NEWSLETTER: JANUARY – JUNE 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 Peer-to-peer and ATI Research Seminars Feedback from Course Participants Highlights by Mr. Sukhwinder Singh ATI Director The Africa Training Institute (ATI) newsletter for January to June 2025 reflects the Institute’s continued strong progress in advancing capacity development and policymaking across sub-Saharan Africa. During the first half of 2025, ATI delivered 24 training courses to 752 officials from 53 African countries, selected from 4,341 applications. Courses included innovations such as the virtual-blended Monetary Policy program, a Fiscal Frameworks course sponsored by JICA for senior officials, and the blended Financial Development and Financial Inclusion course funded by China-IMF Capacity Development Center. Women comprised 39 percent of participants, reflecting targeted efforts to boost female participation. A landmark achievement this period was the first High-Level Strategic Dialogue on Capacity Development between the Kingdom of Saudi Arabia’s Ministry of Finance and the IMF, which reinforced Saudi Arabia’s support to IMF capacity development—including targeted contributions to ATI since November 2024. These contributions are already enhancing ATI’s financial sustainability, enabling expanded training programs and strategic collaborations. I conveyed thanks on behalf of ATI and the AFRITACs at the dialogue. On June 18, ATI convened its first Directors of Training (DoT) meeting, engaging 23 sub-Saharan countries to discuss training priorities, survey results, and illustrative learning paths. Feedback from this meeting informed deliberations at ATI’s Steering Committee meeting in Madagascar. The Insititute also hosted four non-course events, including a regional economic outlook webinar on sub-Saharan Africa, a collaboration with our centers in the Middle East and South Asia on fiscal policy to promote women’s economic empowerment, and a high level peer-to-peer event on climate change modelling for monetary policy in Uganda. Participant feedback underscored the relevance and quality of ATI’s offerings, highlighting their practical application for policymaking across the region. NEWS & EVENTS Collaboration on capacity development: Kingdom of Saudi Arabia’s Ministry of Finance The first High-Level Strategic Dialogue on Capacity Development, between the Kingdom of Saudi Arabia Ministry of Finance and the International Monetary Fund was held on April 9, 2025. At the conclusion of the dialogue, agreement was reached to boost Saudi support to IMF capacity development, with a focus on the Middle East North Africa region, sub-Saharan Africa and fragile and conflict-affected states (FCS). Through the Kingdom’s support to the Regional Office Riyadh, the IMF Regional Capacity Development Centers in Africa and MENA, the Global Public Finance Partnership, the Financial Sector Stability Fund, the Anti-Money Laundering/Combatting the Financing of Terrorism Fund, and as a new partner to the Data for Decisions Fund, the IMF can provide support to its member countries to strengthen macro-economic stability and growth. Sincere thanks to HE Vice Minister Abdulmuhsen S. Alkhalaf and the Ministry of Finance of Saudi Arabia for the excellent partnership with the IMF in support of IMF’s member countries. This event, marking the start of the second year of the IMF’s 10-year, $279 million partnership with the Ministry of Finance, cemented the ongoing relationship and positions the Kingdom of Saudi Arabia as a major global CD partner. We would like to extend our sincere appreciation to Saudi Arabia for its invaluable contributions to the African Training Institute (ATI) since November 2024. The contributions from Saudia Arabia focus on: Financial Support: providing essential funding that enables the effective operation of programs aimed at enhancing economic governance in African nations. Capacity Building: facilitating training workshops and technical assistance that equip government officials and policymakers with the necessary skills and knowledge for effective economic management. Strategic Collaboration: engaging in partnerships with regional and international institutions to create synergies that enhance the impact of training and support initiatives. Directors of Training (DoT) meeting, June 18, 2025 The first Directors of Training (DoT) meeting was held virtually by ATI on June 18, 2025, bringing together representatives from 23 sub-Saharan countries alongside staff from the Africa Training Institute (ATI) and colleagues from IMF’s headquarters. The virtual meeting allowed ATI to closely engage with the community of DoTs in the region and gather their feedback on the impact and relevance of ATI training. Discussions mainly focused on ATI’s work program and on how to enhance its effectiveness and impact. The meeting also offered an opportunity to discuss the results of ATI’s survey to DoTs administered in late 2024. The proceedings from this meeting informed a panel session of ATI’s yearly Steering Committee meeting in Madagascar. DoTs welcomed engagements on capacity building priorities, survey results of DoTs and ATI alumni, and updates on illustrative learning paths. ATI IN NUMBERS Applicants and Participants Male and Female Participation Diversity by Language Between January and June 2025, 752 officials from 53 African countries attended ATI courses. These participants were selected from 4,358 applications, highlighting the strong demand for ATI’s programs. As part of efforts to encourage female participation, 22% of female applicants were