IMF SINGAPOREmacroeconomic and financial policies to government officials through courses and...

I M F – S i n g a p o r e R e g i o n a l T r a i n i n g I n s t i t u t e1 0 S h e n t o n W a y I M a s B u i l d i n g # 1 4 - 0 3 I S i n g a p o r e 0 7 9 1 1 7 I R e p u b l i c o f S i n g a p o r e I s t i i n f o@ i m f . o r g

IMF - SINGAPORERegional Training Institute

Des

igne

d by

Pan

ache

Des

ign,

Sin

gapo

re •

ww

w.p

anac

he.c

om.s

g

mission statement The mission of the IMF-Singapore Regional TrainingInstitute (STI) is to enhance the economic and policy-making capacity of countries in the Asia-Pacific region.

The STI provides training in the formulation and implementation ofmacroeconomic and financial policies to government officials throughcourses and seminars held in Singapore and, periodically, elsewherein the region.

The program, conducted by IMF staff, consultants, and experiencedsenior officials from member countries, is designed to address thepolicy challenges faced by regional economies. I t also offersparticipants in STI training activities an opportunity to benefit frominteraction with colleagues from other countries.

course descriptions (continued)

19 Macroeconomic Management and Fiscal Policy

20 Financial Soundness IndicatorsFinancial Markets and New Financial Instruments

21 Macroeconomic Diagnostics

administrative arrangements

22 Invitation, Application, and Selection ProceduresApplication RequirementsSelection Process

23 Eligibility Criteria Relating to Previous Course Attendance24 Travel to Singapore and other Administrative Arrangements for the STI

– Travel– Accommodation– Living Allowance– Health and Insurance– Miscellaneous

25 letter to applicants

26 how to apply for STI courses

27 application form

28 sponsor’s nomination and certification form

29 communications (inside back cover)

1 Mission Statement4 Message from the Director5 Executive Committee Members6 STI Staff Members8 2007 Course Schedule

course descriptions

10 Techniques of Stress TestingMacroeconomic Implications of Fiscal Policy

11 Financial Programming and PoliciesPayment Systems: Sound and Efficient National Payment and Settlement Infrastructure

12 AML/CFT Legal Workshop on Measures for JudgesFinancial Market Analysis

13 Macroeconomic ForecastingSafeguards Assessments of Central Banks

14 Macroeconomic Management for Senior OfficialsPublic Debt Management: An Operational Framework for Developing Countries

15 Government Finance StatisticsQuarterly National Accounts

16 Central Bank Accounting: Strengthening Central Bank Independence through Transparency and EfficiencyMacroeconomic Management and Financial Sector Issues

17 Creditor Rights in Emerging EconomiesFinancial Fragility and Banking Crises

18 Monetary and Exchange Rate PolicyAML/CFT Financial Workshop for Supervisors on Preventing Financial Abuse in Financial Markets

contents contents

03

message from the director executive committee members

05

The IMF–Singapore Regional Training Institute (STI), established in May 1998 as a joint ventureof the IMF and the Government of Singapore, has completed eight years of operation. We aregrateful to the governments of Australia, Japan, and New Zealand for supporting some of ourtraining activities. Since its first year, when the STI offered 15 courses to about 450 participantsfrom 28 countries, its course offerings have expanded considerably. For 2007, 25 trainingevents for over 800 officials from 41 countries in the Asia-Pacific region are planned.

The STI’s curriculum has continued to evolve, reflecting regional and international policy challenges.National policymaking is increasingly taking place in the context of globalizing markets forfinance, goods and services, and factors of production. Besides raising new issues, policyformulation is putting a greater premium on macroeconomic, financial, and statistical expertise.In response, the STI’s core offerings have been refined over the years and new ones developed.Courses have been added on a variety of macroeconomic, financial, statistical, and legal issues,and on topical concerns such as anti-money laundering and combating the financing of terrorism,and on preparing the financial system for an avian flu epidemic.

To ensure that the STI curriculum meets the needs of the region, in April 2006 the STI organizedthe First STI Meeting on Training. Training directors from central banks and finance ministries oftwenty-four countries attended the meeting, and they welcomed the chance to discuss STI’sactivities and exchange information on training strategies.

The four themes that emerged reinforced the findings of an independent external evaluation ofthe IMF Institute’s program that was completed in early 2006. First, STI training events are highlyregarded by participants and their sponsors. Second, while demand for the basic courses onmacroeconomic and data management will continue at current or higher levels, training directorsanticipate a rising demand for specialized courses in financial and macroeconomic management.Third, broader and more timely dissemination of information on STI training events is needed.Fourth, we should foster better communications between IMF staff and the appropriate countryofficials to facilitate the selection of participants for training events. The STI and IMF staff areworking to implement suggestions received at this meeting.

This brochure presents the STI program of courses, seminars, and workshops for 2007. Additionalseminars are sometimes added during the year. Information on these events and other newsabout STI activities can be found on our website.

We look forward to welcoming you to STI events.

