Our Values: Accountability Teamwork Responsiveness Integrity...
Transcript of Our Values: Accountability Teamwork Responsiveness Integrity...
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Email: [email protected]
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Our Values:
Accountability
Teamwork
Responsiveness
Integrity
Professionalism
Annual Report
2014
accountability — teamwork — responsiveness — integrity — professionalism
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Annual Report
2014
MEFMI annual report 2014ii Contents
ABBREVIATIONS iiiGOVERNANCE STRUCTURES IN 2014 ivSTATEMENT BY THE CHAIRMAN OF THE MEFMI BOARD OF GOVERNORS viiiOVERVIEW BY THE EXECUTIVE DIRECTOR xEXECUTIVE SUMMARY xii
1. RECENT ECONOMIC DEVELOPMENTS 1 1.1. Global Developments 2 1.2. Sub-Saharan Africa 3 1.3. Economic Developments in MEFMI Region 3 1.4. South Africa Economic Developments and its Implications to the MEFMI Region 9
2. MEFMI ACTIVITIES FOR THE PERIOD JANUARY TO DECEMBER 2014 11 2.1. Regional and In-Country Activities 12 2.2. Participation in Capacity Building Activities 14 2.3. Resource Persons Utilisation by Category and Gender 14 2.4. Fellows Development Programme 14 2.5. Studies and Publications 16
3. KEY RESULTS AND OUTPUTS OF MEFMI’S CAPACITY BUILDING ACTIVITIES 17 3.1. Overview 18 3.2. Macroeconomic Management Programme 18 3.3. Debt Management Programme 20 3.4. Financial Sector Management Programme (FSM) 22 3.5. Multi-Disciplinary Activities 23
4. GOVERNANCE ACTIVITIES 25 4.1. Technical Meeting of the Cooperating Partners Liaison Committee 26 4.2. Finance and Audit Committee 26 4.3. Executive Committee 26 4.4. Board of Governors Meeting 27 4.5. Secretariat Meetings 27 4.6. Networking Activities 28
5. FINANCIAL PERFORMANCE FOR THE YEAR ENDED 31 DECEMBER 2014 29 5.1. Income 30 5.2. Expenditure 32 5.3. Anti-Fraud and Anti-Corruption 32
6. HUMAN RESOURCES AND ADMINISTRATION 33
7. CHALLENGES AND LESSONS LEARNT 35
8. EMERGING ISSUES 37
9. CONCLUSION 39
ANNUAL FINANCIAL STATEMENTS 41
ANNEXURE 62
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AbbreviationsACBF African Capacity Building
Foundation
BOP Balance of Payments
CBP Capacity Building Programme
CPSS Committee on Payment and Settlement Systems
CSDRMS Commonwealth Secretariat Debt Recording and Management System
DeMPA Debt Management Performance Assessment
DMP Debt Management Programme
DMFAS Debt Management and Financial Analysis System
EXCOM Executive Committee
FSI Financial Stability Institute
FSM Financial Sector Management Programme
IDEP African Institute for Economic Development and Planning
IMF The International Monetary Fund
IOSCO Technical Committee of the International Organization of Securities Commissions
MDA Multi-Disciplinary Activities
MEFMI Macroeconomic and Financial Management Institute of Eastern and Southern Africa
PCMS Private Capital Monitoring System
RAMP Reserves Advisory and Management Programme
UNCTAD United Nations Conference on Trade and Development
MEFMI annual report 2014iv
Governance Structures in 2014
Board of GovernorsThe MEFMI Board of Governors is made up of a Central Bank Governor or a Treasury Secretary/ Permanent Secretary of Finance of each of the 13 member states. Where a Governor is a substantive member, then the Treasury Secretary/Permanent Secretary is an alternate, and vice versa. The following were the members of the Board of Governors as at December 2014:
Angola
Mr. Jose de Lima Massano, Governor, Banco Nacional de Angola (Board Vice-Chairman and Chairman of Executive Committee)Mrs Valentina Matias de Sousa Filipe, State Secretary of Finance, Ministry of Finance
Botswana
Mrs Linah Mohohlo, Governor, Bank of BotswanaMr. Solomon M. Sekwakwa, Permanent Secretary, Ministry of Finance and Development Planning
Kenya
Prof. Njuguna Ndung’u, Governor, Central Bank of Kenya Dr. Kamau Thugge, Principal Secretary, the National Treasury
Lesotho
Dr. Adelaide R. Matlanyane, Governor, Central Bank of Lesotho Mr. Khosi Letsie, Acting Principal Secretary, Ministry of FinanceMr. Lerotholi Pheko, Principal Secretary, Ministry of Development Planning
Malawi
Mr. Charles Chuka, Governor, Reserve Bank of MalawiDr. Ronald Mangani Secretary to the Treasury, Ministry of Finance, Economic Planning & DevelopmentMr. Yona Kamphale, Acting Secretary for Economic Planning & Development, Ministry of Finance, Economic Planning & Development
Mozambique
Dr. Ernesto G. Gove, Governor, Banco de MozambiqueMr. Paulo B. Manhique, Permanent Secretary, Ministry of Finance
Namibia
Mr. Ipumbu W. Shiimi, Governor, Bank of NamibiaMs Ericah B. Shafudah, Permanent Secretary, Ministry of Finance
Rwanda
Mr. John Rwangombwa, Governor, National Bank of RwandaMrs Kampeta Sayinzoga Pichette, Secretary General/ Secretary to the Treasury, Ministry of Finance and Economic Development
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Swaziland
Mr. Majozi Sithole, Governor, Central Bank of Swaziland Ms Khabonina B. Mabuza, Principal Secretary, Ministry of Finance
Tanzania
Prof. Benno Ndulu, Governor, Bank of TanzaniaDr. Servacius B. Likwelile, Permanent Secretary, Ministry of Finance
Uganda
Prof. E. Tumusiime-Mutebile, Governor, Bank of Uganda (Board Chairman)Mr. Keith Muhakanizi, Permanent Secretary/Secretary to the Treasury, Ministry of Finance, Economic Planning and Development
Zambia
Dr. Michael Gondwe, Governor, Bank of Zambia (alternate EXCOM Chair) Mr. Fredson Yamba, Secretary to the Treasury, Ministry of Finance and National Planning
Zimbabwe
Dr. John Mangudya, Governor, Reserve Bank of ZimbabweMr. Willard L. Manungo, Secretary for Finance and Economic Development, Ministry of Finance and Economic Development
Members of the Executive CommitteeThe Institute operates under the direction of an Executive Committee (EXCOM) which consists of the Vice- Chairman of the Board of Governors and four other voting members nominated by the Board of Governors from the Board. The MEFMI Executive Director and the Head of the Executing Agency of MEFMI – the Reserve Bank of Zimbabwe - are ex-officio members of the Executive Committee. The Committee is chaired by the Vice-Chairman of the Board of Governors of the Institute and is allowed to elect an Alternate Chairman, who can preside over meetings in the absence of the Chairman. Each member of the Executive Committee serves for two years. During 2014, the following were members of the Executive Committee:
• Mr. Jose de Lima Massano – Governor, Banco Nacional de Angola (EXCOM Chairman)
• Mr. Ipumbu W. Shiimi – Governor, Bank of Namibia
• Dr. Adelaide Matlanyane – Governor, Central Bank of Lesotho
• Prof. Benno Ndulu – Governor, Bank of Tanzania
• Mr. Felix Nkulukusa – Permanent Secretary for Economic Management & Finance, Ministry of Finance, Zambia(Representing Zambia Secretary to the Treasury, Ministry of Finance and National Planning)(EXCOM Alternate Chair)
• Dr. John Mangudya – Governor, Reserve Bank of Zimbabwe (Executing Agency)
• Dr. Ellias E. Ngalande – Executive Director (up to 30 June 2014 ex-officio, Secretary)
• Dr. Caleb Fundanga – Executive Director (from 1 July 2014 – ex-officio, Secretary)
MEFMI annual report 2014vi
MEFMI ManagementThe Executive Director is responsible for conducting the business of the Institute and for ensuring that its policies and programmes are properly developed and implemented. This is done with the assistance of a Management team comprising Programme Directors.
As at end of 2014, the following Directors were in post: • Dr. Caleb M. Fundanga – Executive Director
• Mr. Raphael O. Otieno – Director, Debt Management Programme
• Mr. Patrick Mutimba – Director, Financial Sector Management Programme
• Dr. Sehliselo Mpofu – Director, Macroeconomic Management Programme
• Mrs Rose G. K. M. Phiri – Director, Finance and Administration
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MEFMI annual report 2014viii
Statement by The Chairman of The MEFMI Board of Governors
On behalf of the MEFMI Board of Governors I wish to present the 2014 Annual Report.
The year 2014 was very significant in the history of MEFMI. It was a year of deep reflection, reviewing, evaluating and assessing progress of MEFMI’s Phase IV strategic goals, while at the same time marking the Institute’s 20th Anniversary.
It was also the mid-term period in the implementation of MEFMI’s Phase IV which runs from 2012 through to 2016. Half way into the year, we also bid farewell to Dr. Elias Ngalande, who served as Executive Director of the Institute from 2007 until the end of his tour of duty on 30 June 2014. We are grateful to Dr Ngalande for his service and on behalf of the Board of Governors I wish him the best in his new endeavours.
It was also my great pleasure to welcome the new Executive Director, Dr Caleb Fundanga, who joined the MEFMI team on 1 July 2014. Furthermore, the Institute welcomed two other members to the Management team; Mr Patrick Mutimba and Dr Sehliselo Mpofu - Directors of the Financial Sector Management Programme and Macroeconomic Management Programme respectively. Their experience, expertise and fresh ideas are expected to propel the Institute to even greater heights.
Over the past two decades, MEFMI’s interventions have tremendously improved technical and analytical skills in client institutions in the areas of macroeconomic management, debt management and financial sector management. This has led to promotion of new ideas and best practice in policy formulation and operations in the MEFMI region. I wish to congratulate Management for such great success. The success has attracted interest from non-member states who continue to request for MEFMI’s technical assistance. To this end, the Board of Governors approved Burundi’s application to join MEFMI. This has brought the total number of MEFMI member states to 14. I believe that the success has also established MEFMI as a solid institution
both regionally and internationally.I wish to express special gratitude to our Financial Cooperating Partners; the Royal Norwegian Government, the Swedish Government and the African Capacity Building Foundation for their continued financial support that has enabled MEFMI to reach this far. We also recognise the unrelenting support from all technical partners whose collaborations strengthen MEFMI’s capacity to deliver on its mandate not only financially but technically.
I applaud all MEFMI member states for their continued support. The stable income flows
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in 2014 enabled the Institute to conduct all planned activities in accordance with the annual work plan. Timely remittances of annual contributions always ensure MEFMI’s financial sustainability and smooth delivery of its products and services. I also commend Management at the Institute for continuing to steer the Institute in the right direction.
I also wish to acknowledge and register great appreciation for the continued support and hospitality that the Government of Zimbabwe and the Executing Agency, the Reserve Bank of Zimbabwe (RBZ) provide to MEFMI. Through the RBZ, MEFMI continues to enjoy numerous services including free legal services as well as a recovery site to backup the Institute’s IT data as well as hosting of Governance Meetings.
Finally, as the year 2014 marks the end of my term of office as the Chairman of the MEFMI Board of Governors, I wish to express my sincere gratitude to the Board of Governors for their incredible support, skill and dedication during my term of office. Allow me to take this opportunity to wish the in-coming Chairman of the Board of Governors, the Governor of Banco Nacional de Angola all the best as he steers MEFMI in pursuit of maintaining its status as a centre of excellence in capacity building in the region.
Prof. E. Tumusiime-MutebileGOVERNOR, BANK OF UGANDA CHAIR - MEFMI BOARD OF GOVERNORS
MEFMI annual report 2014x
Overview by the Executive DirectorThe year 2014 was indeed a distinct one for MEFMI in many respects. We not only celebrated our 20th anniversary but we also implemented the strategic imperatives arising from Phase IV Strategic Plan. These imperatives, which are expected to continue consolidating our brand, include strengthening and expanding stakeholder relations for mutual benefit as well as providing tailor made, cost effective and excellent capacity building and development products.
Through building capacity in macroeconomic and financial management for sustained economic growth, MEFMI has firmly stamped its footprint in member states and has become a highly acknowledged and sought after capacity building brand. This stature was achieved mainly because the Institute has been able to transform its capacity building initiatives in line with the evolving needs and dynamic changes that continue to take place in member states.
I am also pleased to report that the Institute continues to receive numerous attestations and acknowledgement from member states for contributing extensively in the improved state of macroeconomic and financial management amongst many of its beneficiaries. Acknowledgement of the quality of the MEFMI brand is also evident from numerous requests the Institute receives for technical assistance by both member and non-member states.
The Impact and Needs Assessment (INA) exercise conducted in 2014 revealed some important milestones that the Institute has achieved but also exposed great capacity gaps that still exist in MEFMI member states. As stated in the INA and this annual report, MEFMI success would not have been possible without the unwavering support given by key stakeholders, particularly member states and cooperating partners. In 2014, member states contribution, including in-kind contributions amounted to US$4,817,949 or 66% of the total budget, while Financial Cooperating partners provided US$1,995,728 or 28% of the budget. We are also grateful to our Technical Cooperating Partners for providing support in a number of our capacity building activities, which allowed the Institute to meet the target of planned activities for 2014.
As indicated in this report, the Institute implemented 114 activities which is more than the 110 activities planned for the year, benefiting 1,614 government and central bank officials through regional and in-country workshops, seminars and missions. The activities were attended by 671 female and 943 male participants, representing a 42% and 58% gender distribution. Of the 114 activities implemented, 46 or 40% were country specific activities, which is 10% higher than the planned target of 42 for 2014. This achievement is due to the high demand for technical assistance by both member and non-member states, and in line with MEFMI’s goal of increasing the proportion of country specific capacity building activities.
The Institute continues to develop customised tools to support member countries in adopting sound practices and policies. In 2014, MEFMI unveiled three (3) studies, namely: Study on Natural Resources Management; Gains from Foreign Direct Investment in Natural Resources in the MEFMI region and Foreign Private
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Capital Enumerators’ Handbook. In addition, the Guidelines for Government Securities Issuance was finalised and published during the year. The editing of the manuscript on “Economic Management in Hyperinflationary Environment: Lessons from Zimbabwe for the period 2000-2010”, commissioned jointly by MEFMI and ACBF, continued during the period under review and is expected to be finalised for publication by Oxford University Press in 2015. Good progress is also recorded in the study on Management of Contingent Liabilities in the MEFMI Region.
The Fellows Development Programme continues to develop and sustain a critical mass of regional experts to strengthen the capacity of client institutions within the region. I am pleased to report that some of the Fellows have attested to the benefits of the Programme as they have been promoted to higher ranks or transferred to other departments to provide technical support in their organisations. In terms of utilisation, I am happy to report that the Institute is on course and strategically positioned to meet the 2016 target utilisation of Fellows to 23% in all its activities.
As part of the Institute’s effort to expand its capacity building outreach and reduce the overall cost of delivery, MEFMI entered into a collaborative arrangement with United Nations Institute for Training and Research (UNITAR) at the end of 2014, to establish an independent online Learning Management System (LMS), as well as strengthening internal capacity to develop and deliver e-learning courses. The need for e-learning has been widely expressed by most client institutions as captured in MEFMI reports over the years.
The Institute has also started making strides in supporting the regional integration agenda. Going forward, the Institute will focus its attention on supporting the initiatives of Regional Economic Communities (RECs), notably COMESA, EAC and SADC; and their member states to strengthen capacity for successful implementation of regional integration protocols. In this regard, MEFMI will develop regionally oriented capacity building interventions to push forward the regional integration agenda, and ensure inclusive regional integration policies and measures are pursued at member country level.
I would like to express my gratitude to MEFMI management and staff for their hard work,
dedication and commitment to the ideals for which MEFMI was established.
I wish to acknowledge the sterling work that was done by my predecessor – Dr. Ellias Ngalande. Dr Ngalande handed over a solid organisation which I am very proud to be part of. It is important to recognise that Dr Ngalande came to MEFMI during a difficult time in 2006, when the host country was experiencing hyperinflation and other adverse economic developments. This made it difficult for the Institute to smoothly conduct much of its business. However, due to his commitment to work, he skilfully navigated the difficulties and kept staff motivated. He was also instrumental in providing policy guidance and advice to the Government of Zimbabwe to mitigate some of the challenges during and after the hyper inflationary period.
As Phase III ended, Dr Ngalande provided critical guidance that led to the development and execution of the Phase IV (2012-2016) Strategic Plan which has a specific focus on in-country activities as well as emphasis on training on the job. This transition has been a big success as evidenced by the Impact and Needs Assessment that was conducted in April 2014 just before his tour of duty came to an end. Furthermore, he left MEFMI with a total of 108 Fellows, 30 female and 78 male.
The Institute greatly appreciates Dr Ngalande’s endeavours to reduce high cost areas. He facilitated the acquisition and further improvement of MEFMI office premises. The acquisition and subsequent relocation in 2010 has saved the Secretariat from rentals previously incurred. It is also with great pride that MEFMI member countries can confidently say they own immovable property. The relationships that MEFMI currently enjoys with the private sector were cemented by Dr Ngalande. He brought on-board EY and Investec, who have sponsored some aspects of the Combined Forum. Investec has also been a strong technical partner in the discharge of some FSM activities. Thus the Institute will always be grateful for these and other achievements not outlined here.
Lastly, I would like to thank the MEFMI Board of Governors for their confidence in me to carry forward the Institute’s mandate.
Caleb M. FundangaExecutive Director
MEFMI annual report 2014xii
Executive SummaryIn 2014, the Institute continued to develop capacity in member countries by providing demand-led capacity building activities and policy advice in line with the seven key strategies enshrined in the MEFMI Phase IV document. Overall, it was a year of growth as MEFMI member states continued to register improved macroeconomic performance. Real GDP growth for the region averaged 5.4% in 2014 compared to 5.7% in the previous year while inflation generally remained within single digit in all MEFMI member countries. The regional current account position generally improved during the period under review as countries continue to recover from the adverse impact of the global economic crisis and the Eurozone crisis. There has also been notable progress on financial development, with several member states registering growth in the use of mobile financial services and products.
While the macroeconomic prospects for 2015 look promising, the continued widening fiscal deficits and rising debt levels in some member states suggest the existence of fiscal vulnerabilities that may hamper potential growth. In this regard, the Institute will continue assisting member states to implement sound economic policies as well as strengthen their economic management capacities.
Throughout 2014, the Institute worked closely with both financial and technical cooperating partners to conduct high quality training courses, seminars, and retreats and provided policy advice in key macroeconomic areas and cross-cutting macroeconomic policy issues. As reported in Section 3 of this report, the Institute met its planned target of 110 activities for the year, with very good progress towards achievement of targeted medium to long term outcomes. This was achieved against a background of increased demand for capacity building services by member states while the Institute’s resource envelope increased relative to 2013.
The Macroeconomic Management Programme 2014 interventions focussed on building and strengthening capacity of member states on the use of the Private Capital Monitoring System (PCMS). Other areas of focus were implementation of the latest harmonized Balance of Payments and International Investment Position framework, the financial programming frameworks, key policy issues in regional integration as well as the dissemination and roll out of the modelling and forecasting manual for building models and simulations. Interventions by the Financial Sector Management Programme focused on strengthening financial sector legal and institutional frameworks as well as improving corporate
governance structures. The Programme also facilitated the adoption of guidelines on payment systems, bank supervision, reserves management and deepening domestic financial markets. With regards to the Debt Management Programme, activities aimed at strengthening implementation of sustainable debt management policies and strategies. Focus was also on adoption of modern legislation and institutional frameworks in line with best practices.
During 2014, MEFMI Secretariat also expanded its outreach to provide support to Governments in non-member states owing to excellent collaboration with its technical cooperating partners. The countries that benefited from MEFMI expertise include Ethiopia which received assistance on formulation of a medium term debt management strategy. Capacity building assistance to Burundi focused on assessment of capacity gaps at the Central Bank of Burundi. The results of these interventions highlight the fact that MEFMI is contributing significantly to building and strengthening capacities of member states with increased relevance and visibility even beyond its usual jurisdiction.
Further to the capacity building training that was conducted in Burundi, the country expressed interest in becoming a member of
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the Institute. An eligibility fact finding mission to Burundi was conducted in Bujumbura. Following a MEFMI Board of Governors resolution on 6 October 2014, Burundi was admitted as the 14th member of MEFMI.
MEFMI also conducted the Impact and Needs Assessment for Phase IV in April 2014. The assessment focused on establishing the extent to which MEFMI had attained the stipulated results under the current Phase of implementation. Findings from this exercise reveal that there is strengthened human and institutional capacity, evidenced by formulation and implementation of sound policies, use of computer based systems, adoption of sound legal and institutional frameworks and evidence based technical briefs.
The assessment revealed that capacity needs for institutions varied across the MEFMI member countries and client institutions, depending on their level of development. The countries highlighted the following areas of need for MEFMI to address in its future interventions:
a. Escalate in-country training in the following areas; i. Financial Programming and Policies
Framework (FPP)ii. Modelling and Forecasting tools
(M&F) iii. Balance of Payments (BOP) and
International investment position manuals; and
iv. Reserves Management.
b. Enhance capacity building in new and emerging areas that include; debt analysis and reporting, Public Private Partnerships (PPP) financing arrangements and contingent liabilities, cost and risk analysis, Basel III, CPSS-IOSCO Principles, Risk Based Supervision, implementation of monetary policy based on two pillars, custodianship and multiple currency investments, consumer protection and public sensitization, Islamic banking.
c. Offer technical assistance in fostering coordination and systems interfacing between the debt management
functions at Central Banks and the Ministries of Finance and Planning, in view of the fragmented nature of debt capturing and management systems across the Institutions.
d. Train the supervisors of non-bank institutions such as pension funds, insurance and equities markets that are not part of the Central Banks.
e. Assist countries to diversify their reserves into alternative investments given the current trend of asset yields declining due to factors such as Euro Zone Sovereign Debt and Global Financial Crises.
f. Support countries with weak legislation in the financial sector by facilitating experts to help them develop the appropriate legislation.
g. Assist in building and lengthening the bond yield curve beyond ten (10) years for most of the countries that have short dated papers.
h. Conduct Human Resources Seminars addressing the following topics; i. Performance and evaluationii. Project managementiii. Performance managementiv. Women resource competencev. Succession planningvi. Human resource competence model
and assessment tools.
In keeping with emerging global economic issues and in order for MEFMI to increase its relevance and visibility, the Institute introduced quarterly MEFMI Policy Seminar Series. The first was held in September 2014 and the presentation was on Debt Sustainability in Post HIPCs. The Policy Seminar Series was attended and appreciated by policy makers, media and technical staff of partner organisations in Harare. Three (3) new initiatives were also considered for introduction during the period under review; Capacity Building for the Private Sector; Natural Resources Management Capacity Building Programme and E-learning Capacity Building Programme.
MEFMI annual report 2014xiv
As part of its mandate to develop a critical mass of expertise in the various fields of economic management, the Institute engaged mentors for Candidate Fellows for its 8th cohort. A total of 19 officials who were recruited in 2013 underwent specialised training in macroeconomic, debt
and financial sector management either organised by MEFMI or elsewhere.
The above mentioned 2014 milestones are discussed in greater detail in Chapters 2 to 4 of this report.
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1Recent Economic
Developments in the MEFMI region and
beyond
MEFMI annual report 20142
1. Recent Economic Developments
1.1. Global DevelopmentsGlobal economic growth accelerated marginally in 2014, largely due to improved growth momentum in some of the advanced economies. Economic activity in the United States of America (USA) and the United Kingdom (UK) improved. Growth in USA exceeded expectations as monetary policy remained largely accommodative. In other economies, growth was lower-than-expected.
Growth recovery has been sluggish in the Euro-Area and Japan, largely due to negative effects of the financial crisis and structural bottlenecks in their respective economies. Economic activity was negatively affected by the intense geo-political tensions between the Russian Federation and Ukraine, political instability in the Middle East and North Africa, and low international oil prices in the first and the second quarters of 2014.
Growth in China slowed
down but continued trending upwards in India. Signals from China continue to be mixed, amid a sharp slowdown in industrial production in the last two quarters of 2014. Latin American economies also face a challenging outlook, particularly in Argentina, Brazil and Venezuela, which are currently experiencing technical recession.
Against a mixed economic outlook, global growth remained at 3.3% in 2014, as in 2013. Growth in the global economy is expected to improve to 3.5% and 3.7% in 2015 and 2016, respectively as indicated in Chart 1 below. In terms of prospects, positive growth is expected in the USA. Projections are a modest 3.5% in 2015, compared to 3.3% in 2014. The strength of the US in technological progress is expected to anchor this prospect.
In the Euro-Area, growth has been set back by persisting downside risks. However, despite the latter, the Euro-Area is projected to grow at 1.4% in 2015, compared
to 0.8% achieved in 2014. The substantial Quantitative Easing program implemented by the European Central Bank could have a positive effect on sentiment, but whether that will produce significant effects to boost growth is uncertain. A predicted recovery in domestic consumption could be a source of growth as labour markets improve. However, possible deflation could still have a negative effect on growth.
For the Asia-Pacific region, growth prospects are a bit challenging in China after a sustained slowdown over the last two years, but are predicted to be largely positive elsewhere in Asia and the Pacific. Despite the diminishing growth rates, the Asia-Pacific region remains in the lead for global growth and Southeast Asia will continue strengthening to become a global production hub.
Economic conditions in Latin America are unlikely to improve significantly in 2015, with regional growth forecast at 1.6%. Declining international commodity prices and energy exports constitute a significant downside risk for the region.
In Africa, growth prospects are considered positive, but uncertain. In 2015, GDP growth in Africa is projected at 4.4%. Nigeria is expected to be the strongest performer, with growth projected at 6.7% in 2015. However, Nigeria is heavily dependent on natural resources (particularly oil), which are vulnerable to global demand and
Chart 1: Global Economic Growth (%)
Source: World Economic Outlook, December 2014
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supply conditions. A positive growth outlook for Africa is also strongly dependent on improved institutional performance and better governance.
1.2. Sub-Saharan AfricaIn Sub-Saharan Africa (SSA), growth prospects were negatively affected by downside risks arising from the Ebola epidemic, violent insurgencies, lower international commodity prices and volatile global financial conditions. Growth in SSA declined from 5.2% in 2013 to 4.8% in 2014, but is projected to increase to 5.8% and 5.2% by 2015 and 2016, respectively. Growth is expected to be steered by infrastructure development, investment in extractive industries, increased agriculture production and buoyant services. The region is projected to register stronger growth, largely driven by growth in advanced countries. However, on the downside, commodity producers and exporters may be adversely affected by lower international commodity prices if the decline in international prices persists, and projected weak economic performance in Brazil, China and India. SSA has also become more sensitive to external, real and financial shocks, given its increasing global linkages with Eurobond markets. Thus, a sudden reversal in risk premiums and volatility compression in global financial markets could affect SSA countries that rely heavily on external market funding.
1.3. Economic Developments in MEFMI Region
1.3.1. Real GDP
The MEFMI region grew by 5.3% in 2013, is estimated to grow by 5.1% in 2014, and thereafter, projected to grow by 5.1% and 5.6% in 2015 and 2019, respectively. Average real per capita GDP growth is estimated at 3.2% in 2015, from 2.9% in 2013 and 2014, respectively. Economic growth in the region has been associated with low and stable inflation, with most countries reporting single-digit inflation, which is encouraging.
As indicated in Chart 2, sustained economic performance in the region was driven by higher growth rates reported in Angola (8.8%), Mozambique (8.5%), Rwanda (7.4%), Tanzania (7.0%), Uganda (7.0%) and Zambia (6.5). However, growth in Zimbabwe has been declining since 2012, from above 10% in 2011.
Key factors driving economic growth in the region include extraction of natural resources
and the associated increased foreign direct investment (FDI) inflows into the extractive industries, huge infrastructure projects, prudent fiscal policies that have provided scope for monetary policy to reduce interest rates and stability in the macroeconomic environment, among other factors.
Barriers to economic growth in the region include, among others, high import costs of production inputs, power shortages, infrastructure deficits and unfavourable “Ease of Doing Business” conditions. The volatile global financial environment, lack of irrigation facilities, effects of HIV/AIDS and low value addition on primary commodity exports are also among major setbacks to economic growth in the region. High poverty levels, slow reduction in poverty in some of the countries, unemployment and income inequality are some of the challenges still facing the region. Economic growth in most MEFMI countries is considerably not inclusive. These outcomes suggest a need for deliberate policies to fight poverty, inequality
Chart 2: Growth Rates in the MEFMI Region and the World (2012-2014)
Source: IMF and Member Countries Data Base (Accessed through focal person)
MEFMI annual report 20144
and lack of growth inclusivity in the region.
In the outlook, there are good prospects for improved financial inclusion and efficiency in payment systems in East Africa as well as in some of the Southern African countries such as Malawi, Mozambique and Zimbabwe. This will be mainly through exploitation of new technologies such as mobile banking. Furthermore, high global liquidity and increases in capital flows to developing nations have allowed some countries such as Zambia and Rwanda, and more recently, Kenya, to issue international sovereign bonds for the first time. Favourable external financial conditions, as well as reduced financial transaction costs are expected to further bolster regional economic growth.
In terms of future prospects, economic growth in the MEFMI region is expected to be enhanced in the medium-term. Factors underpinning the positive economic growth prospects include improved macroeconomic fundamentals, increased investment in natural resources, enhanced financial inclusion, exploitation of new technologies, improvements in access to external financing that include issuance of Euro bonds in some countries, inflows of international remittances, low and stable inflation, expected increase in FDI, expansion in infrastructure expenditure, on-going regional integration initiatives, expected cheaper energy from gas discoveries, increase in demand associated with the increasing size of the middle class in some of the
countries, among other factors.
However, despite the positive prospects, there are some risks that could stall economic growth in the region. These include delays in mineral exploitation after discoveries have been made, fluctuations in international commodity prices, volatile global financial markets, reduction in aid flows, slow pace in economic diversification, risks if economic growth in China and the United States is less than expected, spread of the Ebola disease, shocks to food and oil prices, and effects of climate change on agricultural production, among other factors. Furthermore, security conditions in South Sudan, Somalia and Democratic Republic of Congo are exerting a heavy toll on some neighbouring countries, hence impacting negatively on economic growth.
1.3.2. Price Developments
The MEFMI region experienced a slight decline in inflationary pressures, though inflation continued trending above that of SSA. Inflationary pressures have
eased in many countries as energy prices have stopped rising and food prices have declined. Annual inflation in the MEFMI region decreased to an average of 6.7% in 2014, compared to 7.0% in 2013. Going forward, moderate food and oil prices, coupled with prudent monetary and fiscal policies, should enable a further decline in inflation in most countries in the MEFMI region as indicated in Chart 3 below.
