High-level delegation of the Central Bank of the Republic of Kosovo led by Governor Ismaili successfully concludes the spring meetings of the IMF and the WB in Washington D.C

A high-level delegation of the Central Bank of the Republic of Kosovo (CBK), headed by the Governor Mr. Ahmet Ismaili, the Deputy Governor Mr. Fusha, the Coordinator for International Cooperation Mrs. Abazi and the Chief of Cabinet, Mr. Zyfliu successfully concluded the participation in the spring meetings of the International Monetary Fund (IMF) and the World Bank (WB), which were held in Washington D.C. of the United States of America.

In the meetings that took place from 15 to 21 April, Governor Ismaili presented the priorities for the financial sector in accordance with the objectives and Strategic Plan of the CBK, updates and developments related to the implementation of programs and professional technical assistance.

During the meeting with the Vice President who also holds the position of Head of Treasury of the WB, Mr. Jorge Familiar, Governor Ismaili emphasized his sincere appreciation for the membership of the CBK in the Partnership for Advisory and Management of Reserves (RAMP) and the opportunities that this program offered for increasing the expertise and capacities of the Central Bank of the Republic of Kosovo through its workshops and training programs. During the meeting, discussions also focused on the progress made towards responsible Environmental, Social and Governance (ESG) investments. Governor Ismaili emphasized the CBK’s commitment to this goal, which is prominently presented in the 2024-2028 Strategic Plan.

On the second day of his stay in Washington D.C., Governor Ismaili met with the Director of the Department of Statistics who also holds the position of the Chief Statistician of the IMF, with whom he discussed the CBK’s progress in regard to reporting from the General Data Distribution System (GDDS) to the Special Data Distribution Standard (SDDS) and building the CBK’s capacities in this field, the progress in constructing the Real Estate Price Indices Calculation (REPI), the possibility of building a model for measuring cash in circulation and advancing the drafting of financial accounts.

Accompanied by the senior CBK delegation, Governor Ismaili met the Deputy Assistant Secretary (DAS) of the Department of the Treasury of the United States of America, Mr. Luyen Tran and his team of the Office of Technical Assistance (OTA) in Washington D.C. where there were constructive discussions to strengthen cooperation between the two institutions.

The head of the CBK expressed his sincere gratitude for the valuable technical assistance provided by OTA and their key role in supporting the development of critical infrastructure. In particular, support in the development of the Central Securities Depository System, the creation of liquidity lines, as well as successful cooperation in many other projects for banking and insurance supervision, as well as in the framework of anti-money laundering and countering terrorist financing, among others. Also, new opportunities for technical assistance and cooperation were discussed, with the aim of strengthening the partnership with the US Treasury Department.

In the third day of spring meetings in Washington D.C., Governor Ismaili met with high-level officials of the World Bank and participated in a panel discussion.

In the first meeting with the World Bank team with Mrs. Xiaoqing Yu, Director for Western Balkans, Europe and Central Asia, Mr. Paolucci, Country Manager, Mr. Natarajan, Manager of Practices, Payments and Financial Inclusion, Mr. Guadamillas, FCI Europe and Central Asia, discussions were mainly about the topics like finalizing the regulatory framework and promoting the development of payment system infrastructure to facilitate instant domestic and cross-border payments. Specific discussions were made about the preparations for CBK’s application for membership in the Single Euro Payments Area (SEPA) and the potential for progress towards integration with the Target Instant Payment System (TIPS) of the Euro-System.

On the same day, Governor Ismaili participated in the panel discussions on Cross-Border Payments in the panel titled “Unlocking the Power of Cross-Border Payments”, where he emphasized Kosovo’s commitment to achieving the G20 objective of reducing transaction costs for remittances. He discussed SEPA integration efforts aimed at standardizing legal and regulatory frameworks to provide faster, easier and more cost-effective payments.

In the meeting held with senior officials of the Federal Reserve Bank (FED) of New York, led by Mr. Matthew Nemeth, Vice President and Director of Customer Account Services and Mr. Phatak, Head of International Policy and Strategy with their team, the CBK delegation underlined the fruitful cooperation between the two central banks, including capacity building programs in direct support since the establishment of the CBK.

During this fruitful meeting, Governor Ismaili expressed the CBK’s commitment to maintain strong ties with the FED, recognizing its main role in the management of the international reserve and strategic partnerships, including the best practices to combat money laundering and financing of terrorism.