Sunil SharmaDirector

Leslie LipschitzDirectorIMF Institute

Eric CliftonAssistant DirectorIMF Institute

04

Ong Chong TeeDeputy Managing DirectorMonetary Authority of Singapore

0706

STI staff members

Sunil SharmaDirector

Joshua GreeneDeputy Director

Reza SiregarInternational ConsultantEconomist

Anita DoraisamiInternational ConsultantEconomist

Louis LimInformation ManagementOfficer

Doreen ChanAdministration Manager

Bettina GarciaSenior AdministrativeExecutive

Alina TanSenior ProgramsExecutive

Andrew HoFinance Officer

Elizabeth TeoPrograms Executive

Jolina WongPrograms Executive

Rachel LeeAdministrative Executive

Central Bank Accounting: Strengthening Jul 9 to 13 1 Invitation ST07.11 New

Central Bank Independence through

Transparency and Efficiency

Macroeconomic Management and Jul 30 to Aug 10 2 Mar 2, 2007 ST07.12Financial Sector Issues

Creditor Rights in Emerging Economies Aug 20 to 24 1 Invitation ST07.13

Financial Fragility and Banking Crises Sep 3 to 14 2 Invitation ST07.14

Monetary and Exchange Rate Policy Sep 17 to 28 2 Apr 20, 2007 ST07.15 New

AML/CFT Financial Workshop for Supervisors on Oct 1 to 5 1 Invitation ST07.16 New

Preventing Financial Abuse in Financial Markets

Financial Programming and Policies Oct 15 to 26 2 May 18, 2007 ST07.52

Macroeconomic Management and Oct 29 to Nov 9 2 Jun 1, 2007 ST07.17Fiscal Policy

Financial Soundness Indicators Nov 12 to 23 2 Jun 15, 2007 ST07.18 New

Financial Markets and New Financial Dec 3 to 14 2 Invitation ST07.19Instruments

Macroeconomic Diagnostics Dec 3 to 14 2 Jul 6, 2007 ST07.20 New

course tit le dates period closing course(weeks) date number

0908

2007 course schedule

Techniques of Stress Testing Jan 8 to 12 1 Sep 22, 2006 ST07.01 New

Macroeconomic Implications of Fiscal Policy Jan 29 to Feb 9 2 Sep 29, 2006 ST07.50

Financial Programming and Policies Mar 12 to 23 2 Oct 13, 2006 ST07.02

Payment Systems: Sound and Efficient National Apr 2 to 6 1 Invitation ST07.03 New

Payment and Settlement Infrastructure

AML/CFT Legal Workshop on Measures Apr 9 to 13 1 Invitation ST07.04 New

for Judges

Financial Market Analysis Apr 23 to May 4 2 Nov 24, 2006 ST07.05

Macroeconomic Forecasting May 7 to 18 2 Dec 8, 2006 ST07.06

Safeguards Assessments of Central Banks May 14 to 22 1.5 Invitation ST07.07

Macroeconomic Management for May 21 to 25 1 Invitation ST07.51Senior Officials

Public Debt Management: An Operational May 28 to Jun 1 1 Invitation ST07.08 New

Framework for Developing Countries

Government Finance Statistics Jun 4 to 22 3 Jan 5, 2007 ST07.09

Quarterly National Accounts Jun 11 to 22 2 Jan 12, 2007 ST07.10

course tit le dates period closing course(weeks) date number

RMD

BAHT

¥$

The following is a list of courses offered at the STI by the IMF Institute and other IMF departments during calendaryear 2007. All courses are conducted in English.

Macroeconomic Implications of Fiscal Policy (MIF)

forecasting, fiscal sustainability, interrelations betweenthe fiscal sector and the rest of the economy, and thefiscal dimension in financial programming. There are alsopresentations on selected issues of current interest in thefiscal sector.

About half the course time is allocated to workshops. Theseinclude sessions on fiscal accounting and analysis, tax andexpenditure policy, fiscal sustainability, and fiscal forecasting.There is also a mini-financial programming exercise focusedon fiscal issues.

This two-week course, presented by the IMF–SingaporeRegional Training Institute, is aimed at junior officials fromboth ministries of finance and central banks who wouldbenefit from a broader understanding of the macroeconomicdimensions of fiscal policy issues.

The aim of the course is to give participants a more extensiveexposure to fiscal issues and the macroeconomic effects offiscal policy than is possible in a normal, two-week courseon financial programming and policies. Separate lecturesare devoted to fiscal accounts and analysis, issues in taxpolicy and administration, expenditure issues, fiscal

Number Dates Application deadline Attendance

ST07.50 January 29 – February 9, 2007 September 29, 2006 By Application

course descriptions

1110

Financial Progamming and Policies (FPP)

• the diagnosis of macroeconomic performance andanalysis of the effects of macroeconomic and structuralpolicies on the main variables of interest to policymakers,including output, prices, and the balance of payments; and

• the preparation of a macroeconomic policy program.

The course material is presented in a framework that emphasizesthe complementarity of macroeconomic stabilization policiesand structural reforms and the importance of policy coordinationfor sustained growth. Selected macroeconomic and structuraladjustment programs implemented by member countries areused to illustrate how policies can be adapted to changingeconomic circumstances. The course includes a series ofworkshops in which participants are divided into groups,under the guidance of counselors, to prepare macroeconomicpolicy programs for a case-study country.

The FPP is a policy-oriented course designed for mid- tosenior-level officials – primarily in such ministries as finance,economy, and planning, or in central banks – who provideadvice on macroeconomic and financial policy or who areinvolved in policy implementation. Applicants are expectedto have an advanced degree in economics or equivalentexperience, along with proficiency in the use of spreadsheets.

This course is a condensed version of the seven-week FPPcourse offered at IMF headquarters in Washington D.C. Thecourse aims at extending participants’ understanding of thedesign and implementation of macroeconomic and financialpolicies, drawing on the IMF’s experience in economicsurveillance, the design of financial programs, and the provisionof technical advice to member countries. The course covers:

• the principal features of the different accounts used inmacroeconomic analysis (i.e., the national income,balance of payments, fiscal, and monetary accounts)and the interrelations among these accounts, andforecasting methods for each sector;


ST07.02 March 12 – 23, 2007 October 13, 2006 By Application

ST07.52 October 15 – 26, 2007 May 18, 2007 By Application

Payment Systems: Sound and Efficient National Payment and Settlement Infrastructure (PS)

payment and settlement systems; recent trends in retailpayments and large value payments; payment systemsreform (planning, implementation, participation); experiencesfrom selected countries; regulatory framework; and securitiesclearing and settlement systems.