Chart 4 on next page indicates that with the exception of Malawi, which continued to record relatively high inflation since 2012, other MEFMI member countries registered single digit inflation over the period under review. These developments happened in spite of the weather-related crop damage in some parts of the MEFMI region. The most affected countries are those in the Southern part of Africa. Favourable inflation outcomes are expected to provide conducive macroeconomic environment for economic growth and poverty reduction.
(i) Food and other Commodity Prices
Declining international oil and food prices, along with a
Chart 3: Inflation Rates
Source: World Economic Outlook, December 2014
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number of other commodity prices (Chart 5), are expected to reinforce the current benign global inflation environment.
(ii) Oil Prices
From the beginning of the second half of 2014, global oil
prices declined significantly. World oil prices that had been fairly stable at around US$110 per barrel had more than halved to US$47 per barrel as at end of 2014 (Chart 6). The sharp fall in oil prices is expected to spur global growth, but may not be adequate to offset other negative factors. Increased oil supplies may boost global growth, although with important distributional differences between oil importers and exporters. Global economic impact of the oil price decline depends largely on how large and persistent the oil supply shifts are expected to be. In addition, lower oil prices tend to conceal uneven effects across countries. While oil importers are likely to benefit from higher real income of consumers and lower cost in the production of final goods, for many of them, the boost from lower oil prices will somewhat be offset by the recent depreciation of the local currencies against the US dollar, which implies a smaller oil price decline in domestic currency. Historically, in most
Chart 4: Inflation Rate (%) in the MEFMI Region
Source: IMF and Member Countries’ Data Bases
Chart 5: Global Commodity Price Indices (2005 = 100)
Source: IMF Commodity Price System, 2014
Chart 6: International Crude Oil Prices
Source: IMF Commodity Price System, 2014
MEFMI annual report 20146
MEFMI countries in the region, domestic prices of fuel have not changed significantly, following declining international oil prices. Domestic prices have tended to be sticky downwards, but slippery upwards.
For oil exporters, real income and profit will generally decrease. However, the impact may be felt differently, given the income management frameworks in use in the different countries. MEFMI countries such as Angola, which are oil producers and exporters, and natural gas exporters such as Mozambique, will bear the biggest brunt. In countries with buffers, spending adjustment could be gradual, which could limit the negative impact on income and activity. However, recent developments in Russia illustrate the potential for greater impact on oil exporters where macroeconomic policies cannot afford to mitigate the negative growth impact.
1.3.3. External Economic Developments
(i) Balance of Payments
Chart 7 below indicates that the average current account
balance (% of GDP) for MEFMI countries remained unfavourable since 2012 at
9.2% of GDP and is projected to worsen in 2015 to 10.4% of GDP. Increased imports
Chart 7: Current Account (% of GDP): MEFMI and South Africa (2012-2015)
Sources: MEFMI Member Countries and IMF Database
Date 2008 2009 2010 2011 2012 2013 2014
US Dollar /Euro 1.4 1.4 1.3 1.3 1.3 1.4 1.2
US Dollar/British Pound 1.5 1.6 1.6 1.6 1.6 1.7 1.6
Japanese Yen /US Dollar 90.8 93.1 81.1 77.1 86.6 105.3 119.8
Chinese Yuan /US Dollar 6.8 6.8 6.6 6.3 6.2 6.1 6.2
Rand /US Dollar 9.3 7.4 6.6 8.1 8.5 10.5 11.6
Angolan Kwanza/US Dollar 75.2 89.4 92.4 94.9 95.8 97.6 102.9
Botswana Pula/US Dollar 7.6 6.7 6.5 7.5 7.8 8.7 9.5
Burundi Franc/US$ Dollar 1,236.0 1,215.0 1,207.0 1,282.0 1,533.7 1,540.0 1,555.3
Kenyan Shillings/US Dollar 78.1 75.9 80.7 85.0 86.1 86.5 90.5
Basotho Loti/US Dollar 9.3 7.4 6.6 8.1 8.5 10.5 11.6
Malawian Kwacha/US Dollar 138.5 144.5 150.0 162.1 334.6 429.5 465.8
Mozambican Meticais/US Dollar 25.2 30.6 32.2 26.5 29.9 29.9 34.0
Namibian $/US Dollar 9.3 7.4 6.6 8.1 8.5 10.5 11.6
Rwandan Franc/US Dollar 557.0 567.0 585.0 595.0 630.8 676.0 689.0
Swazi Emalangeni/US Dollar 9.3 7.4 6.6 8.1 8.5 10.5 11.6
Tanzanian Shillings/US Dollar 1,317.5 1,339.5 1,480.0 1,575.0 1,582.1 1,585.5 1,734.2
Ugandan Shillings/US Dollar 1,942.5 1,900.0 2,342.0 2,475.0 2,695.0 2,524.9 2,764.9
Zambia Kwacha/US Dollar 4,832.3 4,653.3 4,796.1 5,117.0 5,146.6 5.5 6.4
Zimbabwe $/US Dollar -- -- -- -- -- -- --
Table 1: International US Dollar Cross (Mid-Market) Rates (2008-2014)
Source: Web Sites of Central Banks in the MEFMI Region - Historical Series of Exchange Rates
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due to rising Foreign Direct Investment (FDI) for projects in the extractive sectors, coupled with infrastructure development, explains much of the trajectory in the current account deficit balance. On the other hand, the decrease in primary commodity prices has also worsened the regional external performance. Nevertheless, the current account balances for the region are still vulnerable to risks associated with the decline in exports, remittances and Overseas Development Assistance (ODA).
To address worsening external performance, MEFMI countries need to reduce the “Cost of Doing Business” by cutting supply side bottlenecks and strengthening industrialisation. This will go a long way in assisting the region to gain a stronger foothold in global value. South Africa, one of the major trading partners to MEFMI countries, with a high level of industrialisation, has
performed relatively well in this regard (Chart 7). Looking ahead, there is need for policy priorities to include budget restraint in some countries in the region and a shift in spending towards productive industries.
(ii) Exchange Rates Developments
The year under review saw the US dollar trading stronger than in the previous year. The US currency strengthened particularly against the Euro, after the implementation of the QE framework by the European Central Bank which further drew negative public expectations about the Euro. The table below shows the US dollar cross rates against a basket of major international and regional currencies.
In the Table 1 to the left, the Euro and the British Pound Sterling show the quantities of US$(Indirect method) while others show the quantity of
the particular currency to the US$(Direct Method).
Chart 8 below was constructed on the basis of the international US$ cross rates index computed from Table 7 above depicts the US$ market dynamics over the last seven years (2009-2014).
As at end 2014, the US dollar finished broadly stronger against a basket of major international and regional currencies. It strengthened by 14.3% against the Euro, by 6.7% against the British Pound, by 16.0% against the Japanese Yen, and by a marginal gain of 1.5% against the Chinese Yuan. Compared to regional currencies, the US dollar strengthened against all regional currencies. It strengthened by 26.2% against the Malawi Kwacha, by 16.3% against the Mozambican Meticais, by 16.0% against the Zambian Kwacha, by 12.4% against the Ugandan Shillings, by
Chart 8: International US Dollar Cross Rates Index 2009 - 2014
MEFMI annual report 20148
11.8% against the South Africa Rand and all other currencies pegged to the Rand (Lesotho, Swaziland and Namibia dollar), by 11.3% against the Tanzanian Shillings, by 10.5% against the Botswana Pula, by 7.0% against the Angolan Kwanza, by 5.1% against the Kenyan Shilling, by 2.3% against the Rwanda Franc, and by 1.2% against the Burundian Franc.
1.3.4. Public Debt Developments
Public debt of MEFMI member states has increased significantly in recent years, both in nominal terms and as a proportion of GDP. The increase has been more pronounced in the countries that received debt relief under the Heavily Indebted Poor Countries (HIPC) and Multilateral
Debt Relief Initiative (MDRI). These countries include Tanzania, Zambia, Malawi, Mozambique, Uganda and Rwanda. For instance, Tanzania’s external debt was estimated at US$12.4 billion (or 31.2% of GDP) as at end 2013/14 financial year compared to 19% of GDP in 2006/07FY. Zambia’s public debt was US$8.0 billion (or 30.6% of GDP) as at end 2014, of which external debt was US$4.5 billion (or 17.1% of GDP) while the remainder was domestic debt. External debt in Zambia has increased partly due to the international sovereign bond issuances amounting to US$750 million and US$1.0 billion in 2012 and 2014, respectively. The Government of Rwanda also issued a sovereign bond in 2013, thus increasing its external debt stock to 23% of GDP in 2013 compared
to 14% of GDP in 2006 when it benefited from debt relief under HIPC and MDRI. The other post HIPCs such as Malawi, Mozambique and Uganda have also recorded increased external debt levels.
Domestic debt has also been increasing largely due to declining concessional foreign financing as well as the need to fund infrastructure projects. These trends and levels are raising concerns about debt sustainability going forward. The main consolation is that most MEFMI member states have recorded impressive economic growth in recent years such that the debt ratios remain within sustainability thresholds. However, there is need for member states to be vigilant in order to keep the cost and risks of debt at manageable levels.
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1.3.5. Financial Sector Developments
Countries in the MEFMI region continue to address factors of depth and width which drive the effective and efficient functioning of financial markets. This is done through improvements to the regulatory framework and enforcing laws affecting the financial markets. Also addressed is the intermediation role of the banking sector; establishing sound fiscal and monetary policies; and developing innovative products to name but a few. These improvements have the desired effect of fostering confidence in investors. It is also intended to open sectors for competition and spurring innovation, attracting long-term financing and reaching a larger population. In Phase IV MEFMI has continued to work hand in hand with member countries towards further development of the regional domestic financial markets.
On the international financial markets, the lasting challenges associated with the financial crisis have been the low yield, risk-averse environment which has affected the management of official foreign exchange reserves of MEFMI member countries. Countries must now employ portfolio management strategies towards non-traditional investment instruments and currencies in the search for yield. Sub-Saharan African as a whole has experienced substantial growth in the accumulation of reserves with mineral-rich countries experiencing the bulk of the increase. It must be stated though, that other countries have also built-up their share
of reserves. Balanced fiscal and monetary policies as well as economic stability are some of the factors that have increased investor confidence. This has in-turn attracted foreign direct investment (FDI) and contributed to the foreign exchange reserve growth.
Since the global financial crisis, a lot of changes have been made in financial sector regulations. The changes include the enhancements to the Basel Committee’s Core Principles for Effective Banking Supervision, the Basel III Package as well as the emphasis on macro-prudential supervision and stress testing. In view of the significant changes to the regulatory framework, changes continue to dominate capacity building activities that are being conducted during MEFMI Phase IV. At the same time, projects on supervisory practices that were on-going such as risk-based supervision and consolidated supervision continued as planned. At the end of the Phase, MEFMI will work with countries to conduct assessments of compliance to the revised core principles and carry out implementation missions thereof.
Financial sector reforms in the region are increasingly focused on initiatives targeted at unlocking the economic and social potential of the ‘unbanked’. While recognising the importance of financial inclusion is increasing, financial inclusion strategy formulation and implementation has not been fully achieved. Most countries in the region do not have clear or comprehensive strategies for promoting their financial inclusion agenda. In the absence of a coordinated
approach, financial inclusion in the region will continue to evolve as the uncertain result of separate efforts by different stakeholders trying to enhance their product offering and extending their networks without reference to the overall national interest. Some countries have attempted to develop strategies, but these are not comprehensive enough. Most strategies are not all-encompassing and fail to include key aspects like financial literacy and awareness. Others have embedded their financial inclusion strategies within a broader financial sector development strategy. This, if not properly monitored, may impede the advancement of financial inclusion as salient issues may not be adequately addressed within such a broad spectrum. In that respect, the Financial Sector Management Programme aims to work with countries in developing a generic model framework for reviewing existing or formulating new financial inclusion strategies. This is aimed at enabling countries to design and implement their financial inclusion strategies or strengthen their existing policies following a more guided approach and to strengthen their capacity to draw up action plans that will provide direction to achieving set objectives and goals.
1.4. South Africa Economic Developments and its Implications to the MEFMI RegionSouth Africa, the MEFMI region’s largest neighbouring economy and major trading partner (accounting for over
MEFMI annual report 201410
60% of total GDP and 40% of total trade in the region) registered a slowdown in real GDP growth to 1.9% in 2014 from 2.5% in 2012. The growth remained well below the average in the MEFMI region. Relatively slow growth in South Africa reflects lower potential growth than other countries in the region. This is mainly due to the relative maturity of South Africa’s industrial, extractive, and services sectors, in addition to binding structural bottlenecks
as well as cyclical factors. The current slowdown in particular is a result of tense industrial relations in the mining industry, limited electricity supplies, anaemic private investment, weak consumer and investor confidence.
Spill overs from the slow growth in South Africa into the MEFMI region are expected to affect most MEFMI countries in the Southern African Customs Union (SACU) block (Botswana, Lesotho,
Namibia and Swaziland), where financial and trade linkages are concentrated. On the other hand, adverse domestic conditions in South Africa could be a fortune to some MEFMI countries as some South African companies step up their investment abroad in the neighbouring economies. MEFMI member states with significant trade linkages and inflows of FDI from South Africa include Mozambique, Zambia and Zimbabwe.
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2MEFMI Activities
for 2014
MEFMI annual report 201412
2. MEFMI Activities for 2014
2.1. Regional and In-Country Activities1
The Institute re-introduced activities that had been suspended at the beginning of Phase IV after signing a two year grant with the African Capacity Building Foundation (ACBF).
In Table 2 below are some key highlights on capacity building activities that were conducted by the Institute in 2014.
a) Regional Capacity Building Activities Conducted in 2014
The Secretariat conducted 30 regional workshops during 2014. The workshops addressed some capacity
gaps that are common across member countries. The subject areas covered include economic issues in regional integration, macroeconomic modelling and forecasting, compilation and dissemination of external sector statistics, introduction to macroeconomic management, regional integration, financial programming and policy, revenue policy and administration, remittances statistics, managing public debt using CSDRMS Version 2, advanced features of DMFAS Version 6.0, management of contingent liabilities, fundamentals of fixed income risk management, debt sustainability analysis, intermediate bank supervision, foundations of public debt management,
public debt auditing, international sovereign bond issuance, enterprise-wide risk management, as well as human resources management.
In addition, the regional workshops covered areas on financial inclusion, monitoring foreign private capital, credit risk management, and consolidated bank supervision and cross border investments, indirect tools of monetary policy implementation, reserves management, domestic debt management and financial market operations and management. The Institute also conducted Fellows’ consulting and facilitation skills workshop which targeted the candidate fellows and some MEFMI staff.
ACTIVITY 2012 2013
2 0 1 4 Planned
2014 Out-turn
V a r i a n c e 2014 (%)
In-Country capacity building activities 37 50 42 46 10%
(a) In-country Workshops 14 30 21 19 -10%
(b) Country Missions 23 20 21 27 29%
Total Regional Capacity Building Activities 29 21 24 30 25%
Fellows Development Programme Activities 2 4 4 1 -75%
Specialised Studies 3 1 1 3 200%
Sub-total of Capacity Building Activities 71 76 71 80 13%
Governance Meetings 6 7 7 5 -29%
Networking & Staff Development 27 27 32 29 -9%
Sub-total 33 34 39 30 -23%
Grand Total (All Activities) 104 110 110 114 4%
Table 2: Capacity Building Activities from 2012 – 2014
(*): This excludes Management Meetings.Source: MEFMI Data Base 2014
1 See Annexes IV - VI for detailed information on activities conducted in the period January – December 2014
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Annex III provides details of the regional activities conducted during the period under review, including the venues, duration, objectives, outcomes, technical cooperating partners involved, resource persons used, gender and professional levels of participants.
b) In-country Capacity Building Activities
Notwithstanding some challenges associated with scheduling in-country activities due to the need for greater flexibility and more preparatory lead time in some cases, in-country interventions have continued to grow in significance over time. A total of 46 in-country capacity building activities were conducted for most MEFMI member states, covering various areas of need. These included:-
• Public Expenditure Analysis and Management, Excel Based Macroeconomic Model Building and Simulations, as well as Modeling and
Forecasting Using E-views Software for Zimbabwe;
• Macroeconomic Modelling and Forecasting and Macro-prudential Supervision Implementation for Swaziland;
• Debt Sustainability Analysis for Zambia, Lesotho and Malawi;
• Debt Management Performance Assessment (DeMPA) for Kenya as well as Rebasing and Revisions of Kenya’s National Accounts data;
• National Accounts for Office of the Chief Government Statistician, Tanzania;
• In-Country Mission on data Collection for the Study on Natural Resources to Botswana and Assessment and Evaluation of Financial Programming Framework in Botswana;
• Follow Up Mission on the Validation of the Methodological Framework for the Collection, Compilation and Analysis of International Remittances Statistics in Rwanda as
well as National Accounts for National Institute of Statistics Rwanda (NIRS);
• RBS review mission for Zambia;
• Financial Markets Development and Monetary Policy Implementation for Angola;
• Debt Data Validation for Zimbabwe and Mozambique and CS-DRMS Version 2.0 installation and training for Mozambique
• Capacity Building Needs Assessment for the Bank of the Republic of Burundi;
• Medium term debt management strategy (MTDS) for Zambia, Mozambique and Ethiopia;
• Domestic debt management, and legal and institutional framework review for Malawi;
• Money and Capital Markets Mission, Uganda
• In-country mission on stress testing requirements of Bank Supervision for the National Bank of Angola
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The above mentioned in-country capacity building activities and others detailed in Annex III included customized country workshops and missions conducted in response to specific country requests. They are designed to assess, advise, assist and foster reform and implementation of sound practice in client institutions and thus, address institution-specific needs. The negative variance in Table 2 above is as a result of few in-country workshops and more in-country missions requested by member states.
2.2. Participation in Capacity Building ActivitiesThe total enrolment in all regional and in-country capacity building activities undertaken during the period under review was 1,614 participants. The activities were attended by 671 female and 943 male participants, representing a 42% and 58% gender distribution, respectively, as depicted in Chart 9. This composition largely reflects
the staffing patterns in client institutions, especially for the professional officials that the Institute targets. Nevertheless, female participation during the period under review is an improvement compared to the corresponding period in 2013 when female participants were 37% of the total enrolment.
2.3. Resource Persons Utilisation by Category and GenderThe Institute utilises services of international and regional experts as well as MEFMI staff and Fellows to deliver its services and products. During
2014, the Institute utilised the services of resource persons in 282 sessions. Of these, 33% were international experts, 25% were regional resource persons, MEFMI staff were resource persons in 28%, while 14% were MEFMI Fellows as indicated in Chart 10 above.
Out of the 33% international resource persons, 92% were on gratis. This represents a large portion of international experts engaged on gratis basis as a result of MEFMI’s strong collaboration with its technical cooperating partners.
Based on gender classification, 64 (or 23%) of the resource persons utilised during the period under review were female while male resource persons were 218 (or 77%) as indicated in Chart 11. Given this gender imbalance, MEFMI will endeavour to narrow the gender gap in its sourcing process between the resources persons utilised specifically for regional activities.
2.4. Fellows Development ProgrammeThe Fellows Development Programme (FDP) aims at
Chart 9: Enrolment by Gender in 2014
Source: MEFMI Data Base 2014
Chart 10: Resource Persons’ Utilisation - 2014
Source: MEFMI Data Base 2014
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building a sustainable pool of experts in the region to complement MEFMI’s capacity building efforts in its client institutions.
The strategic direction for improving the Programme during Phase IV is geared towards sustaining competitive recruitment of Fellows. During the period
under review, MEFMI Fellows participated in 53 capacity building activities as part of their Customised Training Plans (CTPs).
As at December 2014, MEFMI had enrolled a total of 136 Fellows. Of these, only 30 (or 28%) were female. 24 (or 18%) were Candidate Fellows, 71 (or 52%) were Graduate
Fellows while 41 (or 30%) were Accredited Fellows.
The resource persons utilisation indicates that 14% or 40 of the resource persons used were Fellows. Of this number, 20 were Graduate Fellows and 20 were Accredited Fellows. The utilization of Fellows was low during the period January to March 2014. However, utilization increased progressively from 9% in the first quarter to 15% as at end 2014. The low rate of utilization at the beginning of the year was a result of the activities conducted during that period that entailed new and upcoming areas where capacity of Fellows was still low compared to that of international and regional experts.
With regards to skills development, three (3) Candidate Fellows went for attachments at the University of Michigan and the South African Reserve Bank. Furthermore, the work programmes for the current crop of Candidate and Graduate Fellows were developed and shared with
Chart 11: Resource Persons’ Utilisation by Gender - 2014
Source: MEFMI Data Base 2014
Table 3: Fellows Capacity Building and Utilization - 2014
Source: MEFMI Data Base and Reports, December 2014
Pro-gramme
Attendance of Capacity Building Activities
Fellows Utilisation as Resource Persons General Utilisation
Work-shops
Attachment
Resource Persons at Workshops Consultants at MissionsType of Resource Person
Type of Fellow Type of Fellow
Candi-date
Gradu-ate
Accred-ited
Candi-date
Gradu-ate
Accred-ited
Interna-tional
Re-gional
Fel-lows
MEFMI Staff Total
Macro 14 1 0 9 4 0 2 0 15 32 15 30 92
Debt 12 1 0 5 2 0 1 0 41 14 8 30 93
FSM 27 0 0 1 7 0 2 7 35 20 17 20 92
MDA 0 0 0 0 0 0 0 0 0 5 0 0 5
Total 53 2 0 15 13 0 5 7 91 71 40 80 282
Percent-age 32% 25% 14% 28% 100%
MEFMI annual report 201416
the respective Fellows to guide them during their training and apprenticeship.
15 Candidate Fellows were trained on how to facilitate training as well as how to manage consultancy assignments. This took place during a workshop organised in Dar es Salaam, Tanzania. The workshop is part of the compulsory training that Candidate Fellows undergo in preparation for graduation.
2.5. Studies and PublicationsAs part of institutional capacity building, MEFMI has developed guidelines and conducted studies to support policy development and implementation in the region. Below are some of the initiatives that were conducted during 2014;
• The editing of the manuscript on “Economic Management in Hyperinflationary Environment: lessons from Zimbabwe for the period 1980-2008”, commissioned jointly by MEFMI and ACBF, continued during the period under review. The purpose of the study is to document and provide lessons to the region on the economic conditions that prevailed in Zimbabwe during 1980 to 2008. The Oxford University Press was selected as the publisher of the book and a tripartite Editor’s Agreement was signed by all parties in mid-December 2014.
• The study on Guidelines for Government Securities Issuance was finalised
and published. Good progress is also recorded in the study on Management of Contingent Liabilities in the MEFMI Region.
• A study on Natural Resources Management in the MEFMI region is at report writing stage. It will be published during the first quarter of 2015, together with the Foreign Private Capital Enumerators’ Handbook, which has already been completed.
• The MEFMI Quarterly Macroeconomic Bulletin which includes estimates for 2014 and Quarter 1 2015 and annual forecasts for 2015 was updated in November and December 2014 and will be accessed from the MEFMI Website in First Quarter 2015.
Table 4: Fellows Status by Programme and Gender: As at December 2014
Note: Figures in brackets denote number of female Fellows Source: MEFMI Database
COUNTRY MACROECONOMIC MANAGEMENT FINANCIAL SECTOR MANAGEMENT DEBT MANAGEMENT % of Females
Total
Country/Status Candi-date
Gradu-ate
Accred-ited
Candi-date
Gradu-ate
Accred-ited
Candi-date
Gradu-ate
Accred-ited
Angola 0 0 0 0 0 0 0 1(0) 0 0% 1(0)Botswana 0 0 0 0 1(0) 0 0 0 0 0% 1(0)Kenya 1(0) 2(2) 1(0) 1(0) 4(3) 2(0) 1(0) 3(1) 0 40% 15(6)Lesotho 0 1(1) 0 0 1(1) 2(1) 0 1(1) 1(0) 67% 6(4)Malawi 2(0) 0 2(1) 1(0) 2(1) 2(0) 2(1) 3(1) 1(0) 27% 15(4)Mozambique 0 0 0 1(0) 1(0) 0 0 0 0 0% 2(0)Namibia 0 1(0) 0 0 1(0) 1(0) 0 2(1) 0 20% 5(1)Rwanda 0 0 0 1(1) 1(0) 0 0 1(0) 0 33% 3(1)Swaziland 0 0 1(0) 0 0 0 0 3(0) 0 0% 4(0)Tanzania 1(0) 1(0) 1(0) 1(1) 1(1) 3(0) 1(0) 3(1) 1(0) 23% 13(3)Uganda 0 2(0) 0 1(1) 3(2) 2(0) 1(0) 2(0) 3(0) 21% 14(3)Zambia 0 3(1) 0 2(1) 1(0) 3(0) 0 1(1) 2(0) 25% 12(3)Zimbabwe 1(1) 1(0) 2(0) 0) 2(1) 5(2) 0 3(0) 1(1) 31% 16(5)% of Females 20% 36% 14% 50% 50% 15% 20% 26% 11% 28%
106(30)Total 5(1) 11(4) 7(1) 8(4) 18(9) 20(3) 5(1) 23(6) 9(1)
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3Key Results and
Outputs Of MEFMI’s Capacity Building
Activities
MEFMI annual report 201418
3. Key Results and Outputs of MEFMI’s Capacity Building Activities
3.1. OverviewMEFMI is currently implementing its Phase IV Strategic Plan that covers the period 2012-2016. The year 2014, therefore, marks the mid-term of implementing Phase IV.
The overall objective of the Institute is to build individual and institutional capacity in macroeconomic management thereby improving performance in terms of economic growth and poverty reduction in the MEFMI member countries.
The Institute is focusing on four specific objectives to achieve the above goal:
(i) To build human and institutional capacity in macroeconomic and financial management of MEFMI member countries;
(ii) To facilitate the development and implementation of sound and stable macroeconomic and financial management policies, systems and databases;
(iii) To create awareness among officials of member states and other stakeholders of latest developments in macroeconomic and financial management; and
(iv) To establish MEFMI as a sustainable center of excellence in capacity building.
The following is the status on attainment of outcomes in 2014 by programme:
3.2. Macroeconomic Management Programme In 2014, the Macroeconomic Management Programme (MMP) continued to implement capacity building activities based on MEFMI Phase IV strategic plan that seeks to meet the capacity challenges in the region.
The key capacity challenges in the region included;
• Roll out of the MEFMI modelling and forecasting manual and developing functional macroeconomic models for at least 38% of MEFMI countries in 2014, up from 31% in 2013;
• Increase the percentage of countries using the MEFMI Private Capital Monitoring System (PCMS) to 77% in 2014 from 69% in 2013;
• Increase the percentage of countries using Financial Programming Framework (FPP) to at least 38% in 2014 up from 31% in 2013;
• Increase the percentage of countries using the latest harmonized IMF’s Balance of Payments and International
Investment Position (BOP/IIP) manual (BPM6) to 38% in 2014 up from 24% in 2013;
• Roll out Government Financial Statistics (GFS, 2001) from 8% in 2013 to 16% in 2014;
• Roll out the System of National Accounts (SNA, 2008) from 8% in 2013 to 24% in 2014; and
• Increase the number of research studies and publications to 14 in 2014 from ten (10) in 2013.
In line with the RMF targets for MMP, emphasis was therefore placed on tailor-made country specific capacity building needs that accelerated in the first two years of Phase IV with increased awareness in member states. The areas that have witnessed increased demand for technical assistance include modelling and forecasting, financial programming and data capture methodologies as well as other specific areas that require on-the-job training.
The roll out and consolidation of software, manuals, systems and frameworks developed by the Programme, such as the Private Capital Monitoring System (PCMS) software and modelling and forecasting manual also gained momentum. To further advance studies and research work on topical issues of policy significance in the region, the Programme conducted one
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study on Natural Resources during the year.
To allow for synergy and cross pollination of ideas, the Programme implemented joint activities with its technical cooperating partners.
Overall, the Programme implemented ten (10) regional activities and 21 country specific interventions were executed; of which 14 were country-specific missions and seven (7) were in-country workshops.
The ten (10) regional activities included an introductory course on Macroeconomic Management and Analysis; a course on Economic Issues and Regional Integration, which was conducted jointly with the International Monetary Fund Institute for Capacity Development ( IMF ICD) and the Southern Africa Development Community (SADC); Retreat for Heads of Departments responsible for monitoring foreign private capital (FPC); Course on External Sector Position Statistics; Training of Trainers in Modelling and Forecasting; Financial Programming and Policies, which was conducted jointly with the IMF ICD; Joint MEFMI/IDEP workshop on Deeper Regional Integration for Africa, Revenue Policy and Administration, Joint MEFMI/IMF-Statistics Department workshop on Data Requirements for Economic Management; Government Finance Statistics; and a Regional Workshop on Remittances Statistics.Three (3) of the 14 in-country missions are work in progress from previous years. These missions led to the completion of the Economic Activity Index
(EAI) for the Central Bank of Lesotho; advancement of work on revision and rebasing national accounts for the Kenya National Bureau of Statistics and review of the financial programming framework for Botswana. The other missions were on MEFMI PCMS software at the Bank of Namibia and Reserve Bank of Zimbabwe, the BOP/IIP Data Migration from BOP/IIP Manual 5 to 6 for the Kenya National Bureau of Statistics and Bank of Namibia, and on Natural Resources Management study. The seven (7) in-country workshops were as follows: a joint offering by the Programme and the Netherlands Fellowship Programme (NUFFIC) on Public Expenditure Management to the Ministry of Finance Zimbabwe, an AfDB sponsored in-country workshop on Excel-Based Macroeconomic Model Building and Simulations for the Ministry of Finance and Economic Development of Zimbabwe; an in-country workshop on modelling and forecasting using the MEFMI macroeconomic modelling and forecasting manual for the Central Bank of Swaziland and Ministry of Finance, Zimbabwe, and two in-country workshops on national accounts for Zanzibar (Tanzania) and Rwanda.
At the request of ACBF, and in collaboration with the Debt and Financial Sector Management Programmes, the Macroeconomic Management Programme initiated, designed and successfully conducted a capacity needs assessment study for the Bank of the Republic of Burundi. Burundi is now a 14th MEFMI member
country. Expert service has also been offered to the Republic of Sudan. The other country that benefited from similar expertise in previous years through AfDB funding is Ethiopia. Such requests are a reflection of the high level of confidence that partners and other stakeholders have with regards to the quality of expertise resident in MEFMI.
Some of the Tangible outcomes from MMP interventions as at end 2014 are summarized as follows:
• Completion of the Economic Activity Index (EAI) for measuring the country’s economic performance for the Bank of Lesotho;
• Revised national accounts statistics for Kenya, in line with international harmonization requirements of National Accounts Compilation methodologies in the EAC;
• Improved evidence based policy making and enhanced modelling and forecasting skills for Rwanda, Swaziland and Zimbabwe modelling and forecasting units and increased usage of the MEFMI Macroeconomic Modelling & Forecasting Manual;
• Improved sound macroeconomic management in Botswana following use of the financial programming analytical tool by the Ministry of Finance and Development Planning;
MEFMI annual report 201420
• Improved compilation and analysis of international remittances statistics in Rwanda following development of new collection methodology and framework by MEFMI;
• Following migration by Kenya and Namibia to BOP/IIP Manual 6, data quality, comprehensiveness and compliance to international best practice in BOP/IIP data compilation improved with MEFMI support;
• Enhanced awareness to various global initiatives for compiling foreign private capital (FPC) position statistics namely; Coordinated Direct Investment Surveys (CDIS) and Coordinated Portfolio Investment Surveys (CPIS)
in member states. This is expected to stimulate countries participation for improved FPC data credibility,
• Improved FPC data collection, recording and analysis in Namibia following roll out of MEFMI PCMS to the Bank of Namibia.
