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2012
2012 ANNUAL REPORT i
GOVERNANCE STRUCTURES IN 2012 ...................................iii
ACRONYMS........................................................................... v
MEFMI IN BRIEF ...................................................................... vi
STATEMENT BY THE CHAIR....................................................viii
OVERVIEW BY THE EXECUTIVE DIRECTOR ........................... x
INTRODUCTION...................................................................... 1
1. ECONOMIC DEVELOPMENTS IN THE MEFMIREGION AND BEYOND ...................................................31.1 Global Developments ...........................................31.2 Country Performance ........................................... 4
2. AN OVERVIEW OF 2012 ACTIVITIES ................................6
3. OVERALL ACHIEVEMENTS.............................................. 73.1 Capacity Building Activities ................................. 73.2 Implemented Versus Planned Activities ............ 93.3 Participation at Capacity Building Events.........103.4 Resource Persons Utilisation ................................13
4. CAPACITY BUILDING OUTPUTS ..................................... 154.1 Regional Capacity Building Activities................ 154.2 In-Country Capacity Building Activities ............. 154.3 Fellows Development Programme Activities .... 194.4 Technical Studies Conducted In 2012 ............... 20
5. GOVERNANCE ACTIVITIES............................................ 215.1 Governance Meetings ........................................ 215.2 Staff Meetings
................................................
215.3 Networking Activities ........................................... 21
6. FINANCE AND ADMINISTRATION.................................. 236.1 Income .................................................................. 236.2 Expenditure........................................................... 266.3 Resource Mobilisation.......................................... 276.4 Information Technology ...................................... 276.5 Human Resources 28
7. LESSONS AND OPPORTUNITIES ..................................... 297.1 Opportunities ........................................................ 29
8. ANNEXURE ..................................................................... 48
201220122012annual report contents
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Board of GovernorsThe MEFMI Board of Governors is made up of aCentral Bank Governor or a Treasury Secretary /Permanent Secretary of Finance of each of the 13member states. Where a Governor is a substantivemember, then the Treasury Secretary/PermanentSecretary is an alternate and vice versa.
AngolaMr. Jose de Lima Massano, Governor, BancoNacional de AngolaMr. Manuel Neto da Costa, State Secretary of theTreasury, Ministry of Finance
BotswanaMrs. Linah Mohohlo, Governor, Bank of BotswanaMr. Solomon M. Sekwakwa, Permanent Secretary,Ministry of Finance and Development Planning
KenyaProf Njuguna Ndung’u, Governor, Central Bank ofKenyaMr Joseph Kinyua, Permanent Secretary, Ministry ofFinance
LesothoDr. Adelaide R. Matlanyane, Governor, CentralBank of Lesotho (Board Chair)Mr. Mosito Khethisa, Principal Secretary, Ministry ofFinance
MalawiMr. Charles Chuka, Governor, Reserve Bank ofMalawiMr. Randson Mwadiwa, Secretary to the Treasury,Ministry of Finance
MozambiqueDr. Ernesto G. Gove, Governor, Banco deMozambiqueMr. Paulo B. Manhique, Permanent Secretary,Ministry of Finance
NamibiaMr. Ipumbu W. Shiimi, Governor, Bank of NamibiaMs Ericah B. Shafudah, Permanent Secretary,Ministry of Finance
RwandaAmbassador Claver Gatete, Governor, NationalBank of RwandaMrs Kampeta Sayinzoga Pichette, SecretaryGeneral/ Secretary to the Treasury, Ministry ofFinance and Economic Planning
SwazilandMr. Martin Dlamini, Governor, Central Bank ofSwazilandMs Khabonina B. Mabuza, Principal Secretary,Ministry of Finance
TanzaniaProf. Benno Ndulu, Governor, Bank of TanzaniaMr. Ramadhan M Khijjah, Permanent Secretary,Ministry of Finance
UgandaProf. E. Tumusiime-Mutebile, Governor, Bank ofUganda (Board Vice-Chairman & Chairman ofExecutive Committee)Mr. Chris Kassami, Permanent Secretary/Secretaryto the Treasury, Ministry of Finance, Planning andEconomic Development
ZambiaDr. Michael Gondwe, Governor, Bank of ZambiaMr. Fredson Yamba, Secretary to the Treasury,Ministry of Finance and National Planning
ZimbabweDr. Gideon Gono, Governor, Reserve Bank ofZimbabweMr. Willard L. Manungo, Permanent Secretary,Ministry of Finance
governance structures in 2012
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MACROECONOMIC AND FINANCIAL MANAGEMENT
INSTITUTE OF EASTERN AND SOUTHERN AFRICA
2012 ANNUAL REPORT iii
Members of the Executive Committee
The Institute operates under the direction of anExecutive Committee which consists of the ViceChairman of the Board of Governors and fourother voting members nominated by the Board ofGovernors from the Board. The MEFMI ExecutiveDirector and the Head of the Executing Agencyof MEFMI are ex-officio non-voting members of theExecutive Committee. The Executive Committeeis chaired by the Vice-Chairman of the Board ofGovernors of the Institute. The Executive Committeecan elect an Alternate Chairman who presides overmeetings in the absence of the Chairman. Eachmember of the Executive Committee serves for twoyears. During the reporting period, the followingwere members of the Executive Committee:
• Prof. Emmanuel Tumusiime-Mutebile (Chairman)• Prof. Njuguna Ndung’u, Governor, Bank of
Kenya• Mr. Paulo Bernardo Manhique, Permanent
Secretary, Ministry of Finance, Mozambique• Amb. Claver Gatete, Governor, National Bank
of Rwanda• Mr. Martin Dlamini, Governor, Central Bank of
Swaziland (Alternate Chairman)
MACROECONOMIC AND FINANCIAL MANAGEMENT
INSTITUTE OF EASTERN AND SOUTHERN AFRICA
• Dr. Gideon Gono, Governor, Reserve Bank ofZimbabwe (ex-officio)
• Dr. Ellias E. Ngalande, Executive Director (ex-officio, Secretary)
MEFMI Management
The Executive Director is responsible forconducting the business of the Institute andfor ensuring that its policies and programmeproposals are properly developed and onceapproved are carried out. This is done with theassistance of a Management team comprisingProgramme Directors.
For the year 2012, the following Directors werein post:
• Dr. Ellias E. Ngalande, Executive Director• Mr. Sydney E. Mabika, Director,
Macroeconomic Management Programme• Mr. Alphious M. Ncube, Director, Financial
Sector Management Programme• Mr. Raphael O. Otieno, Director, Debt
Management Programme• Mrs Rose G. K. M. Phiri, Director, Finance and
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MACROECONOMIC AND FINANCIAL MANAGEMENT
INSTITUTE OF EASTERN AND SOUTHERN AFRICA
2012 ANNUAL REPORT v
ACBF African Capacity Building FoundationAFRITAC African Technical Assistance Centre
BIS Bank for International SettlementsBOP Balance of PaymentsBPM Balance of Payments ManualCBP Capacity Building Programme
COMESA Common Market for Eastern and Southern AfricaCBS Central Bank of Swaziland
CS-DRMS Commonwealth Secretariat Debt Recording and Management SystemCTP Customised Training Programme
DMP Debt Management ProgrammeDeMPA Debt Management Performance AssessmentDMFAS Debt Management and Financial Analysis System
DMO Debt Management OfficeDRI Debt Relief International
DSA Debt Sustainability AnalysisFDI Foreign Direct InvestmentFSI Financial Stability Institute
FSM Financial Sector Management ProgrammeGDP Gross Domestic ProductGFC Global Financial Crisis
ICAAP Internal Capital Adequacy Assessment ProcessIIP International Investment Position
IMF The International Monetary FundMEFMI Macroeconomic and Financial Management Institute of Eastern and Southern Africa
MMP Macroeconomic Management ProgrammeMoF Ministry of Finance
MTDS Medium Term Debt Management StrategyOECD Organization of Economic Cooperation and DevelopmentPCMS Private Capital Monitoring System
PS Permanent/Principal SecretaryRAMP Reserves Advisory and Management ProgrammeSADC Southern African Development Community
UNCTAD United Nations Conference on Trade and DevelopmentUNECA United Nations Economic Commission for Africa
WB World Bank
acronyms
vi
The Macroeconomic and Financial ManagementInstitute of Eastern and Southern Africa (MEFMI) is aregionally owned institute currently with 13 membercountries: Angola, Botswana, Kenya, Lesotho, Malawi,Mozambique, Namibia, Rwanda, Swaziland, Tanzania,Uganda, Zambia and Zimbabwe.