This new one-week course, presented by the IMF’s Monetaryand Financial Systems Department, is intended for paymentsystem experts at central banks. The aim of the course is tocover the latest developments in payment and securitiessettlement systems, including: an update on internationalstandards and codes; FSAP experiences from assessing


ST07.03 April 2 – 6, 2007 Not Applicable By Invitation New Course

Techniques of Stress Testing (TOS)

The workshop provides participants with the understandingof the role of stress testing in the surveillance and assessmentof financial systems and lays out the operational considerationsregarding the implementation of stress tests.

This new one-week workshop, presented by the IMF’sMonetary and Financial Systems Department, is intendedfor mid-level officials from central banks, supervisory agencies,and other institutions tasked with financial stability analysis.


ST07.01 January 8 – 12, 2007 September 22, 2006 By Application New Course

WON

Rp$

RM1312

course descriptions


ST07.04 April 9 – 13, 2007 Not Applicable By Invitation New Course

Anti-Money Laundering and Combating the Financing of Terrorism Measures (AML/CFT)Legal Workshop on Measures for Judges (AMLL)

of terrorism; seizing and freezing powers and otherprovisional measures concerning criminal proceeds andassets linked to terrorism, forfeiture of criminal proceedsand terrorist finance instruments; international cooperation,including mutual assistance; money laundering and terroristfinance typologies; and techniques used for successfulAML/CFT cases. The workshop also covers the role ofFIUs and other stakeholders, as well as providing trainingon how to generate intelligence from financial and otherinformation they analyze, in order to put together casesfor successful prosecution.

This one-week workshop on anti-money laundering (AML)and combating the financing of terrorism (CFT) is presentedby the IMF’s Legal Department. It is a new workshop designedfor judges who implement AML legislation, with a greaterfocus on prosecuting money laundering and terrorist financingcases, in addition to asset forfeiture and the related powers.In general, the workshop aims to build the capacity of theparticipating countries' criminal justice officials to deal withthe substantive legal issues and implementation of AML andCFT legislation. The workshop covers issues related tocriminal prosecutions of money laundering and financing

Financial Market Analysis (FMA)


ST07.05 April 23 – May 4, 2007 November 24, 2006 By Application

This two-week course, presented by the IMF Institute, is formid-level officials in central banks, ministries of finance, andregulatory agencies. Participants are expected to havesome familiarity with basic techniques in statistics andprobability. It is essential that participants be proficient inthe use of spreadsheets.

The course examines the role and function of capital markets,and addresses issues related to the development of suchmarkets. To this end, it develops the main ideas andtechniques of financial analysis that are part of the toolkitof policymakers. These tools are used to study thecharacteristics of financial instruments and pricing, as wellas to analyze portfolios of assets and issues related to the

financing decisions of firms. In addition to discussing theuse of these tools in developed markets, the course considershow they can be applied in an emerging-market setting.Topics include:

• financing options for firms;• markets for short- and long-term instruments;• bond pricing and volatility – duration and convexity;• term structure of interest rates;• equity pricing;• asset allocation and diversification; and• value at risk.

Workshops, which are an integral part of the course, requireparticipants to apply some of the techniques presented.

Safeguards Assessments of Central Banks (SAC)


ST07.07 May 14 – 22, 2007 Not Applicable By Invitation

This two-week course, presented by the IMF Institute, isintended for mid- to senior-level officials involved in developingforecasts that are used in the design and implementationof macroeconomic policy. Participants should have anadvanced degree in economics or equivalent experience.They should also be comfortable using software foreconometric applications such as EViews or PcGive.

The course aims to strengthen participants’ macroeconomicforecasting and modeling skills through the application ofmodern econometric techniques. Lectures are designed toinclude a discussion of underlying theory, live presentationsof empirical analyses on a personal computer, and hands-on learning by participants in a computer lab.

Macroeconomic Forecasting (MF)

The course focuses on four aspects of empirical modelbuilding and forecasting:

• data and model properties, including integration andcointegration;

• dynamic specification, including the use of error correctionmodels;

• model evaluation and model design; and• forecast uncertainty, forecasting for policy, and policy

analysis.

Participants apply the techniques that they learn to a casestudy country for which they estimate a model, evaluate it,and then use it for forecasting.


ST07.06 May 7 – 18, 2007 December 8, 2006 By Application

This seven-day course, presented by the IMF’s FinanceDepartment, is designed for senior central bank staffresponsible for accounting, auditing, risk control, statistical,or reserve management operations in the bank. The courseexplains the IMF’s approach to assessing the safeguards inplace in the central banks of countries that borrow from theIMF. The purpose of safeguards assessments is to identifypossible vulnerabilities in a central bank’s accounting,financial reporting, auditing procedures, control systems,and legal framework that may pose undue risks to the centralbank’s resources, including IMF disbursements. The aim ofthe assessments is to provide reasonable assurance that, if

significant vulnerabilities in these areas are identified, stepsto rectify them are developed and implemented.

The course provides participants with the knowledge andtools required to conduct a basic safeguards assessment oftheir own central banks. The course includes both lectures andworkshops concerning the key areas of assessment, including:

• the external audit mechanism;• financial reporting;• the internal audit mechanism;• the system of internal controls;• management of international reserves; and• reporting of monetary data under IMF-supported programs.

RMD

BAHT

¥$

course descriptions

1514

Government Finance Statistics (GFS)

Basic concepts, accounting principles, and detailedclassifications are dealt with in the context of a newmethodology that has been harmonized with the largersystem of national accounts. The course examines thecoverage and accounting rules of the new GFS framework(including accrual accounting), the double entry accountingsystem, valuation, timing, classification, and the sourcesand methods used for compiling the statistics. The courseis organized around a series of case studies, each a self-contained exercise based on government accounts andother data sources.

