IMF | Capacity Development Office in Thailand

David Corvino, CDOT Macroeconomic Advisor, conducted a five-day technical assistance mission under the Macroeconomic Frameworks project to support Cambodia’s Inter-agency Economic Core Group (IECG). The mission focused on strengthening the IECG’s capacity to produce macroeconomic forecasts by updating the macroeconomic framework, incorporating revised fiscal and external sector data, and delivering targeted training on fiscal forecasting and macroframework operations. The IECG updated sectoral projections, assessed the impact of multiple shocks—including global trade tensions, border developments, and oil price increases—developed baseline and alternative scenarios, and presented the results to senior officials at the Ministry of Economy and Finance and the National Bank of Cambodia.

Yury Achkasov, CDOT Monetary and FX Operations Advisor, provided a short technical assistance mission to Cambodia to support the National Bank of Cambodia in strengthening monetary policy operations. The mission focused on reviewing recent developments in the monetary policy operational framework, assessing progress in ongoing reforms, and presenting quantitative models to support future capacity development, while also discussing options to enhance institutional coordination with the Ministry of Economy and Finance. The authorities reviewed progress and remaining challenges, identified priorities to advance pending reforms in liquidity management and interest rate framework implementation, and supported the development of a draft FY2027 capacity development workplan.

David Corvino, CDOT Macroeconomic Advisor, and the IMF team conducted a field‑based mission to Cambodia to support the National Bank of Cambodia (NBC) in advancing its Forecasting and Policy Analysis System (FPAS). The mission focused on further developing the Quarterly Projection Model (QPM), including filtration, calibration, and external assumptions, while strengthening forecasting workflows and documentation. The team also supported the production of a baseline forecast and trained NBC staff to improve their understanding and use of the model. The authorities demonstrated strong commitment and requested continued IMF support to further institutionalize model‑based policy analysis.