for FY25 July 12, 2024 The Steering Committee of the Africa Training Institute (ATI) met in Dar es Salaam, Tanzania, on July 12, 2024 under the chairmanship of Mr. Albert Mwenda, Director General of the Budget, Fiscal and Economic Affairs, Directorate of the Treasury, Kenya. It reviewed ATI’s progress over the year to date, took stock of progress in developing the Program Document for Phase III, and discussed the priorities for the year ahead. In his opening remarks, the chairperson emphasized both the high value of ATI’s training in sub-Saharan Africa and the urgency of securing its financial sustainability to support the region’s institutions and human capital, both critical for recovery and higher growth. The Steering Committee received an overview of the recently concluded quinquennial IMF Review of the Fund’s Capacity Development Strategy (CDSR) and its relevance for ATI. The review recommended further strengthening of the funding model by diversifying financing sources, continued efforts to enhance CD with surveillance and lending work of the IMF, enhancing the integration of field offices into the IMF, and fully leveraging technology to support capacity development (CD) delivery. It also emphasized the importance of enhancing the impact of the Fund’s CD, including in fragile,conflict-affected, and small developing states. Members and observers noted the extensive, highly valued work delivered by ATI in fiscal year 2024, with courses and non-course events covering a wide range of critical macroeconomic issues facing sub-Saharan Africa. The Steering Committee endorsed the proposed workplan for fiscal year 2025, which balanced financing constraints, excess demand across most topics, strategic priorities , and the strong demand for in person training. The Steering Committee also provided inputs on the strategy for Phase III (fiscal years 2025-29) of ATI which will be developed into a Program Document covering this period. Panel discussions, which helped inform ATI’s strategy, covered how to further strengthen the model of IMF regional capacity development centers and how to enhance the external training curriculum and modalities. On financing, the Steering Committee appreciated the efforts of contributing members and development partners, while concerns remain over ATI’s financing situation and the risks that training could be reduced at a critical time for the region. The Steering Committee endorsed the revised more inclusive governance structure for ATI and took note of the critically important need to modernize the Institute’s facilities to ensure the best learning experience for training participants. The SC meeting was attended by 103 officials (both virtually and in-person) and 26 member countries and representatives of contributing partners including the European Union, China, and Germany. Observers from the Netherlands, Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) and the Regional Multidisciplinary Centre of Excellence also attended. The ATI and IMF express their deepest gratitude to the Tanzanian authorities for their warm hospitality and for facilitating the organization of the 11th annual SC meeting. STAFF NEWS Mr. Ishfaaq Rugid - IT Administrator, Africa Training Institute, International Monetary Fund (IMF) Ishfaaq Rugid joined the Africa Training Institute as an IT Administrator. With a strong academic background and professional experience at Accenture, his skills will help ensure ATI’s systems run smoothly and effectively in the delivery of training, and that innovations such as the large AV upgrade is implemented successfully. Ms. Joshila Dhaby - Program Officer, Africa Training Institute, International Monetary Fund (IMF) Joshila Dhaby has recently joined the Africa Training Institute as a Program Officer, with high motivation to contribute to capacity-building efforts in sub-Saharan Africa.. With over a decade of experience managing immigration, logistics, and international partnerships, including working with the Government of Mauritius, the U.S. Embassy in Mauritius and Seychelles, and the African Leadership University in Mauritius and Rwanda, Joshila brings a strong problem-solving mindset, meticulous attention to detail, and ability to navigate complex protocol situations. Anju Ramsurrun - Finance Officer, Africa Training Institute, International Monetary Fund (IMF) Anju Ramsurrun has recently joined the Africa Training Institute as a Finance Officer. She began her career as an Accountant in the manufacturing sector before shifting to the tertiary education sector, where she oversaw the Finance Section in one of the most reputed universities in Mauritius. She participated in decisions such as budget allocation, implementation of Free Tertiary Education in Mauritius and monitoring of capital projects. Her capacity to multitask has been cultivated by her diversified academic background in accounting, finance, and law. She has extensive experience in public procurement, which will be an important asset given the scale of ATI operations. ATI IN NUMBERS Applicants and Participants Male and Female Participation Diversity by Language Over the period July-December 2024, 341 officials from 50 sub-Saharan African countries attended ATI courses, selected from a total of 2,384 applications, testimony of the very high demand for ATI’s offering. In line