This three-week course, presented by the IMF’s StatisticsDepartment, focuses on the conceptual framework ofgovernment finance statistics (GFS) as presented in theIMF’s revised Government Finance Statistics Manual, aswell as on the practical aspects of data compilation. Theseminar is designed primarily for officials whose mainresponsibility is the compilation, rather than the analysis,of public finance aggregates.


ST07.09 June 4 – 22, 2007 January 5, 2007 By Application

Quarterly National Accounts (QNA)

up a QNA compilation system, (iii) commonly usedsources and issues concerning data sources for compilingquarterly GDP estimates (mainly from production andexpenditure approaches), ( iv) data editing andreconciliation, (v) benchmarking techniques for combiningquarterly indicators with the annual estimates, (vi) seasonaladjustment, (vii) price and volume measures, (viii) work-in-progress, and (ix) revision policy and disseminationpractices. The course is delivered through lectures,exercises, and small group discussions.

This two-week course, presented by the IMF’s StatisticsDepartment, aims to provide a thorough understandingof concepts, sources of data, and compilation techniquesfor producing quarterly national accounts statistics. Thecourse is based on the System of National Accounts1993 (1993 SNA) and is oriented toward nationalaccounts compilers from countries that are developing orplan to develop quarterly national accounts (QNA).

The course comprises both theoretical and practical issuesin the compilation of QNA. It covers the following maintopics: (i) scope and role of QNA, (ii) strategies for setting


ST07.10 June 11 – 22, 2007 January 12, 2007 By Application

Public Debt Management: An Operational Framework for Developing Countries (PDM)

management practices; and (ii) improving participants’technical capabilities. A variety of training techniques isemployed, including lectures, group discussions, andsyndicate sessions. At the end of the course, the participantspresent case studies relating to developing andimplementing an appropriate debt management strategy.

This new one-week course, presented by the IMF’sMonetary and Financial Systems Department, is intendedfor mid- to senior-level debt management officials inministries of finance, central banks, and other relevantagencies. The course contains a mixture of theory andpractical operational guidance with a focus on: (i)explaining the necessity and importance of good debt


ST07.08 May 28 – June 1, 2007 Not Applicable By Invitation New Course

This one-week course, presented by the IMF–SingaporeRegional Training Institute, is aimed at senior officialswho supervise staff working on economic policy in centralbanks, ministries of finance and economy, and otheragencies. Topics include:• macroeconomic policy with open capital accounts;• inflation targeting, exchange rate targeting and other

approaches to monetary policy;

• fiscal sustainability and external sustainability;• sources and constraints on economic growth;• structural reforms; and• a brief demonstration of the financial programming

framework.

Participants are expected to discuss case studies on theabove topics and participate in group presentations onkey policy issues of interest to their countries.

Macroeconomic Management for Senior Officials (MMSO)


ST07.51 May 21 – 25, 2007 Not Applicable By Invitation

WON

Rp$

RM1716

course descriptions

Creditor Rights in Emerging Economies (CRE)


ST07.13 August 20 – 24, 2007 Not Applicable By Invitation

The one-week course, presented by the IMF’s LegalDepartment, covers legal and institutional aspects indesigning and enforcing legal frameworks related tocreditor rights in countries with emerging market economies.

It is intended for senior lawyers from countries with emergingmarket economies who are responsible for dealing withthe legal frameworks that apply to creditor rights.

Central Bank Accounting: Strengthening Central Bank Independence throughTransparency and Efficiency (CBA)

central bank financial statements in a form consistent withInternational Financial Reporting Standards (IFRS). Itexamines how the external auditor can add value to thereporting process, and discusses developments indisclosure requirements under International AccountingStandards (IAS).

This new one-week course, presented by the IMF’sMonetary and Financial Systems Department, is intendedfor chief accountants or senior financial accountantsresponsible for preparing the central bank's financialstatements, and for internal auditors involved in developinga risk-based auditing approach. The course addressesthe conceptual and operational aspects of preparing


ST07.11 July 9 – 13, 2007 Not Applicable By Invitation New Course


ST07.12 July 30 – August 10, 2007 March 2, 2007 By Application

Macroeconomic Management and Financial Sector Issues (MMF)

• macroeconomic topics of current interest, such asstabilization and growth, fiscal and external debtsustainability, inflation targeting and other frameworksfor monetary policy, choice of the exchange rateregime, international capital flows; and

• financial sector topics, such as the structure of financialmarkets, financial sector reform strategies, regulation ofthe financial system, assessment of financial fragility,financial crises, policies to deal with the aftermath offinancial crises, and issues in the evolving internationalfinancial architecture.

Participants are expected to make presentations on keypolicy issues of interest in their countries.

This two-week course, presented by the IMF Institute, isdesigned for mid- to senior-level officials involved in theformulation and implementation of macroeconomic andfinancial policies. Participants should have an advanceddegree in economics or equivalent experience.

The course examines the policy dilemmas confrontingauthorities in developing and emerging market economies,and the options available to policymakers, with specialattention to how financial sector issues interact withmacroeconomic management. The course will cover:

This two-week course, presented by the IMF Institute, isaimed at mid- to senior-level officials involved in theformulation of macroeconomic and financial policies.Participants are expected to have an advanced degreein economics or equivalent experience.

The course examines the macroeconomic and micro-prudential aspects of financial system instability andcrises. It begins by exploring the macroeconomic causes,consequences, and possible responses to currency andbanking crises. It then examines the role of inconsistentmacroeconomic policies, inappropriate sequencing offinancial reforms, and external factors, including contagionfrom abroad. Early warning systems and techniquesfor assessing financial stability are also discussed.

Financial Fragility and Banking Crises (FFB)

From the micro-prudential perspective, the course examinesthe design of appropriate supervisory and regulatoryframeworks underpinning the stability of financial systems.In this regard, issues of effective banking supervision,problem bank identification, supervisory enforcementactions, and resolution strategies are explored. Issues indeposit insurance are also covered.