• Upgraded skills of officials participating in key Regional Economic Communities (RECs) committees to analyse, formulate and management of policies and programmes for deepening and accelerating regional integration. This included exposure to recurrent tools and methodologies. Going forward, this is expected to improve negotiation skills and capacity to design, implement, coordinate,
and monitor regional integration policies and programmes/projects.
3.3. Debt Management Programme The Debt Management Programme (DMP) implemented ten (10) regional and ten (10) in-country activities in 2014. The Programme has made notable progress during the period under review by assisting member countries to adopt the latest versions of the computer-based debt management systems for debt recording and management. Steps towards adoption of CS-DRMS Version 2 by member countries started with a regional training organized jointly with COMSEC in February 2014. A total of 31
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officials were trained during that workshop. Installation of CS-DRMS Version 2 and subsequent training were held in Namibia and Mozambique. Similar activities planned for Tanzania, Lesotho and Malawi were rescheduled by the CS-DRMS developers – the Commonwealth Secretariat. By end of December 2014, 25% of the member countries using CS_DRMS had installed Version 2.0, which is half way the target for the year. Zambia upgraded its DMFAS to Version 6.0 in March 2014, bringing the total number of member countries using the latest version to four (4), out of the five (5) DMFAS user countries in the region. Following enhancements to DMFAS Version 6.0, the DMP collaborated with UNCTAD in September 2014 to upgrade the functional and technical skills of staff in debt offices. Future development plans of the DMFAS were discussed and country delegations shared issues to be considered for future improvements in the system.
In line with the objective of keeping debt managers abreast of emerging issues in debt management, the Programme organized a workshop on Management of Contingent Liabilities and a High Level Seminar on Sovereign Bond Issuance. Contingent liabilities have become a major item in the sovereign balance sheets of most MEFMI member states, hence the need to design methodologies for monitoring these liabilities as well as putting in place appropriate legal and institutional frameworks for minimizing their occurrence and managing the associated
fiscal risks. The high level seminar on sovereign bond issuance was held against the backdrop of the growing impetus by a number of countries in the region to tap into the international capital markets for development finance; Hence the need to raise awareness among debt managers on opportunities, challenges and key considerations in issuance of these bonds in the international market.
As part of efforts to enhance transparency and accountability in debt management, the Programme conducted a regional training on Public Debt Auditing. The training equipped participants with practical knowledge on public debt management processes and procedures, as well as imparting practical skills needed for effective auditing of public sector debt. The training also covered evolving international best practice in auditing public debt, based on the on-going international work to develop the relevant guidelines within the network of supreme audit institutions.
A seminar was also organised for members of Parliamentary Committees dealing with Finance, Planning and Economic affairs in the East African Community (EAC) to raise awareness on sound practices in public debt management. The seminar was also aimed at providing a forum for Parliamentarians to share experiences on public debt management legislation and oversight in their respective countries. This seminar is the first that MEFMI has offered targeting
members of Parliament, as part of the Institute’s efforts to build capacity in this critical arm of Government and enhance transparency and accountability in debt management. The seminar was relevant and timely for the region as countries are implementing substantial infrastructure development projects such as roads, railways, airports, seaport expansions and power generation. These projects are financed mostly through borrowing, hence the need to enlighten parliamentarians on whether such borrowing is appropriate and if there are alternative financing mechanisms.
Other regional courses conducted during the year include:
• Foundations of Debt Management which equipped officials with requisite skills to enhance their effectiveness in managing public sector debt;
• Domestic Debt and Financial Markets Operations provided participants with practical skills needed to manage public domestic debt and drive reforms in the domestic debt markets.
• The Quantitative Methods and Analysis for Debt and Reserves Management workshop enhanced officials’ understanding of quantitative methods and the application of Asset-Liability Management technique for strategic decision making.
MEFMI annual report 201422
The Debt Management Programme provided technical assistance to the Ministries of Finance in Lesotho, Malawi and Zambia by conducting Debt Sustainability Analysis exercises. The Lesotho DSA exercise was to assess how the planned borrowing by the Government of Lesotho to finance major infrastructure projects, would impact the country’s debt sustainability. In Zambia and Malawi, the exercises were aimed at updating findings of DSAs conducted in 2012. This increased the percentage of countries conducting DSAs and using the exercise outputs in the fiscal and monetary policies to 55% and 60%, respectively which is in line with the targets for the year. MEFMI further assisted Malawi in reviewing the legal framework for public debt management, and consolidation of domestic debt.
MEFMI also partnered with the World Bank, IMF and UNCTAD in building capacity in Mozambique, Ethiopia and Zambia through in-country workshops on the formulation and implementation of the medium term debt management strategy. Consequently, the percentage of countries with documented MTDS reached 77%, against the target of 75% for the year. The focus was on ensuring that the financing needs of governments are met at the lowest cost, subject to a prudent degree of risk, while taking account of the macroeconomic framework and market constraints. The Programme also partnered World Bank in briefing debt
practitioners in the region on how to prepare a Debt Management Strategy from Aide Memoires produced at the end of country missions. Towards the end of the year, MEFMI partnered the World Bank on a mission to Kenya to conduct a Debt Management Performance Assessment (DeMPA). The mission identified public debt management strengths and areas requiring improvements. Capacity building in debt sustainability analysis also responds to the regional integration agenda where countries are required to maintain certain thresholds of public debt to conform to the convergence criteria.
3.4. Financial Sector Management Programme (FSM)In 2014. Financial Sector Management Programme (FSM) aimed to reinforce and sustain the momentum built since the beginning of Phase IV. The 2014 work plan was deliberately designed to incorporate most of the activities planned for Phase IV as well as those areas identified during continuous needs assessments and feedback received from member countries during prior workshops and missions.
During the period under review the Financial Sector Management Programme (FSM) held ten (10) regional activities and 13 country specific interventions. Of the 13, five (5) were in-country workshops and eight (8) were in-country missionsTo address various generic financial sector considerations
and to raise awareness on emerging issues, global regulatory requirements and to aid the on-going regional efforts for financial integration, the programme conducted a number of regional workshops. Two joint MEFMI/RAMP workshops aimed at building a solid foundation for fixed income risk management and credit risk management. The Programme also conducted a workshop on intermediate bank supervision as it set out to introduce new bank examiners to bank supervision principles, processes and corporate governance. A workshop on enterprise-wide risk management whose main objective was to build knowledge and understanding of the key risks in central bank business operation processes was also conducted. Another activity was a retreat for heads of payment systems which underscored payment systems as enablers of financial inclusion. The retreat addressed current issues and challenges facing central banks and other regulatory authorities promoting financial inclusion.
Furthermore, the Programme conducted workshops on In-direct Tools of Monetary Policy and Consolidated Supervision and Cross Border Investments. The latter aimed to provide bank supervisors with comprehensive appreciation of the basic concepts of consolidated supervision. It also made them familiarize with the essential implementation toolkits, to ensure competent formulation of a consolidated supervisory regulatory framework for their respective countries. At the same time, the former helped
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to enhance knowledge, skills and analysis for designing and implementing monetary policy through open market operations. The training also aimed to improve participants’ understanding, appreciation and application of indirect monetary policy tools. The Retreat for Heads of Financial Markets provided invaluable knowledge and critical guidance in influencing the direction of financial market integration through the contributions of policy makers. It also helped authorities to discuss policy proposals and legal reforms that would encourage financial market integration.
The Programme also conducted a regional seminar in collaboration with the BIS’s Financial Stability Institute (FSI) and Toronto Centre on Basel III and Macro-prudential Surveillance. This was the first time MEFMI had collaboration with Toronto Centre. The seminar raised awareness on the new global regulatory developments post the global financial crisis as well as created an environment where senior supervisors and financial stability staff could share ideas. Key topics that
were discussed in the seminar included the new additions to the Basel III accord on: micro-prudential and macro-prudential elements; effective implementation of Basel III; Basel Committee’s policy work on systemically important banks; Institutional Arrangements for Macro-prudential Policy and Macro Stress Tests.
In order to address some of the issues and challenges facing central banks, market authorities and regulators as they operate, supervise and oversee innovative payment systems, the Programme conducted a workshop on Developments and Innovation in Payment Systems. This workshop helped to raise awareness in key issues on consumer protection, financial inclusion and payment systems regional integration.
3.5. Multi-Disciplinary ActivitiesThe Multi-Disciplinary Activities Department (MDA) held a Heads of Human Resources Workshop from 3 to 7 March 2014 in Nairobi, Kenya. The
focus of the workshop was on strategic human resources management. The topics presented included key strategic trends that are changing human resources management in organisations. Also presented were key strategic human resources issues, human resources role as a strategic business partner and issues of ethics in human resources management. Although the workshop was targeted at heads of human resources, due to its focus on strategic issues, only 20% of the participants were heads of human resources. Notwithstanding this setback, the topics generated a lot of interest and participants were willing to implement the knowledge and skills gained.
3.5.1. Planning, Monitoring and Evaluation
The Institute undertook the 2014 Impact and Needs Assessment study in its 13 member states. The exercise was welcomed by the client institutions as it provided a platform to discuss the lessons learnt during implementation of capacity building programmes as well
MEFMI annual report 201424
as an opportunity to highlight the key needs for capacity building within their institutions.
The Institute updated the Monitoring and Evaluation Plan highlighted in Annex II, and also produced the draft 2015 Work programme for the Executive Committee’s approval.
3.5.2. MEFMI Combined Forum
The 2014 MEFMI Combined Forum took place on Monday 6th October 2014 at the Hamilton Crowne Plaza, Washington DC, USA. The Combined Forum is normally held back to back with the Commonwealth Finance Ministers meeting and the World Bank/IMF Annual meetings. The theme for the
2014 Combined Forum was “Stimulating Opportunities for Growth and Development in Eastern and Southern Africa”. The Forum was attended by 106 delegates from all the 13 member countries, some cooperating partners, private sector officials and some Secretariat staff members. The delegates comprised Ministers of Finance, Planning and Economic Development, Governors of Central Banks, Permanent Secretaries and Secretaries to the Treasury from the member states.
The Forum aimed at sensitising the policy makers about infrastructure development, Foreign Direct Investment (FDI), Bond Issuance and their corresponding opportunities as stimulants for economic growth.
Five topics were presented and discussed in line with the theme. These included:-
(i) Re-orienting Public Expenditure Priorities;
(ii) Mobilising domestic Institutional Savings to Catalyse Infrastructure Development;
(iii) Policies for Attracting and Managing Foreign Direct Investment;
(iv) Cross Border Infrastructure Development: Opportunities and Constraints; and
(v) Sovereign International Bond Issuance.
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4Governance Activities
MEFMI annual report 201426
4. Governance ActivitiesMEFMI held all the required Governance activities in 2014. The following are the governance meetings which were held;
4.1. Technical Meeting of the Cooperating Partners Liaison CommitteeThe technical meeting of the Cooperating Partners Liaison Committee was held at the Secretariat on 27 February 2014. Chaired by the Embassy of Sweden, the meeting was also attended by a representative from the Norwegian Embassy as well as MEFMI Management. Among other reports that the Secretariat presented were the Fourth Quarter 2013 progress report. Norway and Sweden commended the Secretariat for the comprehensive report which was constructed with reference to the MEFMI Results
Measurement Framework. Other issues that were discussed during the meeting were the funding position for MEFMI Phase IV. This was also in view of the available resource envelope for conducting planned activities as well as progress on filling vacancies as a result of three staff members coming to the end of their tour of duty. The planning for the 2014 Impact and Needs Assessment, Mid-Term Review as well as the MEFMI 20th anniversary celebrations were also discussed during the meeting.
The Secretariat held a meeting at the Swedish Embassy in Nairobi on 18th December 2014 to follow up on a number of issue that were raised during the Cooperating Partners’ Meeting. MEFMI was represented by two staff members – Director Debt Management Programme and Programme Officer Macroeconomic Management Programme.
The meeting also provided the Secretariat an opportunity to further expound on its main mandate and the major areas of operation, to the new Programme Officer responsible for MEFMI.
4.2. Finance and Audit CommitteeThe 7th and 8th Finance and Audit Committee meetings were held as planned on 26 March and 24 July 2014, respectively. The Committee reviewed the Cumulative Report for the second quarter 2014 and the audited financial statements for the year ended 31 December 2013. They also reviewed the 2013 Fourth Quarter Management Accounts. They recommended the revised Human Resources Policies and Procedures Manual as well as the Risk Management Register to the Executive Committee for approval.
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4.3. Executive CommitteeThe 37th, 38th and 39th Executive Committee Meetings were held as planned on 27th March, 25th July and 7th October 2014, respectively. Among other items that EXCOM approved was the Management letter produced by External Auditors for 2013. The Committee also approved the audited financial statements for the year ended 31 December 2013 and the draft 2013 Annual Report. The Executive Committee commended MEFMI Management for the clean audit report. The EXCOM also found the draft Annual Report generally well structured. They welcomed the section on financial inclusion in the report as the subject had become a topical issue in the MEFMI region. They encouraged the Institute to be in the fore-front of creating a platform to enhance discussion on financial inclusion. The meeting recommended that strong alliances needed to be forged with Alliance for Financial Inclusion (AFI) and the African Economic Research Consortium (AERC). The Committee also reviewed the application for MEFMI membership by the Republic of Sudan and the Republic of Burundi.
The Executive Committee reviewed a summary report on the 2014 Impact and Needs Assessment that was conducted in the 13 MEFMI member states. The Committee also discussed the membership signing of the MEFMI Memorandum of Understanding (MOU), and resolved that Management
organise a side session at the Board meeting in October 2014 where Rwanda and Zambia would sign the MOU. The Executive Committee also discussed a proposal by the Secretariat to establish a Business Development Unit and a proposal to introduce E-learning as a mode of delivery by MEFMI, reviewed the quarterly progress reports, 2015 Annual Work Programme and Budget as well as the Risk Register. The Committee also addressed some HR issues regarding recruitment of the new Executive Director, two new Directors and two Programme Officers, and also extended the appointment of Deloitte and Touche as internal Auditors.
4.4. Board of Governors MeetingThe 18th Board of Governors meeting was held on 7th October, 2014 in Washington DC, USA. The Board discussed the detailed report of the Executive Committee during the year.
The Board also made the following key resolutions;
• Unanimously approved that Burundi be admitted as the 14th member of MEFMI;
• Unanimously approved that the Vice Chairman of the Board (Angola) be appointed the Board Chairman from 1 January 2015 to 31 December 2016;
• Botswana was unanimously elected as Vice Chairperson of the Board;
• The Board appointed Botswana and Malawi to serve as members of the MEFMI Executive Committee for the two years from January 2015 to 31 December 2016;
• Ratified the 2015 Work Programme and Budget and the Anti-Fraud and Anti-Corruption Policy; and
• Approved the Concept Note for E-Learning for immediate implementation.
4.5. Secretariat MeetingsAs part of corporate governance, MEFMI conducts meetings as follows;
4.5.1. Management Meetings
Management meets at least once every month. The Management Meetings, which are chaired by the Executive Director, are attended by MEFMI Directors. The meetings are a strategic platform for Management to appraise each other on the implementation of work plans as well as to ensure that focus on the Institute’s co-business of capacity building is adhered to. In this regard, seven (7) Management meetings were held during the period under review. Among other issues, the Management meetings reviewed operational issues in order to ensure that staff discharge their duties in accordance with the plan for the year. The meetings also reviewed preparations for the Combined Forum and
MEFMI annual report 201428
20th anniversary celebrations. Also reviewed in the meetings were documents for the Executive Committee and the Finance and Audit Committee meetings that were held.
4.5.2. Programme/ Departmental Meetings
In an effort to complement Management Meetings, Programmes and Departments each hold meetings at least quarterly. The meetings form the basis not only for staff members in the Programme or Department to monitor work progress. The meetings are also used as platform to provide staff with feedback from Management as well as preparing for upcoming events. Some of the key issues discussed in some of the meetings during the year include:
Reviewing the key challenges encountered during implementation of regional and in-country activities;
• Strategies for increasing
MEFMI brand visibility and outreach
• Plans for enhancing the progress of MEFMI Candidate Fellows to ensure adherence to the Customised Training Programme;
• Planning for implementation of activities that were to be funded by the Africa Capacity Building Foundation;
• Brainstorming on delivery of support to member states that requested for MEFMI assistance; Planning for the 2015 MEFMI activities, including budgeting and assignment of tasks to the Programme Officers.
4.5.3. Staff Meetings
Three (3) staff meetings were held during the period under review. Staff members were briefed on pertinent issues arising from both the
2013 Board Meeting and subsequent Management Meetings. A staff meeting which was held in June 2014 was also the last one to be chaired by Dr. Ellias Ngalande, as his end of tour of duty coincided with the end of the second quarter. A farewell luncheon with staff was held for him, as well as a farewell dinner which was attended by Cooperating Partners, some Zimbabwe Government officials and other stakeholders based in Harare, Zimbabwe.
4.6. Networking ActivitiesIn delivering its products and services, MEFMI actively collaborates with various regional and international organisations in order to broaden and strengthen its worldwide alliances. During the period under review, the Institute participated in twenty five (25) networking activities listed in Annex VII.
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5Financial Performance
for the year ended 31 December 2014
MEFMI annual report 201430
5. Financial Performance for the year ended 31 December 2014
The Institute opened the year 2014 with a positive cash and bank balance of US$4,361,138. This amount is broken down as follows:
• Staff gratuity US$835,343;
• Member states’ contributions for purchase of the Executive Director’s house US$145,930;
• Interest income for the years 2012 and 2013 US$420,655;
• Advance payment by the Swedish Government
for the period January to July 2014 US$526,316;
• Member states’ 2014 advance contributions US$1,160,957; and
• The balance represents the savings that the Secretariat has made over the years.
The Secretariat is grateful to member countries that pay their contributions in advance, as this has allowed the Secretariat to invest the funds for a few months before they are required for MEFMI activities. This has resulted in
significant interest income, as can be seen from the income statement in Table 5 below.
5.1. IncomeThe Institute received total income of US$7,275,914 in the year 2014 (Table 5). This resulted in a 17% increase compared to the budgeted income for the year. The positive variance is attributed to in-kind contributions, an increase in interest income and exchange gains in contributions from cooperating partners. The 11% positive variance
2014 2013 2014 2014 / 2013 2014
Actual Actual Budget Variance Budget Variance Note
US$ US$ US$ % US$
INCOME:
Cooperating Partners 1,995,728 1,593,831 1,896,481 25% 5% 5.1(b)
Interest Received 378,813 330,342 120,000 15% 216% 5.1(c)
Member States Contribution 4,217,062 4,016,175 4,217,063 5% 0% 5.1(a)
Other 684,314 591,256 - -73% 100% 5.1(d)
Total Income 7,275,917 6,531,604 6,233,544 11% 17% 5.1
EXPENDITURE:
Programme Delivery 5,314,490 4,715,877 6,058,313 -13% 12% 5.2(a)
Secretariat Administration 1,189,717 1,050,785 1,252,446 -13% 5% 5.2(b)
Total Expenditure 6,504,209 5,766,662 7,310,759 -13% 11% 5.2
Surplus for the period 771,708 764,942 (1,077,215) 1% 171%
Table 5: Statement of Income & Expenditure for the Year Ended 31 December 2014
Source: MEFMI Financial Statements
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as compared to 2013 is attributed to an approved 5% increase in member countries contributions in 2014 as well as ACBF having come on board in 2014, which boosted Cooperating Partners contributions.
a) Member Country Contributions
Member states contributions and in-kind contributions make up 66% of the total income for the year, as
illustrated in Chart 12 above.
b) Cooperating Partners
Cooperating Partners contributed 28% of the total income for the year, as illustrated in Chart 12. The increase in the contributions came from ACBF, who came on board in July 2014, following delayed approval of funding for Phase IV.
i. The difference arises from the rate of exchange
used at budget time differing from that prevailing at date of receipt of contribution.
ii. World Bank and IMF contributions are not fixed and variations from the budget will occur.
iii. While the ACBF Contribution works on a re-imbursement basis, the 2014 contribution includes an initial advance of $300,000.
c) Interest income
Interest income contributed 5% of the total income received in 2014. The Institute has continued with its strategy of investing all funds that are not immediately required for use as well as advance contributions made by member states. The Board approved the MEFMI investment policy which guides the Secretariat.
d) Other
Other income included in-kind contributions from member countries and private sector partnerships. The Secretariat has continued to receive in-kind contributions from member countries in the form
Chart 12: Income distribution by source - 2014
Source: MEFMI Financial Statements 2014
Table 6: Cooperating Partners Contributions
PartnerReceipts 2014 Budget Variance
NoteUS $ US $ US $
Norway 453,757 392,314 61,443 (i)
Sweden 824,176 886,293 (62,117) (i)
World Bank 97,312 57,874 39,438 (ii)
IMF 40,000 20,000 20,000 (ii)
ACBF 580,484 500,000 80,484 (iii)
Totals 1,995,728 1,856,481 139,247
MEFMI annual report 201432
of air tickets for participants in MEFMI activities as well as meeting other expenses for in-country activities. EY and Investec partnered with the Secretariat to finance the MEFMI Combined Forum and 20th Anniversary celebrations in Washington DC.
5.2. ExpenditureThe total expenditure for the year 2014 amounted to US$6,504,207. This reflects a 13% negative variance compared to 2013, and 11% positive variance against the budget. The variance are explained as follows:
a) Programme Delivery
The Expenditure on Programme delivery is within budget. It makes up 82% of the total expenditure. The 13% negative variance as compared to 2013 is due to an increase in the level of activities, and is in line with the increase in income.
b) Secretariat administration
Expenditure on Secretariat administration is within budget. The negative variance as compared to 2013 is largely attributed to staff repatriation and recruitment expenses. Three senior positions of Executive Director, Programme Director Macroeconomic Management Programme and Programme Director Financial Sector Management Programme were filled within 2014. In addition two (2) Programme officer positions were filled at the beginning of 2014. The Board also awarded a 5% salary increment to Secretariat with effect from 1 January 2014.
The Debt Management Programme makes up 26%, the Financial Sector Management Programme (FSM) 24% and the Macroeconomic Management Programme (MMP) 25% of the total expenditure for the year
2014. This reflects the thrust of activities for each Programme. The Debt Management Programme carried out more regional activities while the other two (2) Programmes carried out more in-country activities, which cost less. A portion of the MMP expenses were also taken up by the IMF for one (1) of the activities that was undertaken in the year under review.
5.3. Anti-Fraud and Anti-CorruptionThe MEFMI Secretariat is committed to protecting public funds and places the highest emphasis on the proper conduct of MEFMI activities as set out in the Anti-Fraud and Anti-Corruption policy.
The Secretariat made the following progress in 2014 in its effort to prevent fraud and corruption:
• The Secretariat introduced a policy on anti-fraud and anti-corruption, which was approved by the Board in October 2014. The policy has since been distributed to all staff and MEFMI suppliers of goods and services
• Management ensured that all MEFMI procurement of goods and services and recruitment were in compliance with the anti-fraud and anti-corruption policy
• Staff did not accept any gifts which were valued above US$50.
Table 7: Expenditure per Programme
Source: MEFMI Financial Statements 2014
Expenditure item
2014 Budget US$
2014 Actual US$ 2014 Actual %
MMP 1,518,736 1,639,530 25%
FSMP 1,556,768 1,533,932 24%
DMP 1,874,734 1,672,475 26%
MDA 873,974 597,889 9%
SECB 1,076,906 678,771 10%
Administration 409,641 381,610 6%
Totals 7,310,759 6,504,207 100%
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6Human Resources and Administration
MEFMI annual report 201434
6. Human Resources and Administration6.1. Staff EstablishmentThe Institute has an establishment of 32 posts and of that figure, over 50% is female staff. All positions are filled as indicated in Table 8 below following the assumption of duty by two (2) Programme Directors and two (2) Programme Officers in March and the Executive Director in July 2014.
6.2. Policies and ProceduresTo ensure overall guidance, consistency and clarity in its day to day operations, the Institute reviewed and updated the Human Resources Policies and Procedures Manual and the Asset Management Manual. The Remuneration Policy was also updated following changes in the salary structure. A new manual was introduced, the Anti- Fraud and Anti - Corruption Policy. All these manuals were approved at the 18th Board of Governors meeting.
6.3. Recruitment and Selection
In order to meet the Institutes’ human capital requirements, the following positions which will fall vacant in January 2015 were advertised in all member states, in September 2014;
• Programme Officer (External Sector and Natural Resources Management)
• Information Technology Officer
• Human Resources Officer
Interviews were held in November and December 2014 respectively. Suitable candidates were identified for all the positions. The recruitment process will be completed in January 2015.
6.4. Performance ManagementMembers of staff were trained in setting of performance objectives and indicators/standards in February 2014, which has resulted in an improvement in the way annual staff performance contracts, are formulated. Consequently, performance reviews for the period 1 January to June 2014 were based on key competencies
and performance indicators. Performance reviews for the period 1 January 2014 to 30 June 2014 continued on the electronic performance management system, a faster and more efficient way of managing performance. Reviews for the period July to December 2014 will be completed within the first quarter of 2015.
6.5. Staff RelationsA positive industrial relations environment is critical for productivity and success of an organization. To this end, a Staff Association was launched in 2014 to deal with some common employment related and social issues that affect MEFMI staff. The Committee drafted a Workers Association Constitution which was adopted by its members. Membership is open to all staff below Management level. A team of staff representatives of the Association was put in place to work with Management on staff issues. The Committee has successfully presented issues relating to staff during staff meetings.
6.6. Staff Development and LearningIn line with the staff development plan and in an effort to keep staff up-to-date with emerging issues and enhance their skills, MEFMI undertook some staff development and learning activities in 2014. Annex VII below provides a synopsis of the staff development activities that took place during the year.
Table 8: Staff Composition as at end 2014
Source: MEFMI data base 2014
Category Established Posts
Male Female Total in Post
Executive Director 1 1 - 1Programme Director 3 2 1 3Director Finance and Administration 1 - 1 1Programme Officer 10 6 4 10Publications and Networking Officer 1 - 1 1IT Officer 1 1 - 1Accountant 1 - 1 1HR Officer 1 - 1 1Assistant IT Officer 1 1 - 1Assistant Accountant 1 - 1 1Accounts Assistant 1 - 1 1Secretary 6 - 6 6Driver 2 2 - 2Office Orderly 1 - 1 1Gardener 1 1 - 1Total 32 15 17 32
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7Challenges and Lessons Learnt
MEFMI annual report 201436
7. Challenges and Lessons Learnt
Challenge Proposed Intervention
1. Low participation in MEFMI capacity building activities by some member states. Example of countries with low participation are Angola and Rwanda in Debt Management
• Need for visits to countries by the Executive Director and Programme Directors;
• Schedule meetings with senior officials of host countries during regional workshops to identify and discuss capacity gaps that can be addressed through in-country activities.
• Use Executive Fora and other high level events to discuss with heads of departments areas that may require assistance.
2. Poor attendance by participants during non-residential in-country capacity building activities in some member states
• Advise the authorities to consider residential workshops, particularly in member states where the problem is serious.
3. Some member states have data challenges, particularly in preparing long term macroeconomic projections used in debt sustainability analysis
• Need for MEFMI to intensify capacity building support to member states on macroeconomic forecasting.
• Advise the authorities to submit data to MEFMI in advance of missions. Alternatively, MEFMI should send a macroeconomic resource person to member states to validate data in advance of missions on DSA.
4. The MEFMI region has serious lack of capacity in the management of natural resources in the region. If this position is left unattended, it may continue to undermine the ascension to economic prosperity. Weak capacity in this area is one of the main factors behind the low budgetary receipts from natural resources in some countries, largely due to weaknesses in tax audit capacity compared to that of multinational corporations - the main players in the natural resources industry.
• MEFMI and a number of its technical and financial cooperating partners have identified these challenges and have been providing some technical assistance. A more formally and structured approach will be implemented during the course of Phase IV.
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8Emerging Issues
MEFMI annual report 201438
8. Emerging IssuesOver the last five years, some MEFMI countries have made discoveries of substantial natural resources. It is projected that the Africa continent will expand its metal and mineral production by 78% between 2010 and 2017. With these developments, the region is poised to become the new world’s resource-based growth and economic frontier, in the medium to long-term. However there is serious lack of capacity in the management of natural resources in the region. There is need for accelerated capacity in this area.
As the region moves towards regional integration particularly the establishment of supra-regional institutions, there is increased pressure to meet the requisite macroeconomic convergence criteria. In this regard, MEFMI countries will require specific capacity building that will support these initiatives.
External shocks which continue to impact on the region’s economies such as oil price changes and exchange rate movements have brought both positive and negative impact on the macroeconomic environment in the MEFMI region and Africa at large. Specific policy formulation
needs to be developed and supported by member countries in order to mitigate against the negative effects of the shocks.
Towards the end of the last decade, countries have been borrowing to finance infrastructure projects leading to accelerated growth in public debt. This happened at a time when the landscape for debt management changed considerably creating new challenges for developing countries, including those in the MEFMI region. For instance, the recent build-up in public debt has been associated with changes in the debt structures, significant exposure to relatively high cost and risky debt. This is mainly because governments are increasingly turning to non-concessional borrowing to bridge the financing gap created by the decline in foreign grants and concessional loans. Some member states have also tapped onto the international capital markets through sovereign bond issuances in order to meet their large infrastructure financing needs. Such financing is contracted on commercial terms, with shorter repayment periods, huge rollover risk and higher interest rates.
Domestic debt has also been
increasing in the region due to several factors. These include the decline in foreign concessional financing, the need to finance infrastructure projects, concerns about debt sustainability after HIPC, loose fiscal policies as well as high and volatile domestic interest rates. However, the domestic debt market conditions and the resultant domestic debt portfolios are unfavourable in some cases, thus exposing the governments to refinancing and interest rate risks. In addition, most member states have registered significant increases in contingent liabilities arising from government guarantees, Public Private Partnerships, and accumulation of arrears by ministries and departments. These have led to increased fiscal risks for governments in the region.
The recent developments in the financial sector have resulted in new innovations and products on financial inclusion that also come with their own challenges. Prudential requirements need to be strengthened in order to address this emerging development.
In view of the above, assistance to member states in developing frameworks for managing the costs and risks of debt will be a key component of MEFMI’s capacity building plan over the medium term.
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9Conclusion
MEFMI annual report 201440
9. ConclusionImplementation of the work programme for 2014 was in line with the set targets. This was among others, attributable to favourable financial position of the Institute following timely submission of
member states contributions and disbursements by development partners.
