IMF | Capacity Development Office in Thailand

At the request of the National Bank of Cambodia (NBC), the IMF mission from the Monetary and Capital Markets (MCM) Department assisted the authorities in redesigning and operationalizing the NBC’s Emergency Liquidity Assistance (ELA) framework. The mission assessed the following ELA components in the Cambodian context: (i) an ELA framework that supports discretionary lending; (ii) ELA parameters and conditions under which ELA is provided; (iii) a collateral framework which supports illiquid assets haircut calibration; and (iv) operationalization of ELA including internal procedures and simulation exercises.

The IMF team assisted the Cambodian authorities in recalibrating the fiscal rules reflecting Cambodia’s recent GDP rebasing and the availability of more data from the post-pandemic period. The mission recommended strengthening fiscal institutional arrangements to support the effective introduction of the fiscal rule framework. In addition, practical recommendations were provided on enhancing the medium-term fiscal framework (MTFF) document as requested by the authorities. The mission also delivered a one-day training workshop on fiscal rule framework.

At the request of the Cambodian authorities, the IMF team conducted a four-day mission to enhance the capacity of the Inter-agency Economic Core Group (IECG) in macroeconomic analysis and forecasting, particularly on upgrading the authorities’ macroeconomic tools, elaborating baseline forecast and shock scenario to inform macroeconomic policy decisions. The IECG comprises staff from the National Bank of Cambodia (NBC), the Ministry of Economy and Finance (MEF), and the National Institute of Statistics (NIS). In addition, the opening session of this mission was observed by representatives from Ministry of Finance of Japan, along with undersecretary of MEF and NBC.

At the request of the Cambodian authorities, the IMF team conducted a four-day mission to enhance the capacity of the Inter-agency Economic Core Group (IECG) in macroeconomic analysis and forecasting, particularly on upgrading the authorities’ macroeconomic tools, elaborating baseline forecast and shock scenario to inform macroeconomic policy decisions. The IECG comprises staff from the National Bank of Cambodia (NBC), the Ministry of Economy and Finance (MEF), and the National Institute of Statistics (NIS). In addition, the opening session of this mission was observed by representatives from Ministry of Finance of Japan, along with undersecretary of MEF and NBC.

In consultation with the Ministry of Economy and Finance (MEF) of Cambodia, a Government Finance Statistics (GFS) and Public Sector Debt Statistics (PSDS) technical assistance mission was conducted in Phnom Penh during April 22–24, 2024, and in Siem Reap during April 25–26, 2024. The mission assisted the General Department of Policy (GDP) in further improving GFS and PSDS compilation and dissemination to support fiscal analysis. More specifically, the mission (i) reviewed and analyzed GFS Yearbook data disseminated to the IMF; (ii) agreed on implementation steps relating to reconciliation issues; (iii) reviewed COFOG compilation steps; and (iv) provided a workshop on the Statement of Sources and Uses of Cash (SSUC) and on the classification of State-Owned Enterprises (SOEs).