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Our Values:

Accountability

Teamwork

Responsiveness

Integrity

Professionalism

Annual Report

2014

accountability — teamwork — responsiveness — integrity — professionalism

i

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


iii

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


v

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


vii

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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


ix

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


xi

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


xiii

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.


1

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


3

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)


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


5

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 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


7

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


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.


9

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


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.


11

2MEFMI Activities

for 2014


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


13

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


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



15

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


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%


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)


17

3Key Results and

Outputs Of MEFMI’s Capacity Building

Activities


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;


• 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


21

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.


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


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


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


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


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


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


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


35

7Challenges and Lessons Learnt


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.


37

8Emerging Issues


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.


39

9Conclusion


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.


41


Macroeconomic and Financial Management Institute of Eastern and

Southern Africa (MEFMI)

Annual Financial Statements

31 December 2014


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


43

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


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


45

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


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


47

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


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


49

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.


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)


51

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



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.



53

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


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)


55

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



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 -



57

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



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



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



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


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)


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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


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


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


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


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


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


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

,


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


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


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

.


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.


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.


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

.


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.


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


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,


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

.


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.


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

.


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


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


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.


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


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


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


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

sses

s abi

lity

of c

lient

inst

itutio

ns in

the

Repu

blic

of S

udan

to a

cces

s MEF

MI p

rod

ucts

an

d se

rvic

es.

000

03(

1)3(

1)1

208

Exec

utiv

es, M

anag

emet

n an

d

Seni

or O

ffici

als

Out

puts

:•

Cre

ated

aw

aren

ess a

mon

g of

ficia

ls of

the

Gov

ernm

ent o

f the

Rep

ublic

of S

udan

on

the

bene

fits a

nd o

blig

atio

ns o

f MEF

MI m

embe

r sta

tes

•M

issio

n re

port

Deb

t Man

agem

ent P

erfo

rman

ce

Ass

essm

ent M

issio

n to

Ken

ya

9 –

17 D

ecem

ber

2014

Nat

iona

l Tre

asur

y, N

airo

bi, K

enya

•To

ass

ess K

enya

’s p

ublic

deb

t man

agem

ent

perfo

rman

ce, f

ocus

ing

on st

reng

ths a

nd

iden

tifyi

ng a

reas

for i

mpr

ovem

ent

•To

est

ablis

h a

base

line

for f

utur

e re

form

s in

publ

ic

deb

t man

agem

ent

WB

04(

1)0

02(

0)2

151

13JM

, MM

, Snr

,

Out

puts

:•

Deb

t Man

agem

ent P

erfo

rman

ce A

sses

smen

t Rep

ort i

den

tifyi

ng th

e st

reng

ths a

nd w

eakn

esse

s in

deb

t man

agem

ent

Not

e: F

igur

es in

bra

cket

s de

note

num

ber o

f Fem

ales

.


89

Ann

ex V

: N

etw

orki

ng &

Sta

ff De

velo

pmen

t: –-

201

4M

EFM

I val

ues

the

bene

fits

of n

etw

orki

ng a

nd th

e im

pact

it h

as o

n st

aff e

xpos

ure

and

cap

acity

bui

ldin

g. In

that

rega

rd, t

he In

stitu

te p

artic

ipat

es in

re

leva

nt n

etw

orki

ng e

vent

s, m

ost

of w

hich

are

by

invi

tatio

n fro

m o

ther

inst

itutio

ns.

Belo

w is

a t

able

out

linin

g th

e ne

twor

king

act

iviti

es t

he In

stitu

te

parti

cipa

ted

in d

urin

g th

e pe

riod

und

er re

view

;

Date

No.

of S

taff

Inst

itute

/Org

anisa

tion

Mai

n Th

eme

1.30

–31,

Jan

uary

201

42

Nin

th B

CBS

-FSI

Hig

h-Le

vel M

eetin

g fo

r Afri

ca “

Stre

ngth

enin

g Fi

nanc

ial S

ecto

r Sup

ervi

sion

and

Cur

rent

Reg

ulat

ory

Prio

ritie

s”