Based on their expertise, participants may be askedto make short presentations on topics of interest in theircountries.


ST07.14 September 3 – 14, 2007 Not Applicable By Invitation

RMD

BAHT

¥$1918

Monetary and Exchange Rate Policy (MERP)


ST07.15 September 17 – 28, 2007 April 20, 2007 By Application New Course

for setting a policy interest rate, including inflation-targetingstrategies. Consideration is given to the prior reforms neededto establish a successful inflation targeting framework andthe operational issues that arise in implementing such aframework. The course also discusses different concepts andmeasures of exchange rates, the assessment of competitivenessand equilibrium exchange rates, the interaction between theexchange rate system and the potential fragility of the financialsector, and the pros and cons of capital controls. The lecturesinclude case studies of the experiences of selected countrieswith different types of monetary policy and exchangerate arrangements, including a number of emerging marketeconomies that have recently adopted inflation targeting.

Participants are expected to engage in discussions throughoutthe course and are divided into small groups, under thedirection of counselors, to conduct practical workshop exercisesaimed at solidifying their understanding of the lecture material.

Anti-Money Laundering and Combating the Financing of Terrorism Measures (AML/CFT)Financial Workshop for Supervisors on Preventing Financial Abuse in Financial Markets (AMLF)


ST07.16 October 1 – 5, 2007 Not Applicable By Invitation New Course

This one-week workshop on anti-money laundering (AML)and combating the financing of terrorism (CFT) is presentedby the IMF’s Legal Department. It is a workshop that aimsto enhance and strengthen the supervisory capacity offinancial-sector regulators/supervisors with respect toAML/CFT matters. For bank supervisors/regulators, thefocus is on risk-based supervisory measures and proceduresneeded for on-site inspections to review the level of bank

This new two-week course, presented by the IMF Institute,integrates previous one-week courses on inflation targetingand exchange rate policy. The course is intended formid- to senior-level officials involved in monetary andexchange rate policy issues. Participants should have anadvanced degree in economics or equivalent experience.

The course introduces participants to the different typesof monetary policy strategies and exchange ratearrangements that countries may choose, emphasizingthat the two choices must be mutually consistent. Itaddresses the factors that are relevant in choosing anexchange rate regime and monetary policy strategy, theconsequences of different choices, and the choicesthat tend to be desirable for different types of countries.

The lectures on monetary policy under flexible exchange rateregimes give particular emphasis to forward-looking strategies

Macroeconomic Management and Fiscal Policy (MFP)

• Sessions on pol icy issues. This module coversmacroeconomic aspects of fiscal policy, includingissues related to stabilization – such as the need toestimate cyclically-adjusted fiscal balances, to assessthe role of automatic stabilizers and discretionaryactions, and to determine the size and compositionof fiscal adjustment. There are also sessions on fiscalsustainability, debt relief and the HIPC initiative, andvarious structural and institutional fiscal issues, suchas growth and poverty reduction, tax reform andadministration, expenditure policy and management,civil service reform, privatization, decentralization,and governance.

• Case studies and workshops. This module includespresentations of country case studies related to particularaspects of fiscal policy, such as fiscal adjustment, taxreform, and poverty reduction, and several workshopson the frameworks for fiscal analysis, fiscal sustainability,and debt management.

During the course, participants are expected to work insmall groups on a topic of their choice on which theymake a presentation at the end of the course. Prior tojoining the course, participants are encouraged to identifypossible topics and gather relevant information.

This two-week course, presented by the IMF Institute, isaimed at mid- to senior-level officials who participate in theformulation and implementation of macroeconomic andfiscal policies in their countries. Participants should have anadvanced degree in economics or equivalent experience,as well as proficiency in the use of spreadsheets.

The course aims at deepening participants’ understandingof fiscal policy issues and their implications for macroeconomicmanagement. It covers the interrelations between fiscalvariables and macroeconomic aggregates, and the mainaspects of the design and implementation of fiscal policyas an instrument to achieve macroeconomic adjustment,growth, and poverty reduction. The course draws on theIMF’s experience in providing fiscal policy advice, onstudies undertaken by IMF staff, and on selected researchby outside scholars. Country case studies are used toillustrate the challenges faced by the authorities in addressingfiscal policy issues. The course includes:

• Sessions on the accounting, analysis, and forecastingof government operations. This module presents thenew fiscal framework (net worth approach) as ananalytical tool for assessing the government financialposition. It also covers the interrelations between fiscaland other macroeconomic accounts, as well as thedesign of fiscal adjustment in the context of a financialprogram aimed at achieving sustainable growth.


ST07.17 October 29 – November 9, 2007 June 1, 2007 By Application

compliance with laws and regulations with respect tocustomer identification and due diligence; transactionmonitoring and recordkeeping; and identification andreporting of unusual/suspicious transactions. For supervisors/regulators of insurance and securities firms, the workshopexamines and demonstrates the types of measures thatshould be applied in assessing the adequacy of AML/CFTrisk management controls in insurance and securities firms.

course descriptions

WON

Rp$

RM2120

course descriptions


ST07.18 November 12 – 23, 2007 June 15, 2007 By Application New Course

Financial Soundness Indicators (FSI)

is served by the logic of the construction of the indicators,and it covers the fundamental aspects of the constructionof FSIs (such as coverage, aggregation, consolidation,valuation) as contained in the Compilation Guide forFinancial Soundness Indicators. There is also discussionof general dissemination issues for FSIs. The topics arecovered through lectures and workshops (hands-onexercises on the compilation of FSIs).

