The IMF – Singapore Regional Training Institute (STI) commenced training operations in May 1998 as a joint venture of the IMF and the Government of Singapore. The STI was established on the basis of a Memorandum of Understanding (MOU) between the IMF and the Government of Singapore that was signed on September 22, 1997. A new MOU was signed in December 2003 and came into effect on January 1, 2004. The First Amendment to the MOU was amended in January 2016.
The STI has an Executive Committee (EXCO), an Alternate Executive Committee, a Director, a Deputy Director, and staff. The IMF is responsible for STI operations, including appointing the STI Director and Deputy Director and making staffing decisions with respect to contractual employees of the STI.
The EXCO oversees the work of the STI. The EXCO currently includes two representatives each from the IMF and the Government of Singapore, and one representative from the Government of Japan. The STI Director serves as the ex-officio secretary. The EXCO meets at least once a year, and the members of EXCO designate Alternates who meet as and when required. The Alternate EXCO Committee, in conjunction with the STI Director, makes recommendations to the EXCO pertaining to the activities of the STI.
The EXCO reviews the activities of the STI, including the findings of regional consultations, feedback from participants, the profile of participants, and budgetary developments. It assesses the effectiveness of STI activities; designates the countries from which participants are to be selected for training at the STI and provides guidance to the STI Director on the selection of participants; and approves the annual STI training program, the annual operating and capital budget, and the STI annual report.
The STI Director manages the affairs of the STI in conformity with the approved training program and procedures; submits to the EXCO the draft annual report of the STI; and carries out other tasks needed to fulfill the mission of the STI, subject to the provisions of the MOU and the recommendations of the EXCO.