BackgroundDuring the 1980s and 1990s, many countries in theAfrican region faced entrenched problems in thecapacity for debt and reserves management aswell as macroeconomic management. In response,senior economic officials and financial managers inEastern and Southern Africa launched the Easternand Southern Africa Initiative in Debt and ReservesManagement (ESAIDARM) in 1994, whose mandatewas later broadened to cover macroeconomicand financial management issues and renamed theMacroeconomic and Financial Management Instituteof Eastern and Southern Africa (MEFMI) in 1997.
ValuesShared values are what engender trust and provide aspecific identity to an organisation. MEFMI upholds thefollowing values:• Accountability• Teamwork• Responsiveness• Integrity• Professionalism
MissionTo build sustainable capacity and foster best practicesin central banks, ministries of finance and of planningin Eastern and Southern Africa, while also helping themconstantly to identify emerging challenges, risks andopportunities.
VisionThe Institute’s vision is to continue to be a centre ofexcellence in sustainable capacity building in selectedcritical fields in central banks, ministries of finance andof planning in Eastern and Southern Africa.
The Scope of MEFMI ActivitiesMEFMI activities put special focus on:• Macro-economic management which deals
with analysis of the economy, planning andforecasting.
• Financial Sector Management, which coversfinancial market development, foreign exchangereserves management, regulation and supervisionof financial institutions, payment systems andmonetary policy implementation.
• Sovereign Debt Management, whichencompasses debt database development and
mefmi in briefmanagement, institutional and legal aspects,analysis, policy and strategies.
• Fellows Development Programme which trainspromising young professionals with the view togroom them into specialists / experts available totheir countries and to the region.
The MEFMI client institutions are;• Ministries of finance• Ministries of economic development and planning
or equivalent• Central banks• Other public institutions that interface with these
core institutions.
The MEFMI target groups in all the beneficiaryinstitutions are:• Junior to senior professionals• Heads of department / division, senior officials• Top executives
Mode of DeliveryMEFMI delivers its products and services through thefollowing;• Courses / workshops for professionals• Seminars for senior professionals• Country missions• Retreats for heads of relevant departments /
divisions / units• Special policy related studies• Preparation of manuals and guidelines
MEFMI also conducts Executive Forum Series fornetworking amongst the following category ofdecision makers;
• Ministers of finance and planning and economicdevelopment and equivalent
• Secretaries to the treasury and permanentsecretaries for finance and planning or equivalentand their deputies
• Central bank governors and their deputies• Human Resources Managers
At these events top level policy makers have theopportunity to exchange ideas and experiencesamong themselves facilitated by world class expertsavailed by MEFMI.
Cooperating PartnersMEFMI’s cooperating partners fall into three categoriesnamely, Financial Cooperating Partners, TechnicalCooperating Partners and Networking Partners.
Financial Cooperating Partners currently fund MEFMI’scapacity building activities to supplement membercountries’ contributions. The Financial CooperatingPartners in 2012 were:• The African Capacity Building Foundation (ACBF)• The Netherlands
2012 ANNUAL REPORT vii
• Norway• Sweden
In addition to the above, the following countries alsocontributed to MEFMI’s activities through the HeavilyIndebted Poor Countries Capacity Building Programme(HIPC-CBP) and the Foreign Private Capital CapacityBuilding Programme (FPC-CBP);• Austria• Canada• Sweden• Ireland• Switzerland• The United Kingdom
Technical Cooperating Partners provide gratisor subsidised expertise, attachments and courseattendance to staff and Fellows and other in-kindsupport to the capacity building programmes. Thetechnical cooperating partners are;• The World Bank (WB) and its institute (WBI), the
International Monetary Fund (IMF) and its institute(IMFI), the Commonwealth Secretariat (COMSEC)
• The Bank for International Settlements (BIS) andits Affiliate Committees, the African DevelopmentBank (AfDB), the Centre for Central BankingStudies (CCBS) of the Bank of England (BOE)
• The United Nations Conference on Trade andDevelopment (UNCTAD), the Federal ReserveBank of New York and the Federal Reserve Board,Financial Stability Institute (FSI), Africa RegionalTechnical Assistance Centres (AFRITACs)
In addition, some of the major internationalcommercial banks such as the Bank of New York, StateStreet Global Advisors, Barclays Bank plc, the StandardBank of South Africa, Investec Asset Management, theReserve Bank of India and the South African ReserveBank, have provided gratis expertise.
Networking Partners are organisations whose resourcepersons and other services are paid for by MEFMI. Theyinclude the African Economic Research Consortium(AERC), Centre for International Development (CID)at Harvard University, Crown Agents, Debt ReliefInternational (DRI), United Nations Institute for Trainingand Research (UNITAR) and National Treasury of SouthAfrica.
MEFMI SecretariatThe MEFMI Secretariat is based in Harare, Zimbabwe.The Secretariat is the principal vehicle for the design,delivery and administration of MEFMI programmes. AnExecutive Director heads the Secretariat. MEFMI drawsits staff mainly from related institutions in membercountries on competitive recruitment basis.
viii
I wish to present the 2012 Annual Report which marks thebeginning of MEFMI’s Phase IV Implementation Plan whichruns from 2012 to 2016. The strategic focus of Phase IV plan isto consolidate the gains made in Phase III while confrontingthe capacity challenges that are emerging as a result ofthe dynamic nature of the economies in the region.
As part of an integral component of its strategic planningprocess, the Institute formulated the following goals to laya solid foundation to propel itself into Phase IV and launchthe programmes effectively:
i. To institute and maintain frameworks for comprehensiveprogramme monitoring, evaluation, resultsmeasurements and risk management;
ii. To develop and maintain well managed functionalsystems;
iii. To strengthen and expand stakeholder relations formutual benefit;
iv. To develop and retain a critical mass of regional expertsas well as competent and motivated staff;
v. To empower and equip client institutions to do their work better; andvi. To pioneer and provide tailor made, cost effective and excellent capacity building and development.
The capacity building activities conducted during the first year of Phase IV comprised of an increasingproportion of tailor made country specific capacity building activities, as well as an increased focus onemerging regional issues. These areas of focus were in response to the requests made by member countries.The Institute, cognisant of the funding gap that emerged as a result of one cooperating partner not comingon board for Phase IV, enhanced discussions with potential and current technical and financial cooperatingpartners. MEFMI has been on a resource mobilisation drive for Phase IV that has seen the Secretariat engagea resource mobilisation consultant, to assist with the exercise. Mobilisation efforts have focused mainly onpotential financial partners. While there has not been immediate enlistment of new financial partners, I ampleased to report that most of those that have been approached have shown interest in supporting theInstitute.