Member states’ requests were overwhelming; some of the activities had to be
conducted up to the MEFMI year-end close of business. This had also culminated into postponement of some of the Institute’s internal activities such as the staff retreat.
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Macroeconomic and Financial Management Institute of Eastern and
Southern Africa (MEFMI)
Annual Financial Statements
31 December 2014
MEFMI annual report 201442
NATURE OF BUSINESS:
To advise and assist member countries in the Eastern and Southern African region to develop sustainable capacity in macroeconomic and financial management, and debt and reserves management; and to foster best practices for prudent macroeconomic and financial management in central banks and ministries of finance and planning.
EXECUTIVE COMMITTEE Mr José de Lima Massano (Chairperson)-outgoingMrs. Linah K. Mohohlo (Chairperson)-incomingDr. Adelaide Rets’elisitsoe Matlanyane Mr. Ipumbu W. Shiimi Mr. Felix NkulukusaProf. Benno NduluDr. John Mangudya (Executing Agency - ex-officio)Dr. Caleb M. Fundanga (Executive Director – ex-officio)
REGISTERED OFFICE:
9 Earls Road Alexandra ParkHARARE
AUDITORS:
Grant Thornton Chartered Accountants (Zimbabwe)Camelsa Business Park 135 Enterprise Road Highlands HARARE
BANKERS:
Stanbic Bank SSC BuildingCorner Julius Nyerere Way/Sam Nujoma Street.HARARE
Standard Chartered BankAfrica Unity Square Nelson Mandela roadHARARE
LAWYERS:
Coghlan, Welsh and GuestExecutive ChambersP. O. Box 53HARARE
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Contents
These financial statements are expressed in United States Dollars (USD)
Page
Executive Committee’s responsibility statement 44
Auditors’ report 45
Statement of financial position 46
Statement of changes in funds 47
Statement of cash flows 48
Statement of accounting policies 49-52
Notes to the financial statements 53-59
Detailed Statement of income and expenditure 60-61
MEFMI annual report 201444
Executive Committee’s responsibility and approval of financial statements for the year ended 31 December 2014
To the Executive Committee of Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI)
It is the Executive Committee’s responsibility to ensure that the financial statements fairly present the state of affairs of the Institute. The external auditors are responsible for independently reviewing and reporting on the financial statements.
The Executive Committee has assessed the ability of the Institute to continue operating as a going concern and believe that the preparation of these financial statements on a going concern basis is still appropriate. However, the Executive Committee believe that under the current economic environment a continuous assessment of the ability of the Institute to continue to operate as a going concern will need to be performed to determine the continued appropriateness of the going concern assumption that has been applied in the preparation of these financial statements.
The statements set out in this report have been prepared by management in accordance with International Financial Reporting Standards (IFRS). The statements are based on appropriate accounting policies which are supported by reasonable and prudent judgements and estimates.
The Institute’s internal and accounting control systems are designed to provide reasonable assurance as to the integrity and reliability of the financial statements and to adequately safeguard, verify and maintain accountability of its assets. Such controls are based on established written policies and procedures and all employees are required to maintain the highest ethical standards in ensuring that the entity’s business practices are conducted in a manner which in all reasonable circumstances is above reproach. Issues that come to the attention of the Executive Committee have been addressed and the Executive Committee confirm that the system of internal and accounting control is operating in a satisfactory manner.
In light of the current financial position, the Executive Committee is satisfied that the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) is a going concern and have continued to adopt the going concern basis in preparing the financial statements.
The Institute’s financial statements which are set out below on pages 4 to 21 were, in accordance with their responsibilities, approved by the Executive Committee on ............................... 2015 and are signed on its behalf by:
………………..........……..……….. ……………...........………..……… Mrs. Linah K. Mohohlo Dr. Caleb M. Fundanga Chairman Executive Director
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Auditors’ Report
To the Executive Committee of Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI)
We have audited the financial statements of MEFMI, set out on pages 4 to 21, which comprise the statement of financial position as at 31 December 2014, the statement of income and expenditure, the statement of changes in funds and the statement of cash flows for the year then ended and a summary of significant accounting policies and other explanatory notes.
Executive Committee’s responsibility for the financial statements
The Executive Committee is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) as at 31 December 2014, and its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards.
Grant Thornton Chartered Accountants (Zimbabwe)Registered Public Auditors ......….......................2015HARARE
MEFMI annual report 201446
Statement of financial position as at 31 December 2014
2014 2013
ASSETS Notes Non-current assets Property and equipment 12 952 124 921 242
Current assetsConsumables 13 42 057 53 959Trade and other receivables 14 1 041 314 321 258Cash and cash equivalents 15 3 573 480 4 361 136 4 656 851 4 736 353 Total assets 5 608 975 5 657 595 FUNDS AND LIABILITIES
FundsAccumulated funds 3 369 421 2 597 714
Non-current liabilitiesDeferred income 18 898 766 937 046
Current liabilitiesTrade and other payables 16 917 616 1 275 956Provisions 17 384 892 808 599Deferred income 18 38 280 38 280
1 340 788 2 122 835
Total funds and liabilities 5 608 975 5 657 595
………………..........……………….. ……………..........…………………….. Linah K. Mohohlo Dr. Caleb M. Fundanga Chairperson Executive Director
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Statement of changes in funds for the year ended 31 December 2014
Accumulated Funds Balance at 1 January 2013 1 832 772
Surplus for the year 764 942
Balance at 31 December 2013 2 597 714
Balance at 1 January 2014 2 597 714 Surplus for the year 771 708
Balance at 31 December 2014 3 369 421
MEFMI annual report 201448
Statement of cash flowsfor the year ended 31 December 2014
2014 2013 USD USD
Cash flows from operating activities Notes
Surplus for the year 771 708 764 942
Adjustment for: Depreciation 12 87 466 73 830Interest income (378 813) (330 342)Amortisation of deferred income (38 280) (37 579)(Decrease)/Increase in provisions (423 707) 196 539Profit on disposal of equipment (1 635) (540)
Cash flow before changes in working capital 16 739 666 850
Net effect of working capital changes 19 (1 066 494) 471 175 Net cash (utilised)/generated from operations (1 049 755) 1 138 025 Cash flows from investing activities
Proceeds from disposal 5 960 745Interest income 378 813 330 342Acquisition of property and equipment (122 673) (33 793)
Net cash inflow from investing activities 262 100 297 294
(Decrease)/Increase in cash and cash equivalents (787 655) 1 435 319
Cash and cash equivalents at the beginning of the year 4 361 136 2 925 817
Cash and cash equivalents at the end of year 15 3 573 480 4 361 136
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Statement of accounting policies for the year ended 31 December 2014
1 General information
The main activities of the Institute, which is constituted in Zimbabwe is to advise and assist member countries in the Eastern and Southern African region to develop capacity to manage their debt and reserves and to provide training in macroeconomic and financial management.
Basis of preparation
The principal accounting policies adopted in the preparation of financial statements are set out below. The basis of preparation of financial statements is International Financial Reporting Standards.
Statement of Compliance
The Institute’s financial statements have been prepared in accordance with International Financial Reporting Standards, (IFRS) and the International Financial Reporting Interpretations Committee, (IFRIC) interpretations. The financial statements are based on statutory records that are maintained under the historical cost convention.
Summary of accounting policies
1.1 Overall considerations
The significant accounting policies that have been used in the preparation of these financial statements are summarised below. The financial statements have been prepared using the measurement bases specified by IFRS for each type of asset, liability, income and expense. The measurement bases are more fully described in the accounting policies below:
1.2 Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Institute and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised:-
Co-operating partner funding
Co-operating partner funds are recognised on a receipt basis. The contributions from co-operating partners are pooled together for use by the Institute.
Member state contributions
Revenue from member states is recognised on an accrual basis. Contributions from member states for a particular phase are determined beforehand by the Board of Governors. Revenue is therefore recognised over the phase on an accrual basis.
Interest
Interest income is recognized on a time proportionate basis using the effective interest rate.
MEFMI annual report 201450
In-kind contributions
A portion of the Institute’s income is derived from in-kind contributions from member countries. In-kind income is recognised on receipt basis. In-kind contributions received from technical co-operating partners are not recognised in the financial statements. The contribution is acknowledged in a memorandum to the financial statements.
1.3 Operating expenses
Operating expenses are recognised in profit or loss upon utilisation of the service or at the date of their origin.
1.4 Taxation
In terms of the agreement with the Government of Zimbabwe and statutory instrument 428 of 2011 issued under the Income Tax Act (Chapter 23:06), the Institute is exempt from tax.
1.5 Employee benefits
Short-term employee benefits include wages, salaries and social security contributions; short-term compensated absences (such as paid annual leave and paid sick leave) where the compensation for the absences is due to be settled within 12 months after the end of the period in which the employees render the related employee service; bonuses payable within twelve months after the end of the period in which the employees render the related service; and non-monetary benefits (such as medical care, housing, cars and free or subsidised goods or services) for current employees. The entity recognises the undiscounted amount of short-term employee benefits as an expense in profit and loss during the period in which the services are rendered.
1.6 Foreign currency translation
Transactions in foreign currencies are translated to the United States Dollars at rates of exchange ruling on the date of the transaction. Exchange gains or losses arising on the settlement of foreign currency transactions are dealt with in the income and expenditure statement.
Assets and liabilities in foreign currencies are translated to United States Dollars at rates of exchange ruling at the statement of financial position date.
1.7 Cash and cash equivalents
Cash on hand and in banks and short term deposits which are held to maturity are carried at cost. Cash and cash equivalents are defined as cash on hand, demand deposits and short term, highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of change. For the purpose of the cash flow statement, cash and cash equivalents consist of cash on hand and deposits in banks, net of outstanding bank overdrafts.
1.8 Provisions
Provisions are recognized when the Institute has a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits
Statement of accounting policies for the year ended 31 December 2014 (continued)
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will be required to settle the obligation and a reliable estimate can be made of the obligation.
1.9 Retirement benefit cost
The Institute does not have a retirement fund. Instead, provision is made in the financial statements for gratuity payments over the period of employees’ employment contract. All employees are paid a gratuity of twenty five (25) percent of their contract period earnings in terms of the Institute’s employment policy.
1.10 Property and equipment
Property and equipment is shown at cost, less accumulated depreciation and accumulated impairment losses. Land is not depreciated. The Institute’s policy is to depreciate property and equipment evenly over the expected life of each asset.
The expected useful lives are as follows: Buildings - 25 years Computers - 4 years Furniture and fittings - 3 years Motor vehicles - 5 years
The carrying amounts of property and equipment are reviewed at each statement of financial position date to assess whether they are recorded in excess of their recoverable amounts and where carrying values exceed the estimated recoverable amounts, assets are written down to their recoverable amounts. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted if appropriate, at each financial year end. The Institute has estimated that all property and equipment have nil residual value as the Institute has no intention of disposing of the assets before the end of their useful lives.
1.11 Impairment of assets
At each statement of financial position date the Institute reviews the carrying amounts of assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount. Impairment losses are recognized in the statement of income and expenditure.
When an impairment loss subsequently reverse, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. A reversal of an impairment loss is recognized in the statement of income and expenditure.
1.12 Consumables
The carrying amount of consumables is measured at the lower of cost or net realizable
Statement of accounting policies for the year ended 31 December 2014 (continued)
MEFMI annual report 201452
value. Valuation is determined on a first in first out basis. The cost of consumables is recognized in the statement of income and expenditure as it is drawn down.
1.13 Financial instruments
Loans receivables These assets are non-derivative financial assets with fixed or determinable payments
that are not quoted in an active market. They are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortized cost using the effective interest rate method, less provision for impairment.
The institute classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired.
Fair value through profit and loss This category comprises out-of-the money derivatives. They are carried in the
statement of financial position at fair value with changes in fair value recognized in the statement of income and expenditure.
Other financial liabilities
Other financial liabilities include trade payables and short-term monetary liabilities, which are initially recognized at fair value and subsequently are carried at amortized cost using the effective interest method.
De-recognition of financial assets
Investments are derecognized when the rights to receive cash flows from the investments have expired or where they have been transferred and the Institute has also transferred substantially all risks and rewards of ownership. Gains and losses are recognized in statement of income and expenditure when the financial assets are derecognized or impaired, as well as through the amortization process.
Impairment of financial assets A financial asset is deemed to be impaired when its carrying amount is greater
than its estimated receivable amount, and there is evidence to suggest that the impairment occurred subsequent to the initial recognition of the asset in the financial statements.
1.14 Deferred income
Contributions by member countries in the form of property and equipment are recognised as deferred income in the statement of income and expenditure over the useful life of the assets.
Statement of accounting policies for the year ended 31 December 2014 (continued)
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2014 2013 USD USD 2 Amortisation of deferred income
Deferred income 38 280 37 579
3 Co-operating partner funding
African Capacity Building Refund 580 483 (698) International Monetary Fund (IMF) 40 000 - Norwegian Government 453 757 504 519 Swedish Government 824 176 902 256 Other donors - 72 767 World Bank 97 312 114 987
1 995 728 1 593 831
4 In-kind contributions Member states 600 889 481 708
5 Interest income
MEFMI bank accounts 1 118 2 301 Residence funds 17 661 15 792 Short term deposits 350 853 305 873 Staff loans 9 181 6 376
378 813 330 342
6 Member state contributions
Angola 407 677 367 131 Botswana 316 368 293 256 Kenya 339 108 322 586 Lesotho 307 230 278 606 Malawi 292 399 330 077 Mozambique 344 519 311 272 Namibia 301 980 279 069 Rwanda 307 726 278 660 Swaziland 287 274 279 294 Tanzania 342 134 337 828 Uganda 318 597 308 113 Zambia 311 481 320 562 Zimbabwe 340 569 309 721 4 217 062 4 016 175
Notes to the financial statementsfor the year ended 31 December 2014
MEFMI annual report 201454
2014 2013 USD USD7 Other income
Non member states contribution 13 425 44 569 Zimbabwe Debt Office Refund - 20 624 Participant fee - 3 750 MEFMI publications 180 1 505 Profit on disposal of assets 1 635 540 Exchange gain/loss 53 - Private Sector Partners/Private Sector Partner Contributions 22 936 - Miscellaneous income 6 916 981 45 145 71 969
8 Office expenses
Advertising - 9 791 Air courier mail 1 007 6 010 E-communication charges 38 188 64 365 Equipment and software maintenance 34 374 63 127 General expenses 69 005 63 349 Office maintenance 30 980 21 931 Office security 19 879 19 443 Printing and stationery 9 142 11 473 Publications 62 634 69 671 Telephone and postage 32 417 28 692
297 626 357 852
9 Professional fees
Macroeconomic management programme In-country workshops 34 900 46 000 Missions 22 305 42 000 Administration expenses 2 082 1 642 Networking 2 800 - Regional workshops 42 234 32 559 Studies 13 750 2 730 118 071 124 931
Financial sector management programme Administration expenses 2 707 1 542 In-country workshops 15 670 37 670 Mission 51 650 42 700 Regional workshops 26 240 19 880 Studies 6 500 9 875
102 767 111 667
Notes to the financial statementsfor the year ended 31 December 2014 (continued)
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2014 2013 USD USD9 Professional fees (continued)
Debt management programme
In-country workshops 32 770 8 220 Missions 14 400 3 900 Administration expenses 2 082 1 542 Regional workshops 19 430 26 500 Studies 7 250 10 625
75 932 50 787 Multi-disciplinary activities
Executive fora 5 000 2 000 Fellow activities 4 000 71 250 Administration expenses 1 135 308 Regional workshop 3 000 - Studies 37 200 9 600
50 335 83 158 Secretariat capacity building Recruitment - 7 725 Library materials - 2 300 Administration expenses 1 514 308 Staff development 1 333 450 2 847 10 783 Administration Governing bodies 2 400 2 400 Administration expenses 568 925 2 968 3 325
Grand total 352 920 384 652
10 Program delivery-staff
10.1 Program delivery-staff
Programme staff time 1 450 105 1 364 011 House rent and maintenance 65 289 45 105 Housing allowance 132 389 124 970 Medical aid contribution 74 069 63 465 NSSA 8 262 8 483 Leave pay 24 066 (33 051) School fees subsidy 69 058 65 761
Notes to the financial statementsfor the year ended 31 December 2014 (continued)
MEFMI annual report 201456
2014 2013 USD USD 10.1 Program delivery-staff (continued)
Terminal gratuity 362 001 341 012 Performance Pay 42 985 - Insurance 14 854 15 744 Other staff benefits 4 119 6 278
2 247 198 2 001 778
10.2 Salaries and benefits Programme staff time 303 776 298 533 House rent and maintenance 17 889 11 805 Housing allowance 26 064 25 651 Medical aid contribution 35 383 30 271 NSSA 5 042 4 642 Leave pay (1 451) (2 793) School fees subsidy 21 205 19 125 Terminal gratuity 74 208 73 011 Performance Pay 76 787 - Insurance 4 190 3 937 Other staff benefits 280 1 220
563 373 465 402
11 Compensation to key management personnel (Included in Note 10)
Gratuity 124 064 127 050 NSSA 1 565 2 147 Salaries and short term employee benefits 779 352 581 018 904 981 710 215
13 Consumables
Consumables 3 835 1 397 Computer consumables 22 078 25 252 Publications 10 310 19 456 Stationery 5 834 7 854 42 057 53 959
14 Trade and other receivables
Trade receivables Contributions due: Rwanda 307 726 - Zimbabwe 340 569 -
Notes to the financial statementsfor the year ended 31 December 2014 (continued)
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2014 2013 USD USD
14 Trade and other receivables (continued)
Other receivables Prepayments 215 234 55 538 Staff loans and advances 163 124 225 016 Other receivables 1 414 31 085 Value Added Tax claims 13 247 9 619
1 041 314 321 258
15 Cash and cash equivalents
For the purposes of statement of cash flows, cash and cash equivalents includes cash on hand and cash at bank. Cash and cash equivalents at the end of the financial period as shown in the statement of cash flows can be reconciled to the statement of financial position as follows:
Cash on hand 1 709 105 Cash at bank 622 756 622 727 Gratuity account 7 870 10 550 Short term deposits 2 941 145 3 727 754
3 573 480 4 361 136
16 Trade and other payables Accrued expenses 30 895 17 454 Withholding tax 663 - Audit fees accrual 20 180 29 030 Member states 776 403 1 160 957 Professional fees 89 475 68 515
917 616 1 275 956
17 Provisions
Leave pay 50 626 46 114 Performance bonus 68 401 - Terminal gratuity 265 865 762 485 384 892 808 599
Notes to the financial statementsfor the year ended 31 December 2014 (continued)
MEFMI annual report 201458
2014 2013 USD USD
18 Deferred income
During the 2010 financial year, an amount of USD 957 000 was received as a grant for the purchase and construction of land and buildings. USD 38 280 of this grant was recognised as income in the current year while the remainder represents deferred income.
Balance at beginning of the year 975 326 1 012 905 Amortisation (38 280) (37 579)
Balance at end of year 937 046 975 326
Non-current portion of deferred income 898 766 937 046 Current portion of deferred income 38 280 38 280 Balance at end of year 937 046 975 326
19 Net effects of changes in working capital Decrease in consumables 11 902 6 503 Increase/decrease in receivables (720 056) 524 584 Decrease in payables (358 340) (59 912) (1 066 494) 471 175
Notes to the financial statementsfor the year ended 31 December 2014 (continued)
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59
12 Property and equipment Motor Computer Office Land Buildings vehicles equipment furniture Total USD USD USD USD USD USD
Year ended 31 December 2013 Opening carrying amount 125 000 737 793 - 66 897 31 794 961 484 Revaluation - - - 20 550 13 243 33 793 Accumulated depreciation on revaluation - - - (5 477) (11 228) (16 705) Additions - - - 5 272 11 228 16 500 Depreciation charge - (30 114) - (28 330) (15 386) (73 830) 125 000 707 679 - 58 912 29 651 921 242
At 31 December 2013 Cost/valuation 125 000 752 850 86 098 259 763 288 244 1 511 955 Accumulated depreciation - (45 171) (86 098) (200 851) (258 593) (590 713) Closing carrying amount 125 000 707 679 - 58 912 29 651 921 242 Year ended 31 December 2014 Opening carrying amount 125 000 707 679 - 58 912 29 651 921 242 Additions - 16 625 - 26 048 80 000 122 673 Disposals - - - (19 111) (67 135) (86 246) Depreciation on disposals - - - 17 229 64 692 81 921 Depreciation charge - (30 477) - (32 732) (24 257) (87 466) 125 000 693 827 - 50 346 82 951 952 124
At 31 December 2014 Cost/valuation 125 000 769 475 86 098 266 700 301 109 1 548 382 Accumulated depreciation - (75 648) (86 098) (216 354) (218 158) (596 258) Closing carrying amount 125 000 693 827 - 50 346 82 951 952 124
Notes to the financial statementsfor the year ended 31 December 2014 (continued)
MEFMI annual report 201460
2014 2013 USD USDINCOME Amortisation of deferred income 38 280 37 579In-kind contributions 600 889 481 708Interest income 378 813 330 342International Monetary Fund 40 000 - Member state contributions 4 217 062 4 016 175Norwegian Government 453 757 504 519African Capacity Building Refund 580 483 - Other income 45 145 144 038Swedish Government 824 176 902 256World Bank 97 312 114 987 7 275 917 6 531 604
EXPENDITURE
Macroeconomic Management Programme
In-country workshops 92 572 109 691Missions 71 521 111 327Networking 23 841 5 202Operating expenses 62 600 82 035Programme delivery- staff 676 039 547 804Regional workshops 524 347 469 073Participants travel -in kind expenses 163 085 158 748Staff development - 147Studies 25 525 14 199 1 639 531 1 498 227
Financial Sector Management Programme
In-country workshops 56 847 77 916Missions 134 852 94 052Networking 18 719 19 175Operating expenses 63 308 87 753Programme delivery- staff 668 701 636 352Regional workshops 400 421 256 096Participants travel - in kind expenses 184 584 130 775Staff development - 10 369Studies 6 500 9 990
1 533 932 1 322 479Debt Management Programme
In-country workshops 103 634 47 277Missions 38 930 28 327Networking 5 155 24 118Operating expenses 59 405 100 901
Detailed statement of income and expenditurefor the year ended 31 December 2014
accountability — teamwork — responsiveness — integrity — professionalism
61
2014 2013 USD USD
Debt Management Programme (continued)
Programme delivery - staff 681 387 652 082Regional workshops 535 604 591 587Participants travel -in kind expenses 238 533 136 828Staff development - 558Studies 9 827 21 852 1 672 474 1 603 531
Multi-disciplinary activities Executive fora 147 392 96 399Fellows development programme 59 391 198 297Networking 16 539 9 269Operating expenses 51 994 23 399Programme delivery- staff 216 246 159 273Regional workshops 30 240 - Staff development - 528Studies 76 087 17 584
597 888 504 748 Secretariat Capacity Building
Depreciation 87 465 73 830Library materials - 2 320 Operating expenses 46 478 26 968Programme delivery- staff 178 012 134 589Publications 60 247 48 369Performance bonus 119 772 - Staff development and retreats 51 009 11 940Staff recruitment and relocation 135 788 66 413 678 772 364 428
Administration
Governing bodies 84 899 63 969Operating expenses 32 619 79 355Salaries, wages and benefits 264 094 329 926 381 612 473 250 Total expenditure 6 504 209 5 766 662
Surplus for the year 771 708 764 942
Detailed statement of income and expenditurefor the year ended 31 December 2014 (continued)
MEFMI annual report 201462
Ann
ex I:
MO
NITO
RIN
G A
ND
EVA
LUA
TION
FRA
MEW
ORK
Expe
cted
Res
ults
In
dica
tors
2 In
dica
tor
Defin
ition
Base
line
(End
20
11)
Targ
ets (
Cum
ulat
ive)
Act
uals
(Cum
ulat
ive)
Com
men
ts
Sour
ce o
f Da
taDa
ta c
olle
ctio
n m
etho
dFr
eque
ncy
Resp
onsib
ility
Key
info
rmat
ion
user
s
2012
2013
2014
2015
2016
201
220
1320
14
Out
com
e 1a
: Im
prov
ed
man
agem
ent
of
fore
ign
priv
ate
capi
tal
Perc
enta
ge
of m
embe
r co
untri
es th
at
have
ado
pted
th
e PC
MS
Perc
enta
ge o
f M
EFM
I cou
ntrie
s th
at h
ave
adop
ted
the
Priv
ate
Cap
ital
Mar
kets
Sys
tem
(P
CM
S).
54%
61%
69%
69%
77%
84%
61%
69%
69%
A
nnua
l Re
port
Surv
ey -
Impa
ct
and
mid
-Ter
mA
nnua
lM
MP
& E
DM
EFM
I st
akeh
olde
rs
Out
com
e 1b
: Im
prov
ed
mod
ellin
g an
d fo
reca
sting
Cou
ntrie
s ad
optin
g an
d us
ing
the
deve
lope
d to
ols,
syst
ems a
nd
fram
ewor
ks fo
r m
acro
econ
omic
m
anag
emen
t.
% o
f MEF
MI
coun
tries
usin
g M
odel
ling
and
Fo
reca
stin
g M
anua
l and
fu
nctio
nal m
acro
m
odel
s.
0%0%
31%
38%
50%
61%
15%
31%
38%
A
nnua
l Re
port
Surv
ey -
Impa
ct
and
mid
-Ter
mA
nnua
lM
MP
$ ED
MEF
MI
stak
ehol
ders
Out
com
e 1c
: En
hanc
ed
regu
latio
n an
d su
perv
ision
of
bank
and
non
-ba
nk fi
nanc
ial
insti
tutio
ns
Num
ber o
f m
embe
r co
untri
es
impl
emen
ting
su
perv
isory
pr
actic
es in
line
with
inte
rnat
iona
l be
st p
ract
ice
Cou
nt o
f mem
ber
coun
tries
im
plem
entin
g su
perv
isory
pr
actic
es in
line
with
inte
rnat
iona
l be
st p
ract
ices
e.
g. C
ore
prin
cipl
es, R
isk
base
d su
perv
ision
, C
onso
lidat
ed
Supe
rvisi
on, B
asel
II e
tc.
10%
15%
20%
25%
15%
20%
85
%
A
nnua
l Re
port
Surv
ey -
Impa
ct
and
mid
-Ter
mA
nnua
lFS
M &
ED
MEF
MI
stak
ehol
ders
Out
com
e 1d
: In
crea
sed
use
of C
S-DR
MS
in m
embe
r co
untri
es
Perc
enta
ge
of m
embe
r co
untri
es u
sing
the
new
feat
ures
of
CS-
DRM
S
Perc
enta
ge o
f m
embe
r cou
ntrie
s th
at a
re u
sing
the
new
feat
ures
of
the
CS-
DRM
S
0%0%
40%
55%
70%
0%
0%25
%
A
nnua
l Re
port
Surv
ey -
Impa
ct
and
mid
-Ter
mA
nnua
lD
MP
& E
DM
EFM
I st
akeh
olde
rs
Out
put 1
e:
Incr
ease
d sk
ills a
nd
com
pete
ncie
s of
offi
cial
s in
clie
nt In
stitu
tions
C
ount
ry N
eeds
A
sses
smen
ts
cond
ucte
d
Perc
enta
ge o
f tra
ined
offi
cial
s w
ho in
dica
te
impr
ovem
ent
in th
eir s
kills
and
co
mpe
tenc
ies
Prop
ortio
n of
trai
nees
/ be
nefic
iarie
s who
re
port
incr
ease
in
thei
r skil
ls an
d
com
pete
ncie
s af
ter a
ttend
ing
MEF
MI t
rain
ing(
s).
60
%70
%80
%90
%
Miss
ing
data
. M
ay b
e m
easu
red
du
ring
the
Mid
Term
re
view
in
2015
.
Ann
ual
Repo
rtSu
rvey
- Im
pact
an
d m
id-T
erm
Ann
ual
DM
P &
ED
MEF
MI
stak
ehol
ders
Out
put 1
.1:
Cou
ntry
Nee
ds
Ass
essm
ents
co
nduc
ted
Num
ber o
f C
ount
ry n
eeds
as
sess
men
ts
cond
ucte
d by
C
ount
ry
Cou
nt o
f C
ount
ry n
eeds
as
sess
men
ts
cond
ucte
d by
C
ount
ry. T
he
actu
al c
ount
of
In-C
ount
ry
wor
ksho
ps
and
Miss
ions
co
nduc
ted
by
MEF
MI is
pro
vide
d
here
as a
pro
xy.
037
8712
917
522
138
8813
4
Prox
y in
dica
tor
has b
een
used
due
to
lack
of
data
.
Qua
rterly
Re
ports
Doc
umen
t Rev
iew
Qua
rterly
EDM
EFM
I st
akeh
olde
rs
Ann
exur
e
accountability — teamwork — responsiveness — integrity — professionalism
63
Expe
cted
Res
ults
In
dica
tors
2 In
dica
tor
Defin
ition
Base
line
(End
20
11)
Targ
ets (
Cum
ulat
ive)
Act
uals
(Cum
ulat
ive)
Com
men
ts
Sour
ce o
f Da
taDa
ta c
olle
ctio
n m
etho
dFr
eque
ncy
Resp
onsib
ility
Key
info
rmat
ion
user
s
2012
2013
2014
2015
2016
201
220
1320
14
Out
put 1
.2 (a
): 39
91 p
eopl
e tra
ined
Num
ber o
f pe
ople
trai
ned
Cou
nt o
f peo
ple
train
ed a
t reg
iona
l le
vel
111
1 (3
98
Fem
ales
an
d 71
3 M
ales
)
764
1,
500
2,
364
3,
205
3,
991
1,0
50
(379
fe
mal
e an
d 67
1 m
ale)
2,3
94 (8
81
fem
ale
and
1,
513
mal
e)
3,9
93 (1
,536
fe
mal
e an
d
2457
mal
e)
Q
uarte
rly
Repo
rt,
Trai
ning
Re
port,
A
ttend
ance
Re
gist
ers
Doc
umen
t Rev
iew
Qua
rterly
EDM
EFM
I st
akeh
olde
rs
Out
put 1
.3 (b
): 20
C
lient
Insti
tutio
ns
supp
orte
d
Num
ber o
f cl
ient
inst
itutio
ns
supp
orte
d
Cou
nt o
f clie
nt
inst
itutio
ns in
M
embe
r Sta
tes
supp
orte
d by
ty
pe o
f sup
port
prov
ided
and
C
ount
ry.
20 In
co
untry
, 21
co
untry
m
issio
ns
2039
6081
100
15 In
-co
untry
an
d 23
C
ount
ry
miss
ions
45 In
-co
untry
and
43
cou
ntry
m
issio
ns
64 In
-cou
ntry
an
d 70
cou
ntry
m
issio
ns
Q
uarte
rly
Repo
rt Tr
aini
ng
Repo
rt /
atte
ndan
ce
Regi
ster
Doc
umen
t Rev
iew
Qua
rterly
EDM
EFM
I st
akeh
olde
rs
Out
put 1
.3 (c
): M
acro
econ
omic
, Fin
anci
al
and
Debt
M
anag
emen
t To
ols d
evel
oped
/ up
date
d.
