fbpx 49130-001: Enhancing Regional Capacity for Economic Surveillance and Financial Vulnerability Assessment | Asian Development Bank

Regional: Enhancing Regional Capacity for Economic Surveillance and Financial Vulnerability Assessment

Sovereign (Public) Project | 49130-001 Status: Active

The proposed TA aims to enhance developing Asia''s capacity to undertake economic surveillance and financial vulnerability assessments by supporting the development of a regional economic surveillance framework for the ASEAN+3 Macroeconomic Research Office (AMRO), developing regional surveillance and vulnerability assessment tools at the regional level, strengthening the capacity of selected small open economies such as Bhutan, Cambodia, and Kyrgyz Republic, and applying new methodologies to improved previously developed tools.

Project Details

Project Officer
James Villafuerte Economic Research and Regional Cooperation Department Request for information
Country
  • Regional
Modality
  • Technical Assistance
Sector
  • Finance
 
Project Name Enhancing Regional Capacity for Economic Surveillance and Financial Vulnerability Assessment
Project Number 49130-001
Country Regional
Bhutan
Cambodia
Kyrgyz Republic
Project Status Active
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 9077-REG: Enhancing Regional Capacity for Economic Surveillance and Financial Vulnerability Assessment
Investment Climate Facilitation Fund under the Regional Cooperation and Integration Financing Partnership Facility US$ 1.20 million
Strategic Agendas Inclusive economic growth
Regional integration
Drivers of Change Governance and capacity development
Knowledge solutions
Partnerships
Sector / Subsector

Finance / Finance sector development

Gender Equity and Mainstreaming No gender elements
Description

The proposed TA aims to enhance developing Asia''s capacity to undertake economic surveillance and financial vulnerability assessments by supporting the development of a regional economic surveillance framework for the ASEAN+3 Macroeconomic Research Office (AMRO), developing regional surveillance and vulnerability assessment tools at the regional level, strengthening the capacity of selected small open economies such as Bhutan, Cambodia, and Kyrgyz Republic, and applying new methodologies to improved previously developed tools.

The project's impact will be on the increased usage of economic and financial vulnerability assessments in AMRO and selected DMCs. The project will result in an enhanced capacity of AMRO and selected DMCs to spot, assess, and mitigate economic and financial sector vulnerabilities. The TA will have seven major outputs: (i) AMRO's surveillance framework and indicator and database system; (ii) A quantitative economic tool derived from VIEWS++; (iii) VIEWS++; (iv) Virtual regional economic surveillance network (VRESN); (v) Customized version of VIEWS++ to suit the needs of selected DMCs; (vi)Trained officials from finance ministries and central banks of selected DMCs; and (vii) Dissemination of knowledge products on regional economic surveillance.

Project Rationale and Linkage to Country/Regional Strategy

Macroeconomic challenges confront the Asia-Pacific region -- divergent monetary policies in G3 economies characterized by the expected tightening of US monetary policy and continued easing in Japan and the European Union (EU) significantly affecting Asia's the capital outflows from the bond and equity markets and risk premiums; within the international community, including the G20, there have been extensive discussions regarding the limitations of existing regulatory and supervisory frameworks and the importance of having a holistic view of the global, regional, and national financial systems to properly assess financial stability and vulnerability of the region and any economy; and countries in the Asia-Pacific region need a venue to discuss these issues, share their experiences, and strengthen their capacity to respond to some of these foreign policy shocks. The complexity of these global and regional macroeconomic interdependence and spillovers, requires ADB to continue to sharpen its knowledge on these issues to raise the region''s regional economic surveillance capacity and financial vulnerability assessment skills.

The TA supports two core areas of ADB's Strategy 2020, namely: financial sector development and regional cooperation integration (RCI), which are substantiated in the Financial Sector Operational Plan (FSOP, 2011) and RCI Strategy (2006), respectively. These strategies recognize the importance of creating regional knowledge to address common risks and enhance the capacity of supervisory authorities as basic infrastructures for financial sector development.

Impact Enhanced capacity of AMRO and selected DMCs to spot, assess, and mitigate economic and financial sector vulnerabilities.
Project Outcome
Description of Outcome Increased use of economic and financial vulnerability assessment tools in AMRO and selected DMCs.
Progress Toward Outcome
Implementation Progress
Description of Project Outputs

A regional surveillance framework, database, and tools for AMRO developed.

A quantitative regional surveillance and financial vulnerability assessment tool (VIEWS++) for Asia developed

VRESN formed

Economic surveillance and financial vulnerability assessment skills for selected DMCs improved

Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location Bhutan - Nation-wide; Cambodia - Nation-wide; Kyrgyz Republic - Nation-wide
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design This proposal has been prepared in close consultation with CWRD, SARD, SERD and OCO. The AMRO, the National Bank of Cambodia and the National Bank of the Kyrgyz Republic were also consulted.
During Project Implementation An inception workshop will be conducted to determine the specific nature of partnership with the central banks and/or Ministries of Finance of the selected DMCs, with AMRO, the IMF, BIS, World Bank, and Bank of Japan.
Business Opportunities
Consulting Services tbd
Procurement tbd
Responsible ADB Officer James Villafuerte
Responsible ADB Department Economic Research and Regional Cooperation Department
Responsible ADB Division ERCI
Executing Agencies
Asian Development Bank
6 ADB Avenue,
Mandaluyong City 1550, Philippines
Timetable
Concept Clearance 21 May 2015
Fact Finding 31 Jul 2015 to 17 Aug 2015
MRM -
Approval 08 Feb 2016
Last Review Mission -
Last PDS Update 12 Feb 2016

TA 9077-REG

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
08 Feb 2016 - 08 Feb 2016 31 Jan 2018 30 Jun 2020 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
0.00 1,200,000.00 0.00 0.00 0.00 0.00 1,200,000.00 08 Feb 2016 889,254.14

Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

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Evaluation Documents See also: Independent Evaluation

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Tenders

Tender Title Type Status Posting Date Deadline
Database and Web Developer/Programmer Individual - Consulting Closed 08 May 2018 14 May 2018
Economic Research Assistant Individual - Consulting Closed 23 Jan 2018 29 Jan 2018
Senior Economic and Financial Analyst Individual - Consulting Closed 20 Jan 2018 26 Jan 2018
Macroeconomic and Financial Advisor for the National Bank of Kyrgyz Republic Individual - Consulting Closed 19 Jan 2018 25 Jan 2018
Financial Economist / Financial Indicators Expert (Cambodia) Individual - Consulting Closed 15 Sep 2017 21 Sep 2017
Senior Economic/Financial Analyst (Cambodia) Individual - Consulting Closed 01 Sep 2017 07 Sep 2017
Macroeconomic Advisor Individual - Consulting Closed 15 Aug 2017 21 Aug 2017
Senior Economic Analyst (Econometrician) Individual - Consulting Closed 18 Jul 2017 24 Jul 2017

Contracts Awarded

No contracts awarded for this project were found

Procurement Plan

None currently available.