I wish to express my gratitude to the MEFMI governance bodies for supporting the Institute’s initiatives in thisendeavour. In the same breath, I would also like to express my outmost gratitude to all member countries foragreeing to an accelerated adjustment in member countries annual contributions commencing the yearunder report. This is despite the regional economic challenges that were impinged by the continued Euro-zone economic crisis. MEFMI acknowledges that most member states are still recovering from the globalfinancial crisis and adverse effects of droughts as reflected by a slowdown in inflation and a pick-up inoutput growth in most member states. Contributions by member countries and cooperating partners havekept the Institute buoyant, ensuring that most of the planned activities for 2012 were conducted.
I wish to commend the Secretariat for continuing to discharge its duties within the ambit of the systemsaudit, a tool that is used to monitor the operations of the Institute. In this regard, all our financial cooperatingpartners received the 2012 systems audit report with great appreciation as it highlighted that MEFMI hasstrong corporate governance structures in place - an aspect that is critical with financial partners. In that
statement by the
chair of the mefmi board of governors
MACROECONOMIC AND FINANCIAL MANAGEMENT
INSTITUTE OF EASTERN AND SOUTHERN AFRICA
2012 ANNUAL REPORT ix
respect, I wish to implore the Secretariat to ensure that as they discharge their duties, they continue tomaintain a clean and plausible systems audit report.
Executionof the Institute’s mandate tobuild human and institutional capacity in theareas of macroeconomicand financial management registered notable progress in 2012. This is evidenced by the success storiescontained in this report. The Institute also strengthened cooperation and deepened collaboration withits technical cooperating partners and regional integration blocks namely UNECA, IMF, World Bank, SADCand COMESA. This conferred significant benefits including service on gratis by international experts, thusbroadening the scope to engage effectively in cross cutting capacity areas and topical thematic areas ofmutual interest and focus.
Going forward, the Institute will maintain its momentum in implementing its strategic goals as enshrinedin the Phase IV plan and building on the invaluable experience gained in the previous phases. MEFMI willtarget its resources to priority areas including the roll out and adoption by member countries of MEFMIproducts and programmes such as MEFMI PCMS and the PEFM manual; conducting specialised studieson macroeconomic and financial sector management issues, launching the use of virtual learningmechanisms, including distance and e-learning. The year ahead will also see an increase in the number ofjoint interventions with technical cooperating partners. This is bound to see MEFMI extend its products andservices to non-member states like South Sudan, Ethiopia and Burundi for a fee.
On behalf of the Board and MEFMI Management and staff, I would like to thank all MEFMI’s client institutions,all financial and technical cooperating partners for their continued support.
Prof. Tumusiime E. MutebileGOVERNOR, BANK OF UGANDACHAIR - MEFMI BOARD OF GOVERNORS
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The year 2012 marked the beginning of the implementationof activities outlined in the MEFMI Phase IV StrategicPlan, covering the period 2012-2016. The Strategic Planrepresents a significant scaling up of capacity buildingactivities across all MEFMI programmes and, consequently,entails a higher budget relative to the previous phase.In this regard, it was imperative for the Institute to put inplace a solid foundation in the just ended year in order toachieve its medium term strategic goals and objectives.I am pleased to report that this was made possible withthe generous support that the Institute received from bothits member states and cooperating partners, despite theprevailing tough financial and economic situation.
Member states contributed 67% of the total budget(amounting to US$ 4,743,690) while the financialcooperating partners provided the remainder. I wouldlike to extend MEFMI’s gratitude to all the member statesand the financial cooperating partners for this support,which demonstrates their strong commitment to achievingMEFMI’s objectives. We are also grateful to our technical
cooperating partners for providing technical support in a number of our capacity building activities. Itwould not have been possible to achieve the targets for 2012 without this support.
The outturn for the year shows that the Institute implemented 104 of the planned 109 activities, benefiting1,050 government and central bank officials through regional and in-country workshops, seminars andmissions. This represents a 1% increase compared to the corresponding period in 2011. These interventionscontributed significantly to improving capacity in client institutions. Testimonials received so far as well assuccess stories compiled indicate that both member states and other stakeholders appreciate the roleplayed by MEFMI in addressing capacity constraints in the region.
I am happy to highlight some country specific achievements that have been outlined in this report. Theseinclude the development of Small Scale Models for forecasting macroeconomic variables and for policyadvice in Swaziland and Mozambique; Operationalization of quarterly GDP forecasting frameworks inKenya and Rwanda for purposes of providing timely GDP estimates; Validation of the Financial Programmingframeworks used by the Ministries of Finance and Planning in Botswana and Malawi to improve the qualityof data and ensure consistencies between macroeconomic accounts.
In addition, the Institute developed a Macroeconomic Modelling Manual aimed at guiding memberstates to develop macroeconomic and sectoral model. The Institute also managed to enlist eight membercountries as users of the Private Capital Monitoring System (PCMS).The Institute also assisted the CentralBank of Swaziland to develop capacity to implement the requirements of the Basel Committee on BankingSupervision (BCBS). It is envisaged that this capacity will enable the authorities to undertake stress testingof macro prudential data and stress testing assessments with a view to exploring potential vulnerabilitiesarising from unforeseen events and thus take corrective measures if material deficiencies are identified.
The Institute also entered into strategic partnerships during the just ended year, including the formalisation ofthe long relationship between MEFMI and Crown Agents of the United Kingdom. Through this arrangement,the two institutions will work together to deliver joint training activities and undertake other capacity buildingactivities for the benefit of member states. In addition, the Institute partnered with regional organisations,notably SADC and COMESA, to build capacity on regional integration and management of private
overview by the executive director
MACROECONOMIC AND FINANCIAL MANAGEMENT
INSTITUTE OF EASTERN AND SOUTHERN AFRICA
2012 ANNUAL REPORT xi
capital flows, respectively. The Institute also collaborated with other long standing partners, including theInternational Monetary Fund, World Bank, Commonwealth Secretariat, and UNCTAD. Through co-operationwith the World Bank, the Institute implemented a number of capacity building activities in member states,including assessing debt management performance and designing the associated reforms plans inTanzania, Malawi, Namibia, Lesotho, and Zambia, among others.
The above achievements were registered against a background of a thin staff complement at theSecretariat, particularly in the early part of 2012 following the end of tour of duty of technical staff in theDebt and Financial Sector Management Programmes. I would, therefore, like to thank staff for their hardwork, without which it would not have been possible to achieve the targets for 2012.
Secretariat’s current staff compliment of 31 is still below the level required for effective implementation of thePhase IV Plan. The Plan provides for an additional Programme Officer in each of the technical programmes.Going forward, the Secretariat will endeavour to seek additional resources to fill the identified capacitygaps and also continue investing in staff development.
May I take this opportunity to thank the MEFMI Board, Management and staff for their respective rolestowards achieving the 2012 objectives. We continue to count on their support in pursuit of the Institute’sobjectives and goals.
Ellias E. Ngalande (PhD.)MEFMI EXECUTIVE DIRECTOR
1
The year 2012 marked the beginning ofimplementation of the MEFMI Phase IV StrategicPlan, which will run until 2016. Despite concertedefforts by the Secretariat to mobilise resources, thePhase began with a bit of financial strain mainlycaused by failure to cover the funding gap that wascreated by the withdrawal of one of MEFMI’s majordonors, delayed finalisation of grant agreementwith one donor and late disbursements from someof the member countries.