Perc
enta
ge o
f cl
ient
s in
mem
ber
stat
es sa
tisfie
d
with
MEF
MI’s
pr
oduc
ts
Prop
ortio
n of
cl
ient
inst
itutio
ns/
mem
ber c
ount
ries
that
per
ceiv
e th
e pr
oduc
ts o
f M
EFM
I to
be o
f qu
ality
bas
ed o
n ag
reed
crit
eria
(re
leva
nce,
fit
for p
urpo
se o
r us
eful
ness
and
qu
ality
) to
the
tota
l num
ber
of m
embe
r co
untri
es.
85%
90%
90%
92%
95%
97%
No
Dat
a.
May
be
mea
sure
d
durin
g th
e 20
15
Mid
Term
Re
view
Ann
ual
Repo
rtSu
rvey
- Im
pact
an
d m
id-T
erm
Ann
ual
EDM
EFM
I st
akeh
olde
rs
Out
com
e 2a
: Im
prov
ed
effe
ctiv
enes
s of
MEF
MI i
n su
ppor
ting
mac
roec
onom
ic
polic
y fo
rmul
atio
n an
d m
anag
emen
t in
mem
ber
coun
tries
Perc
enta
ge o
f cl
ient
s in
mem
ber
stat
es sa
tisfie
d
with
MEF
MI’s
se
rvic
es
Prop
ortio
n of
cl
ient
inst
itutio
ns/
mem
ber c
ount
ries
that
per
ceiv
e th
e se
rvic
es o
f M
EFM
I to
be o
f qu
ality
bas
ed o
n ag
reed
crit
eria
(re
leva
nce,
fit
for p
urpo
se o
r us
eful
ness
and
qu
ality
) out
of a
ll m
embe
r sta
tes/
co
untri
es.
70%
75%
80%
90%
92%
95%
No
Dat
a.
May
be
mea
sure
d
durin
g th
e 20
15
Mid
Term
Re
view
Ann
ual
Repo
rtSu
rvey
- Im
pact
an
d m
id-T
erm
Ann
ual
EDM
EFM
I st
akeh
olde
rs
N
umbe
r of
enga
gem
ents
w
ith c
lient
s
Cou
nt o
f en
gage
men
ts
(mee
tings
, br
iefin
g se
ssio
ns
etc.
) org
anise
d
by M
EFM
I for
C
lient
Inst
itutio
ns
in M
embe
r C
ount
ries.
May
be
app
roxi
mat
ed
usin
g th
e ab
ove
indi
cato
r on
the
coun
t of
clie
nt in
stitu
tions
su
ppor
ted
by
MEF
MI.
1224
3636
3636
A
nnua
l Re
port
Surv
ey -
Impa
ct
and
mid
-Ter
mA
nnua
lED
MEF
MI
stak
ehol
ders
MEFMI annual report 201464
Expe
cted
Res
ults
In
dica
tors
2 In
dica
tor
Defin
ition
Base
line
(End
20
11)
Targ
ets (
Cum
ulat
ive)
Act
uals
(Cum
ulat
ive)
Com
men
ts
Sour
ce o
f Da
taDa
ta c
olle
ctio
n m
etho
dFr
eque
ncy
Resp
onsib
ility
Key
info
rmat
ion
user
s
2012
2013
2014
2015
2016
201
220
1320
14
N
umbe
r of n
ew
tool
s dev
elop
ed/
upda
ted
Cou
nt o
f new
to
ols a
nd
inst
rum
ents
de
velo
ped/
up
date
d by
M
EFM
I bas
ed
on c
lient
nee
ds
by Ty
pe. N
ot
Cum
mul
ativ
e.
5 i.e
. FP
P (1
), PC
MS
(1),
M
anua
ls (2
)
6 i.e
. FPP
(1
),
PCM
S (1
),
Man
uals
(3)
7 i.e
. FP
P (1
), PC
MS
(1),
M
anua
ls (4
)
8 i.e
. FP
P (1
), PC
MS
(1),
M
anua
ls (5
)
9 i.e
. FP
P (1
), PC
MS
(1),
M
anua
ls (6
)
10 i.
e.
FPP
(1),
PCM
S (1
),
Man
uals
(7)
8 i.e
. FP
P (1
), PC
MS
(1),
BPM
6 (1
), P
EFM
(1
), SN
A
2001
(1
), G
FS
2001
(1),
MM
F (1
), M
FS (1
),
CPS
S-IO
SCO
pr
inci
ples
(N
/A)
8 i.e
. FPP
(1
), PC
MS
(1),
BPM
6 (1
), P
EFM
(1
), SN
A
2001
(1),
GFS
200
1 (1
), M
MF
(1),
MFS
(1),
C
PSS-
IOSC
O
prin
cipl
es
(N/A
)
10 i.
e. F
PP
(1),
PCM
S (1
), BP
M6
(1),
FPC
En
umer
ator
’s
Hand
book
(1),
PE
FM (1
), SN
A
2001
(1),
GFS
20
01 (1
), M
MF
(1),
MFS
(1),
C
PSS-
IOSC
O
prin
cipl
es (1
)
Q
uarte
rly
Repo
rt Tr
aini
ng
Repo
rt /
atte
ndan
ce
Regi
ster
Doc
umen
t Rev
iew
Qua
rterly
EDM
EFM
I st
akeh
olde
rs
N
umbe
r of
Cou
ntrie
s usin
g th
e ne
w to
ols
and
man
uals
deve
lope
d/
upda
ted
by Ty
pe
Cou
nt o
f C
ount
ries u
sing
the
new
tool
s an
d m
anua
ls de
velo
ped/
up
date
d by
M
EFM
I bas
ed
on c
lient
nee
ds
by ty
pe. N
ot
Cum
mul
ativ
e.
FPP
( ),
PCM
S ( )
, M
anua
ls ( )
FPP
( ),
PCM
S ( )
, M
anua
ls ( )
FPP
( ),
PCM
S ( )
, M
anua
ls ( )
FPP
( ),
PCM
S ( )
, M
anua
ls ( )
FPP
( ),
PCM
S ( )
, M
anua
ls ( )
FPP
( ),
PCM
S ( )
, M
anua
ls ( )
FPP
(4),
FPC
(0),
PCM
S (8
), M
anua
ls - P
EFM
(4
), SN
A
2001
(1),
BPM
6 (2
), G
FS
2001
(0),
MM
F (2
), M
FS (9
),
CPS
S-IO
SCO
pr
inci
ples
(N
/A)
FPP
(4),
FPC
(0
), PC
MS
(9),
Man
uals
- PEF
M (4
), SN
A 2
001
(1),
BPM
6 (3
), G
FS
2001
(1),
MM
F (4
), M
FS (1
0),
CPS
S-IO
SCO
pr
inci
ples
(0)
FPP
(5),
FPC
(1
), PC
MS
(9),
Man
uals
- PEF
M (5
), SN
A 2
001
(3),
BPM
6 (5
), G
FS
2001
(3),
MM
F (5
), M
FS (1
3),
CPS
S-IO
SCO
pr
inci
ples
(5)
A
nnua
l Re
port
Surv
ey -
Impa
ct
and
mid
-Ter
mQ
uarte
rlyED
MEF
MI
stak
ehol
ders
Out
com
e 2b
: In
crea
sed
dem
and
for
MEF
MI's
pro
duct
s an
d se
rvic
es.
Num
ber o
f re
ques
ts fo
r pr
oduc
ts a
nd
serv
ices
rece
ived
fro
m M
EFM
I cl
ient
s
Cou
nt o
f req
uest
s fo
r pro
duct
s and
se
rvic
es re
ceiv
ed
by M
FMI f
rom
its
clie
nts b
y ty
pe,
inst
itutio
n an
d
coun
try
1020
3030
3030
No
Dat
a.
Qua
rterly
Re
port
Trai
ning
Re
port
/at
tend
ance
Re
gist
er
Doc
umen
t Rev
iew
Qua
rterly
EDM
EFM
I st
akeh
olde
rs
Out
put 2
.2: M
&E
syste
m re
view
co
nduc
ted
M&
E sy
stem
re
view
repo
rtA
repo
rt in
dica
ting
M&
E Sy
stem
re
view
(stre
ngth
s an
d w
eakn
esse
s of
MEF
MI’s
M&
E sy
stem
and
ac
tion
plan
for
impr
ovem
ent)
00
10
00
N/A
N/A
0
A
nnua
l Re
port
Doc
umen
t Rev
iew
Ann
ual
EDM
EFM
I st
akeh
olde
rs
Out
put 2
.3:
M&E
tool
s an
d re
porti
ng
arra
ngem
ent
oper
atio
naliz
ed
Exte
nt o
f op
erat
iona
lizat
ion
of M
&E
tool
s an
d re
porti
ng
arra
ngem
ents
Ass
essm
ent o
f th
e e
xten
t of
oper
atio
naliz
atio
n of
M&
E to
ols
and
repo
rting
ar
rang
emen
ts
agre
ed a
fter t
he
revi
ew
01
22
22
N/A
N/A
A
nnua
l Re
port
Doc
umen
t Rev
iew
Ann
ual
EDM
EFM
I st
akeh
olde
rs
Out
put 2
.4: F
our
(4) s
taff
of M
EFM
I tra
ined
in M
&E
Num
ber o
f sta
ff tra
ined
C
ount
of M
EFM
I st
aff t
rain
ed in
M
&E
by G
ende
r an
d Po
sitio
n4
45
67
80
01
Q
uarte
rly
Repo
rtsRe
view
of s
yste
m
impl
emen
tatio
n /
docu
men
t rev
iew
Qua
rterly
EDM
EFM
I st
akeh
olde
rs
accountability — teamwork — responsiveness — integrity — professionalism
65
Expe
cted
Res
ults
In
dica
tors
2 In
dica
tor
Defin
ition
Base
line
(End
20
11)
Targ
ets (
Cum
ulat
ive)
Act
uals
(Cum
ulat
ive)
Com
men
ts
Sour
ce o
f Da
taDa
ta c
olle
ctio
n m
etho
dFr
eque
ncy
Resp
onsib
ility
Key
info
rmat
ion
user
s
2012
2013
2014
2015
2016
201
220
1320
14
Out
put 2
.5:
Proj
ect
perfo
rman
ce
repo
rts
deve
lope
d an
d di
ssem
inat
ed.
Num
ber
of p
roje
ct
perfo
rman
ce
repo
rts
deve
lope
d an
d
diss
emin
ated
.
Cou
nt o
f pro
ject
pe
rform
ance
re
ports
dev
elop
ed
and
diss
emin
ated
by
type
/ don
or
(e.g
. AC
BF)
04
812
1620
48
12
Q
uarte
rly
Repo
rtsRe
view
of s
yste
m
impl
emen
tatio
n /
docu
men
t rev
iew
Qua
rterly
EDM
EFM
I st
akeh
olde
rs
Out
put 2
.5:
Proj
ect
perfo
rman
ce
repo
rts
deve
lope
d an
d di
ssem
inat
ed.
Num
ber o
f Q
uarte
rly
Prog
ram
me
repo
rts,
high
light
ing
anal
ysis
of
perfo
rman
ce
on P
rogr
amm
e RM
F, su
bmitt
ed
by 2
5th
of e
very
fir
st m
onth
of a
qu
arte
r.
Cou
nt o
f Qua
rterly
Pr
ogra
mm
e re
ports
, hi
ghlig
htin
g an
alys
is of
pe
rform
ance
on
Pro
gram
me
RMF
subm
itted
by
25t
h of
eve
ry
first
mon
th o
f a
quar
ter.
00
02
610
48
12
Q
uarte
rly
Repo
rtD
ocum
ent R
evie
wQ
uarte
rlyED
MEF
MI
stak
ehol
ders
Out
put 2
.6:
The
Fello
ws
Deve
lopm
ent
Prog
ram
me
coor
dina
ted
effe
ctiv
ely.
A
criti
cal m
ass o
f re
gion
al e
xper
ts
deve
lope
d an
d re
tain
ed.
Perc
enta
ge
of F
ello
ws
Gra
duat
ed
Prop
ortio
n of
C
andi
date
Fe
llow
s tha
t gr
adua
te o
ut o
f al
l tho
se e
nrol
led
sin
ce in
cept
ion
by
gend
er
51%
51%
70%
90%
90
%
49%
of a
ll fe
llow
s gr
adua
ted
an
d 37
% o
f gr
adua
tes
wer
e fe
mal
e.
49%
of a
ll fe
llow
s gr
adua
ted
an
d 37
% o
f gr
adua
tes w
ere
fem
ale.
A
nnua
l Re
port
Doc
umen
t Rev
iew
Ann
ual
EDM
EFM
I st
akeh
olde
rs
Out
put 2
.6:
The
Fello
ws
Deve
lopm
ent
Prog
ram
me
coor
dina
ted
effe
ctiv
ely.
Perc
enta
ge
of F
ello
ws
Acc
redi
ted
Prop
ortio
n of
Fe
llow
s tha
t are
ac
cred
ited
out
of th
ose
enro
lled
sin
ce in
cept
ion
by
gend
er.
37%
60%
60
%
34 %
of a
ll fe
llow
s are
ac
cred
ited
an
d 14
% o
f ac
cred
ited
w
ere
fem
ale.
34 %
of a
ll fe
llow
s are
ac
cred
ited
an
d 14
% o
f ac
cred
ited
w
ere
fem
ale.
A
nnua
l Re
port
Doc
umen
t Rev
iew
Ann
ual
EDM
EFM
I st
akeh
olde
rs
Out
put 2
.6:
The
Fello
ws
Deve
lopm
ent
Prog
ram
me
coor
dina
ted
effe
ctiv
ely.
Num
ber o
f Fe
llow
s Rec
ruite
dC
ount
of f
ello
ws
enro
lled
in a
giv
en
perio
d of
tim
e.92
9210
710
712
212
292
106
105
A
nnua
l Re
port
Doc
umen
t Rev
iew
Ann
ual
EDM
EFM
I st
akeh
olde
rs
Out
put 2
.6:
The
Fello
ws
Deve
lopm
ent
Prog
ram
me
coor
dina
ted
effe
ctiv
ely.
Perc
enta
ge o
f Fe
llow
s utili
sed
as
reso
urce
per
sons
an
nual
ly.
Prop
ortio
n of
Fe
llow
s utili
sed
as
reso
urce
per
sons
ou
t of a
ll res
ourc
e pe
rsons
use
d
annu
ally
.
13%
15%
17%
19%
21%
23%
14%
18%
14%
MEFMI annual report 201466A
nnex
II: R
EGIO
NA
L C
APA
CITY
BUI
LDIN
G A
CTIV
ITIES
CO
NDU
CTE
D DU
RIN
G J
AN
UARY
– D
ECEM
BER
2014
Cou
rses
/ R
etre
ats
/ Se
min
ars
/ W
orks
hops
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er, S
nr-S
enio
r M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
MA
CRO
MA
NA
GEM
ENT P
ROG
RAM
ME
Join
t MEF
MI/S
AD
C/IM
F C
ourse
on
Eco
nom
ic Is
sues
in
Reg
iona
l Inte
grat
ion
24 F
ebru
ary-
07 M
arch
201
4,
SARB
Con
fere
nce
Cen
tre,
Pret
oria
Sou
th A
frica
To e
nhan
ce p
artic
ipan
ts’ a
naly
tical
skills
on
econ
omic
issu
es in
re
gion
al in
tegr
atio
n.
To u
pdat
e pa
rtici
pant
s with
the
late
st d
evel
opm
ents
am
ong
REC
s (C
OM
ESA
, EA
C, S
AC
U an
d SA
DC
).
IMF
(ICD
)
SAD
C C
CBG
SARB
03
00
02
1220
18M
id-le
vel s
taff
OUT
PUT
•Im
parte
d sk
ills to
und
erst
and
and
appl
y co
ncep
ts/t
heor
ies t
hat u
nder
pin
regi
onal
inte
grat
ion
proc
esse
s. •
Equi
pped
par
ticip
ants
with
skills
to a
sses
s the
read
ines
s of c
ount
ries a
nd R
egio
nal E
cono
mic
Com
mun
ities (
REC
s) to
adv
ance
in th
e re
gion
al in
tegr
atio
n pr
oces
s by
usin
g va
rious
qua
ntita
tive
and
qual
itativ
e cr
iteria
such
as m
acro
econ
omic
con
verg
ence
cr
iteria
and
bus
ines
s cyc
le sy
nchr
oniza
tion.
Intro
duct
ory
Mac
roec
onom
ic A
naly
sis
and
man
agem
ent C
ourse
17-2
8 m
arch
M
baba
ne -
Swaz
iland
To e
quip
par
ticip
ants
with
key
con
cept
ual a
nd a
naly
tical
fra
mew
orks
for m
acro
econ
omic
pol
icy
desig
n, a
naly
sis,
fore
cast
ing
and
impl
emen
tatio
n.
To e
xplo
re lin
kage
s bet
wee
n m
acro
econ
omic
acc
ount
s and
m
acro
econ
omic
con
siste
ncy
chec
ks u
sing
the
Flow
of F
unds
and
m
embe
r cou
ntrie
s dat
a.
Use
P* a
nd in
tere
st g
ap m
odel
s to
prep
are
coun
try sp
ecific
MPC
te
chni
cal p
rese
ntat
ions
usin
g th
e fo
ur g
aps a
naly
sis m
etho
ds: H
P Fil
ter,
Kalm
an F
ilter a
nd Tr
end
smoo
thin
g ap
proa
ches
00
02(
1)(1
)1(
0)1
1015
11Ju
nior
OUT
PUT
•Eq
uipp
ed p
artic
ipan
ts w
ith k
ey c
once
ptua
l and
ana
lytic
al fr
amew
orks
for m
acro
econ
omic
pol
icy
desig
n, a
naly
sis, f
orec
astin
g an
d im
plem
enta
tion.
•Eq
uipp
ed p
artic
ipan
ts w
ith k
now
ledg
e on
the
vario
us lin
kage
s in
the
mac
roec
onom
ic a
ccou
nts a
nd th
eir c
onsis
tenc
y –
chec
king.
•Pa
rtici
pant
s con
stru
cted
bal
ance
d Flo
w o
f Fun
ds, a
naly
zed
thei
r res
pect
ive
econ
omie
s and
pro
pose
d ad
just
men
t pol
icy
mea
sure
s.•
Used
P*
and
inte
rest
gap
mod
els t
o pr
epar
e co
untry
spec
ific M
PC te
chni
cal p
rese
ntat
ions
usin
g th
e fo
ur g
aps a
naly
sis m
etho
ds: H
P Fil
ter,
Kalm
an F
ilter a
nd Tr
end
smoo
thin
g ap
proa
ches
•Pr
ovid
ed c
uttin
g ed
ge a
naly
sis a
nd d
iscus
sion
on e
mer
ging
issu
es a
nd p
ossib
le im
pact
on
grow
th o
f cou
ntrie
s in
the
regi
on.
Retre
at fo
r Hea
ds o
f D
epar
tmen
ts R
espo
nsib
le fo
r M
onito
ring
Fore
ign
Priv
ate
Cap
ital (
FPC
).
26 –
30
May
201
4, W
indh
oek,
N
amib
ia
To a
sses
s cou
ntrie
s’ p
rogr
ess,
in m
onito
ring
FPC
To se
t cap
acity
nee
d pr
iorit
ies.
To h
arm
onise
met
hodo
logi
es a
nd to
ols f
or re
cord
ing,
mon
itorin
g an
d an
alys
is of
FPC
in th
e M
EFM
I reg
ion.
To d
iscus
s pol
icie
s to
prom
ote,
sust
ain
and
optim
ize th
e be
nefit
s fro
m F
PC in
flow
s.
-0
01
4(0)
2(1)
29
135
Man
ager
s & S
nrs
accountability — teamwork — responsiveness — integrity — professionalism
67
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er, S
nr-S
enio
r M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
Out
puts:
•C
ount
ries’
cap
acity
nee
ds a
nd a
ctio
n pl
ans t
o m
onito
r FPC
for 2
014-
2016
,•
Revi
ewed
Reg
iona
l FPC
Han
dboo
k,
•Re
view
ed st
udy
prop
osal
on
Nat
ural
Res
ourc
es, a
nd•
Brai
nsto
rmed
on
polic
ies t
o pr
omot
e an
d su
stai
n ca
pita
l flow
s in
the
MEF
MI r
egio
n.
Join
t IM
F/M
EFM
I Cou
rse
on E
xter
nal S
ecto
r Pos
ition
Stat
istic
s: D
ata
Com
pila
tion
and
Diss
emin
atio
n
Kam
pala
-Uga
nda
28 J
uly
-01
Aug
ust 2
014
•To
exp
ose
parti
cipa
nts t
o th
e la
test
tool
s and
bes
t pr
actic
es fo
r com
pilin
g ex
tern
al se
ctor
pos
ition
stat
istic
s, an
d
•To
upd
ate
parti
cipa
nts o
n va
rious
IMF’
s ini
tiativ
es fo
r co
mpi
ling
posit
ion
stat
istic
s nam
ely;
CD
IS a
nd C
PIS.
IMF-
Stat
istic
s D
epar
tmen
t 0
2 (2
)0
00
39
174
J,M
, Snr
Out
puts:
•Ex
posu
re to
the
late
st to
ols a
nd b
est p
ract
ices
for c
ompi
ling
exte
rnal
sect
or p
ositio
n st
atist
ics n
amel
y; B
PM6
Com
pila
tion
Gui
de (2
014)
, ED
S G
uide
(201
3) a
nd R
eser
ve Te
mpl
ate
(201
3),
•Ex
chan
ge o
f exp
erie
nces
in th
e co
mpi
latio
n of
ext
erna
l sec
tor p
ositio
n st
atist
ics,
•En
hanc
ed a
war
enes
s to
vario
us IM
F’s i
nitia
tives
for c
ompi
ling
posit
ion
stat
istic
s nam
ely;
CD
IS a
nd C
PIS,
and
•
Prov
ided
scop
e fo
r inp
ut in
to th
e M
EFM
I’s F
PC G
ener
ic Q
uest
ionn
aire
, PC
MS
and
FPC
Han
dboo
k.
Trai
ning
of T
rain
ers
Wor
ksho
p on
Mod
ellin
g an
d
Fore
cast
ing
14–
18 J
uly,
201
4
Aru
sha,
Tanz
ania
•To
revi
ew th
e ca
paci
ty b
uild
ing
met
hods
, put
ting
emph
asis
on th
e M
EFM
I mod
ellin
g an
d fo
reca
stin
g re
fere
nce
man
ual a
nd a
ll the
oth
er m
ater
ials
that
hav
e al
way
s bee
n de
liver
ed to
par
ticip
ants
in M
EFM
I wor
ksho
ps/c
ourse
s in
this
area
.
•To
com
e up
with
thre
e fu
lly fl
edge
d sy
llabu
ses o
f tra
inin
g in
ea
ch o
ne o
f the
two
area
s of t
rain
ing:
(a) M
acro
econ
omic
fo
reca
stin
g (ti
me
serie
s) a
nd (b
) Com
puta
ble
gene
ral
equi
libriu
m m
odel
ling
(CG
E).
•To
ass
ign
expe
rts to
the
new
ly a
gree
d up
on m
odul
es fo
r fu
ture
del
iver
y in
wor
ksho
ps/c
ourse
s.
--
02
(1)
02
(1)
111
113
S,D
Out
puts
•C
arrie
d an
ove
rvie
w o
f wha
t MEF
MI h
as b
een
doin
g an
d th
e tra
inin
g it
has o
ffere
d in
the
past
20
year
s, in
clud
ing
disc
ussin
g th
e re
sults
of a
just
com
plet
ed im
pact
and
nee
ds a
sses
smen
t exe
rcise
.•
Ava
ilabi
lity o
f Ful
ly-fl
edge
d ne
w sy
llabu
ses f
or Ti
me
Serie
s Mac
roec
onom
etric
Cou
rses a
nd C
GE
Mod
ellin
g C
ourse
s for
diff
eren
t lev
els o
f tra
inin
g.•
A c
ompr
ehen
sive
book
let o
f the
new
ly d
efine
d sy
llabu
ses a
nd th
e as
signm
ent o
f exp
erts
to m
odul
es.
•Kn
owle
dge
of a
reas
whe
re th
e ex
perts
nee
d ad
ditio
nal t
rain
ing
and
refre
sher
cou
rses.
Join
t MEF
MI/I
MF
Finan
cial
Pr
ogra
mm
ing
and
Polic
ies
18-2
9 A
ugus
t 201
4,
Win
dhoe
k, N
amib
ia
•Sh
arpe
n pa
rtici
pant
s' un
derst
andi
ng o
f the
sect
oral
lin
kage
s and
thei
r im
pact
on
polic
y de
sign;
•Im
prov
e ca
paci
ty in
fore
cast
ing
and
proj
ectio
n an
d
appl
icat
ions
to p
olic
y fo
rmul
atio
n; a
nd•
Impr
ove
appr
ecia
tion
of p
olic
y tra
de-o
ffs a
nd lin
kage
for
polic
y co
nsist
ency
.
IMF-
ICD
04
(1)
00
03
1016
15M
,S
MEFMI annual report 201468
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er, S
nr-S
enio
r M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
•Sh
arpe
ned
unde
rstan
ding
of t
he e
ssen
tial s
ecto
ral li
nkag
es a
nd th
eir i
mpa
ct o
n po
licy
desig
n;•
Impr
oved
cap
acity
in fo
reca
stin
g an
d pr
ojec
tion
and
appl
icat
ions
for p
olic
y fo
rmul
atio
n;
•Im
prov
ed a
ppre
ciat
ion
of p
olic
y tra
de-o
ffs a
nd c
onsis
tenc
y;•
Enha
nced
app
reci
atio
n of
the
sequ
enci
ng is
sues
in p
olic
y de
sign;
and
impl
emen
tatio
n an
d th
e im
porta
nce
of c
omm
itmen
t to
see
polic
y m
easu
res r
un th
eir c
ourse
Join
t IM
F/M
EFM
I Cou
rse
On
Dat
a Re
quire
men
ts F
or
Econ
omic
Man
agem
ent:
Gov
ernm
ent F
inan
ce
Stat
istic
s
6 –
17 O
ctob
er 2
014,
Lil
ongw
e, M
alaw
i
Prov
ide
parti
cipa
nts t
rain
ing
on th
e IM
F G
over
nmen
t Fin
anci
al
Stat
istic
s Man
ual 2
001
(GFS
M 2
001)
and
its u
pdat
e (G
FSM
201
4),
with
the
view
to fa
cilita
ting
its im
plem
enta
tion
for c
ompi
ling
and
re
porti
ng fi
scal
dat
a.
Spec
ifical
ly, t
he fo
llow
ing
wer
e re
view
ed th
roug
h le
ctur
es a
nd
guid
ed e
xerc
ises:
(1) T
he G
FS fr
amew
ork,
incl
udin
g its
und
erly
ing
stru
ctur
e,
conc
epts
, defi
nitio
ns, a
nd in
stitu
tiona
l cov
erag
e;
(2) T
he u
sefu
lnes
s of t
he G
FS fr
amew
ork
for fi
scal
ana
lysis
; and
(3
) Met
hods
and
pra
ctic
es in
com
pilin
g G
FS.
IMF-
Stat
istic
s D
epar
tmen
t0
2 (0
)0
00
312
2212
Seni
or o
ffici
al a
nd te
chni
cal s
taff
Join
t MEF
MI/I
DEP
Cou
rse o
n D
eepe
r Reg
iona
l Inte
grat
ion
for A
frica
13-1
7 O
ctob
er 2
014,
Hol
iday
In
n, D
ar e
s Sal
aam
, Tan
zani
a
•To
impa
rt pa
rtici
pant
s with
skills
and
exp
erie
nces
in
pursu
ing
deep
er in
tegr
atio
n pr
oces
ses i
nclu
ding
the
rela
ted
chal
leng
es.
•To
enh
ance
skills
to a
naly
ze p
rogr
ess i
n ec
onom
ic
inte
grat
ion
and
trade
dev
elop
men
ts.
IDEP
00
4 (0
)0
02
1220
4M
id-le
vel t
o Se
nior
staf
f
OUT
PUTS
:•
Parti
cipa
nt u
pdat
ed th
eir k
now
ledg
e on
the
chal
leng
es o
f dee
per r
egio
nal in
tegr
atio
n in
Afri
ca;
•D
evel
oped
an
appr
ecia
tion
of th
e po
licy
chal
leng
es a
nd p
roce
sses
requ
ired
for d
eepe
r int
egra
tion,
incl
udin
g th
e ro
le o
f the
diff
eren
t ins
titut
ions
such
as C
entra
l Ban
ks a
nd M
inist
ries o
f Fin
ance
and
Eco
nom
ic P
lann
ing
and
Cus
tom
s Adm
inist
ratio
n;
and
•Re
new
ed th
eir u
nder
stan
ding
of h
ow to
des
ign,
impl
emen
t, co
ordi
nate
, and
mon
itor r
egio
nal in
tegr
atio
n po
licie
s and
pro
gram
mes
/pro
ject
s.
Regi
onal
Wor
ksho
p on
Rev
enue
Pol
icy
&
Adm
inist
ratio
n,
3-7
Nov
embe
r, 20
14, K
igal
i, Rw
anda
Prov
ide
train
ing
for m
iddl
e to
seni
or le
vel e
cono
mist
s in
reve
nue
polic
y an
d ad
min
istra
tion
from
reve
nue
auth
oritie
s and
pol
icy
anal
ysis
units
in m
inist
ries o
f fina
nce.
-0
02
(0)
01(
0)3
1017
5Ju
nior
, Mid
dle
and
Sen
ior s
taff
accountability — teamwork — responsiveness — integrity — professionalism
69
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er, S
nr-S
enio
r M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
Out
puts:
• R
evie
wed
and
refin
ed re
venu
e po
licy
and
fram
ewor
ks in
the
cont
ext o
f the
pre
vailin
g m
acro
econ
omic
circ
umst
ance
s of m
embe
r cou
ntrie
s,•
Impa
rted
cutti
ng e
dge
deve
lopm
ents
and
bes
t pra
ctic
es in
reve
nue
polic
y an
d m
anag
emen
t at r
egio
nal a
nd in
tern
atio
nal le
vel,
•C
halle
nges
em
ergi
ng fr
om th
e in
trodu
ctio
n of
com
mon
mar
ket a
reas
and
larg
e in
form
al se
ctor
s wer
e ad
dres
sed,
and
•Iss
ues o
f cor
rupt
ion
and
taxa
tion
wer
e ex
tens
ivel
y ad
dres
sed.