Financial Markets and New Financial Instruments (FMN)


ST07.19 December 3 – 14, 2007 Not Applicable By Invitation

This two-week course, presented by the IMF Institute, is formid- to senior-level officials in central banks, ministries offinance, and regulatory agencies. Participants should haveresponsibility for dealing with financial markets, training inmathematics and basic statistics, and familiarity with topicscovered in the course on Financial Market Analysis (FMA).

The course explores the nature of financial intermediation,the role of financial markets and institutions in the allocationof resources, and the need for regulatory mechanisms tocreate the appropriate incentives for all participants inthe financial system. The course pays particular attention tothe emergence of derivative markets and instruments,analyzing the conceptual bases of the new instruments,

This new two-week course, presented by the IMF’s StatisticsDepartment, is designed for officials at central banksand supervisory agencies for the financial sector whoare involved in the collection, compilation, and analysisof financial soundness indicators.

The course covers concepts and definitions, data sources,and techniques for the compilation of Financial SoundnessIndicators (FSIs) that serve to support macroprudentialanalysis. It discusses how the analysis of financial soundness

including their pricing and trading strategies, as well ashow financial entities use them in risk management. Topicsinclude:

• financial market structure;• capital markets (short-term and long-term finance);• securitization;• derivatives and their pricing (futures, forwards, swaps,

options, credit derivatives);• commercial bank risk management;• credit risk models;• the regulation of banks, capital markets, and derivatives.

Macroeconomic Diagnostics (MDS)

• Assessing medium-term flows, balance-sheet effects,and sustainability. This module examines tools foranalyzing the macroeconomy in a medium-term setting,including evaluation of the government’s financialposition, competitiveness and the exchange rate, thecountry’s external position, and corporate and financialsector balance sheets.

• Measuring the macroeconomic effects of policy. Thefocus in this module is on how to gauge the impactof fiscal and monetary policies on the economy, ratherthan on what policies should be followed.

Participants are expected to engage in discussionsthroughout the course and are divided into small groups,under the direction of counselors, to conduct practicalworkshop exercises that apply the diagnostic and analyticaltools discussed during the lectures.


ST07.20 December 3 – 14, 2007 July 6, 2007 By Application New Course

This course, which is offered for the first time in 2007,provides a condensed treatment of most of the topicsincluded in the four-week version of this courseoffered in Washington, DC. It is intended for mid-to senior-level officials, either in central banks or inministries such as finance and economy, who are closelyinvolved in assess ing overal l macroeconomicdevelopments and prospects and contributing to policyformulation. Participants are expected to have anadvanced degree in economics or equivalent experience,good quantitative skills, and proficiency in the use ofcomputers to analyze data.

The course aims at strengthening the ability of participantsto assess a country’s macroeconomic situation, emphasizingpractical tools for use in day-to-day macroeconomicanalysis of developments in complex economies. Thecourse draws heavily on actual country experiences andfocuses on diagnostic and analytic tools that typicallyare not well covered in macroeconomics textbooks or inuniversity courses. The lectures cover three broad areas:

• Understanding the current state of the macroeconomy.This module considers tools that can be used for analyzingcurrent developments in aggregate demand and supply,inflation, the labor market, and the external sector.

Invitation, Application and Selection ProceduresThe training events offered at the IMF–Singapore Regional Training Institute (STI) areintended for officials from the Asia and Pacific region1. Admission to these eventsis either by application or by invitation.

For courses by invitation, candidates are generally nominated by government agencieson the request of the IMF department responsible for delivering the course. Candidateswho meet the qualifications for the course and are selected are contacted by the STIto provide information on travel, accommodations, and other administrative arrangements.Applications are not accepted for courses marked “By Invitation.”

For courses by application, applicants are encouraged to use the online applicationsystem at www.imf.org/insapply to complete and submit their applications.

Application RequirementsAll training at STI is conducted in English and applications for STI courses must be completedin English. The STI may require an approved language test for course applicants whoseworking language is not English. Applicants from non-English-speaking countries willgenerally be required to provide scores for either the Test for English as a Foreign Language(TOEFL) or the International English Language Testing System (IELTS) to show Englishproficiency. The IMF code for TOEFL is 5456.

Each applicant must be employed by an eligible governmental agency and must havea sponsor – a senior official in the agency where he or she works – complete and signthe Sponsor's Nomination and Certification Form, which also may be downloaded fromthe web (www.imfsti.org).

Selection ProcessThe selection process for STI courses by application is done by staff from the IMFdepartment responsible for conducting the course. Information provided by IMF areadepartments and resident representatives is considered when making a decision onapplications. Selected candidates are notified directly if they are accepted for a course.

1 Eligible countries: Islamic Republic of Afghanistan, Bangladesh, Bhutan, BruneiDarussalam, Cambodia, China (includes Hong Kong SAR and Macau SAR), DemocraticRepublic of Timor-Leste, Fiji, India, Indonesia, Kiribati, Republic of Korea, Lao People'sDem. Rep., Malaysia, Maldives, Marshall Islands, Federated States of Micronesia,Mongolia, Myanmar, Nepal, Pakistan, Palau, Papua New Guinea, Philippines, Samoa,Singapore, Solomon Islands, Sri Lanka, Thailand, Tonga, Vanuatu, and Vietnam. Officialsfrom Kazakhstan, Kyrgyz Republic, Republic of Tajikistan, Turkmenistan, Uzbekistan,and non-member Pacific Island countries (Cook Islands, Nauru, Niue, and Tuvalu) maybe invited to selected courses.

2322

The selection process gives priority to those officials whose professional assignmentsare closely related to the subject matter of the course. The STI cannot considerapplications from persons employed in non-governmental institutions or businesses,such as commercial banks, universities, or trade unions.

Official sponsors should not present applicants who fail to meet the criteria of academicbackground and job relevance, or who are not fluent in English. Only participantswho will be available to serve their governments for a reasonable time after receivingtraining should be proposed. Sponsoring agencies should not submit more than threeapplications per course for their agency. When more than one candidate is presented,the sponsor should indicate an order of priority.