On the fourth day of their visit to Washington D.C., the CBK delegation held two important meetings with the vice presidents of the World Bank and the International Finance Corporation (IFC).

In the meeting with Mrs. Antonella Bassani, Vice President for the Europe and Central Asia Region (ECA) at the WB, Governor Ismaili engaged in essential discussions regarding the projects that are being implemented and supported by the World Bank, which aim to modernize the payment system of Kosovo, as well as the Remittance and Payments Program.

Whereas in the meeting with Mr. Alfonso Mora, Regional Vice President of IFC, Governor Ismaili engaged in a productive session, emphasizing the important developments in the CBK and the fruitful cooperation with IFC, namely for the projects that are being implemented for the regulatory framework related to microfinance institutions and non-bank financial institutions, such as the new project on digital financial services, underlining the joint commitment to promote financial inclusion and access to finance.

A notable aspect of the spring meetings was Governor Ismaili’s conversation with Mr. Alfred Kammer, Director of the European Department at the IMF. During this discussion, Governor Ismaili reiterated the significant contribution of the IMF to the CBK reform agenda.

In a meeting with the Deputy Managing Director of the IMF, Mr. Bo Li, Governor Ismaili held discussions which were focused on the main developments of the financial sector, emphasizing the support given to the CBK by the IMF in strengthening its institutional capacities and the successful implementation of recommendations from IMF missions.

Likewise, Governor Ismaili participated in the Plenary meeting of the International Monetary and Financial Committee (IMFC), as a representative of the Republic of Kosovo on the Board of the IMF. This high-level forum, with the participation of the Managing Director of the IMF, Mrs. Georgieva, discussed the current issues of financial stability at the global level, expectations and risks, which are also important for the CBK’s commitment to the stability of the financial sector.

Governor Ismaili joined the Governors and Ministers of Finance at the meeting on the Regional Economic Outlook (EUR), which concludes the spring meetings of the IMF and the WB in Washington D.C.

The meeting provided a valuable platform to discuss important economic and financial issues and to promote cooperation between European countries.

Governor Ismaili’s participation serves the commitment to proactive involvement and joint solutions to regional economic and financial issues.

At the closing meetings of the CBK delegation with partners and international parties. Governor Ismaili held a conversation with Mr. Piero Cipollone, member of the Executive Board of the European Central Bank (ECB). The meeting provided an opportunity to exchange views on various issues of mutual cooperation between the two institutions.

Governor Ismaili informed Mr. Cipollone about the main developments within the CBK, including progress in preparations for integration and compliance with SEPA, as well as other important issues faced by the Central Bank of the Republic of Kosovo.

In the end, the head of the CBK emphasized the steadfast commitment of the institution he leads to advance and modernize its payment system, which would pave the way for integration into the financial market infrastructure of the European Union, in accordance with the strategic objectives of the CBK.

Previously in Boston, USA, the Governor of CBK met leaders of Harvard University, including the Dean of Harvard Kennedy School, Dr. Elmendorft and eminent professors who have served in important government positions, such as chief economists, heads of the Treasury Department, members of the Federal Reserve Board (FED Board), economic advisors in the White House.

Governor Ismaili concluded the visit by invitation from the University, with a lecture to students and the public on the Harvard campus, with the topic “Overcoming the challenges in the financial system: The case of the Central Bank of the Republic of Kosovo”.

In other separate meetings Governor Ismaili met the team of the Resident Representative of the IMF Mr. Sebastian Sosa, the Monetary and Capital Markets Department of the IMF led by the Regional Advisor Mrs. Jennifer Elliot with her team, the Governor of Montenegro Mrs. Irena Radović, the Governor of the Bank of Albania, as well as the Governors of Central Banks from Austria, Slovenia, Turkey, Slovakia. He also had other meetings and discussions with the aim of expanding cooperation and coordination with regional and international partners.

A special meeting was also held at the Embassy of the Republic of Kosovo in Washington D.C., where Governor Ismaili was hosted by the Ambassador of Kosovo to the USA, Mr. Ilir Dugolli, who also accompanied the CBK delegation to the meeting with the Treasury Department of the USA.

The spring session meetings organized by the International Monetary Fund and the World Bank bring together central bankers, ministers of finance and economic development, MPs, private sector leaders, representatives from civil society organizations and academics to discuss issues of global importance, such as economic prospects, poverty eradication and economic development.