As a result of the 2012 financing gap, the Institutefailed to meet its expected target of plannedactivities by 5%. Regional activities were thegreatest affected as they fell below target by 17%.Increase was, however, noticeable in the dischargeof country specific capacity building activities.Consequently, 52% of all capacity building activitiesconducted in 2012 were country specific, and thisfocus on in-country activities is expected to bemaintained throughout the Phase. Notwithstandingthe financial constraints faced in 2012, MEFMIinterventions in its first year of Phase IV yieldedtremendous success as indicated in the outputs inAnnex I of this report.
The year also saw momentum being put in placeto strengthen the Institute’s network of technicalcooperating partners in order to build on theefforts of the previous phases. This has been of agreat boost to the quality of MEFMI’s products andservices. The Institute is therefore actively seekingto bring on board more cooperating partners toprovide support not only financial but also technicalin order to reduce the cost of mounting activitieswhile maintaining top quality in the delivery process.
On the regional front, all MEFMI countries recordedgood economic performance in 2012. A stablemacroeconomic environment coupled with strongcommodity prices, good harvests and new mineraldiscoveries all contributed to positive economicgrowth. The region also experienced lowerinflationary pressures reflecting the positive effectsof tight monetary policy measures. Despite this,lower Gross Domestic Product (GDP) growth wasexperienced in the Southern African Customs Union(SACU) region. This was mainly due to low revenuereceipts flowing into the monetary union as a resultof the economic side effects of the EuropeanSovereign Debt Crisis that affected South Africa, thearea’s economic driver.
introductionAgainst this background, the Institute devisedmechanisms in its products offering to addressthe identified capacity gaps in monetary policyimplementation. Such mechanisms include astudy to assess the Foreign Direct Investment (FDI)trajectory in the pre and post global financial crisisand the Eurozone debt crisis for the MEFMI region.Another study conducted during 2012 was onguidelines for government securities issuance in theregion. The study is expected to provide memberstates with step by step guidelines that will assistin their current issuance programmes or as theyplan their maiden government securities issuances.Furthermore, MEFMI continued to support clientinstitutions in the SACU area in various fields. Theseincluded performing a macroeconomic dataassessment for Botswana to identify the source ofdata inconsistencies observed during an earlierfinancial programming mission. A detailed plan ofaction to address weaknesses in debt managementin Lesotho was developed as a basis for establishinga baseline for future reforms and capacity building.It will also be used in 2013 to assist the Central Bankof Lesotho to develop a stress testing framework formacro-prudential supervision of its market. Moredetailed information on the Institute’s in-country andregional intervention is presented in the Annexes I,II and III.
Consistent with one of its strategic goals ofdeveloping and retaining a critical mass of regionalexperts, the institute saw eight (8) MEFMI Fellowsgraduate and three (3) Fellows get accredited in2012 bringing the total number of trained experts(excluding those under training) to 85. The FellowsDevelopment Programme (FDP) has played apivotal role in the implementation of MEFMI’scapacity building programmes and there is needto increase this pool of experts to a critical mass inorder to enhance the region’s technical capacity.Phase IV will see the pool of experts increased, withrecruitment of about 15 new candidates expectedin 2013.
The most demanding task at hand is realising the fullexecution of the MEFMI Phase IV Project Plan andachieving its envisioned objectives for all membercountries. The Secretariat remains committed tostrengthening its capabilities in order to render timelyand high quality service towards the realisation ofthese objectives.
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BOX 1: KEY HIGHLIGHTS ON CAPACITY BUILDING ACTIVITIES IN 2012
• In the Fellows technical assessment for graduation and accreditation on 24-25 July 2012, a total of
eight Fellows graduated while three were accredited. These Fellows have been added to the pool
of experts available for the region.
• Completed the development of a Macroeconomic Modeling and Forecasting Manual. The Manual
will guide modeling and forecasting in the MEFMI region and broaden capacity to formulate and
implement evidence-based economic policies.
• Deepened collaboration with UNECA. The Joint MEFMI/UNECA Capacity Building Programme
on Regional Integration provided a platform for countries to debate regional integration issues,
exploring the opportunities, benefits and cost as well as the implications of the Tripartite Free Trade
Area (T-FTA) and Africa-Grand FTA on the region.
• Developed Small Macro Model for Swaziland and Mozambique, a vital tool for forecasting
macroeconomic variables for policy purposes.
• Initiated the process of the development of a core model of inflation for Rwanda.
• Operationalised quarterly GDP forecasting frameworks in Kenya and Rwanda which provide
quarterly GDP estimates timeously.
• Validated the Financial Programming Framework used by the Ministries of Finance and Planning in
Botswana and Malawi to improve the quality of data and ensure inter-account consistencies critical
for the design and execution of consistent macroeconomic policies.
• Operationalised IMF’s BPM 6 Reporting Framework in the Central Bank of Swaziland. The Framework
benchmarked Swaziland BOP/IIP data to international best practices.
• Rebased and revised the National Accounts for Kenya in line with international practice to enhance
data quality and reliability.
• Initiated an empirical study on FDI to assess and evaluate the overall impact of the global financial
crises and the Eurozone debt crisis on Multinational Enterprises and governments’ policies.
• Assisted Lesotho, Malawi, Namibia and Tanzania to review debt management performance and
develop relevant reform plans.
• Helped to update the debt sustainability analysis indicators for Malawi, Tanzania and Zambia.
• Trained Zimbabwe’s new government debt management staff on the use of UNCTAD DMFAS 5.3
and introduced them to the principles of debt management.
• Trained Uganda government staff on public domestic debt operations and management, and
came up with recommendations for enhancing the role of the Ministry of Finance, Planning and
Economic Development in government securities issuance following its decision to switch the use of
all securities from monetary policy to fiscal financing purpose.
• Collaborated with UNCTAD to train and assist Angola to produce debt statistical bulletin.
• In collaboration with the World Bank trained staff and assisted in developing Medium Term Debt
Management Strategies for Namibia and Ethiopia.
• Assisted The National Bank of Rwanda to establish an enterprise-wide risk management function.
• Developed a Financial Risk Management Framework for the Central Bank of Swaziland and Bank of
Uganda.
• Conducted a Macro-prudential and Stress Testing Assessment for Central Bank of Swaziland.
• Trained Zimbabwe’s bank supervision staff on Basel II and ICAAP implementation techniques.
• Trained Bank of Mozambique bank supervision staff on Risk Based Supervision.
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1.1 Global Developments
The world output growth slowed down in 2012 onaccount of escalating sovereign debt crisis in Europeand concerns about fiscal cliff in the USA. The IMFestimates put expansion of world output at 3.2% in2012 compared to 3.9% in 2011. However, as thefactors underlying soft global activity are expectedto subside a turnaround has been projected forworld output to reach 3.5% in 2013.
Policy actions have lowered acute crisis risks in theEuro Zone and the United States. But in the Euro Zone,the return to recovery after a protracted contractionis delayed. While Japan has slid into recession,stimulus is expected to boost growth in the nearfuture. At the same time, policies have supportedmodest growth in some emerging economies,
1. economic developments in themefmi region and beyond
although others continue to struggle with weakexternal demand and domestic bottlenecks. Ifthe Euro Zone risks do not materialise and financialconditions continue to improve, global economicgrowth could be stronger than projected. However,downside risks remain significant, including renewedsetbacks in the Euro Zone and risks of excessivenear-term fiscal consolidation in the United States,if policy action does not urgently address these risks.
The good news for the MEFMI region is that theWorld Economic Outlook indicates that economicconditions in sub-Saharan Africa have remainedgenerally robust despite a sluggish global economy.The near-term outlook for the region remains broadlypositive. Output growth, which was 4.8% in 2012 isprojected to increaseto 5.8% in 2013.