with efforts to encourage female participation, 17% of the female applicants were accepted, compared to 13% for their male counterparts, resulting in a share of 39% of female participants. ATI TRAINING During July-December 2024, ATI hosted 11 courses on IMF’s core areas of expertise (see Table 1). Following are key highlights from three courses. ATI TRAINING Macroeconomic Diagnostics August 12 – 23, 2024 The Africa Training Institute in collaboration with the regional CD center for Anglophone West Africa (AFRITAC West 2) and the IMF’s Institute for Capacity Development (ICD) conducted the course Macroeconomic Diagnostics (MDS) in Accra, Ghana. Part of ongoing efforts to tailor and regionalize training delivery, this course targeted mid-level to senior officials from finance ministries and central banks to enhance their skills in diagnosing economic conditions, identifying vulnerabilities, and assessing risks. By leveraging real cases and experiences, and IMF tools and methodologies, participants gained valuable insights essential to develop informed macroeconomic policies in support of economic stability. Fintech Market Development and Regulatory Implications October 14 – 18, 2024 The IMF’s Institute for Capacity Development (ICD) and the Africa Training Institute hosted the course Fintech Market Development and Policy Implications, which provided participants with a foundational understanding of new financial technologies (Fintech) and the associated supervisory and regulatory issues. Lectures and cases primarily centered on fintech payments, fintech funding, cryptocurrencies, decentralized finance, and the associated risks and concerns arising from developments in these areas, including financial stability and financial inclusion. 29 officials from 23 African member countries participated in intensive discussions and debates, sharing valuable insights and experiences from their respective countries. SADC Macroeconomic Refresher course November 18 – 22, 2024 The Africa Training Institute partnered with the Southern African Development Community (SADC) and the Committee on Central Bank Governors (CCBG) to host the annual Macroeconomic Surveillance Refresher workshop in Johannesburg, South Africa. The workshop examined the interrelations among key economic sectors (real, external, fiscal, and monetary) and the macro-financial linkages. The workshop was delivered by ATI’s Resident Advisors and featured guest lectures on spillovers from regional conflicts in sub-Saharan Africa (Hany Abdel-Latif, IMF African Department), and on the macroeconomics of climate change (Vimal Thakoor, ATI Resident Advisor). WEBINARS/OUTREACH Complementing its training offering, ATI hosted 9 non-course events (webinars, virtual conferences, and workshops, outreach) on key policy issues between July and December, 2024 (see Table 2). Following are highlights from four such events. WEBINAR Climate Series: Climate Risk and Management Options July 30, 2024 The Africa Training Institute hosted a webinar on Climate Risks and Management Options. Dr. Nicholas Simpson from the Overseas Development Institute (ODI) and the University of Cape Town provided a comprehensive overview of the multifaceted aspects of climate risks, their interactions and dynamic nature, and the potential spillovers within and across countries. With over 175 participants from the region, this virtual event was moderated by Mr. Vimal Thakoor (Resident Advisor, ATI). The recording can be accessed on the following link. Macroeconomic Spillover Effects of Conflict in Sub-Saharan Africa September 23, 2024 Mr. Rasmane Ouedraogo and Mr. Markus Friedrich, both from the African Department of the IMF, led a webinar discussing the implications of rising conflicts in sub-Saharan Africa for the countries where these conflicts originate, as well as the spillover effects on neighboring nations. During the virtual event, the authors introduced a new Conflict Spillover Index (CSI) designed to quantify the macroeconomic spillovers from conflicts across sub-Saharan African countries. They focused on the impacts on key macroeconomic aggregates, including growth, inflation, fiscal variables, and trade. The discussions also addressed potential policies to mitigate the effects of these shocks and enhance broader resilience. The session, moderated by Mr. Sukhwinder Singh (Director, ATI), attracted 150 participants and sparked significant dialogue on the growing issue of insecurity in many countries. October 24: Regional Outlook and Analytical Notes for Sub-Saharan Africa November 5, 2024 The Regional Economic Outlook Report, “Reforms Amid Great Expectations" was presented by Mr. Michele Fornino (Economist), Mr. Hamza Mighri, (Senior Research Analyst), and Mr. Nikola Spatafora (Senior Economist), all from the African Department of the IMF. The discussion highlighted the difficult tradeoffs among macroeconomic stability, development needs, and social pressures faced by sub-Saharan African governments amid structural weaknesses. The webinar was moderated by Mr. Sukhwinder Singh (Director, ATI) and was attended by over 100 participants. Climate Series: Climate Change & Fiscal Risks November 12, 2024 The Africa Training Institute and the Middle East Centre for Economics and Finance (CEF) of the IMF co-hosted a webinar on Climate Change and Fiscal Risks. The panel featured