The sponsoring agency is required to certify that, if accepted, the applicant willreceive leave of absence with regular pay for the duration of the course; that duringhis or her attendance at the course, the applicant will be given no other duties orassignments; and that upon return to duty the applicant will be placed in his or herformer position, or in one with equal or greater responsibility.

The same selection criteria and guidelines for sponsors apply to courses for whichsponsoring agencies are invited to nominate participants. Nominated candidates arenot accepted unless they meet the criteria of academic background, job relevance,and language fluency; and sponsoring agencies should indicate an order of prioritywhen they nominate more than one candidate.

Officials who are selected to attend STI courses are provided access to course extranetsites where they can obtain course information and detailed information aboutadministrative arrangements. These secure sites also provide participants with all thenecessary administrative forms related to their trips from their home countries to the STI.

Eligibil ity Criteria Relating to Previous Course AttendanceGiven the STI has a limited capacity to provide training, previous participation is takeninto account when considering applicants or nominees for STI courses. Former participantsshould not reapply for the same course.

• Attendees of a Financial Programming and Policies (FPP) course at IMF headquarters(HQ) or a distance learning course should generally wait two years before applyingto attend another course.

• Attendees of a course at one of the IMF’s other training centers are not eligibleto attend the same course at the STI. Attendees of a two-week FPP course, however,are eligible to apply to take a seven-week FPP at HQ or a distance learning FPP.

administrative arrangementsadministrative arrangements

2524

Travel to Singapore and Other Administrative Arrangements for the STI1. Travel. Participants or their sponsoring agencies are responsible for the initial purchase

of the participants’ round-trip airline ticket and for making travel arrangements.

Participants are responsible for obtaining their own visas, where applicable, includingany transit visas needed for travel to and from Singapore and their home countries.Participants should ensure that their passports are valid for at least six months beyondthe end of the stipulated period for the training event. Participants will be reimbursed afixed amount in US dollar travelers’ checks for their tickets and related travel expensesupon arrival in Singapore. Under special circumstances and upon receipt of a requestfrom a sponsor, the STI will consider making travel arrangements for the participant.

Participants are required to arrive on time, attend all sessions, and stay through the lastday of a course. The invitation may be withdrawn if a participant cannot comply withthese requirements. If a participant has to be repatriated for any reason before the endof the training event, the sponsoring agency is responsible for the costs of the repatriation,and the STI must be reimbursed for all expenditures made on behalf of the participant.

In case of a withdrawal, expenses such as cancellation fees or the full amount of a prepaidticket will have to be reimbursed to STI. Similarly, if a participant does not complete thecourse or seminar, travel and miscellaneous expenses will have to be reimbursed to STI.

2. Accommodation. Accommodations during the course (including one day beforeand one day after the course) are provided free of charge at a local hotel near theMonetary Authority of Singapore building, where the STI is located. The STI coversthe cost of a room; participants are responsible for all other charges.

3. Living Allowance. Participants are provided with a living allowance of US$35 perday for the duration of the course. This allowance is intended to cover the cost ofmeals and participants’ incidental expenses.

4. Health and Insurance. STI provides participants with health insurance benefits coveringaccidents and emergency medical care. These benefits, however, do not coverexpenses incurred in connection with pre-existing conditions, including pregnancy.Participants should be in good health, free from any contagious disease, and free fromany medical condition that could impair their attendance at the course. Participantsare advised to take a comprehensive medical examination before leaving for Singapore.

In connection with participants’ acceptance of the invitation to attend STI trainingevents, sponsors (senior officials from the nominating agencies) undertake to reimbursethe STI for all expenses incurred on behalf of their sponsored participants due toany pre-existing medical conditions. Further, sponsors are required to coverthe costs of any medical procedures not covered by the health insurance plan.

5. Miscellaneous. The STI will send details on travel, health insurance, as well asinformation on housing, settling-in, and other arrangements to each participantafter he or she has accepted an invitation to attend a course.

Dear Applicant,Thank you for your interest in the courses offered by the IMF–Singapore RegionalTraining Institute (STI). Before completing the Application Form, please take a fewminutes to read the program for 2007 and the Application Form carefully. Theinformation that you or your sponsor provide will be used in the selection process.Therefore, you should make sure that all required information is provided, sinceincomplete applications will not be considered.

Please pay particular attention to the following:

• Identify by title and number the course for which you are applying.

• Provide the description of your present position and any likely future assignment,since it is important in judging the relevance of the course to your work.

• Have your sponsor (a senior official in the agency where you work) complete andsign the Sponsor's Nomination and Certification Form, which is necessary for usto process the Application.

Submission procedures are contained on the next page, along with a flowchart of theapplication and selection process. Successful and standby applicants will be notifiedapproximately eight weeks before the start of their courses.

Participation in courses that are by invitation is determined by the department of theIMF in charge of the particular course. Each department will contact the authoritiesand prospective participants directly. Invitations will be sent by the IMF Institute orSTI to the selected candidates approximately six weeks before the beginning of thecourse. Please note that applications may not be submitted for courses designatedas being offered by invitation.

We look forward to seeing you in Singapore.

Sincerely Yours,

Sunil SharmaDirectorIMF–Singapore Regional Training Institute

administrative arrangements letter to applicant

How to Apply for IMF–Singapore Regional Training Institute (STI) CoursesA blank application form is contained in this brochure. Application forms can also beobtained from the STI, the IMF Institute, the IMF Resident Representative offices, ordownloaded from the STI’s website at http://www.imfsti.org. When filling out this form,please type the requested information.

Once the Application form is completed and the appropriate signatures and agencyseal for the Sponsor’s Nomination and Certification form have been obtained, you maysubmit your Application in one of three ways listed below, though the Sponsor’sNomination and Certification form must be sent by fax or mail.