Table 1: Overview of the World Economic Outlook Projections (%)
Overview of the World Economic Outlook Projections (%)
Country/Region 2011 2012 2013
World 3.9 3.2 3.5
Advanced Economies 1.6 1.3 1.4
USA 1.8 2.3 2.0
Euro Zone 1.4 -0.4 -0.2
UK 0.9 -0.2 1.0
Emerging and Developing Economies 6.3 5.1 5.5
Developing Asia 8.0 6.6 7.1
China 9.3 7.8 8.2
India 7.9 4.5 5.9
Latin America and the Caribbean 4.5 3.0 3.6
Brazil 2.7 1.0 3.5
Sub-Sahara Africa 5.3 4.8 5.8
MEFMI Countries 5.5 4.8 5.5
South Africa 3.5 2.3 2.8
IMF Database September 2012
Most low income countries continue to grow,although drought in many Sahel countries andpolitical instability in Mali and Guinea–Bissau andthe Arab spring have undermined economicactivity. The situation is less favourable for manyof the middle income countries especially SouthAfrica, as it is closely linked to the European marketsthrough trade.
Economic performance in the MEFMI regionremained relatively strong in 2012 with an estimated
average GDP growth of 4.8%. This figure is slightlybelow the 5.5 % recorded in 2011.
The sustained economic performance for the regionwas driven by higher growth rates experiencedmainly in Rwanda (7.7%), Mozambique (7.5%),Tanzania (6.9%) and Zambia (6.9%). Other countriesin the region namely Botswana, Kenya, Lesotho,Malawi, Namibia, Uganda and Zimbabwerecorded slightly lower but favourable growth ratesof between 4 and 5.2%. Angola recorded a growth
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rate of 3.1% while Swaziland’s estimated growthwas 0.2%. The upturn was partly associated withincreased investment expenditure in infrastructureand FDI flows towards countries with new naturalresource discoveries buoyed by good harvests anda rise in commodity prices. Lower GDP growth wasexperienced in the SACU area generally. This ismainly attributed to dwindling SACU area revenuereceipts following slow recovery in South Africa.Consequently, the fiscal deficit in the SACU areahas widened, translating into increased borrowingby the governments.
The MEFMI region experienced subdued inflationarypressures, with most countries except Tanzaniaand Uganda recording single digit inflation. Theslowdown in inflation reflects the positive effects ofthe tight monetary policy measures instituted by thecountries to curb inflation. The softening was alsobrought about by easing pressures on food and fuelprices following a surge in 2011.
On the external front, current account deficitworsened in SACU countries due to reducedreceipts from South Africa. This was mainly due tothe slowdown in the South African economy as aresult of its close links to European markets and thusthe largest impact experienced from the Eurozoneeconomic crisis.
Overall, the positive economic performance inthe MEFMI region continues to be constrainedby inadequate power supply, infrastructuralbottlenecks, slow pace of industrialisation, relativelyunderdeveloped financial markets, subduedforeign direct investment flows and relatively highcost of doing business.
1.2 Country Performance
AngolaIn 2012, Angola posted a GDP growth of 3.1%compared with 2.8% in 2011. The upturn wasregistered as the economy reverts back to highergrowth path after weathering the effects of theslowdown in the oil sector following the globalfinancial crisis. The average annual inflation sloweddown to 10.0 % compared to 13.5% in 2011,following an improvement in the fiscal position andslowdown in credit expansion. The budget balanceimproved from a surplus of 6.8% to 8.9% of GDP.
BotswanaReal GDP growth in Botswana expanded by 4.4% in2012 compared with an expansion of 5.1% in 2011due to the delayed effects of global economic
recession that impacted the price of diamonds,the main export of the country. Inflation eased to7.5% in 2012 from 8.5% in the previous year. On thebudgetary front, the fiscal position improved asreflected in the narrowing of the overall fiscal deficitfrom 7.2% in 2011 to 0.7% in 2012.
KenyaKenya’s real GDP growth remained strong at anestimated 5.1% in 2012 from 4.4% registered in2011. The good performance followed favourableweather conditions and heavy investment ininfrastructure. Inflation decelerated to 9.4% in 2012from 14.0% in 2011 due to improved food supply,lower import prices for crude oil as well as stabilisationin exchange rate following the implementation ofmonetary interventions.
LesothoIn Lesotho there were signs of economic recoveryfrom the effects of the global financial crisis.Lesotho’s economic growth was estimated at4.3% in 2012. This recovery in economic growthcan be attributed to the strong performanceof the diamond mining sub-sector and highergovernment capital expenditure. The performancewas supported by the government’s focus oninfrastructure development.
On the monetary front, inflation edged up from 5.0%in 2011 to 6.1% in 2012 compared to the 3 to 6% policyrange. The increase in inflation reflected effects ofincreases in electricity tariffs and depreciation ofthe rand.
MalawiIn 2012, GDP growth in Malawi was recorded at 1.9%compared to 4.3% in 2011. The decrease was onaccount of supply side constraints which includedlow foreign exchange position. Economic growth isprojected at 5.5% in 2013 following fiscal, monetaryand exchange rate policy reforms implementedby government. Monetary policy remained tightduring most part of the year as inflationary pressuresremained high. As inflation edged up from 7.4% in2011 to average 21.4% in 2012, the Bank rate wasraised to 25% from 13% in December 2011.
Foreign exchange earnings were adverselyaffected by the 29.5% collapse in tobacco exportproceeds brought about by a decline in prices.Total exports declined to US$1,467.4 million in 2012from US$ 1,539.2 million earned in 2011.
MozambiqueGDP in Mozambique grew by 7.5% in 2012 compared
5
to 7.2% in 2011. The high GDP growth was driven bythe expanding mining sector. Inflation eased to 7.2%in 2012 from 10.8% in 2011. The slowdown reflectedthe easing pressure in petroleum prices. Externalcurrent account deficit narrowed from 18.1% ofGDP in 2011 to 17% of GDP in 2012.
Namibia
RwandaMacroeconomic performance in Rwandaremained robust with real GDP growth acceleratingat an estimated rate of 8.0% in 2012 albeit lower thanthe 8.2% registered in 2011. The strong economicperformance is attributed to good performancein the agriculture and services sectors. Inflationoutturn at 6.3% in 2012 was fairly stable thoughslightly higher than an average of 5.7% in 2011. Theoverall fiscal balance remained steady at 3.9% ofGDP in 2012 reflecting expenditure restraint effortsand implementation of measures to raise revenue.
SwazilandEconomic growth in 2012 is estimated to haveslowed down as fiscal crisis impacted negativelyon the productive sector. Overall, GDP growth wasestimated at 0.2% in 2012 compared to 0.7% in2011. In tandem with slowdown in growth, annualinflation increased to 8.3% in 2012 from 6.1% in 2011.Fiscal developments deteriorated on account ofsubstantially low SACU revenue since 2009/10 fiscalyear and the absence of external funding.
TanzaniaReal GDP remained robust at 6.9% in 2012 up from6.4% in 2011. However, inflation edged up to 16.0%from 12.7% in the review period. On the externalfront, the current account deficit narrowed to 14.2%of GDP from 18.9% in the period under report.
UgandaReal GDP is estimated to have grown by 4.2% in 2012compared with 5.9% in 2011 while inflation easedmarginally to 14.0% in 2012 from 18.7% in 2011. Thiswas in response to monetary policy measures. TheBank of Uganda tightened its monetary policystance which resulted in firming interest rates in theeconomy. The country’s current account position
improved slightly from a deficit of 11.6% of GDP
in 2011 to a deficit of 10.4% of GDP in 2012. Theimprovement was on account of the strong exportperformance especially to regional markets and afall in the deficit on the services account despitethe significant negative impact exerted by the highimport bill for fuel. The overall fiscal deficit excludinggrants narrowed marginally to 5.3% of GDP in2011/12 from 6.6% recorded in 2010/11.