Regi
onal
wor
ksho
p on
the
met
hodo
logy
of C
olle
ctio
n,
Com
pila
tion
and
Ana
lysis
of
Inte
rnat
iona
l Rem
ittan
ces
Dat
a
Hilto
n Ho
tel
Nai
robi
, Ken
ya
17-2
1 N
ovem
ber 2
014
To e
quip
par
ticip
ants
with
the
late
st c
once
ptua
l issu
es in
th
e m
etho
dolo
gy fo
r col
lect
ion,
Com
pila
tion
and
anal
ysis
of re
mitt
ance
s dat
a in
line
with
the
late
st IM
F’s I
nter
natio
nal
Tran
sact
ions
in R
emitt
ance
s: G
uide
for C
ompi
lers
and
User
s.
To e
xpos
e pa
rtici
pant
s to
inst
itutio
nal,
lega
l and
regu
lato
ry
fram
ewor
k fo
r com
pilin
g re
mitt
ance
s.
To ta
ke p
artic
ipan
ts th
roug
h C
ount
ry c
ase
stud
ies w
ithin
and
ou
tsid
e th
e M
EFM
I reg
ion
on c
ompi
latio
n m
etho
dolo
gy, a
naly
sis
and
disc
uss r
elat
ed c
halle
nges
.
-1
(0)
01(
0)0
1(0)
29
117
S, M
, J
Out
puts:
•Un
derst
andi
ng o
f the
bes
t pra
ctic
es fo
r col
lect
ion,
com
pila
tion
and
anal
ysis
of in
tern
atio
nal r
emitt
ance
s dat
a,•
Aw
aren
ess a
nd so
lutio
ns to
the
uniq
ue a
nd c
omm
on c
halle
nges
face
d by
mem
ber c
ount
ries i
n th
e co
llect
ion,
com
pila
tion
and
anal
ysis
of in
tern
atio
nal r
emitt
ance
s, an
d•
Expo
sure
to v
ario
us m
etho
ds a
nd to
ols f
or c
ompi
ling
rem
ittan
ces w
hich
cou
ntrie
s con
sider
ed a
dopt
ing
goin
g fo
rwar
d.
DEBT
MA
NA
GEM
ENT P
ROG
RAM
ME
Join
t MEF
MI/C
OM
SEC
Reg
iona
l W
orks
hop
on M
anag
ing
Publ
ic
Deb
t Usin
g C
SDRM
S Ve
rsion
210
– 1
9 Fe
brua
ry, 2
014
Nai
robi
Ken
ya
To im
part
skills
incl
udin
g ha
nds-o
n tra
inin
g to
par
ticip
ants
on
the
adva
nced
func
tiona
lities
of C
S-D
RMS
2000
+ Ve
rsion
2.
To c
ontri
bute
to th
e w
iden
ing
of th
e re
gion
al p
ool o
f ex
perie
nced
CS-
DRM
S us
ers.
Con
tinua
tion
of te
stin
g an
d ap
prec
iatin
g of
the
new
ve
rsion
of C
S-D
RMS
from
the
busin
ess p
ersp
ectiv
e.
CO
MSE
C0
4(2)
1(1)
1 (0
)1(
0)3
1014
17J,
Snr
Out
puts
•Pa
rtici
pant
s gai
ned
know
ledg
e an
d sk
ills o
n th
e us
e of
the
new
ver
sion
of C
SDRM
S fo
r man
agin
g pu
blic
deb
t •
Enha
nced
theo
retic
al k
now
ledg
e on
con
tem
pora
ry is
sues
in p
ublic
deb
t man
agem
ent.
•Th
roug
h en
d of
wor
ksho
p fe
edba
ck, p
artic
ipan
ts ra
ised
issue
s to
be c
onsid
ered
in fu
ture
revi
sions
of t
he C
SDRM
S.
Join
t MEF
MI/O
ECD
Reg
iona
l W
orks
hop
on M
anag
emen
t of
Con
tinge
nt L
iabi
lities
17th –
21st
Mar
ch 2
014
Vict
oria
Fal
ls, Z
imba
bwe
To in
trodu
ce d
ebt m
anag
ers t
o th
e ke
y iss
ues o
n m
onito
ring
and
man
agem
ent o
f con
tinge
nt lia
biliti
es, i
nclu
ding
the
rela
ted
inst
itutio
nal a
rrang
emen
ts.
OEC
D1
02(
1)0
2 (0
)3
1014
12JM
, Snr
, MM
,
MEFMI annual report 201470
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er, S
nr-S
enio
r M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
Out
puts
•
The
wor
ksho
p eq
uipp
ed p
artic
ipan
ts w
ith k
now
ledg
e an
d fa
cilita
ted
shar
ing
of e
xper
ienc
es o
n th
e ke
y iss
ues f
or m
anag
emen
t of c
ontin
gent
liabi
lities
, inc
ludi
ng ri
sk id
entifi
catio
n, ri
sk a
sses
smen
t, bu
dget
ing,
repo
rting
, risk
min
imiza
tion
as w
ell a
s the
ap
prop
riate
lega
l and
inst
itutio
nal a
rrang
emen
ts.
Regi
onal
Wor
ksho
p on
D
omes
tic D
ebt a
nd F
inan
cial
M
arke
ts O
pera
tions
and
M
anag
emen
t
5th –
14th
May
201
4A
rush
a, Ta
nzan
ia
To im
part
prac
tical
skills
requ
ired
to e
ffect
ivel
y m
anag
e pu
blic
do
mes
tic d
ebt a
nd d
rive
refo
rms i
n th
e do
mes
tic d
ebt m
arke
ts.
AfD
B, S
ARB
02
(0)
1(0)
1 (0
)2(
1)4
1322
15Sn
r, M
M,
Out
puts
•
The
wor
ksho
p eq
uipp
ed p
artic
ipan
ts w
ith p
ract
ical
skills
requ
ired
to e
ffect
ivel
y m
anag
e pu
blic
dom
estic
deb
t and
dev
elop
men
t of s
ecur
ities m
arke
ts.
•Th
e w
orks
hop
also
faci
litate
d sh
arin
g of
exp
erie
nces
on
key
issue
s reg
ardi
ng is
suan
ce a
nd se
cond
ary
mar
ket t
radi
ng o
f gov
ernm
ent s
ecur
ities a
s wel
l as t
he se
quen
cing
of m
arke
t ref
orm
s. It
is en
visa
ged
that
the
know
ledg
e ga
ined
wou
ld e
nabl
e th
em to
dr
ive
refo
rms i
n th
e do
mes
tic d
ebt m
arke
ts a
nd m
anag
e de
bt w
ithin
the
fram
ewor
k of
fisc
al p
rude
nce
and
mac
roec
onom
ic st
abilit
y.
Regi
onal
Wor
ksho
p on
Pub
lic
Deb
t Aud
it
2nd -
6th J
une
2014
Win
dhoe
k, N
amib
ia
To p
rovi
de a
udito
rs w
ith a
n un
derst
andi
ng o
f deb
t man
agem
ent
proc
esse
s and
per
form
ance
stan
dard
s, in
ord
er to
faci
litate
mor
e kn
owle
dgea
ble
audi
ting
of d
ebt m
anag
emen
t offi
ces.
00
01
1 (0
)3
(0)
412
1918
Jnr,
MM
, Snr
Out
puts
•
Equi
pped
par
ticip
ants
with
con
cept
ual is
sues
in so
vere
ign
debt
man
agem
ent p
roce
dure
s and
per
form
ance
stan
dard
s •
Equi
pped
par
ticip
ants
with
pra
ctic
al sk
ills re
quire
d to
con
duct
bot
h fin
anci
al a
nd p
erfo
rman
ce a
uditin
g of
pub
lic d
ebt
•In
trodu
ced
parti
cipa
nts t
o ev
olvi
ng in
tern
atio
nal b
est p
ract
ices
in a
uditin
g pu
blic
deb
t
Regi
onal
Wor
ksho
p on
Fo
unda
tions
of D
ebt
Man
agem
ent
30 J
une
– 11
Jul
y 20
14Lil
ongw
e, M
alaw
i
•To
nur
ture
and
equ
ip o
ffici
als f
rom
mem
ber c
ount
ries w
ith
requ
isite
skills
to e
nhan
ce th
eir e
ffect
iven
ess i
n m
anag
ing
publ
ic se
ctor
deb
t;•
To e
xpos
e pa
rtici
pant
s to
anal
ytic
al to
ols u
sed
in th
e m
anag
emen
t of p
ublic
sect
or d
ebt
00
02
(0)
02
(0)
312
2219
Jnr,
MM
Out
puts
•
Equi
pped
par
ticip
ants
with
pra
ctic
al sk
ills re
quire
d fo
r effe
ctiv
e pu
blic
sect
or d
ebt m
anag
emen
t; •
Expa
nded
the
poo
l of o
ffici
als t
hat a
re tr
aine
d, k
now
ledg
eabl
e an
d ha
ve p
ract
ical
exp
osur
e to
ana
lytic
al to
ols u
sed
in p
ublic
deb
t man
agem
ent;
and
•Pa
rtici
pant
s sha
red
expe
rienc
es a
nd h
ad a
pla
tform
to o
penl
y di
scus
s em
ergi
ng is
sues
in p
ublic
deb
t man
agem
ent
Join
t MEF
MI/U
NC
TAD
Trai
ning
of
Use
rs an
d IT
Adm
inist
rato
rs on
DM
FAS
Versi
on 6
1 –
10 S
epte
mbe
r 201
4Ka
mpa
la, U
gand
a
•To
diss
emin
ate
and
train
use
rs on
new
mod
ules
and
fu
nctio
naliti
es in
DM
FAS
Versi
on 6
.0;
•To
trai
n D
atab
ase/
Syst
em A
dmin
istra
tors
on p
roce
dure
s for
th
e in
stal
latio
n an
d m
aint
enan
ce o
f DM
FAS;
and
•To
disc
uss f
utur
e de
velo
pmen
t pla
ns o
f DM
FAS
and
othe
r ch
alle
nges
enc
ount
ered
by
debt
offi
ces a
s the
y us
e th
e sy
stem
.
UNC
TAD
03(
0)0
00
34
1211
Jnr,
MM
accountability — teamwork — responsiveness — integrity — professionalism
71
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er, S
nr-S
enio
r M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
Out
puts
•
Parti
cipa
nts’
func
tiona
l and
tech
nica
l skil
ls in
DM
FAS
wer
e up
grad
ed;
•C
halle
nges
enc
ount
ered
by
debt
offi
cers
in u
sing
DM
FAS
wer
e ad
dres
sed/
reso
lved
; and
• F
utur
e de
velo
pmen
t pla
ns o
f the
DM
FAS
wer
e di
scus
sed
and
coun
tries
shar
ed th
eir e
xpec
tatio
ns/r
equi
rem
ents
with
the
syst
em d
evel
oper
s
High
Lev
el S
emin
ar o
n So
vere
ign
Bond
Issu
ance
20 –
22
Oct
ober
201
4G
abor
one,
Bot
swan
a
•To
raise
aw
aren
ess o
n op
portu
nitie
s and
risk
s aris
ing
from
iss
uing
sove
reig
n bo
nds i
n gl
obal
cap
ital m
arke
ts•
To d
iscus
s stra
tegi
c co
nsid
erat
ions
bef
ore
issua
nce
of
sove
reig
n bo
nds i
n in
tern
atio
nal c
apita
l mar
kets
•To
exp
lore
pol
icy
optio
ns fo
r mitig
atin
g ris
ks a
ssoc
iate
d w
ith
sove
reig
n bo
nd is
suan
ce;
•To
dev
elop
skills
nec
essa
ry fo
r man
agin
g th
e Eu
robo
nd
issua
nce
proc
ess
•Sh
are
expe
rienc
es in
sove
reig
n bo
nd is
suan
ce
IMF,
Cen
tral
Bank
of
Icel
and
02
(0)
00
13
1114
12Sn
r, D
Out
puts
•
Parti
cipa
nts a
re n
ow a
war
e of
the
oppo
rtuni
ties a
nd ri
sks a
ssoc
iate
d w
ith is
suin
g so
vere
ign
bond
s in
the
glob
al c
apita
l mar
kets
•En
hanc
ed p
artic
ipan
ts’ c
apac
ity to
eva
luat
e so
vere
ign
Euro
bond
s as a
pot
entia
l sou
rce
of fi
nanc
ing
deve
lopm
ent e
xpen
ditu
re
•Po
licy
optio
ns to
mitig
ate
risks
ass
ocia
ted
with
Eur
obon
ds w
ere
expl
ored
and
eva
luat
ed•
Del
egat
es sh
ared
cou
ntry
exp
erie
nces
and
bes
t pra
ctic
es in
sove
reig
n bo
nds i
ssua
nces
Qua
ntita
tive
Met
hods
&
Ana
lysis
for D
ebt a
nd
Rese
rves
Man
agem
ent
3 – 14
Nov
embe
r 201
4
Ezul
win
i, Sw
azila
nd
•To
impa
rt kn
owle
dge
and
skills
on
how
to im
plem
ent
ALM
as a
stra
tegi
c de
cisio
n m
akin
g fra
mew
ork
to g
ain
com
petit
ive
adva
ntag
e an
d in
crea
se v
alue
;•
To d
evel
op sk
ills o
n qu
antit
ativ
e m
etho
ds a
nd e
ssen
tial
finan
cial
and
stat
istic
al c
alcu
latio
ns;
•To
enh
ance
und
erst
andi
ng o
f qua
ntita
tive
met
hods
and
th
e ap
plic
atio
n of
ALM
tech
niqu
es fo
r stra
tegi
c de
cisio
n m
akin
g;•
To e
xpos
e pa
rtici
pant
s to
adva
nced
tech
niqu
es fo
r m
easu
ring
risk
expo
sure
;•
To le
arn
the
limita
tions
and
pitf
alls
of v
ario
us ri
sk m
etric
s; an
d•
To u
nder
stan
d ris
k ex
posu
re a
nd le
arn
how
to ta
ke
effe
ctiv
e ris
k m
itigat
ion
mea
sure
s.
BIS,
SA
RB,
AfD
B0
2(0)
1(1)
1(0)
2(1)
313
2513
Jnr,
MM
Out
puts
•
Equi
pped
par
ticip
ants
with
pra
ctic
al sk
ills re
quire
d to
und
erst
and
fixed
inco
me
conc
epts
, yie
ld c
urve
ana
lysis
, risk
and
retu
rn c
once
pts.
•En
able
d pa
rtici
pant
s app
ly th
ese
conc
epts
in th
e ef
fect
ive
man
agem
ent o
f the
dom
estic
deb
t por
tfolio
and
rese
rves
por
tfolio
thro
ugh
appl
icat
ion
of c
once
pts l
ike d
urat
ion.
•
Allo
wed
par
ticip
ants
to u
nder
stan
d th
e us
e of
der
ivat
ives
in th
e m
anag
emen
t of a
por
tfolio
to h
edge
aga
inst
risk
s
Sem
inar
for P
arlia
men
taria
ns
on P
ublic
Deb
t Man
agem
ent
8 –
11 D
ecem
ber
2014
Aru
sha,
Tanz
ania
•To
raise
aw
aren
ess a
mon
g le
gisla
tors
on so
und
prac
tices
in
publ
ic d
ebt m
anag
emen
t;•
To p
rovi
de a
foru
m fo
r par
liam
enta
rians
to sh
are
expe
rienc
es o
n pu
blic
deb
t man
agem
ent l
egisl
atio
n an
d
over
sight
in th
eir r
espe
ctiv
e co
untri
es;
•To
hig
hlig
ht th
e ke
y in
stitu
tiona
l rol
es, i
nclu
ding
that
of t
he
Legi
slatu
re, i
n pu
blic
deb
t man
agem
ent
UNC
TAD
,C
row
n A
gent
s
21(
1)0
01
44
82
Parlia
men
taria
ns
MEFMI annual report 201472
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er, S
nr-S
enio
r M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
Out
puts
•
Enha
nced
the
legi
slato
rs’ a
ppre
ciat
ion
of c
halle
nges
face
d in
pub
lic d
ebt m
anag
emen
t;•
Parlia
men
taria
ns sh
ared
exp
erie
nces
on
publ
ic d
ebt m
anag
emen
t leg
islat
ion
and
over
sight
in th
eir r
espe
ctiv
e co
untri
es;
•C
lear
ly o
utlin
ed th
e ro
le th
at P
arlia
men
t and
Leg
islat
ors c
ould
pla
y in
ens
urin
g le
gitim
ate
debt
acq
uisit
ion
and
sust
aina
ble
sove
reig
n de
bt le
vels
Web
inar
on
Med
ium
Term
D
ebt M
anag
emen
t Stra
tegy
25 N
ovem
ber
2014
Onl
ine
•To
brie
f MEF
MI d
ebt p
ract
itione
rs on
how
to d
evel
op
a D
ebt M
anag
emen
t Stra
tegy
doc
umen
t fro
m A
ide
Mem
oire
s pre
pare
d at
the
end
of M
TDS
miss
ions
.
Wor
ld B
ank
02(
1)0
00
33
--
Jnr,
MM
Out
puts
•
Enha
nced
cap
acity
to d
evel
op a
Med
ium
-Ter
m D
ebt S
trate
gy d
ocum
ent f
rom
Aid
e M
emoi
re
FIN
AN
CIA
L SEC
TOR
MA
NA
GEM
ENT P
ROG
RAM
ME
RAM
P w
orks
hop
on
Fund
amen
tals
of F
ixed
In
com
e Ri
sk M
anag
emen
t 20
– 2
4 Ja
nuar
y 20
14, N
airo
bi,
Keny
a.
To d
eliv
er a
solid
foun
datio
n an
d fra
mew
ork
for fi
xed
inco
me
risk
man
agem
ent t
hat a
llow
s the
par
ticip
ants
to m
easu
re, m
onito
r an
d re
port
portf
olio
risk
and
per
form
ance
.
To p
rovi
de a
stro
ng u
nder
stan
ding
and
ana
lytic
al c
apac
ity
for r
isk a
nd p
erfo
rman
ce m
easu
rem
ent a
nd re
porti
ng fo
r fixe
d
inco
me
portf
olio
s.
Wor
ld B
ank
04
00
03
2010
MM
, J
Out
puts
•C
lear
und
erst
andi
ng o
f mea
sure
s of i
nter
est r
ate
risk.
•C
ompr
ehen
sion
perfo
rman
ce m
easu
rem
ent a
nd a
ttrib
utio
n.•
Dem
onst
rabl
e sk
ill in
risk
man
agem
ent o
f a fi
xed
inco
me
portf
olio
.•
Esse
ntia
l kno
wle
dge
on u
sing
Bloo
mbe
rg fo
r risk
mea
sure
men
t and
repo
rting
.
Inte
rmed
iate
Ban
k Su
perv
ision
24 -2
8 Fe
brua
ry, 2
014
Blan
tyre
, Mal
awi
To fo
rmal
ly in
trodu
ce n
ew b
ank
exam
iner
s to
bank
supe
rvisi
on
prin
cipl
es, p
roce
sses
and
cor
pora
te g
over
nanc
e as
wel
l as
prov
ide
an o
verv
iew
of b
est p
ract
ices
and
stan
dard
s for
su
perv
ision
.
00
12
-3
114
13J
and
2 Sn
r.
Out
puts
•Pa
rtici
pant
s gai
ned
an u
nder
stan
ding
of t
he su
perv
isory
prin
cipl
es a
nd p
roce
sses
.
accountability — teamwork — responsiveness — integrity — professionalism
73
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er, S
nr-S
enio
r M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
Regi
onal
Wor
ksho
p on
Ent
erpr
ise-w
ide
Risk
M
anag
emen
t
17 –
2 1
Mar
ch 2
014
Kiga
li,Rw
anda
To b
uild
kno
wle
dge
and
unde
rstan
ding
of k
ey ri
sks i
n th
e ce
ntra
l ba
nk b
usin
ess o
pera
tions
pro
cess
;
To e
nhan
ce a
n un
derst
andi
ng o
f ent
erpr
ise w
ide
risk
man
agem
ent f
or c
entra
l ban
ks; a
nd
To e
nhan
ce sk
ills o
n im
plem
entin
g ER
M in
a c
entra
l ban
k.
KPM
G,
SARB
02
1 0
2(1)
311
1118
Mid
dle
to se
nior
leve
l offi
cial
s in
Bank
Sup
ervi
sion,
In
tern
al A
udit
and
Risk
Man
agem
ent d
epar
tmen
t an
d Ri
sk M
anag
ers f
rom
Fin
anci
al M
arke
ts.
Out
puts
•Th
e co
untry
pre
sent
atio
ns p
rovi
ded
prac
tical
exa
mpl
es o
f ste
ps ta
ken
by c
ount
ries i
n th
e re
gion
tow
ards
ach
ievi
ng a
n ER
M fr
amew
ork.
•A
t the
end
of t
he w
orks
hop,
par
ticip
ants
dem
onst
rate
d an
app
reci
atio
n of
the
impo
rtanc
e to
sequ
ence
inst
itutio
nal r
efor
ms t
owar
ds a
chie
ving
an
ERM
fram
ewor
k.•
Parti
cipa
nts w
ere
able
to st
ruct
ure
an ‘i
deal
’ org
anog
ram
from
the
high
est l
evel
of t
he o
rgan
izatio
n in
corp
orat
ing
the
nece
ssar
y ar
ms t
o en
sure
an
effe
ctiv
e ER
M fu
nctio
n.
Retre
at fo
r Hea
ds o
f Pay
men
t Sy
stem
s
31 M
ar –
2 A
pr, 2
014
Vict
oria
Fal
ls, Z
imba
bwe
To u
nder
scor
e pa
ymen
t sys
tem
s as e
nabl
ers o
f fina
ncia
l in
clus
ion
and
to a
ddre
ss c
urre
nt is
sues
and
cha
lleng
es fa
cing
ce
ntra
l ban
ks a
nd o
ther
regu
lato
ry a
utho
ritie
s in
prom
otin
g Fin
anci
al In
clus
ion.
BIS/
Wor
ld
Bank
02(
1)0
10
310
12 6
Seni
or o
ffici
als
Out
puts
•Fo
rmul
ate
and
deve
lop
thei
r nat
iona
l fina
ncia
l incl
usio
n st
rate
gies
. •
Dev
elop
app
ropr
iate
gui
delin
es fo
r con
sum
er p
rote
ctio
n an
d A
ML/
CFT
for i
nnov
ativ
e fin
anci
al se
rvic
es
RAM
P w
orks
hop
on C
redi
t Ri
sk M
anag
emen
t 30
June
–
4 Ju
ly, 2
014
Joha
nnes
burg
, Sou
th A
frica
.
To p
rovi
de p
artic
ipan
ts w
ith to
ols a
nd te
chni
ques
to m
anag
e cr
edit
risk
acro
ss a
wid
e ra
nge
of a
sset
cla
sses
and
por
tfolio
sW
orld
Ban
k0
6 (2
)0
01
(1)
317
18M
M, J
,
Out
com
es•
Cle
ar u
nder
stan
ding
of c
redi
t risk
and
its m
anag
emen
t.•
Dem
onst
rabl
e sk
ill in
the
appl
icat
ion
of c
redi
t risk
man
agem
ent t
echn
ique
s and
tool
s.•
Skills
in th
e re
porti
ng o
f cre
dit r
isk to
the
inve
stm
ent c
omm
ittee
.
Con
solid
ated
Ban
k Su
perv
ision
and
Cro
ss B
orde
r In
vest
men
ts:
28 J
uly
– 1
Aug
ust,
2014
Aru
sha,
Tanz
ania
To p
rovi
de b
ank
supe
rviso
rs w
ith a
com
preh
ensiv
e ap
prec
iatio
n of
the
basic
con
cept
s of c
onso
lidat
ed su
perv
ision
and
ess
entia
l im
plem
enta
tion
stra
tegi
es.
--
2 (1
)
(SA
RB
and
IMF
Regi
onal
O
ffice
)
11
(1)
-2
206
M a
nd S
nr.
MEFMI annual report 201474
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er, S
nr-S
enio
r M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
Out
put
Prov
ided
val
uabl
e tra
inin
g an
d a
foru
m fo
r bot
h th
e pa
rtici
pant
s and
the
reso
urce
per
sons
to e
xcha
nge
idea
s on
Con
solid
ated
Sup
ervi
sion.
Regi
onal
wor
ksho
p on
In
dire
ct to
ols o
f Mon
etar
y Po
licy
Impl
emen
tatio
n28
Jul
– 6
Aug
, 201
4Ka
mpa
la, U
gand
a
Enha
nce
parti
cipa
nts’
und
erst
andi
ng, a
ppre
ciat
ion
and
ap
plic
atio
n of
indi
rect
mon
etar
y po
licy
tool
s, de
mon
stra
te
linka
ges b
etw
een
effic
ient
mon
etar
y po
licy
trans
miss
ion
and
do
mes
tic fi
nanc
ial m
arke
t ope
ratio
ns a
nd to
impr
ove
know
ledg
e an
d sk
ills fo
r liq
uidi
ty fo
reca
stin
g.
BOE/
SARB
02
(0)
11
14
1011
Juni
or, M
iddl
e le
vel o
ffici
als
Out
puts
The
expe
cted
out
com
e fro
m th
e w
orks
hop
incl
ude:
• En
hanc
ed k
now
ledg
e an
d sk
ills fo
r val
uatio
n of
fixe
d in
com
e se
curit
ies
• Im
prov
ed u
nder
stan
ding
of t
he d
evel
opm
ent a
nd im
plem
enta
tion
of L
iqui
dity
fore
cast
ing
mod
els.
Retre
at fo
r Hea
ds o
f Fin
anci
al M
arke
ts
1 –
3 Se
ptem
ber 2
014
Map
uto,
Moz
ambi
que
To o
ffer a
n op
portu
nity
for p
olic
y m
aker
s and
to sh
are
and
co
ntrib
ute
on c
ritic
al is
sues
impa
ctin
g on
fina
ncia
l mar
ket
inte
grat
ion
in th
e re
gion
.
To c
ome
up w
ith p
olic
y pr
opos
als a
nd le
gal r
efor
m su
gges
tions
to
enco
urag
e th
e in
tegr
atio
n of
the
regi
onal
fina
ncia
l mar
kets
.
Inve
stec
, EA
C
Secr
etar
iat,
CC
BG S
AD
C.
01
02
13
168
Juni
or, M
iddl
e le
vel o
ffici
als
Out
puts •
Influ
enci
ng th
e di
rect
ion
of fi
nanc
ial m
arke
t int
egra
tion
thro
ugh
the
cont
ribut
ions
of t
he p
olic
y m
aker
s; •
Polic
y pr
opos
als a
nd le
gal r
efor
ms s
ugge
stio
ns e
ncou
ragi
ng fi
nanc
ial m
arke
t int
egra
tion.
MEF
MI –
FSI T
oron
to C
entre
Re
gion
al S
emin
ar o
n Ba
sel
III an
d M
acro
pru
dent
ial
Surv
eilla
nce
7–9
Oct
ober
, 201
4
Win
dhoe
k,
Nam
ibia
The
obje
ctiv
e of
the
sem
inar
was
to ra
ise a
war
enes
s on
the
new
gl
obal
regu
lato
ry d
evel
opm
ents
pos
t the
glo
bal fi
nanc
ial c
risis
as w
ell a
s cre
ate
an e
nviro
nmen
t whe
re se
nior
supe
rviso
rs an
d
finan
cial
stab
ility
staf
f cou
ld sh
are
idea
s.
S, W
orld
Ba
nk, S
ARB
, To
ront
o C
entre
, D
euts
che
Bund
esba
nk,
Bank
W
indh
oek)
-5
(1)
2 (0
) (g
ratis
)-
-2
1224
5S,
D
Out
puts:
•Kn
owle
dge
in B
asel
III p
rinci
ples
, mac
ro -p
rude
ntia
l sup
ervi
sion
and
stre
ss te
stin
g.
Regi
onal
wor
ksho
p on
D
evel
opm
ents
and
In
nova
tions
in p
aym
ent
syst
ems
3-7
Nov
embe
r 20
14
Lusa
ka, Z
ambi
a
This
wor
ksho
p ai
med
to a
ddre
ss so
me
of th
ese
issue
s, an
d
chal
leng
es fa
cing
cen
tral b
anks
, mar
ket a
utho
ritie
s and
re
gula
tors
as th
ey o
pera
te, s
uper
vise
and
ove
rsee
paym
ent
syst
ems i
nnov
atio
ns.
BIS, GIZ, SARB
3 (0
)0
01
(1)
13
2312
J, M
M, S
nr.
accountability — teamwork — responsiveness — integrity — professionalism
75
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er, S
nr-S
enio
r M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
Out
puts:
a.
The
train
ing
prov
ided
dee
per u
nder
stan
ding
of t
he c
urre
nt d
evel
opm
ents
and
inno
vatio
ns in
fina
ncia
l sys
tem
s.b.
Th
e w
orks
hop
also
pro
vide
d pa
rtici
pant
s with
tool
s and
skills
to d
evel
op o
r rev
iew
exis
ting
over
sight
fram
ewor
ks in
ord
er to
resp
ond
duly
to th
ese
inno
vatio
ns.
c.
It al
so o
ffere
d a
plat
form
for s
harin
g of
exp
erie
nces
am
ong
coun
tries
in th
e re
gion
on
succ
esse
s and
cha
lleng
es o
f reg
ulat
ing
and
over
seei
ng th
ese
syst
ems.
MUL
TI-DI
SCIP
LINA
RY A
CTIV
ITIES
Head
s of H
uman
Res
ourc
es
Wor
ksho
p fro
m 3
-7 M
arch
, 20
14, H
ilton
Hote
l, N
airo
bi,
Keny
a.
Stra
tegi
c hu
man
reso
urce
s man
agem
ent.
30
02
1115
14Sn
r, D
Out
puts
•C
urre
nt k
now
ledg
e on
key
hum
an re
sour
ces m
anag
emen
t tre
nds t
hat a
re C
hang
ing
orga
nisa
tions
•Pr
actic
al k
now
ledg
e an
d sk
ills o
n st
rate
gic
hum
an re
sour
ces m
anag
emen
t•
Unde
rstan
ding
and
app
reci
atio
n of
the
chan
ging
role
of h
uman
reso
urce
s pra
ctitio
ners
to a
stra
tegi
c pa
rtner
ship
role
•N
etw
orkin
g , k
now
ledg
e an
d sk
ills sh
arin
g•
Enha
nced
und
erst
andi
ng o
f iss
ues o
f eth
ics a
t wor
k an
d be
st p
ract
ices
in C
odes
of E
thic
s
Fello
ws’
Fac
ilitat
ion
and
C
onsu
lting
Skills
Wor
ksho
p
17-2
5 N
ovem
ber 2
014,
Dar
es
Sala
am-T
anza
nia
•Pr
ovid
e ca
ndid
ate
fello
ws w
ith k
now
ledg
e an
d sk
ills to
fa
cilita
te a
nd c
onsu
lt M
EFM
I and
clie
nt in
stitu
tion
capa
city
bu
ildin
g ac
tivitie
s.
•Pr
ovid
e a
plat
form
for c
andi
date
fello
ws t
o sh
are
expe
rienc
es a
nd le
sson
s abo
ut th
e Fe
llow
s Dev
elop
men
t Pr
ogra
mm
e.