• Online Applicants can use the IMF Institute’s online application form at thefollowing web address http://www.imf.org/insapply to submit theirapplications

• Facsimile Number: +65 6225 6080• Mail Mail your forms to the following address:

Director, IMF–Singapore Regional Training Institute10 Shenton Way, MAS Building 14 - 03Singapore 079117Republic of Singapore

The closing date for the receipt of applications is strictly observed.

The Application and Selection Process

how to apply for STI courses

26

Summarize your duties as they relate to the subject of the course. Please note that the Application will not be processed without adequate description ofcurrent duties. IMPORTANT: Please read the course description and qualifications to ensure that you are qualified for the course to which you are applying.Please confine your description to this space.

IMF-Singapore Regional Training Institute Course Application Form

Course Number Course Name Application Closing Date

First Name Middle Name

Family Name Preferred Name (Name you want to be called by)

Date of Birth (month/day/year) Birth Country Birth City

Nationality Male Female Single Married

CURRENT JOB INFORMATIONJob Title Agency Country

Section/Division Work Phone

Department Work Fax

Agency Name Home Phone

Agency Street Address Alternative Fax Number

Agency City and Postal Code E-Mail Address

PRIOR WORK EXPERIENCEPrevious Job Title

Name of Agency

Dates Employed From To From To From To

EDUCATIONDegree/Diploma Received

Major Subject

Dates Attended From To From To From To

Institution/University

Country of Institution

Language of Institution

IMF Institute Staff Reference (if any)

Date Applicant’s Signature

Applicants are encouraged to read the STI brochure before initiatingthe application process.

Invited participants are asked to respond whether they will be able toattend the course.

Applicants are to make sure all information on application form hasbeen completed.

Applicants can send Application by facsimile, mail, or online. Sponsor’sNomination and Certification form must be sent by fax or mail only.

STI will not acknowledge receipt of applications.

The Application is reviewed internally by STI.

The IMF Institute and STI make the final decision on who is invited to the course.

Only successful and standby applicants are notified, approximately sixweeks before the start of the course.

Read Brochure

Complete Application

Send Application

Acknowledgement

Application Review

Selection

Application Notification

Participant Acceptance

Sponsor ’s Nomination and Certification Form 1

Sponsor’s First Name Sponsor’s Middle Name Sponsor’s Family Name

Sponsor’s Nationality

Sponsor’s Job Title Country

Section/Division

Mr Ms Mrs

Agency Phone

Agency Name Agency Alternative Fax

Agency City and Postal Code Agency Web Address

Department Agency Fax

Agency Street Address Alternative E-Mail Address

I, the undersigned, acting on behalf of the above named agency where the applicant is employed, hereby sponsor the following applicant, and certifythe information below.

Name of Applicant Course Nameand Course Number in Singapore.

1. The information supplied by the applicant on the preceding page is correct.2. The applicant is fluent in English.3. The applicant, if accepted as a participant in the course, will receive a leave of absence with regular pay for the duration of the course and, on return,

will be employed in:

present position

a new position at (name of agency) as (new position)

4. The applicant, if accepted, will be given no other duties or assignments during the period of the course.5. The participant or the participant’s sponsoring agency will be responsible for purchasing the participant’s round-trip air ticket to Singapore and for

making all travel arrangements. Participants will be reimbursed a fixed amount for their tickets and travel expenses upon arrival in Singapore, andno additional amounts will be paid thereafter.

6. In case of withdrawal of a confirmed participant after STI has prepaid the airline ticket, the sponsoring agency will be responsible for any travel costsincurred by STI (cancellation fees or full amount of ticket).

7. The sponsoring agency will be responsible for the costs of the participant’s repatriation, if any personal difficulties in circumstances arising duringhis/her participation in the course should render repatriation necessary before the course ends.

8. If the applicant is accepted, he/she should be in good health in order to be able to participate fully in the course. Participants (and accompanyingspouse or child) are expected to be free of any contagious disease, pre-existing medical condition, or physical or mental disability that may preventregular attendance in the course. Please note related information under Administrative Arrangements.

9. The STI will be reimbursed promptly by the sponsoring agency for all medical expenses that STI incurs as a result of any of the conditions mentionedin 5 and 6 above, as well as for any medical expenses incurred by participants (and family), which are not covered by STI’s medical insurance policy(including pregnancy-related expenses).

Complete form should be sent to:

DirectorIMF–Singapore Regional Training Institute10 Shenton Way, MAS Building 14-03, Singapore 079117, Republic of SingaporeFax: +65 6225 6080

Date: Certifying Sponsor’s Signature:

Agency Seal

1A maximum of three candidates per agency can be nominated for only one course.

communicationsContacting the STIFor information on courses and the status ofapplications, please use the following contactinformation:Telephone: +65 6225 5311Facsimile: +65 6225 6080E-mail: [email protected]

For other matters, please contact the STI’s Director:

Mr. Sunil SharmaDirector, IMF–Singapore Regional Training Institute

10 Shenton Way, MAS Building 14-03Singapore 079117Republic of SingaporeTelephone: +65 6225 5311Facsimile: +65 6225 6080E-mail: [email protected]: http://www.imfsti.org

Contacting the IMF HeadquartersMrs. Gemina Archer-DaviesChief, Administrative DivisionIMF Institute

International Monetary FundWashington, D.C. 20431U.S.A.Telex number: 64111 IMF UW

249331 IMF UR197677 FUND UT

Telephone: +1 202 623 6660Facsimile: +1 202 623 6490E-mail: [email protected]: http://www.imf.org/institute

IMF SINGAPOREmacroeconomic and financial policies to government officials through courses and...

Documents

Transcript of IMF SINGAPOREmacroeconomic and financial policies to government officials through courses and...