ZambiaZambia’s real economic growth remained robustat 7.39% in 2012 compared to 6.8% in 2011. On themonetary front, inflation was contained within thesingle digit levels averaging 6.6% in 2012 from 8.7%in 2011. A notable achievement is that Zambiawas reclassified by Bretton Woods Institutions to alower middle income country. The current accountposition remains in surplus due to favourablecopper prices which remained high at an averageof US$7,955 per tonne in 2012, although it declinedfrom US$8,818per tonne in 2011.
ZimbabweReal GDP is estimated to have expanded by 5.0%in 2012 compared to 10.6% in 2011. The slowdownin growth was attributed to liquidity shortages, highlending rates, energy constrains and inadequateinvestment infrastructure. However, in view ofthe general macroeconomic stability, inflationremained in the single digit levels averaging 3.7% in2012 compared to 3.5% in 2011. On the budgetaryfront, lack of fiscal space remains a major challenge.The current account remained unfavourable dueto relatively high import demand against the backdrop of a slow recovery in the export sector.
Summary
region have been taking place against a backdropof continued MEFMI capacity building interventions.Though it can be difficult to isolate the specificimpact of MEFMI interventions, the latter havefacilitated in the development of a critical mass ofhuman resources required to effectively respond tothe developmental challenges in their respectiveeconomies. Thus, officials in MEFMI member stateswere equipped with the requisite knowledge andskills to solve some of the problems, as well as meetthe challenges of development and designing ofpoliciestosupporteconomicgrowth.Asaresultoftheadvisory work carried out by MEFMI, bold measureshave been taken in various macroeconomic areas(public financial management, debt managementstrategy, evidence based analysis, financial sectordevelopment) addressing issues of coherence,consistency, efficiency and transparency ofnational macroeconomic policy.
Namibia's real GDP growth slowed to 4.6% in 2012from 4.8% in 2011. Underpinning this growth waspositive performance in mining activities and theconstruction sector. Overall, annual inflationremained at single digit levels averaging 6.5% in2012 from 5.0% in 2011. Food and transport are themain drivers of the overall information. The fiscaldeficit stood at 2.9% of GDP in 2011/2012, comparedto a deficit of 4.6% of GDP projected in the2012/2013 budget.
The above economic developments in the MEFMI
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2012 ANNUAL REPORT 6
2. an overview of2012 activities
The strategies and programmes for 2012 weregeared at enhancing capacity for macroeconomicand financial management in member states aspart of the Institute’s efforts to contribute to povertyreduction. The programmes were implementedagainst a backdrop of global economic risksthat continue to weigh down on growth in somecountries in the region. MEFMI interventions duringthe period under review were guided by well-informed feedback from stakeholders and criticalfindings from assessments of country specificneeds as well as recommendations from studiesconducted across the region.
Guided by these core principles, the Institutecontinued to make positive contributions tocapacity building in the areas of macroeconomic,debt and financial sector management. However,common needs in the region have continued to beaddressed through well-crafted regional activitiesthat focus on bringing the skills and knowledgein member clients at par and enabling membercountries to share useful experiences.
As evidenced by the contents of Annex V, regionaland in-country activities have imparted knowledge,enhanced awareness and made significant stridesin improving operations, procedures, standards anddevelopingpolicies inclient institutions. Thecapacitybuilding activities were facilitated by MEFMIFellows, regional and international experts as wellas MEFMI staff. The Institute also provided advisoryservices to client institutions and disseminated toolssuch as manuals, software, guidelines and trainingmaterials which strengthened policy formulationand execution in the region.
MEFMIhasshifted itsprogrammedeliverymoretowards tailor made country specific trainingprograms designed to meet unique capacityneeds of member states. MEFMI has alsopositioned itself at a vantage point in order torespond timeously and comprehensively togrowing and complex capacity needs facedby member states.
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3.1 Capacity Building Activities
During the period under review, the Instituteconducted 104 activities, a decrease of 1%compared to those conducted during thesame period in 2011. This was, however, a majorimprovement compared to the number of activitiesconducted in the first year of Phase III. In 2007,first year of Phase III, the Institute carried out only
3. overall achievements67 activities. The performance in 2012 was alsobetter than the average performance in phase IIIwhen an average of 91 activities were carried outper year. The activities in 2012 included regionalcourses, in-country workshops, missions, specialisedstudies, governance meetings, networking and staffdevelopment. Table 2 below provides a summary ofthe number of activities conducted in 2012.
Table 2: Capacity Building Activities January – December 2012
Source: MEFMI Data Base 2012
Source: MEFMI Data Base 2012
The Secretariat trimmed down the budget andactivity programme for 2012, compared to Phase IVtargets, following lower funding than programmed.The year recorded a 1% decrease in the numberof activities conducted from 105 in 2011 to 104 in2012, partly because of the decline in the numberof In-country activities. The decline in the numberof in-country activities was partly caused byunpreparedness within host countries and cash flow
challenges experienced by the Institute in the earlypart of the year. The number of regional capacitybuilding activities conducted in 2012 increased by7.4%, while in-country activities declined by 7.3%.The number of in-country activities in 2012, however,remained higher than the yearly average of PhaseIII. Therefore, demand for in-country activities isexpected to increase as implementation of PhaseIV gathers pace.
Activity 2008 2009 2010 2011 2012 Total
Regional Activities 29 29 30 27 29 144
In-Country Workshops 7 14 14 20 15 70
Country Missions 14 17 17 21 23 92
Total In-country workshops and country missions 21 31 31 41 38 162
Table 3: Regional Activities vs In-country Activities, 2008 - 2012
Activity CategoryJanuary - December
2011 2012
1. In-Country Capacity Building Activities 41 38
(a) In-county Workshops 20 15
(b) Country Missions 21 23
2. Regional Capacity Building Activities 27 29
3. Fellows Development Activities 3 2
Sub-total 71 69
4. Governance Meetings 7 4
5. Networking & Staff Development 24 27
6. Executive Forum 2 1
7 Specialised Studies 1 3
Sub-total 34 35
Grand Total (All Activities) 105 104
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Source: MEFMI Data Base 2012
As depicted in Table 3 above, the growingdemand from client institutions on country specificinterventions through missions and in-countryworkshops peaked at 41 in 2011 before decliningto 38 in 2012. The knowledge and skills acquired
through regional and in-country workshops havestarted to be translated into applied practice atthe work place as depicted the testimonials andsuccess stories contained in this report.
Chart 1: Regional vs In-county Activities – 2008 to 2012
The country missions grew from 21 in 2011 to 23 in2012, a 9.5% increase, having increased by 64%from 2008. On the other hand, in-country workshopsdeclined from 20 in 2011 to 15 in 2012 reflectinga number of factors, chief among them the slowresponse from client institutions. Regional activitieswhich have largely remained flat over the recentyears rose by 7.4% in 2012 compared to 2011.Chart 1 above clearly indicates an interesting shiftfrom emphasizing regional capacity building to in-country capacity building activities in line with theenunciated objective in the Phase IV plan.
The Executive Committee (EXCOM) and AuditCommittee meetings comprise the governancemeetings and they are held back to back. Incomparison to 2011 where governance meetingswere held more regularly, 2012 saw the number ofmeetings reducing by 43%. This was mainly due tothe fact that, 2011 was the establishment year for theaudit committee. Thus in 2011 more meetings wereheld than in 2012. On the other hand networkingand staff development activities increased by 13%.Chart 2 below provides a comparison of capacitybuilding activities held in 2011 and 2012.