--
-2(
0)0
03
811
8C
andi
date
fello
ws
and
MEF
MI s
taff
Out
puts: a)
En
hanc
ed c
ompe
tenc
e in
faci
litatio
n an
d co
nsul
ting,
b)
Impa
rted
skills
to d
raft
a w
inni
ng p
roje
ct p
ropo
sal,
cont
ract
s, ex
pres
sion
of in
tere
st a
nd re
port,
c)
Expo
sed
to c
onsu
lting
and
faci
litatio
n be
st p
ract
ices
and
prin
cipl
es (c
ode
of c
ondu
ct),
d)
Stre
ngth
ened
cap
acity
to n
egot
iate
and
pric
e a
cont
ract
and
man
age
it ef
fect
ivel
y,e)
In
crea
sed
skills
to d
eal w
ith d
ifficu
lt cl
ient
s/co
nsul
tant
s and
man
age
thei
r exp
ecta
tions
, and
f) Im
prov
ed u
nder
stan
ding
of p
roje
ct a
nd p
rogr
amm
e m
anag
emen
t
Not
e: F
igur
es in
bra
cket
s de
note
num
ber o
f Fem
ales
.
MEFMI annual report 201476A
nnex
III:
IN-C
OUN
TRY
WO
RKSH
OPS
(SEM
INA
RS/R
ETRE
ATS
) FO
R 20
14A
ctiv
ity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er, S
nr-S
enio
r M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
MA
CRO
MA
NA
GEM
ENT P
ROG
RAM
ME
1.Jo
int M
EFM
I/NUF
FIC
In-
Cou
ntry
Wor
ksho
p on
Pub
lic
Expe
nditu
re A
naly
sis a
nd
Man
agem
ent f
or Z
imba
bwe
03-0
7 Fe
brua
ry 2
014
Hara
re S
afar
i Lod
ge, L
ake
Chi
vero
To p
rovi
de
parti
cipa
nts w
ith in
tuiti
ve u
nder
stan
din
g of
th
e as
pect
s of m
anag
emen
t and
con
trol o
f the
pub
lic
expe
nditu
re a
nd g
over
nmen
t bud
getin
g fu
nctio
ns.
To e
xcha
nge
expe
rienc
es in
the
impl
emen
tatio
n of
the
PEM
to
ols a
nd d
iscus
sing
solu
tions
to c
halle
nges
rela
ted
to o
vera
ll Pu
blic
Fin
anci
al M
anag
emen
t (PF
M) r
efor
ms i
n Zim
babw
e.
NUF
FIC
02
10
01
116
14D
, M &
Snr
OUT
PUT:
•Im
parte
d sk
ills to
und
erst
and
and
app
ly c
once
pts a
nd fr
amew
orks
that
und
erpi
n co
ntem
pora
ry b
udge
t and
fina
ncia
l man
agem
ent p
roce
sses
.•
Exch
ange
of e
xper
ienc
es in
the
impl
emen
tatio
n of
the
PEM
tool
s and
del
iber
ated
on
solu
tions
to c
halle
nges
rela
ted
to o
vera
ll PFM
refo
rms i
n Zim
babw
e.
2.In
-cou
ntry
Wor
ksho
p M
acro
econ
omic
Mod
elin
g an
d F
orec
astin
g us
ing
the
MEF
MI M
acro
econ
omic
M
odel
ing
and
For
ecas
ting
Man
ual f
or th
e C
entra
l Ban
k of
Sw
azila
nd
31 M
arch
– 1
1Apr
il 201
4
Mou
ntai
n In
n Ho
tel,
Mba
bane
, Sw
azila
nd
To h
elp
parti
cipa
nts u
nder
stan
d th
e m
anua
l in o
rder
to u
se it
in
thei
r res
pect
ive
inst
itutio
ns to
dev
elop
mod
els o
r im
prov
e on
ex
istin
g on
es.
--0
01
11
01
107
Jr, M
, S
r
OUT
PUTS
•Sh
arpe
ned
und
erst
and
ing
of th
e st
eps t
aken
in m
odel
bui
ldin
g;•
Impr
oved
app
reci
atio
n of
impu
lse re
spon
ses o
f key
eco
nom
ic in
dic
ator
s und
er a
n ec
onom
ic sh
ock;
•En
hanc
ed a
ppre
ciat
ion
of th
e se
quen
cing
issu
es in
pol
icy
des
ign;
and
impl
emen
tatio
n an
d th
e im
porta
nce
of c
omm
itmen
t to
see
polic
y m
easu
res r
un th
eir c
ours
e.•
Built
and
com
plet
ed a
dra
ft sm
all m
acro
mod
el fo
r Sw
azila
nd u
sing
the
coun
try d
ata
set.
3.In
-Cou
ntry
Cou
rse
on
Fina
ncia
l Pro
gram
min
g Fr
amew
ork
for M
inist
ry o
f Fi
nanc
e an
d E
cono
mic
D
evel
opm
ent,
Zimba
bwe.
22 A
pril -
2 M
ay 2
014
Rain
bow
Hot
el, V
icto
ria
Falls
, Zim
babw
e
To p
rovi
de
intro
duc
tory
trai
ning
to st
aff f
rom
Inve
stm
ent
Prom
otio
n D
epar
tmen
t of t
he M
FED
on
Fina
ncia
l Pro
gram
min
g an
d p
olic
ies.
AfD
B0
00
22(
1)2
15
5J,
M a
nd D
OUT
PUTS
•Pa
rtici
pant
s wer
e tra
ined
on
the
intro
duc
tory
asp
ects
of fi
nanc
ial p
rogr
amm
ing,
nam
ely;
defi
nitio
ns, c
once
pts a
nd m
etho
dol
ogy,
mac
roec
onom
ic st
atist
ical
fram
ewor
k an
d m
acro
econ
omic
ana
lysis
. •
They
lear
nt th
e ba
sic e
lem
ents
und
erpi
nnin
g th
e co
nstru
ctio
n of
a fi
nanc
ial p
rogr
amm
ing
fram
ewor
k. U
sing
the
know
led
ge, t
hey
asse
ssed
the
econ
omic
situ
atio
n of
the
coun
try, Z
imba
bwe.
Thi
s inv
olve
d lo
okin
g at
the
orig
in (s
ourc
e), n
atur
e an
d
seve
rity
of e
cono
mic
imba
lanc
es tr
acea
ble
to b
oth
dom
estic
and
ext
erna
l sou
rces
and
the
imba
lanc
es a
re la
rgel
y st
ruct
ural
in n
atur
e.
accountability — teamwork — responsiveness — integrity — professionalism
77
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er, S
nr-S
enio
r M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
4.In
-cou
ntry
Wor
ksho
p on
Exc
el B
ased
M
acro
econ
omic
Mod
el
Build
ing
and
Sim
ulat
ions
for
Zimba
bwe
26 M
ay –
6 J
une
2014
Vic
toria
Fal
ls, Z
imba
bwe
To u
plift
the
capa
city
of t
he te
chni
cian
s of t
he M
inist
ry o
f Fi
nanc
e an
d E
cono
mic
Dev
elop
men
t in
the
use
of E
xcel
So
ftwar
e as
a to
ol fo
r bui
ldin
g M
acro
Mod
els t
o al
low
for
bette
r evi
den
ce b
ased
pol
icy
dec
ision
s
To c
olla
te, t
reat
, cle
an a
nd tr
ansf
orm
the
actu
al d
ata
for
Zimba
bwe
to m
ake
it us
eful
for a
naly
sis a
nd m
odel
bui
ldin
g
To b
uild
a m
odel
for Z
imba
bwe
usin
g th
e av
aila
ble
the
clea
ned
dat
a ba
se.
AfD
B0
01
11
01
114
Mid
dle
, Sen
ior,
Dire
ctor
s
Out
put:
•C
ompi
led
act
ual d
ata
for Z
imba
bwe;
•W
orke
d o
n sim
ulat
ions
and
est
imat
ed a
smal
l mac
ro m
odel
for Z
imba
bwe;
5.In
-Cou
ntry
Wor
ksho
p on
N
atio
nal A
ccou
nts f
or
Offi
ce o
f Chi
ef G
over
nmen
t St
atist
icia
n
9-20
Jun
e 2
014
Bank
of T
anza
nia,
Zanz
ibar
Bra
nch
Prov
ide
train
ing
on n
atio
nal a
ccou
nts c
once
pts a
nd
com
pila
tion
met
hod
olog
y at
cur
rent
and
con
stan
t pric
es
base
d o
n th
e Sy
stem
of N
atio
nal A
ccou
nts 2
008.
-0
02
01
11
510
Juni
or a
nd m
idd
le le
vel s
taff
Out
put:
•Pa
rtici
pant
s lea
rnt t
he m
etho
dol
ogy
of c
ompi
ling
annu
al n
atio
nal a
ccou
nts a
ccor
din
g to
200
8 SN
A•
Enha
nced
par
ticip
ants
’ app
reci
atio
n of
the
need
for r
elia
ble
natio
nal a
ccou
nts d
ata
•Th
e im
porta
nce
of c
oord
inat
ion
with
in th
e st
atist
ics o
ffice
, the
Gov
ernm
ent m
inist
ries,
the
publ
ic se
ctor
and
the
priv
ate
sect
or w
as u
nder
scor
ed.
6.In
-Cou
ntry
Wor
ksho
p on
N
atio
nal A
ccou
nts f
or N
ISR
14-2
5 A
ugus
t 20
14
Ruhe
nger
i, Rw
and
a
Prov
ide
train
ing
on n
atio
nal a
ccou
nts c
once
pts a
nd
com
pila
tion
met
hod
olog
y at
cur
rent
and
con
stan
t pric
es
base
d o
n th
e Sy
stem
of N
atio
nal A
ccou
nts 2
008
with
a sp
ecia
l fo
cus o
n th
e:
Supp
ly a
nd U
se T
able
s and
;
•Fi
nanc
ial S
ervi
ces I
ndire
ctly
Mea
sure
d.
-0
01
(1)
01
(0)
11
134
Mid
dle
, sen
ior l
evel
staf
f and
Dire
ctor
Out
puts
:•
Parti
cipa
nts h
ave
mor
e kn
owle
dge
and
pra
ctic
al e
xper
ienc
e in
wor
king
on
thei
r nat
iona
l acc
ount
s est
imat
es a
t cur
rent
pric
es, e
spec
ially
with
in th
e fra
mew
ork
of su
pply
and
use
bal
anci
ng.
• Se
cond
, the
y ha
ve b
enefi
tted
from
com
men
ts a
nd re
com
men
dat
ions
for f
urth
er im
prov
emen
t on
Rwan
da
supp
ly a
nd u
se ta
ble
for 2
011.
7.In
-Cou
ntry
Wor
ksho
p on
M
odel
ling
and
For
ecas
ting
usin
g th
e E-
view
s Sof
twar
e fo
r the
Min
istry
of F
inan
ce o
f Zim
babw
e
8 –
19 D
ecem
ber 2
014
Vic
toria
Fal
ls, Z
imba
bwe
To u
plift
the
capa
city
of t
he te
chni
cian
s of t
he M
inist
ry o
f Fi
nanc
e an
d E
cono
mic
Dev
elop
men
t in
the
use
of E
-vie
ws
econ
omet
ric so
ftwar
e as
a to
ol fo
r bui
ldin
g M
acro
Mod
els
To in
crea
se c
apac
ity fo
r bet
ter e
vid
ence
bas
ed p
olic
y d
ecisi
ons.
--0
01
11
01
105
Jr, M
, S
r
MEFMI annual report 201478
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er, S
nr-S
enio
r M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
OUT
PUTS
:•
The
grou
p us
ed th
e Zim
babw
ean
dat
a cl
eane
d it
up
and
impo
rted
dat
a in
to E
-vie
ws w
hile
tryi
ng to
est
imat
e th
e pa
ram
eter
s of t
he v
aria
bles
use
d in
the
mod
el.
•Es
timat
ed a
num
ber o
f equ
atio
ns fo
r the
Zim
babw
ean
econ
omy
that
incl
uded
: Con
sum
ptio
n, In
vest
men
t, im
ports
and
Exp
orts
, Pric
es a
nd E
xcha
nge
rate
.•
Took
the
equa
tions
from
E-v
iew
s wor
k fil
e to
a m
odel
obj
ect i
n or
der
to in
tegr
ate
them
and
com
e up
with
a m
odel
fram
ewor
k an
d lin
ked
them
in o
rder
to p
ursu
e sim
ulat
ions
. •
A sm
all m
acro
mod
el w
as c
reat
ed a
nd im
pulse
resp
onse
func
tion
was
run
on th
e m
odel
resu
lts.
DEBT
MA
NA
GEM
ENT P
ROG
RAM
ME
8.D
ebt S
usta
inab
ility
Ana
lysis
W
orks
hop
13th –
26th
Jun
e 20
14
Livin
gsto
ne, Z
ambi
a
To a
sses
s whe
ther
Zam
bia’
s cur
rent
leve
l of p
ublic
deb
t and
pr
ospe
ctiv
e ne
w b
orro
win
g is
sust
aina
ble
goin
g fo
rwar
d.
To tr
ain
to g
over
nmen
t offi
cial
s on
the
use
of th
e IM
F/W
orld
Ba
nk D
ebt S
usta
inab
ility
Fram
ewor
k (D
SF).
-0
0(1
)1
12
121
6J,
MM
, SN
R
Out
put
•D
raft
Deb
t Sus
tain
abilit
y A
naly
sis R
epor
t•
Enha
nced
kno
wle
dge
of G
over
nmen
t offi
cial
s on
the
Deb
t Sus
tain
abilit
y A
naly
sis
9.Jo
int I
MF/
Wor
ld B
ank/
MEF
MI M
TDS
Trai
ning
to
Moz
ambi
que
July
14
– 24
, 201
4
Map
uto,
Moz
ambi
que
•To
bui
ld c
apac
ity th
roug
h tra
inin
g ai
med
at h
elpi
ng
the
coun
try to
inte
rnal
ize th
e M
TDS
form
ulat
ion
and
im
plem
enta
tion
proc
ess;
and
•
To a
naly
ze a
nd d
iscus
s dom
estic
deb
t mar
ket
dev
elop
men
t iss
ues.
WB,
IMF
05 (1
)0
01
(0)
11
616
Jnr,
MM
, Snr
Out
puts
•
Trai
ned
22
offic
ials
on th
e d
evel
opm
ent o
f the
med
ium
term
deb
t man
agem
ent s
trate
gy u
sing
the
MTD
S-A
T. T
he tr
aine
d st
aff w
ill be
abl
e to
revi
se th
e co
untry
’s M
TDS
doc
umen
t in
2015
; •
Dra
ft A
ide
Mem
oire
pro
duc
ed b
y th
e m
issio
n te
am a
nd sh
ared
with
aut
horit
ies o
n th
e la
st d
ay o
f the
miss
ion;
and
•D
omes
tic d
ebt m
arke
t dev
elop
men
t rec
omm
end
atio
ns fo
r con
sider
atio
n by
Moz
ambi
que.
10.
Join
t Wor
ld B
ank/
IMF/
MEF
MI
/UN
CTA
D M
TDS
in c
ount
ry
wor
ksho
p to
Zam
bia
16th
– 2
4th
July
201
4
Lusa
ka, Z
ambi
a
•To
trai
n of
ficia
ls in
use
of t
he M
ediu
m T
erm
Deb
t M
anag
emen
t Stra
tegy
Ana
lytic
al T
ool;
Wor
ld B
ank
05 (2
)0
01
(0)
11
96
MM
, Snr
,
Out
puts
•
Trai
ned
tech
nica
l sta
ff on
the
use
of M
TDS
Ana
lytic
al T
ool
•D
raft
MTD
S A
ide
Mem
oir,
sum
mar
izing
the
MTD
S fo
rmul
atio
n pr
oces
s and
per
form
ance
of a
ltern
ativ
e st
rate
gies
11.
Moz
ambi
que
CS-
DRM
S V
ersio
n 2.
0 Tr
aini
ng
Min
istry
of F
inan
ce, M
aput
o,
Moz
ambi
que
1st –
12t
h Se
ptem
ber 2
014
•To
impa
rt kn
owle
dge
on
the
appl
icat
ion
of th
e C
S-D
RMS
Ver
sion
2.0
for m
anag
ing
publ
ic d
ebt;
•To
inst
all C
S-D
RMS
Ver
sion
2.0
and
upg
rad
e th
e d
atab
ase
in lin
e w
ith th
e fe
atur
es o
f the
new
ver
sion;
and
•To
ass
ist th
e d
ebt m
anag
emen
t offi
ce in
pos
t upg
rad
e d
atab
ase
valid
atio
n.
Com
sec
02(
1)1(
1)1(
0)1(
0)1(
0)1
1017
JM, M
M, S
nr,
accountability — teamwork — responsiveness — integrity — professionalism
79
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er, S
nr-S
enio
r M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
Out
puts
•
The
deb
t dat
abas
e w
as su
cces
sful
ly u
pgra
ded
to C
S-D
RMS
Ver
sion
2.0;
•A
bout
27
offic
ials
from
the
deb
t man
agem
ent u
nit h
ave
been
trai
ned
on
the
use
of th
e sy
stem
in m
anag
ing
publ
ic d
ebt;
•Th
e d
atab
ase
was
val
idat
ed a
fter t
he u
pgra
de,
red
ucin
g th
e nu
mbe
r of l
oans
with
maj
or p
robl
ems f
rom
abo
ut 2
0 to
thre
e (3
) as a
t the
end
of t
he m
issio
n.
12.
Deb
t Sus
tain
abilit
y A
naly
sis
Wor
ksho
p fo
r Les
otho
20-3
1 O
ctob
er 2
014
Vic
toria
Hot
el, M
aser
u,
Leso
tho
•To
ass
ess t
he lo
ng-te
rm su
stai
nabi
lity
of L
esot
ho's
curre
nt
leve
l of p
ublic
deb
t and
pro
spec
tive
borro
win
g as
a b
asis
for f
orm
ulat
ing
a m
ediu
m d
ebt m
anag
emen
t stra
tegy
. •
To tr
ain
gove
rnm
ent o
ffici
als o
n th
e us
e of
the
IMF/
Wor
ld
Bank
Deb
t Sus
tain
abilit
y Fr
amew
ork
(DSF
) for
ass
ess d
ebt
sust
aina
bilit
y.
00
2(1)
01(
0)1
110
11JM
, MM
, Snr
,
Out
puts
•
Dra
ft D
ebt S
usta
inab
ility
Ana
lysis
Rep
ort
•En
hanc
ed k
now
led
ge o
f Gov
ernm
ent o
ffici
als o
n th
e D
ebt S
usta
inab
ility
Ana
lysis
13.
Deb
t Sus
tain
abilit
y A
naly
sis
Wor
ksho
p fo
r Mal
awi
Wam
kulu
Pal
ace,
Lilo
ngw
e,
Mal
awi
1st –
12t
h D
ecem
ber 2
014
•To
ass
ess t
he lo
ng-te
rm su
stai
nabi
lity
of M
alaw
i’s c
urre
nt
leve
l of p
ublic
deb
t and
pro
spec
tive
borro
win
g as
a b
asis
for f
orm
ulat
ing
a m
ediu
m d
ebt m
anag
emen
t stra
tegy
.
•To
dev
elop
the
skills
of n
atio
nal o
ffici
als i
n d
ebt
sust
aina
bilit
y an
alys
is so
as t
o en
hanc
e th
eir c
apac
ity
to e
ffect
ivel
y en
gage
the
don
or/c
red
itor m
issio
n te
ams
and
in a
dvi
sing
polic
y m
aker
s on
the
long
-term
bor
row
ing
plan
s and
app
ropr
iate
deb
t man
agem
ent s
trate
gies
00
1(1)
1(0)
1(0)
1(0)
17
6JM
, MM
, Snr
,
Out
puts
•
Dra
ft D
ebt S
usta
inab
ility
Ana
lysis
Rep
ort
•En
hanc
ed k
now
led
ge a
nd sk
ills o
f offi
cial
s in
cond
uctin
g a
Deb
t Sus
tain
abilit
y A
naly
sis
14.
Join
t IM
F/W
orld
Ban
k/M
EFM
I/UN
CTA
D M
TDS
Follo
w U
p Tr
aini
ng M
issio
n to
Et
hiop
ia
Min
istry
of F
inan
ce a
nd
Econ
omic
Dev
elop
men
t
Ad
dis
Aba
ba, E
thio
pia
Oct
ober
15
– 25
, 201
4
•To
impa
rt sk
ills to
Gov
ernm
ent o
ffici
als o
n th
e d
evel
opm
ent o
f pub
lic se
ctor
med
ium
term
deb
t m
anag
emen
t stra
tegy
usin
g th
e M
TDS
Ana
lytic
al T
ool;
and
•To
ass
ist th
e G
over
nmen
t of t
he F
eder
al R
epub
lic
of E
thio
pia
prep
are
an M
TDS
of p
ublic
sect
or, t
hat
inco
rpor
ates
the
SOEs
.
WB,
IMF,
UN
CTA
D0
4(4)
00
1(0)
11
208
Jnr,
MM
, Snr
Out
puts
•Tr
aine
d 2
8 of
ficia
ls on
the
dev
elop
men
t of t
he m
ediu
m te
rm d
ebt m
anag
emen
t stra
tegy
usin
g th
e M
TDS-
AT;
and
•D
raft
Aid
e M
emoi
re p
rod
uced
by
the
miss
ion
team
.
MEFMI annual report 201480
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er, S
nr-S
enio
r M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
FIN
AN
CIA
L SE
CTO
R M
AN
AG
EMEN
T PRO
GRA
MM
E15
.In
-cou
ntry
wor
ksho
p on
Fin
anci
al M
arke
ts
Dev
elop
men
t and
Mon
etar
y Po
licy
Impl
emen
tatio
n
28th A
pril -
9th M
ay 2
014
Luan
da,
Ang
ola
To e
quip
par
ticip
ants
with
qua
ntita
tive
skills
on
secu
ritie
s iss
uanc
e, liq
uid
ity fo
reca
stin
g an
d v
alua
tion
of m
oney
mar
ket
inst
rum
ents
. Fur
ther
obj
ectiv
es in
clud
ed to
hig
hlig
ht th
e ro
le a
nd im
porta
nce
of m
onet
ary
polic
y an
d fi
scal
pol
icy
coor
din
atio
n.
World Bank
11(
1)0
01
11
517
J, M
M, S
nr.
Out
puts
•Th
e tra
inin
g eq
uipp
ed p
artic
ipan
ts w
ith q
uant
itativ
e sk
ills o
n liq
uid
ity fo
reca
stin
g an
d se
curit
ies i
ssua
nce
with
an
und
erst
and
ing
of m
onet
ary
polic
y im
plem
enta
tion
tech
niqu
es a
s the
y ap
ply
in th
e A
ngol
a co
ntex
t.•
The
wor
ksho
p ad
dre
ssed
iden
tified
skills
gap
in liq
uid
ity fo
reca
stin
g, p
ricin
g an
d tr
adin
g of
fina
ncia
l inst
rum
ents
, dev
elop
ing
a yi
eld
cur
ve to
geth
er w
ith lo
cal a
nd in
tern
atio
nal m
arke
t ana
lysis
. •
The
wor
ksho
p he
lped
to h
ighl
ight
maj
or a
reas
that
nee
ded
impr
ovem
ent i
n BN
A’s
mon
etar
y po
licy
impl
emen
tatio
n pr
actic
e.
16.
Bank
of M
ozam
biqu
e in
-cou
ntry
wor
ksho
p on
Pa
ymen
t Sys
tem
s Ove
rsig
ht 15
-24
Sept
embe
r, 20
14
Map
uto,
Moz
ambi
que
Equi
p pa
rtici
pant
s with
skills
to c
ond
uct e
ffect
ive
paym
ent
syst
ems o
vers
ight
and
per
form
self-
asse
ssm
ents
on
the
PFM
Is0
00
1 (0
)2
(0)
1 (1
)1
1n/
an/
aJ,
MM
, Snr
, D
Out
put
Impr
oved
skills
and
aw
aren
ess o
n th
e im
plem
enta
tion
of th
e PF
MIs
17.
In-c
ount
ry w
orks
hop
on
Mon
ey &
Cap
ital M
arke
ts
13 –
17
Oct
ober
, 201
4
Kam
pala
, Uga
nda
To im
prov
e th
e un
der
stan
din
g of
the
impo
rtanc
e of
the
finan
cial
mar
kets
, spe
cific
ally
mon
ey a
nd c
apita
l mar
kets
;
To im
prov
e th
e pr
actic
al sk
ills b
ase
amon
g va
rious
fina
ncia
l m
arke
t pla
yers
;
To e
quip
par
ticip
ants
with
qua
ntita
tive
skills
on
the
pric
ing
of
mon
ey m
arke
t ins
trum
ents
and
bon
ds;
To h
ighl
ight
the
role
of g
over
nmen
t and
regu
lato
rs in
d
evel
opin
g an
d im
plem
entin
g fin
anci
al m
arke
t pol
icie
s and
re
gula
tions
; and
To c
reat
e a
plat
form
for t
he re
gula
tors
and
ind
ustry
to sh
are
view
s on
the
dev
elop
men
t of t
he d
omes
tic fi
nanc
ial m
arke
t.
00
1 (0
)0
2 (1
)2
225
8J,
MM
, Snr
.
Out
puts
:•
It eq
uipp
ed a
ll par
ticip
ants
with
key
qua
ntita
tive
skills
on
the
pric
ing
of m
oney
mar
ket i
nstru
men
ts a
nd b
ond
s, d
evel
opin
g a
yiel
d c
urve
, int
erpr
etin
g po
licy
chan
ges a
nd th
e ef
fect
on
treas
ury
man
agem
ent;
•It
high
light
ed th
e ro
le o
f gov
ernm
ent a
nd th
e Re
serv
e Ba
nk in
dev
elop
ing
and
impl
emen
ting
finan
cial
mar
ket d
evel
opm
ent p
olic
ies a
nd re
gula
tions
and
refo
rms t
o gi
ve im
petu
s to
the
furth
er d
evel
opm
ent o
f the
loca
l mar
kets
;•
It hi
ghlig
hted
the
role
of t
he p
rimar
y d
eale
rs in
thei
r rol
e as
mar
ket m
aker
s.
accountability — teamwork — responsiveness — integrity — professionalism
81
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er, S
nr-S
enio
r M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
18.
In-c
ount
ry w
orks
hop
on
the
impl
emen
tatio
n fo
r Pr
inci
ples
for F
inan
cial
Mar
ket
Infra
stru
ctur
es
20-2
2 O
ctob
er 2
014
Gab
oron
e, B
otsw
ana
The
train
ing
aim
ed to
pro
vid
e tra
inin
g on
the
PFM
Is fo
r th
e Ba
nk’s
Pay
men
ts T
eam
and
to se
nsiti
se p
aym
ent
serv
ice
prov
ider
s in
Bots
wan
a on
thei
r app
licat
ion
and
im
plem
enta
tion.
The
obj
ectiv
e w
as to
impa
rt kn
owle
dge
to
the
regu
lato
rs a
nd g
uid
e in
dus
try p
laye
rs o
n th
e ac
tions
re
quire
d o
n th
eir p
art.
World Bank, Strate (Pty) Ltd
1 (0)
2 (1
)0
00
11
2639
J, M
M, S
nr.
Out
puts
a.
The
train
ing
help
ed p
artic
ipan
ts to
und
erst
and
how
the
cent
ral b
ank
can
com
preh
ensiv
ely
use
thes
e pr
inci
ples
and
how
to se
amle
ssly
mig
rate
from
the
old
prin
cipl
es to
thes
e ne
w p
rinci
ples
b.
The
wor
ksho
p al
so h
elpe
d th
e pa
rtici
pant
s to
dev
ise m
eans
on
how
to in
corp
orat
e th
e PF
MIs
in th
e ex
istin
g ov
ersig
ht p
olic
y an
d h
ighl
ight
crit
ical
issu
es to
iden
tify
whe
n ca
rryin
g ou
t a se
lf-as
sess
men
ts.
c.
The
wor
ksho
p he
lped
to h
ighl
ight
maj
or a
reas
that
nee
ded
impr
ovem
ent i
n BN
A’s
mon
etar
y po
licy
impl
emen
tatio
n pr
actic
e.
19.
In-c
ount
ry w
orks
hop
on F
inan
cial
Mar
kets
D
evel
opm
ent
1-5
Dec
embe
r, 20
14
Man
goch
i, M
alaw
i
To b
uild
cap
acity
in th
e ke
y as
pect
s of M
oney
, Cap
ital a
nd
Fore
ign
Exch
ange
Mar
kets
.
To e
quip
par
ticip
ants
with
qua
ntita
tive
skills
on
the
pric
ing
of m
oney
mar
ket i
nstru
men
ts a
nd b
ond
s, an
d th
e fo
reig
n ex
chan
ge m
arke
t;
To h
ighl
ight
the
role
of g
over
nmen
t and
regu
lato
rs in
d
evel
opin
g an
d im
plem
entin
g fin
anci
al m
arke
t pol
icie
s and
re
gula
tions
;
To c
reat
e a
plat
form
for t
he re
gula
tors
and
ind
ustry
to sh
are
view
s on
the
dev
elop
men
t of t
he d
omes
tic fi
nanc
ial m
arke
t.
00
2 (0
)0
2 (1
)2
235
13J,
MM
, Snr
.
Out
puts
:•
Fina
ncia
l mar
ket p
laye
rs e
quip
ped
with
key
qua
ntita
tive
skills
on
the
pric
ing
of m
oney
mar
ket i
nstru
men
ts a
nd b
ond
s and
with
an
und
erst
and
ing
of m
oney
, cap
ital a
nd fo
reig
n ex
chan
ge m
arke
ts.
•Th
e ro
le o
f gov
ernm
ent a
nd th
e Re
serv
e Ba
nk in
dev
elop
ing
and
impl
emen
ting
finan
cial
mar
ket d
evel
opm
ent p
olic
ies a
nd re
gula
tions
and
refo
rms t
o gi
ve im
petu
s to
the
furth
er d
evel
opm
ent o
f the
loca
l mar
kets
und
erst
ood
by
all.
•Th
e pe
rcei
ved
skills
gap
in tr
adin
g fin
anci
al in
stru
men
ts, p
ricin
g, d
evel
opin
g a
yiel
d c
urve
and
inte
rpre
ting
polic
y ch
ange
s and
the
effe
ct o
n tre
asur
y m
anag
emen
t and
inte
rest
rate
pol
icy
was
ad
dre
ssed
.A
ltern
ativ
e fu
ndin
g so
urce
s out
side
of b
ank
loan
s and
ove
rdra
fts w
ere
disc
usse
d a
nd u
tility
com
pani
es w
hich
hav
e ex
pres
sed
an
inte
rest
in ra
ising
fund
s wer
e ad
equa
tely
equ
ippe
d w
ith a
way
forw
ard
to th
eir f
und
ing
requ
irem
ents
.
Not
e: F
igur
es in
bra
cket
s de
note
num
ber o
f Fem
ales
.