accepted, compared to 15% of male applicants. As a result, women made up 38% of the participants. ATI TRAINING Between January and June 2025, ATI hosted 24 courses covering the IMF’s core areas of expertise (see Table 1). Highlights from three of these courses are presented below. ATI TRAINING Fiscal Frameworks January 27 – 31, 2025 The Fiscal Frameworks Course, held at the Africa Training Institute (ATI) from January 27 to 31, 2025, was an intensive high-level program for senior officials presented by the IMF’s Institute for Capacity Development in collaboration with the Fiscal Affairs Department (FAD), AFRITACs, and with generous sponsorship from the Japan International Cooperation Agency (JICA). Tailored for senior officials from Djibouti, Egypt, Mauritania, Morocco, and Tunisia, the course aimed to strengthen participants’ understanding of fiscal policy design and implementation. The program condensed a standard two-week curriculum into a focused four-day format that combined lectures, case studies, Excel-based exercises, and group presentations. Topics included fiscal policy objectives, budget planning, debt and deficit management, and tools for strengthening fiscal governance and sustainability. The course achieved high satisfaction and notable learning gains, reflecting both the strong collaboration among IMF departments and the critical support of JICA in advancing fiscal capacity development in North Africa. Monetary Policy January 27 – March 7, 2025 The Africa Training Institute (ATI) piloted a new virtual-blended course model, developed in-house in collaboration with several departments at Headquarters (ICDMM, ICDIP, and the Monetary Policy working group), aiming to deliver high-quality, low-cost training to a broader Sub-Saharan African audience while addressing excess demand and financial constraints. The five-week course combined asynchronous learning—videos, readings, quizzes, and self-assessments—with biweekly live Q&A sessions and workshops in smaller groups to boost engagement. Participants completed a final project in order to earn the certification. Ninety-one participants successfully finished the course, with an average satisfaction score of 4.7/5 and 18.1 percentage point learning gains, comparable to the in-person version. Learning outcomes were even stronger among those who would have qualified for in-person training. While average scores matched the in-person model, the blended version produced both high and low outliers, reinforcing that effort and engagement are crucial to success. Notably, 40 participants with no prior IMF training were successfully reached, expanding ATI’s impact and improving the pool for future program selection. Financial Development and Financial Inclusion (FDFI) Virtual March 31 – April 4, 2025 In-person April 14 – 18, 2025 The course on Financial Development and Financial Inclusion (FDFI), delivered by the IMF’s Institute for Capacity Development with sponsorship from the China-IMF Capacity Development Center (CICDC), was held at the Africa Training Institute (ATI) in a blended format from March 31 to April 4 and April 14 to 18, 2025. The first week is devoted to understanding the theoretical framework and is done virtually, while the second week is devoted to case studies and discussion in person. Bringing together 29 high-level participants from 28 sub-Saharan African countries—including 15 women—the course explored the macroeconomic importance of financial development and inclusion, offering both conceptual foundations and practical applications. Participants engaged in in-depth discussions on financial markets, key players and instruments, obstacles to development, and inclusive policy strategies. A standout feature was a guest lecture by the Managing Partner of TLCom, who shared his extensive experience in African venture capital. The course combined case studies, group work, and interactive workshops to foster a rich, hands-on learning environment aimed at strengthening financial policymaking and capacity in the region. WEBINARS/OUTREACH In addition to its training courses, ATI hosted four non-course events—including webinars, virtual conferences, workshops, and outreach activities—on key policy issues between January and June 2025 (see Table 2). Highlights from two of these events are presented below. WEBINAR Tax and Expenditure Policies to Promote Women’s Economic Empowerment June 11, 2025 On June 11, 2025, the Africa Training Institute (ATI), the Middle East Regional Technical Assistance Center (METAC), and the South Asia Regional Training and Technical Assistance Center (SARTTAC) jointly hosted the second webinar in a collaborative series on policies to promote women’s economic empowerment. The session focused on how tax and expenditure policies can address gender inequalities and enhance economic outcomes for women. Drawing on experiences and best practices from across Africa, the Middle East, and South Asia, panelists explored implicit and explicit biases in tax systems, the design of gender-responsive fiscal policies, and the importance of stakeholder engagement. The event attracted over 175 participants and featured an interactive Q&A session, underscoring the strong interregional collaboration among the IMF’s regional centers to advance inclusive policy dialogue and knowledge sharing. The April 2025 Regional Economic Outlook for sub-Saharan Africa: Recovery Interrupted June 25, 2025 On June 25, the Africa Training Institute (ATI) hosted a webinar on the Regional Economic Outlook for sub-Saharan Africa, providing a timely update on the region’s economic trajectory amid