9
Chart 2: Capacity Building Activities, 2011 and 2012
Source: MEFMI Data Base 2012
Country specific areas covered during the periodunder review included, financial stability andmacro-prudential supervision; macroeconomicmodelling; financial programming; rebasing GDP,quarterly GDP compilation methodology; debtsustainability analysis; domestic debt operations;debt management performance assessment, andreform plans; developing public debt bulletin, debtdatavalidationandtrainingonDMFAS;MediumTermDebt Management Strategy (MTDS) formulation;PCMS customization as well as FPC data analysis;enterprise wide risk management for centralbanks; financial risk management frameworks forcentral banks, stress testing frameworks for banksupervision; risk based supervision and Basel II andICAAP implementation.
Section 5 of this report provides some examples ofhow effective the capacity building initiatives havebeen.
3.2 Implemented Versus Planned Activities
Overall, the Institute carried out 95% of theplanned activities. In summary, 104 out of a targetof 109 activities were implemented (the sum ofcapacity building and governance activities).Implementation of regional activities fell behind thetarget by 17% mainly due to cash flow challenges.The implementation rates for in-country workshopsand missions were 83% and 115% respectively.
The actual networking and staff developmentactivities exceeded the planned activities. Thisconfirms the visibility of the institute, the searchfor wider networks for broader collaboration andMEFMI’s commitment to staff development.
The regional capacity building activities addressed issues such as regional integration, domesticdebt operations and management; legal and institutional aspects of debt management; publicdebt statistics bulletin development; quantitative methods and analysis in debt and reservesmanagement; macroeconomic analysis and management; monitoring and analysis of foreignprivate capital; System of National Accounts; revenue policy and administration; financialprogramming; debt data validation using DMFAS; financial stability and macro-prudentialsupervision; risk based supervision and selected components of Basel III: risk performance andreporting, strategic asset allocation, advanced risk management and modelling for portfoliomanagers, selection and management of external fund managers; DeMPA for Auditors; humanresources development; securities accounting; and developments in payments and settlementsystems.
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Source: MEFMI Data Base 2012
Source: MEFMI Data Base 2012
Source: MEFMI Data Base 2012
Table 4: Planned Against Actual Activities for 2012
Activity Category Planned Actual Variance Performance (%)
Regional 35 29 -6 83
In-country Workshops 18 15 -3 83
Missions 20 23 3 115
Specialized studies 4 3 -1 75
Executive Forum 1 1 0 100
Networking & Staff development 21 27 6 129
Governance 7 4 -3 57
Fellow Development activities 3 2 -1 67
Total 109 104 -5 95
Chart 3: Planned Against Actual Activities for the Period January -December 2012
3.3 Participation at Capacity Building Events
Table 5: Gender Participation by Country
2008 2009 2010 2011 2012 Total
Female 300 407 270 398 379 1,706
Male 493 596 448 713 671 2,817
Total 793 1,003 718 1,111 1,050 4,523
The total enrolment in all capacity building activitiesundertaken for the period January - December2012 was 1,050 participants. Of the total numberof participants, 379 or 36% were female. This
percentage is at the same level as that of 2011 –reflecting the gender imbalance in employmentpatterns in client institutions within the MEFMI region(Chart 4).
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Chart 4: Gender Participation in MEFMI Workshops in 2012
Source: MEFMI Data Base 2012
Charts 5 and 6 below provide gender break downper country and a year on year gender participationanalysis respectively. Both Charts show that membercountries have major disparities in the gendercomposition of participants in MEFMI capacitybuilding activities. The charts show the country thathas the most bias towards male participants hada ratio of 76% male and 24% female in the period2008 to 2012. On the other hand, the country thathas the most bias towards female participants hada ratio of 64% female and 36% male participants inthe same period.
There is an obvious gender imbalance in thetechnical areas that MEFMI programmes target. Thiscould be as a result of the academic requirementsthese areas require at entry level. For instance, to berecruited at the central bank or ministry of financein technical departments such as economics,financial markets and bank supervision, requires adegree qualification and as the region still has fewwomen with university degrees in these areas, ittherefore follows that there will be fewer women inthose departments.
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Source: MEFMI Data Base 2012
Source: MEFMI Data Base 2012
Chart 5: Gender Participation per Country
Chart 6: Gender Participation – Year on Year
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3.4 Resource Persons Utilisation
In the discharge of its activities, MEFMI uses fourcategories of resource persons; regional experts,MEFMI Fellows, international experts and MEFMIstaff. International experts that are engaged bythe Institute –may either be paid or come on gratisfrom technical cooperating partners. In the periodunder review, MEFMI utilised 285 resource persons,a similar number to those utilised in 2011. However,there was a marked difference in the categories ofthe resource persons; with an increase in the use
of international experts from 28% in 2011 to 33%in 2012 compared with a decrease in the use ofregional experts from 72% in 2011 to 67% in 2012.This reflected, mainly, increased joint activities withtechnical cooperating partners at the regional levelwhere all the international experts are pro bono. Itis important to note that international experts ongratis in 2012 were 81% while those that were paidwere 19%. This demonstrates the benefits derivedfrom forging strategic partnerships that enable skillstransfer and benchmarking to international bestpractice.
Table 6: Resource Persons’ Utilisation by Category, 2011 and 2012
Resource Persons Category
Regional Experts
MEFMI Fellows
MEFMI Staff
International Experts
Total
2011
80
37
88
80
285
2012
64
38
90
93
285
Source: MEFMI Data Base
MEFMI Fellows used as resource persons in 2012remained largely unchanged at 13% while use ofMEFMI staff as resource persons increased to 32%from 31% in 2011 – a larger increase from 23% in 2008.This establishes the fact that MEFMI is growing theuse of regional experts (both staff and Fellows). The
decrease in the number of regional experts utilisedfrom 28% in 2011 to 22% in 2012 is largely due to thereplacement by pro bono international experts andsometimes also due to a lack of expertise in theregion on certain topical issues such as Basel II andsovereign foreign reserves management.
Chart 7: Resource Persons Utilisation in 2012
“As an Accredited Fellow, I have
gained a lot of expertise, experience
and confidence both in my job as
a bank supervisor at the Reserve
Bank of Zimbabwe (RBZ) as well as
a training facilitator in the region…
I was promoted to the position of
Division Chief, responsible for Financial
Stability Analysis, Financial Modeling
and Basel II implementation in the
Banking Supervision Department, a few
months after being accredited as a
MEFMI Fellow. Further, through MEFMI
I have been co-opted onto the list of
IMF’s Short Term Experts serving under
the Monetary and Capital Markets
Department”,
Ruzayi Chiviri – RBZ Chief Bank Examiner.
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Source: MEFMI Data Base
Category 2008 2009 2010 2011 2012
Regional Experts 29% 30% 22% 28% 22%
MEFMI Fellows 18% 22% 12% 13% 13%
MEFMI Staff 23% 29% 31% 31% 32%
International Experts 30% 19% 35% 28% 33%
TOTAL 100% 100% 100% 100% 100%
Table 7: Resource Persons Utilisation 2008 - 2012
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During the year 2012, capacity building activities continued to address pertinent capacity issues affectingindividual countries and the MEFMI region as a whole.
4.1 Regional Capacity Building Activities
Regional capacity building activities that include workshops and Seminars for Heads of Departmentshave proven to be effective avenues of bridging the knowledge gap amongst officials in client institutions.These activities provide a common platform at which participants share their experiences and learnfrom each other on ways to address pertinent issues in their home countries.
