Media Releases
Published Date: 30 April 1998

Government of The Republic Of Singapore and The International Monetary Fund The IMF and Singapore Launch the IMF-Singapore Regional Training Institute and Hold Inaugural International Seminar

30 Apr 1998... On Monday, May 4, 1998 the International Monetary Fund (IMF) and Singapore will inaugurate the IMF-Singapore Regional Training Institute (STI) in Singapore. A ribbon-cutting ceremony will take place at the Monetary Authority of Singapore (MAS), 14th Storey, 10 Shenton Way, Singapore at 10:00 a.m. and will be attended by Mr Michel Camdessus, Managing Director of the IMF, Dr Richard Hu, Minister for Finance, Republic of Singapore, Mr Koh Yong Guan, Managing Director, MAS, and Central Bank Governors and Finance Ministers from a number of Asian countries.

Dr Donal J. Donovan of the IMF has been appointed Director of the STI (see curriculum vitae attached). The STI will allow the IMF to expand the training it offers in Asia. The courses will cover macroeconomic adjustment and reform policies, financial programming, issues facing transition economies, monetary and exchange operations, public finance, banking supervision, and macroeconomic statistics. In the first year of operations, it will offer 12 training courses. The STI will also hold seminars on topical issues relevant to the region. The first regular seminar on "Capital Account Convertibility" will take place on May 5-6, 1998.

The STI will be administered by the IMF Institute, the department responsible for training provided by the IMF, in collaboration with the Monetary Authority of Singapore. For Singapore, the STI's training is conducted under the Singapore Co-operation Program run by the Ministry of Foreign Affairs.

International Seminar

The ribbon-cutting ceremony for the STI will be followed by an inaugural seminar on "Capital Flows: Challenges and Opportunities for Asia" (see attached program). The seminar will open with addresses by Dr Richard Hu and Mr Michel Camdessus. Formal presentations will be made by Dr Teh Kok Peng, Deputy Managing Director, MAS; Dr Morris Goldstein, Institute of International Economics, Washington D.C.; and Professor Takatoshi Ito, Hitotsubashi University, Tokyo.

Participants in the seminar will include Governors of Central Banks, Ministers of Finance, and senior officials who are directly involved in addressing the economic challenges arising from foreign capital flows. The seminar topics cover: causes of inflows; macroeconomic consequences; and appropriate policy responses, based on recent experiences in Asian countries. The seminar will also address issues related to the liberalization of international capital flows, and the circumstances in which countries have adopted capital controls.

The ribbon-cutting ceremony and the inaugural seminar will be open for media coverage by invitation.

There will be a Press Conference by Mr. Camdessus and Minister Hu at 2:00 p.m. in the 29th Storey Briefing Room at the Monetary Authority of Singapore. This joint press conference is open to all press and media representatives. Please confirm your attendance with MAS' Senior Press Officer, Mr Leong Sing Chiong at telephone number 65-62299203 or fax number 65-62279865

For more information on the inauguration events, please contact Mr Leong. For more information on the joint training courses, please contact STI Director, Dr Donal Donovan (tel number 65- 2255311) or Mr Anthony Chng, Director, Technical Co-operation Directorate, Ministry of Foreign Affairs , Singapore (tel number 65-3305761).

Donal J Donovan

Dr Donovan, 46, was Senior Advisor in the IMF's European II Department, which deals with the countries of the former Soviet Union and the Baltic States, before taking up his new assignment as Director of the IMF-Singapore Regional Training Institute. A citizen of Ireland, he holds a B.A. from Trinity College Dublin and a PhD from the University of British Columbia in Canada. Since joining the IMF in 1977 as an economist in the Economic Program, he has held increasingly senior positions in several IMF Departments including Advisor and Division Chief in the African Department, Deputy Director of the Statistics Department, and Assistant Director in the European II Department. He has published several articles on macroeconomic issues relating to IMF policies. Dr Donovan is married with three children.

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Opening Ceremony & Inaugural Seminar
4 May 1998, Singapore

10.00 amRibbon-cutting Ceremony, 14th storey, MAS Building.
Inaugural Seminar

Capital Flows: Challenges and Opportunities for Asia
24th storey, Theatrette

10.30 amInaugural Address by Dr Richard Hu,
Minister for Finance, Republic of Singapore.
Inaugural Address by Mr Michel Camdessus,
Managing Director, International Monetary Fund.
11.30 amCoffee Break
11.45 amThe Asian Financial Crisis : A Longer-Term Perspective
Presented by Dr Teh Kok Peng, Deputy Managing Director, Monetary Authority of Singapore.
12.45 pmLunch
2.15 pmThe Asian Financial Crisis : Origins, Policy Recommendations and Reforms
Presented by Dr Morris Goldstein, Institute for International Economics, Washington, DC.
3.15 pmCoffee Break
3.30 pmCapital Flows : Macroeconomic Responses, Capital Controls, and Moral Hazard
Presented by Professor Takatoshi Ito, Hitotsubashi University, Tokyo.
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