The Bank for International Settlements (BIS) and the International Monetary Fund (IMF) plan to work together to strengthen the capabilities of financial regulators, the two organizations announced on Friday.

In particular, the two institutions announced a new joint initiative to create an online course on banking supervision that will be made available to financial regulators worldwide later this year.

Better co-ordination between the organizations “would help them track the changing needs of financial sector supervisors as policies moved from the drafting stage to implementation and then evaluation, as well as assist them in making the most of limited resources,” says Agustín Carstens, general manager, BIS, in a statement.

The collaboration reflects efforts by BIS and IMF to promote financial stability and support sustainable, inclusive economic growth, Christine Lagarde, IMF managing director, adds.