a challenging global environment. The session featured a presentation by one of the report’s lead authors, who outlined a cautiously improving outlook tempered by heightened uncertainty, rising external shocks, and increasingly complex policy trade-offs. With over 80 participants in attendance, the webinar highlighted the difficult balancing act facing policymakers as they strive to sustain recovery, maintain stability, and meet development goals despite tighter global financial conditions and constrained external financing. The discussion underscored the growing importance of resilience, and the need for credible and consistent policies to navigate the uncertain road ahead. The event reflected ATI’s ongoing commitment to fostering informed dialogue and capacity building across the region. PEER-TO-PEER AND ATI RESEARCH SEMINARS In the first half of 2025, the African Training Institute (ATI) successfully organized a peer-to-peer thematic event in Uganda focused on “Climate Change Modeling for Monetary Policymaking.” This event, held in collaboration with the Bank of Uganda, aimed at enhancing understanding and strategies related to climate change's impact on monetary policy. The regional peer-to-peer brought together a diverse group of participants from various central banks, including representatives from Seychelles, Mauritius, Zambia, Nigeria, and staff from the International Monetary Fund (IMF). Through discussions and interactive sessions, participants shared best practices and insights on integrating climate change considerations into monetary policymaking. This collaborative effort highlights the importance of knowledge sharing in addressing the challenges posed by climate change and emphasizes the role of central banks in promoting sustainable economic policies FEEDBACK FROM COURSE PARTICIPANTS It was fascinating to learn how Basel III serves as a global standard to strengthen bank resilience and minimize systemic risk Mr. Immanuel Kauluma ELIFAS, Analyst, Banking Supervision Department, Bank of Namibia, Namibia AT 24.46 Core Elements of Banking Supervision (CBS) The course on core elements of banking supervision was incredibly informative, offering a detailed exploration of the key aspects of banking regulation and oversight. One of the most valuable aspects of the course was the opportunity to gain a deeper understanding of Basel III concepts. The course provided a clear breakdown of the framework's key components, including capital adequacy, liquidity requirements, and leverage ratios. It was fascinating to learn how Basel III serves as a global standard to strengthen bank resilience and minimize systemic risk. This in-depth coverage not only helped me better grasp the intricacies of the framework but also allowed me to see its practical applications in the supervisory landscape. The course also facilitated excellent networking opportunities, one of the highlights of my experience was interacting with professionals from different jurisdictions. It was enriching to hear about the regulatory challenges and approaches being implemented in various regions. The analytical tools and case studies presented strengthen my ability to integrate climate issues into the development of budgetary and economic policies. Mr. Serge Hervé MENDOUGA, Economist, Forecasting Division (Macroeconomic Synthesis Unit), Ministry of Finance, Cameroon AT25.18 Climate in Macroeconomic Frameworks As an Economist/Forecaster in the Forecasting Department at the Ministry of Finance, I found the training on climate in macroeconomic frameworks particularly relevant. It allowed me to better understand the macroeconomic and budgetary implications of climate change and adaptation measures. The analytical tools and case studies presented strengthen my ability to integrate climate issues into the development of budgetary and economic policies. These skills will be useful to develop the macroeconomic and budgetary framework and to propose climate-sensitive, more resilient and sustainable strategies in Cameroon. I thank the IMF-ATI for this initiative, which effectively supports countries in taking climate challenges into account in public finance management. ... learn effective strategies to identify and mitigate barriers that hinder the full participation of different groups, which is essential to foster sustainable and truly inclusive growth. Ms. Celmira TEIXEIRA DOS SANTOS GOMES BARROSO, Budget Expert, Budget Directorate, Ministry of Planning and Finance, Sao Tome and Principe AT 25.20 Inclusive Growth (IG) Participating in the training on inclusive growth was extremely enriching for me. It clarified the ambiguity sometimes associated with economic growth indicators and I was able to learn effective strategies to identify and mitigate barriers that hinder the full participation of different groups, which is essential to foster sustainable and truly inclusive growth. This training broadened my vision and reinforced my commitment to promoting more equitable environments, both personally and professionally. Thank you for reading this Newsletter! Africa Training Institute | Facebook Please send us a note for any further inquiries. NEWSLETTER ACKNOWLEDGEMENT The 14th 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. Immanuel Kauluma Elifas, Analyst, Banking Supervision Department, Bank of Namibia, Namibia Mr. Serge Hervé Mendouga, Economist, Forecasting Division (Macroeconomic Synthesis Unit), Ministry of Finance, Cameroon Ms. Celmira Teixeira Dos Santos Gomes Barroso, Budget Expert, Budget Directorate, Ministry of Planning and Finance, Sao Tome and Principe