MEFMI annual report 201482A
nnex
IV:
CO
UNTR
Y M
ISSI
ON
S FO
R 20
14A
ctiv
ity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er,
Snr-
Seni
or M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
MA
CRO
MA
NA
GEM
ENT P
ROG
RAM
ME
In-C
ount
ry M
issio
n to
revi
ew, r
efine
,
and
impr
ove
Econ
omic
Act
ivity
In
dic
ator
for L
esot
ho 2
7 Ja
nuar
y-4
Febr
uary
, 201
4, M
aser
u, L
esot
ho
Prov
ide
expe
rt re
view
of t
he E
AI w
ith a
vie
w to
re
finin
g an
d im
prov
ing
it in
line
with
bes
t pra
ctic
es
that
gen
erat
es c
red
ible
resu
lts fo
r whi
ch in
fere
nces
ab
out t
he o
vera
ll sta
te o
f the
eco
nom
y ca
n be
m
ade.
Fina
lisin
g th
e EA
I and
initi
atin
g th
e d
evel
opm
ent o
f qu
arte
rly G
DP.
-0
01
01
11
-3
Real
Sec
tor a
nd n
atio
nal a
ccou
nt
OUT
PUTS
• R
evie
wed
the
fram
ewor
k fo
r Eco
nom
ic A
ctiv
ity In
dic
ator
(EA
I) an
d m
ade
reco
mm
end
atio
ns fo
r im
prov
emen
t and
fina
lisat
ion;
and
•M
ade
reco
mm
end
atio
ns o
n th
e d
evel
opm
ent o
f qua
rterly
GD
P-es
timat
es.
Follo
w U
p In
-Cou
ntry
Miss
ion
on
Reba
sing
and
Rev
ision
s of K
enya
’s
Nat
iona
l Acc
ount
s, Fe
b 24
– M
arch
7,
2014
, Nai
robi
, Ken
ya
Fina
lisat
ion
of th
e re
vise
d e
stim
ates
and
pro
vid
ing
the
revi
sed
ann
ual n
atio
nal a
ccou
nts a
t con
stan
t and
cu
rrent
pric
es fo
r 200
6-20
11;
Reco
ncilia
tion
and
com
plet
ion
of th
e SU
T;
Diss
emin
atin
g th
e pr
elim
inar
y re
sults
with
the
mai
n st
akeh
old
ers f
or in
puts
; and
Inco
rpor
atin
g al
l the
pos
sible
com
men
ts b
y EA
ST
Afri
tac
whi
ch c
ond
ucte
d a
pee
r rev
iew
.
IMF
EAST
A
FRITA
C0
11
01
11
22
M a
nd J
OUT
PUTS
•Th
e re
vise
d ti
me
serie
s for
the
2006
-11
have
bee
n pu
t tog
ethe
r and
fina
lised
.•
The
proc
edur
es fo
r bal
anci
ng th
e SU
T w
ere
final
ised
•
Diss
emin
atin
g, th
at is
, pre
sent
atio
n to
and
disc
ussio
n w
ith m
ain
stak
ehol
der
s for
inpu
ts a
nd o
wne
rshi
p.
•C
omm
ents
by
peer
revi
ewer
inco
rpor
ated
.
Miss
ion
on P
CM
S Re
gula
rizat
ion
and
Up
grad
e
Held
at M
EFM
I Sec
reta
riat,
Hara
re
from
05-
10 M
ay 2
014
To re
gula
rize
MEF
MI P
CM
S as
one
of t
he a
pplic
atio
ns
und
er th
e M
EFM
I dom
ain
(ww
w.m
efm
i.org
).
To b
acke
d-u
p PC
MS
in c
ompl
ianc
e w
ith th
e ris
k sa
fegu
ard
s ad
vanc
ed b
y in
tern
al a
udit.
To u
pgra
de
PCM
S to
the
late
st st
able
PHP
Ver
sion
5.4.
27, a
s opp
osed
to th
e cu
rrent
PHP
5.3
.
00
20
03
03
0Sn
r
OUT
PUTS
:PC
MS
was
upg
rad
ed to
PHP
5.4
.27,
pro
perly
bac
ked
and
-up
and
reg
ular
ized
as o
ne o
f the
app
licat
ion
und
er w
ww
.mef
mi.o
rg•
PCM
S d
ocum
enta
tions
wer
e up
dat
ed to
take
into
acc
ount
the
upgr
ade
and
regu
lariz
atio
n pr
oces
ses
accountability — teamwork — responsiveness — integrity — professionalism
83
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er,
Snr-
Seni
or M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
In-C
ount
ry M
issio
n on
Ass
essm
ent a
nd
Eval
uatio
n of
Fin
anci
al P
rogr
amm
ing
Fram
ewor
k fo
r Min
istry
of F
inan
ce a
nd
Dev
elop
men
t Pla
nnin
g, B
otsw
ana.
5-9,
May
201
4
Tlotlo
Hot
el a
nd C
onfe
renc
e C
entre
, G
abor
one,
Bot
swan
a
Revi
ew a
nd e
valu
ate
the
finan
cial
pro
gram
min
g fra
mew
ork
for B
otsw
ana
Initi
ate
wor
k on
fore
cast
ing
alte
rnat
ive
polic
y sc
enar
ios.
-0
01(
1)0
12
14
10Fi
nanc
ial p
rogr
amm
ing
and
Pol
icy
Gro
up
OUT
PUTS
•Re
view
ed a
nd E
valu
ated
the
finan
cial
pro
gram
min
g fra
mew
ork;
•
Base
line
fore
cast
has
bee
n m
ade
oper
atio
nal;
and
•In
itiat
ed w
ork
on a
ltern
ativ
e po
licy
fore
cast
ing
scen
ario
s.
In-C
ount
ry M
issio
n on
BO
P/IIP
dat
a m
igra
tion
from
the
IMF’
s BPM
5 to
BP
M6
Keny
a N
atio
nal B
urea
u of
Sta
tistic
s23
Jun
e –
04 J
uly
2014
•Im
part
skills
on
BPM
6 co
ncep
ts a
nd th
eir
appl
icat
ion
in d
ata
com
pila
tion.
•Fa
cilit
ate
impl
emen
tatio
n of
the
BPM
6 in
clud
ing
iden
tifyi
ng d
ata
gaps
, ava
iling
wor
king
tool
s and
tech
niqu
es a
nd d
ata
link
usin
g th
e IM
F’s B
PM6
Dat
a C
onve
rsio
n M
atrix
.•
Inte
grat
e re
sults
from
the
FPC
Sur
veys
into
the
BOP/
IIP d
atab
ase.
-0
01
(1)
1 (0
)1
(0)
11
35
Juni
or, M
idd
le a
nd S
enio
r Sta
ff
OUT
PUTS
:•
Impa
rted
skills
on
BPM
6 co
ncep
tual
und
erpi
nnin
gs,
• Ex
pose
d p
artic
ipan
ts to
the
late
st B
OP/
IIP fr
amew
ork
(as o
utlin
ed in
BPM
6), r
elat
ed c
lass
ifica
tions
and
IMF’
s BO
P/IIP
Con
vers
ion
Mat
rix,
• Up
dat
ed th
e BO
P/IIP
dat
a w
ith re
sults
from
FPC
surv
eys a
nd fa
cilit
ated
mig
ratio
n fro
m B
PM5
to 6
, and
• D
evel
oped
BO
P/IIP
dat
a tim
e se
ries f
rom
199
9-20
13
Fact
Fin
din
g M
issio
n to
Ass
ess
Elig
ibilit
y of
Bur
und
i to
Join
MEF
MI a
s a
Mem
ber
Buju
mbu
ra, B
urun
di
25-2
7Aug
ust,
2014
To se
nsiti
se th
e G
over
nmen
t of B
urun
di a
nd C
lient
In
stitu
tions
abo
ut th
e re
quire
men
ts a
nd c
onst
itutio
nal
oblig
atio
ns o
f MEF
MI M
embe
r Sta
tes,
and
To a
scer
tain
the
abilit
y of
the
Bank
of t
he R
epub
lic
of B
urun
di,
the
Min
istry
of F
inan
ce, P
lann
ing
and
Ec
onom
ic D
evel
opm
ent t
o ac
cess
MEF
MI p
rod
ucts
and
se
rvic
es a
nd c
ompl
y w
ith M
EFM
I con
stitu
tion
PRG
E/A
CBF
00
00
30
116
13Se
nior
Sta
ff , P
S, G
over
nor &
Min
ister
OUT
PUTS
•Th
e vi
ews o
f the
Bur
und
i Gov
ernm
ent a
nd C
lient
Inst
itutio
ns a
bout
the
criti
cal r
equi
rem
ents
in th
eir M
embe
rshi
p to
MEF
MI;
and
•Re
com
men
dat
ions
to E
XCO
M a
nd th
e Bo
ard
on
mem
bers
hip
of B
urun
di.
Follo
w U
p M
issio
n on
the
Val
idat
ion
of th
e M
etho
dol
ogic
al F
ram
ewor
k fo
r the
Col
lect
ion,
Com
pila
tion
and
Ana
lysis
of I
nter
natio
nal
Rem
ittan
ces S
tatis
tics i
n Rw
and
a
Nat
iona
l Ban
k of
Rw
and
aKi
gali,
Rwan
da
15-1
9 Se
ptem
ber 2
014
To re
view
and
val
idat
e th
e M
etho
dol
ogic
al F
ram
ewor
k fo
r the
Col
lect
ion,
Com
pila
tion
and
Ana
lysis
of
Inte
rnat
iona
l Rem
ittan
ces S
tatis
tics i
n Rw
and
a
-0
01
01
01
22
Seni
or o
ffici
al a
nd te
chni
cal s
taff
MEFMI annual report 201484
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er,
Snr-
Seni
or M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
OUT
PUTS
:•
The
met
hod
olog
ical
fram
ewor
k fo
r the
col
lect
ion,
com
pila
tion
and
ana
lysis
of i
nter
natio
nal r
emitt
ance
s in
Rwan
da
revi
ewed
and
val
idat
ed;
•M
odel
enh
ance
d w
ith u
pdat
ed d
ata
on v
aria
bles
from
the
rece
nt su
rvey
s con
duc
ted
by
NIS
R;•
Gen
erat
ed s
tatis
tical
dat
a an
d c
ritic
ally
ana
lyse
d a
gain
st o
ther
repu
tabl
e in
tern
atio
nal p
ublic
atio
ns;
•V
alid
ated
dat
a co
nsist
ency
taki
ng in
to a
ccou
nt th
e G
DD
S G
uid
elin
es;
•In
crea
sed
the
robu
stne
ss o
f the
met
hod
olog
ical
fram
ewor
k by
ad
diti
onal
and
enh
ance
d a
dju
stm
ent f
acto
rs;
•Th
e m
odel
was
stre
ngth
ened
to b
e ab
le to
pro
vid
e re
liabl
e fo
reca
sts a
nd b
e ad
apta
ble
to m
arke
t dyn
amic
s to
allo
w ro
lling
out t
o ot
her e
nviro
nmen
ts o
ther
than
Rw
and
a. S
uch
flexib
ility
will
allo
w M
EFM
I to
cust
omise
the
appl
icat
ion
of th
e m
odel
to o
ther
cou
ntrie
s in
the
regi
on.
In-C
ount
ry M
issio
n on
dat
a C
olle
ctio
n fo
r the
Stu
dy
on n
atur
al
reso
urce
s to
Bots
wan
a,
8-10
, Sep
tem
ber 2
014,
Gab
oron
e,
Bots
wan
a.
•C
olle
ct q
uant
itativ
e an
d q
ualit
ativ
e d
ata
for t
he
stud
y on
the
bene
fits o
f the
Nat
ural
Res
ourc
e th
e FD
I in
the
MEF
MI r
egio
n.
-0
00
11
11
106
Seni
or o
ffici
al a
nd te
chni
cal s
taff
OUT
PUTS
:•
Qua
ntita
tive
and
Qua
litat
ive
dat
a •
Prel
imin
ary
anal
ysis
of q
uant
itativ
e d
ata
and
qua
litat
ive
info
rmat
ion
In-C
ount
ry M
issio
n on
dat
a C
olle
ctio
n fo
r the
Stu
dy
on N
atur
al
Reso
urce
s to
Keny
a,
22-2
4, S
epte
mbe
r 201
4, N
airo
bi,
Keny
a.
•C
olle
ct q
uant
itativ
e an
d q
ualit
ativ
e d
ata
for t
he
stud
y on
the
bene
fits o
f the
Nat
ural
Res
ourc
e th
e FD
I in
the
MEF
MI r
egio
n.
-0
00
11
11
80
Dire
ctor
s, Se
nior
offi
cial
s and
te
chni
cal s
taff
OUT
PUTS
:•
Qua
ntita
tive
and
Qua
litat
ive
dat
a •
Prel
imin
ary
anal
ysis
of q
uant
itativ
e d
ata
and
qua
litat
ive
info
rmat
ion
In-C
ount
ry M
issio
n on
dat
a C
olle
ctio
n fo
r the
Stu
dy
on N
atur
al
Reso
urce
s to
Rwan
da,
24
-26,
Sep
tem
ber 2
014,
Kig
ali,
Rwan
da.
Col
lect
qua
ntita
tive
and
qua
litat
ive
dat
a fo
r the
stud
y on
the
bene
fits o
f the
Nat
ural
Res
ourc
e FD
I in
the
MEF
MI
regi
on.
-0
00
11
01
80
Dire
ctor
s, Se
nior
offi
cial
s and
te
chni
cal s
taff
OUT
PUTS
:•
Both
Qua
litat
ive
and
Qua
ntita
tive
prim
ary
and
seco
ndar
y d
ata
colle
cted
;•
Prel
imin
ary
anal
ysis
of q
uant
itativ
e d
ata
and
qua
litat
ive
info
rmat
ion
mad
e.
In-C
ount
ry M
issio
n on
dat
a C
olle
ctio
n fo
r the
Stu
dy
on n
atur
al
reso
urce
s to
Nam
ibia
, 1-
3, S
epte
mbe
r 201
4, W
ind
hoek
, N
amib
ia.
To e
xam
ine
and
eva
luat
e th
e sp
ill-ov
ers o
f nat
ural
re
sour
ce b
ased
FD
Is in
the
MEF
MI r
egio
n.
To a
sses
s how
the
gain
s fro
m F
DI i
n na
tura
l res
ourc
es c
an
cont
ribut
e in
tran
sfor
min
g th
e ec
onom
ies i
n th
e M
EFM
I re
gion
and
in re
duc
ing
pove
rty.
-0
00
01
11
44
Seni
or o
ffici
al a
nd te
chni
cal s
taff
OUT
PUTS
:•
Qua
ntita
tive
and
Qua
litat
ive
dat
a.
•Pr
elim
inar
y an
alys
is of
qua
ntita
tive
and
qua
litat
ive
info
rmat
ion.
accountability — teamwork — responsiveness — integrity — professionalism
85
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er,
Snr-
Seni
or M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
In-C
ount
ry M
issio
n on
BO
P/IIP
Dat
a M
igra
tion
from
BPM
5 to
BPM
6
Bank
of N
amib
ia, 2
9 Se
ptem
ber
-10
Oct
ober
201
4
To im
part
skills
on
BPM
6 co
ncep
ts a
nd th
eir a
pplic
atio
n in
dat
a co
mpi
latio
n,
To id
entif
y po
tent
ial d
ata
sour
ces t
hat m
eet B
PM6
repo
rting
requ
irem
ents
,
To fa
cilit
ate
impl
emen
tatio
n of
the
BPM
6 in
clud
ing
iden
tifyi
ng d
ata
gaps
, ava
iling
wor
king
tool
s and
te
chni
ques
and
dat
a lin
k us
ing
the
IMF’
s BPM
6 D
ata
Con
vers
ion
Mat
rix
-0
00(
1)1(
0)1(
0)1
12
3Ju
nior
,Mid
dle
and
Sen
ior S
taff
OUT
PUTS
:•
Impa
rted
skills
on
BOP/
IIP c
once
pts,
and
•
Mig
rate
d B
OP/
IIP d
ata
from
BPM
5 to
6, i
nclu
din
g en
surin
g d
ata
accu
racy
.
In-C
ount
ry M
issio
n on
For
eign
Pr
ivat
e C
apita
l (FP
C),
Coo
rdin
ated
Dire
ct In
vest
men
t Su
rvey
(CD
IS),
Coo
rdin
ated
Po
rtfol
io In
vest
men
t Sur
vey
(CPI
S) a
nd M
EFM
I Priv
ate
Cap
ital
Mon
itorin
g Sy
stem
(PC
MS)
. 2
0-31
Oct
ober
201
4W
ind
hoek
, Nam
ibia
.
•To
faci
litat
e ha
nds-
on tr
aini
ng in
FPC
, CD
IS a
nd
CPI
S, d
raw
ing
on b
est p
ract
ices
from
the
IMF’
s BP
M6
and
MEF
MI F
PC E
num
erat
or’s
Han
dbo
ok.
•C
usto
misa
tion
and
roll o
ut o
f MEF
MI P
CM
S.
-0
02
(0)
02
(0)
21
23
BOP
staf
f; Ju
nior
and
Sen
ior
OUT
PUT:
•Im
parte
d sk
ills o
n br
oad
con
cept
s of f
orei
gn p
rivat
e ca
pita
l nam
ely;
scop
e an
d c
over
age,
CD
IS; C
PIS;
Fin
anci
al S
tate
men
ts; n
on-re
spon
se is
sues
and
rem
edie
s; tre
atm
ent o
f ins
uran
ce a
nd p
ensio
ns se
rvic
es; a
nd fi
nanc
ial d
eriv
ativ
es;
•Im
parte
d sk
ills F
inan
cial
Inte
rmed
iatio
n Se
rvic
es, I
ndire
ctly
Mea
sure
d (F
ISIM
); an
d
•C
usto
mise
d a
nd ro
lled
out
MEF
MI P
CM
S.
In-C
ount
ry M
issio
n on
For
eign
Pr
ivat
e C
apita
l (FP
C) a
nd M
EFM
I Pr
ivat
e C
apita
l Mon
itorin
g Sy
stem
(P
CM
S).
15-
19 D
ecem
ber 2
014,
Har
are,
Zim
babw
e
•To
faci
litat
e ha
nds-
on tr
aini
ng in
FPC
, dra
win
g on
be
st p
ract
ices
from
the
IMF’
s BPM
6 an
d M
EFM
I FP
C E
num
erat
or’s
Han
dbo
ok.
•To
intro
duc
e an
d c
usto
mize
MEF
MI P
CM
S to
fa
cilit
ate
real
tim
e FP
C d
ata
reco
rdin
g an
d
anal
ysis.
-0
03
(0)
01(
0)2
120
9BO
P st
aff;
Juni
or a
nd S
enio
r
Out
put:
•Im
parte
d sk
ills o
n FP
C c
once
pts a
nd re
late
d c
lass
ifica
tions
; and
•C
usto
mise
d a
nd ro
lled
out
MEF
MI P
CM
S.
FIN
AN
CIA
L SE
CTO
R M
AN
AG
EMEN
T PRO
GRA
MM
ERi
sk B
ased
Sup
ervi
sion
Impl
emen
tatio
n m
issio
n
12 F
eb –
14
Mar
ch, 2
014
Gab
oron
e, B
otsw
ana
To a
ssist
the
Bank
of B
otsw
ana’
s ban
k su
perv
ision
d
epar
tmen
t dev
elop
a R
isk B
ased
Sup
ervi
sion
Fram
ewor
k. T
he F
ram
ewor
k w
ill be
use
d a
s a g
uid
e on
RBS
prin
cipl
es a
nd p
roce
dur
es b
y ba
nk e
xam
iner
s an
d th
e m
arke
t.
-0
01
00
11
515
J,M
, S
MEFMI annual report 201486
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er,
Snr-
Seni
or M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
Out
put:
•Ri
sk B
ased
Sup
ervi
sion
Fram
ewor
k an
d R
isk m
anag
emen
t Gui
del
ine.
The
doc
umen
ts a
re a
wai
ting
boar
d a
nd se
nior
man
agem
ent a
dop
tion.
Mac
ro-p
rud
entia
l Sup
ervi
sion
Impl
emen
tatio
n m
issio
n
7 –
11 A
pril,
2014
Mba
bane
Swaz
iland
To p
rovi
de
tech
nica
l ass
istan
ce o
n im
plem
enta
tion
of th
e C
OM
ESA
Fra
mew
ork
for F
inan
cial
Sta
bilit
y A
sses
smen
t and
repo
rting
requ
irem
ents
00
02
01
11
93
J, M
M, S
nr, D
Out
put
The
miss
ion
capa
cita
ted
stak
ehol
der
s fro
m th
e M
inist
ry o
f Fin
ance
, non
-ban
k re
gula
tory
aut
horit
y an
d C
BS se
nior
man
agem
ent o
n th
e C
OM
ESA
fram
ewor
k fo
r m
acro
prud
entia
l sup
ervi
sion.
It a
lso ra
ised
aw
aren
ess o
n th
e ro
les e
ach
have
to p
lay
in
impr
ovin
g th
e qu
ality
of d
ata
for fi
nanc
ial s
tabi
lity
asse
ssm
ents
.
Risk
Bas
ed S
uper
visio
n Im
plem
enta
tion
miss
ion
20 J
une
– 4
July
, 201
4
Gab
oron
e,
Bots
wan
a
To a
ssist
the
Bank
of B
otsw
ana’
s ban
k su
perv
ision
d
epar
tmen
t dev
elop
a R
isk B
ased
Sup
ervi
sion
Fram
ewor
k. T
he F
ram
ewor
k w
ill be
use
d a
s a g
uid
e on
RBS
prin
cipl
es a
nd p
roce
dur
es b
y ba
nk e
xam
iner
s an
d th
e m
arke
t.
-0
01
(0)
01(
1)1
15
15J,
M, S
RBS
Revi
ew M
issio
n fo
r the
Ban
k of
Za
mbi
a14
-18
July
, 201
4 Lu
saka
Zam
bia
Ass
ess e
ffect
iven
ess o
f BO
Z’s R
BS fr
amew
ork
00
01
(0)
2 (1
)1
(1)
11
1910
J, M
M, S
nr, D
Out
put
•A
miss
ion
repo
rt hi
ghlig
htin
g re
com
men
dat
ions
and
thei
r im
plem
enta
tion
stra
tegi
es•
Impr
oved
skills
and
aw
aren
ess o
n th
e us
e of
tool
s and
met
hod
olog
ies u
nder
the
RBS
fram
ewor
k•
Cus
tom
ised
trai
ning
pla
n fo
r sta
ff in
the
Bank
supe
rvisi
on d
epar
tmen
t
Bank
of M
ozam
biqu
e m
issio
n on
Pa
ymen
t Sys
tem
s Ove
rsig
ht 15
-24
Sept
embe
r, 20
14
Map
uto,
Moz
ambi
que
Ass
ess B
OM
’s e
xistin
g PS
Ove
rsig
ht o
pera
tions
and
pr
oces
ses,
iden
tify
exist
ing
gaps
or c
apac
ity b
uild
ing
chal
leng
es fa
ced
,
00
01
(0)
2 (0
)1
(1)
11
n/a
n/a
J, M
M, S
nr, D
Out
put
•A
miss
ion
repo
rt hi
ghlig
htin
g re
com
men
dat
ions
and
a c
usto
mise
d tr
aini
ng p
lan
in lin
e w
ith in
tern
atio
nal b
est p
ract
ise•
Impr
oved
skills
and
aw
aren
ess o
n th
e im
plem
enta
tion
of P
FMIs
accountability — teamwork — responsiveness — integrity — professionalism
87
Act
ivity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er,
Snr-
Seni
or M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
Mon
ey a
nd C
apita
l Mar
kets
Miss
ion.
Bank
of U
gand
a20
-21
Oct
ober
201
4
To in
tera
ct w
ith m
arke
t par
ticip
ants
and
iden
tify
the
maj
or c
onst
rain
ts a
ffect
ing
the
mar
ket n
egat
ivel
y in
te
rms o
f FM
DP
obje
ctiv
es
To e
xplo
re w
ays o
n w
hich
the
chal
leng
es a
nd
cons
train
ts c
ould
be
over
com
e
To p
rovi
de
reco
mm
end
atio
ns th
at a
re d
eem
ed
appr
opria
te
To id
entif
y ur
gent
and
crit
ical
skills
gap
s in
the
ind
ustry
To d
evel
op a
cus
tom
ised
trai
ning
pla
n th
at w
ould
ad
dre
ss sk
ills g
aps i
den
tified
met
hod
ical
ly a
nd
sequ
entia
lly.
00
(0)
0 (0
)1(
0)2(
1)1
21
J, M
M, S
nr.
Out
puts
:•
A se
t of r
ecom
men
dat
ions
for t
he in
dus
try•
A c
usto
mise
d in
terv
entio
n pr
ogra
mm
e by
MEF
MI a
nd B
ank
of U
gand
a.
In-c
ount
ry m
issio
n on
stre
ss te
stin
g re
quire
men
ts o
f Ban
k Su
perv
ision
for
the
Nat
iona
l Ban
k of
Ang
ola
3 –
7 N
ovem
ber,
2014
Luan
da,
Ang
ola
To e
quip
par
ticip
ants
with
qua
ntita
tive
skills
on
secu
ritie
s iss
uanc
e, liq
uid
ity fo
reca
stin
g an
d v
alua
tion
of m
oney
mar
ket i
nstru
men
ts. F
urth
er o
bjec
tives
in
clud
ed to
hig
hlig
ht th
e ro
le a
nd im
porta
nce
of
mon
etar
y po
licy
and
fisc
al p
olic
y co
ord
inat
ion.
World Bank
0 (1
)0
00
11
517
J, M
M, S
nr.
Out
puts
:•
Dev
elop
ed sc
ope
of w
ork
for t
he in
-cou
ntry
miss
ion
sche
dul
ed fo
r Mar
ch 2
014.
Fina
ncia
l Mar
kets
Dev
elop
men
t M
issio
n.
Rese
rve
Bank
of M
alaw
i1
– 5
Dec
embe
r 201
4
To in
tera
ct w
ith m
arke
t par
ticip
ants
and
iden
tify
the
maj
or c
onst
rain
ts a
ffect
ing
the
mar
ket n
egat
ivel
y
To id
entif
y ur
gent
and
crit
ical
skills
gap
s in
the
ind
ustry
To e
xplo
re w
ays o
n w
hich
the
chal
leng
es a
nd
cons
train
ts c
an b
e ov
erco
me
To d
evel
op a
cus
tom
ised
inte
rven
tion
prog
ram
me
that
ad
dre
sses
the
skills
gap
s id
entifi
ed.
0
0 (0
)0
(0)
1(0)
2(1)
1n/
an/
aJ,
MM
, Snr
.
Out
puts
:•
A se
t of r
ecom
men
dat
ions
for t
he in
dus
try•
A c
usto
mise
d in
terv
entio
n pr
ogra
mm
e by
MEF
MI a
nd R
eser
ve B
ank
of M
alaw
i
MEFMI annual report 201488A
ctiv
ity
Date
Venu
e
Obj
ectiv
e TC
PRe
sour
ce P
erso
nsS
Parti
cipa
nts
(C –
cou
ntry
, M- m
ale,
F-
Fem
ale)
Targ
et(J
- Jun
ior,
MM
– M
iddl
e M
anag
er,
Snr-
Seni
or M
anag
er, D
- Dire
ctor
)
Inte
rnat
iona
l
Regional
MEFMI Fellows
MEFMI Staff
CM
F
Paid
Gratis
DEBT
MA
NA
GEM
ENT P
ROG
RAM
ME
Join
t Wor
ld B
ank/
IMF
/MEF
MI D
ebt
Val
idat
ion
Miss
ion
to Z
imba
bwe
26th M
ay –
12th
Jun
e 20
14
Hara
re, Z
imba
bwe
•To
val
idat
e an
d re
conc
ile e
xter
nal d
ebt
dat
aW
B, IM
F0
3 (3
)0
01
(0)
11
1-0-
J, M
M
Out
put
•V
alid
ated
ext
erna
l deb
t dat
abas
e
MEF
MI M
issio
n on
Dom
estic
Deb
t M
anag
emen
t
8-12
Sep
tem
ber 2
014,
Lilo
ngw
e,
Mal
awi
•Re
view
the
dom
estic
deb
t man
agem
ent
situa
tion,
pro
ced
ures
, leg
al fr
amew
ork,
pol
icie
s an
d d
omes
tic d
ebt m
arke
t. •
Reco
mm
end
app
ropr
iate
rest
ruct
urin
g m
echa
nism
s of t
he e
xistin
g d
omes
tic d
ebt a
nd
futu
re b
orro
win
gs.
00
01(
0)1(
0)1(
0)1
1-
-
Out
puts
•
Pres
enta
tion
on P
relim
inar
y Fi
ndin
gs
MEF
MI M
issio
n on
Rev
iew
of t
he L
egal
an
d In
stitu
tiona
l Fra
mew
ork
for P
ublic
D
ebt M
anag
emen
t,;
8-12
Sep
tem
ber 2
014,
Lilo
ngw
e,
Mal
awi
•Re
view
the
lega
l fra
mew
ork
for d
ebt
man
agem
ent i
n an
d p
ropo
se a
dra
ft bi
ll w
hich
the
Gov
ernm
ent c
an u
se to
upd
ate
the
rele
vant
sect
ions
of t
he P
ublic
Fin
ance
M
anag
emen
t Act
.
01(
0)0
00
1(0)
11
--
Out
puts
•Pr
elim
inar
y Fi
ndin
gs D
raft
Man
agem
ent L
egisl
atio
n
Ssse
ssm
ent o
f the
Rep
ublic
of S
udan
el
igib
ility
to b
ecom
e a
MEF
MI
mem
ber s
tate
22nd
to 2
5th N
ovem
ber 2
014
Min
istry
of F
inan
ceKh
arto
um, S
udan
•To
cre
ate
awar
enes
s am
ong
offic
ials
of
the
Gov
ernm
ent o
f the
Rep
ublic
of S
udan
, pa
rticu
larly
the
inst
itutio
ns fa
lling
und
er M
EFM
I m
and
ate,
on
the
bene
fits a
nd o
blig
atio
ns o
f M
EFM
I Mem
ber S
tate
s, an
d•
To a
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stitu
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riod
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view
;
Date
No.
of S
taff
Inst
itute
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ay 2
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ay 2
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orei
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urre
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on-r
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min
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lic D
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nstru
men
ts
12.
10 –
12
June
201
41
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ar, S
eneg
alM
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nanc
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ork
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frica
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tner
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201
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No.
of S
taff
Inst
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anisa
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Mai
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15.
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ugus
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ased
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ax D
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TD A
nnua
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18 D
ecem
ber 2
014
2Sw
edish
Em
bass
y, N
airo
bi, K
enya
Follo
w u
p on
som
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the
issue
s di
scus
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durin
g th
e C
oope
ratin
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rtner
s Lia
ison
Com
mitt
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mee
ting
held
in H
arar
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Nov
embe
r 201
4
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Alexandra Park
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