Hon. Hakima El Haité (former Minister of Environment, Morocco), Mr. Moulay El Omari (Resident Advisor, AFRITAC South), Mr. Vimal Thakoor (Resident Advisor, ATI), Ms. Sophie Belle and Mr. Jude Commettant (both from the Ministry of Finance, Seychelles). The webinar examined the impact of climate change on the economy, with a particular focus on fiscal performance and sustainability. Participants discussed strategies to mitigate fiscal risks and enhance the climate sensitivity of fiscal policies. The experiences of Morocco in managing climate change risks and Seychelles in integrating climate considerations into public financial management, supported by IMF technical assistance, enriched the discussions. More than 300 participants from sub-Saharan Africa and the Middle East joined the event. PEER-TO-PEER AND ATI RESEARCH SEMINARS In the period July-December 2024, ATI organized 2 peer-to-peer thematic events (more details in Table 3, including presentations in English, French, and Portuguese). FEEDBACK FROM PARTICIPANTS I gained insights into the motivations behind capital account restrictions, which are crucial in shaping policies in my country Mr. Suleiman KARU, Statistician, Statistics Department, Central bank of Nigeria, Nigeria AT 24.31V Managing Capital Flows (MCF) As a compiler and analyst of External Sector Statistics, participating in the course Managing Capital Flows in October 2024 was exceptionally relevant, enlightening, and indeed a transformative experience. It deepened my understanding of global capital flow trends and the underlying factors influencing them, particularly the challenges faced by emerging economies. I gained insights into the motivations behind capital account restrictions, which are critical in shaping policies in my country. The analytical frameworks introduced, and the knowledge gained has improved my ability to assess and manage external shocks in my country. Overall, the experience has equipped me with the tools to engage in informed discussions aimed at fostering sustainable economic growth in the face of capital flow volatility. ... ,the advantages and risks associated with financial innovation, as well as the role and approach of central banks, especially for developing countries like Angola,... Ms. Rosa De Vasconcelos Chicua Kajibanga, Technician, Regulation of the Financial System, National Bank of Angola, Angola AT 24.24 Fintech Market Development and Regulatory Implications Participating in the course Fintech Market Development and Regulatory Implications provided a deeper insight into the concept of fintech, the advantages and risks associated with financial innovation, as well as the role of central banks, especially for developing countries like Angola, which face challenges in increasing the levels of financial inclusion and literacy while at the same time having to guarantee the stability of the financial system and the protection of consumers of financial products and services. The knowledge gained will have an impact on the work being carried out to define the regulatory framework for payment service providers and open banking in Angola. ... practical tools that will allow us to strengthen the analysis of gender-sensitive economic policies. Mr. Kiswendssida Issaka Yameogo, Head of Multilateral Surveillance Department, National Committee on Economic Policy, Ministry of Economy and Finance, Burkina Faso AT 24.45 Gender Inequality and Macroeconomics The course on gender inequalities and macroeconomics offered me a unique experience in highlighting the macroeconomic implications of gender inequalities and policy measures for inclusive growth. The modules allowed participants to identify the main explanatory factors of gender inequalities, such as economic conditions, social standards, legal provisions, as well as their impact on economic growth. In addition, reform measures to reduce inequalities and to increase income per capita were explored. This training provided practical tools that will allow me to strengthen the analysis of gender-sensitive economic policies. Furthermore, the knowledge gained from this course will make it possible to better implement gender dimensions in macro-budgetary policies and economic and financial programs with multilateral institutions. Thank you for reading this Newsletter! Africa Training Institute | Facebook Please send us a note for any further inquiries. NEWSLETTER ACKNOWLEDGEMENT The 13th 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. Vimal Thakoor, Resident Advisor, ATI-IMF, Mauritius Ms. Priscilla Muthoora, Resident Advisor, ATI-IMF, Mauritius Mr. Nadeem Jeetun, Economic Analyst, ATI-IMF, Mauritius Ms. Anju Ramsurrun, Finance Officer, ATI-IMF, Mauritius Mr. Kanand Gooly, Chief of Administration, ATI-IMF, Mauritius Ms. Diksha Ramdawa, Program Officer, ATI-IMF, Mauritius Ms. Anna Joorun-Somna, Program Officer, ATI-IMF, Mauritius Ms. Mokshada Raumnauth, 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, Mauritius Mr. Suleiman KARU, Statistician, Statistics Department, Central bank of Nigeria, Nigeria Ms. Rosa De Vasconcelos Chicua Kajibanga, Technician, Regulation of the Financial System, National Bank of Angola, Angola Mr. Kiswendssida Issaka Yameogo, Head of Multilateral Surveillance Department, National Committee on Economic Policy, Ministry of Economy and Finance, Burkina Faso