2.3-

4 F

ebru

ary

2014

25Te

am C

onsu

lting

Trai

ning

on

setti

ng P

erfo

rman

ce O

bjec

tives

and

Indi

cato

rs

3.10

– 1

4 Fe

brua

ry 2

014

1Jo

int A

FRITA

C S

outh

/Ea

st A

FRITA

C, P

ort L

ouis,

M

aurit

ius

“Mob

ile F

inan

cial

Ser

vice

s: Th

e Bu

sines

s an

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4.26

Feb

ruar

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143

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ld B

ankW

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larg

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5.24

Feb

ruar

y - 7

Mar

ch 2

014

MEF

MI/S

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F, P

reto

ria, S

outh

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caEc

onom

ic Is

sues

in R

egio

nal I

nteg

ratio

n

6.3

– 4

Mar

ch 2

014

20Pr

octo

r & A

ssoc

iate

sA

nti -

Cor

rupt

ion

and

Ant

i-Fra

ud Tr

aini

ng

7.3

– 7

Mar

ch 2

014

1Ec

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Prac

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8.18

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4

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and

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hop

2014

9.9

Apr

il 201

4A

FA F

ire E

ngin

eers

, MEF

MI S

ecre

taria

tFi

re S

afet

y Tr

aini

ng

10.

5 –

7 M

ay 2

014

2A

CBF

_ J

ohan

nesb

urg

Sout

h A

frica

Fina

ncia

l Man

agem

ent a

nd P

rocu

rem

ent B

est P

ract

ices

11.

15 M

ay 2

014

2W

orld

Ban

k W

ebin

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duci

ng E

xpos

ure

to F

orei

gn C

urre

ncy

Risk

by

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actin

g N

on-r

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vest

in L

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min

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lic D

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nstru

men

ts

12.

10 –

12

June

201

41

Dak

ar, S

eneg

alM

akin

g Fi

nanc

e W

ork

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frica

, 3rd

Par

tner

ship

foru

m

13.

16 –

18

July

201

41

Joha

nnes

burg

, Sou

th A

frica

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th N

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of S

outh

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m o

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frica

n De

bt M

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t and

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d M

arke

ts

14.

25 J

uly

2014

1A

CBF

AC

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row

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g Se

min

ar


Date

No.

of S

taff

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itute

/Org

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n Th

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15.

7 –

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ugus

t 201

41

Kam

pala

, Uga

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iona

l Deb

t Con

fere

nce

16.

25 –

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Aug

ust 2

014

1A

frita

c So

uth

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latio

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perv

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of M

icro

finan

ce

17.

11-2

2 A

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41

Harv

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edy

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20.

6 –

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ctob

er 2

014

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orld

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k an

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rm D

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gy F

ram

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k

21.

15 O

ctob

er 2

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2W

orld

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k W

ebin

arN

ext G

ener

atio

n De

bt R

epor

ting

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boar

d

22.

19 –

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Oct

ober

201

43

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helse

n In

stitu

te, N

orw

aySt

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Tour

on

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ural

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ourc

es M

anag

emen

t

23.

23 O

ctob

er 2

014

1IM

F, H

arar

eDi

scus

sion

on “

Regi

onal

Eco

nom

ic O

utlo

ok (R

EO)”

24.

18 N

ovem

ber 2

014

1A

frica

n Ec

onom

ic R

esea

rch

Con

sorti

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pos

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twee

n M

EFM

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the

AER

C.

25.

18 –

19

Nov

embe

r 201

41

Afri

can

Foru

m a

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etw

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on D

ebt a

nd

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D)

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onal

Mee

ting

on P

ublic

Deb

t Man

agem

ent a

nd R

estru

ctur

ing

26.

20 N

ovem

ber 2

014

3W

orld

Ban

k W

ebin

arC

hang

es in

the

inve

stor

bas

e fo

r em

ergi

ng m

arke

t pub

lic d

ebt:

Wha

t has

hap

pene

d in

the

last

de

cade

and

wha

t do

we

see

goin

g fo

rwar

d?

27.

25 N

ovem

ber 2

014

4W

orld

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k W

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velo

ping

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ediu

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rm D

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anag

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(MTD

S), b

ased

on

a M

issio

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ide

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oire

28.

9 D

ecem

ber 2

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2In

tern

atio

nal C

entre

for T

ax D

evel

opm

ent (

ICTD

)IC

TD A

nnua

l Mee

ting

29.

18 D

ecem

ber 2

014

2Sw

edish

Em

bass

y, N

airo

bi, K

enya

Follo

w u

p on

som

e of

the

issue

s di

scus

sed

durin

g th

e C

oope

ratin

g Pa

rtner

s Lia

ison

Com

mitt

ee

mee

ting

held

in H

arar

e in

Nov

embe

r 201

4

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Alexandra Park

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