The workshops had rich exchange of ideas on topical economic and financial developments in theMEFMI region. The topics included regional integration issues, policy considerations for regulating andoverseeing payment systems, policy implications of foreign private capital flows and revenue policyand administration, policy considerations for domestic market development. High level discussions on
risks and opportunities for the region and how toaddress them were held mainly during heads ofdepartments’ retreats.
Where specific knowledge gaps are identifiedduring regional workshops for any membercountry, the Institute encourages the relevantclient institutions to request for an in-countrymission or workshop. (Annex-1 provides details toeach of the regional activities conducted duringthe period).
“Allow me to express my sincere gratitude to
you all for having made the workshop a success
and thank you for sharing your knowledge with
us. Domestic debt operations has been a serious
constraint to the reforms in the Uganda Ministry
of Finance. But with the training received from
MEFMI and UNCTAD, we are better equipped
to lead the process. We shall often consult you
for technical support .“ Martin A Nsubuga
4.2 In-country Capacity Building Activities
In-country capacity building activities thatinclude workshops and missions are designed toassist client institutions to address institutional andorganisational challenges, which are specificto the respective institution. These activitiescontinued to be an effective and efficient meansof building capacity within the region. Over 57%of all capacity building activities conducted by
4. capacity building outputs
“I am pleased to inform you that the first stage
of the in-country skills transfer workshop on the
Development of a Core Model of Inflation
for Rwanda was successful. National Bank of
Rwanda would be grateful to host the planned
three day in-country workshop in February 2013.”
Amb. Claver Gatete, Governor – National Bank
of Rwanda.
An example of a regionally pertinent capacity building area of need is in public domestic debtmanagement. This area was identified during a review of the Debt Management Programme curriculumin 2010. The Programme introduced a new regional training course on public Domestic Debt Operationsand Management in March 2012. The course, which the Programme conducted jointly with the FinancialSector Management Programme for synergy, covered all key issues in domestic debt managementand financial markets development, including the legal and institutional framework, as well as thefront, middle and back office procedures. Other aspects of the course included enhancement of theunderstanding and analysis of the different types of instruments government can use to issue debt indomestic financial markets.
SOME CAPACITY BUILDING HIGHLIGHTS DURING 2012
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2012 ANNUAL REPORT 16
the Institute during the year were in-country, which is in line with Phase IV Strategy. In-country missions aredemand driven in response to country needs. The request from National Bank of Rwanda is an exampleof the many requests that the Institute receives annually.
One major success in the MEFMI in-country capacity building initiatives is the initial development of aframework for inter-account data consistency checks and forecasting within an integrated accountingframework. This was done at Botswana’s Ministry of Finance and Development Planning by theMacroeconomic Management Programme during 2012 with strong ownership and support from themember state.
Prior to MEFMI intervention, there was no such framework at the Ministry. Following MEFMI intervention,a Financial Programming and Policy Group (FPP Group) was established and its members met regularlythroughout 2012 to work on establishing the framework. The Ministry of Finance and DevelopmentPlanning staff constituted the biggest contingent in the FPP Group. The Bank of Botswana is representedthrough two officials and Statistics Botswana through one official.
By the end of 2012, all the relevant historical data for the national accounts, balance of payments,government account and monetary accounts had been entered into the system and a set of inter-account links constructed where data from two different accounts is compared in a systematic fashion.A first version of a baseline scenario was established where data was forecasted up to 2013 including aset of economic indicators. The Framework will be completed in 2013.
SOME CAPACITY BUILDING HIGHLIGHTS DURING 2012
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SOME CAPACITY BUILDING HIGHLIGHTS DURING 2012
Private Capital Monitoring System (PCMS) customization is another area with notable success. Nine countrieshave subscribed to PCMS as at the end of 2012. This coverage represents 69% of the total member states. Theincreasing roll-over of the system in the region is attributable to among other things its ability to meet users’requirements, its compliance to the latest international account manuals and the fact that the software isupdated with cutting edge technology. Specifically, the software has helped countries such as Botswana,Rwanda, Swaziland and Tanzania to benchmark their Financial Account data to the latest IMF’s Balanceof Payments (BOP) and International Investment Position (IIP) Manual-6th Edition. Consequently, this hasenhanced data quality, augmented coverage and comprehensiveness of foreign private capital data.Some countries such as Botswana and Swaziland have gone an extra mile with the software by compilinghigh frequent quarterly data for their countries. Regionally, the software contributed to achievement ofgreater harmonization of FPC data recording methods and facilitated comparability of data.
In 2012, the Institute assisted the Central Bank of Swaziland to migrate its BOP and IIP data from IMF’s Balanceof Payments Manual 5th-Edition (BPM 5) to 6th Edition. Prior to MEFMI’s technical assistance, Swaziland BOP/IIP data was not benchmarked to the latest manual by IMF using BOP/IIP conversion matrix. The enhancedskills to operationalize BPM 6 has minimised estimation errors and data inconsistences. In addition, BPM6is largely harmonized with the classifications in other macroeconomic manuals; hence the interventionhas enhanced comprehensiveness of Swaziland’s international account data to take into account othermacroeconomic statistics. Compliance to BPM 6 has also improved Swaziland data quality as the Manualtakes into consideration the latest economic developments associated with globalisation and financialinnovation.
Another example of one of MEFMI’s success stories is the critical role the Institute played in the ZimbabweMinistry of Finance. Following the establishment of a new Zimbabwe Aid and Debt Management Office(ZADMO) and recruitment of new staff, the Ministry requested the Debt Management Programme toassist to them to appreciate debt management concepts, techniques and tools. This included conceptsin the use of the Debt Management and Financial Analysis System (DMFAS). DMFAS is a United NationsConference on Trade and Development (UNCTAD) software for debt management. The training wasnecessary for the new staff to quickly settle in their debt management roles in the new department.
In response, the Debt Management Programme conducted a Debt Management and DMFAS 5.3Training for the new ZADMO staff, from 13-24 February 2012 in Zimbabwe. The main outputs of theworkshop were:
• Imparting operational skills in DMFAS 5.3, ranging from loan interpretation and registration, updatingof debt transactions and generation of key debt stocks, flows and projections reports;
• Enhancing knowledge of key debt management concepts as an induction of the new staff into thefield of public debt management field; and,• Raising levels of awareness of Zimbabwe’s specific debt situation and prospects.
An evaluation of the workshop by the 15 participants indicated enhanced knowledge despite thembeing new to debt management. The new staff indicated that they had gained immensely from thecomprehensive training which was a real necessity for them to enable them to know the DMFAS andthe concepts behind the system. They noted that their preparation of debt service instructions andproduction of debt management reports and contingent liabilities for submission to the Auditor andComptroller General would now become easier as a result of this training. They rated the workshophighly in terms of both facilitation and relevance, adding that the training was what they had actuallyneeded to be able to kick-start their work at ZADMO.
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Some other achievements by the Institute during the period under report include:• The calibrating and simulation of small scale macro models,• Quarterly GDP forecasting framework, and• Development of MTDS.
In addition, participants in some in-country courses were equipped with skills in loan interpretation andregistration; legal and institutional aspects of debt management; domestic debt operations; updatingdebt transactions; generation of key debt stocks, flows and projection reports and; Debt SustainabilityAnalysis (DSA); Medium Term Debt Management Strategies; Debt Management Performance Assessment(DeMPA), debt reform plans; and debt management using DMFAS. (Annexes II and III provide details of
each in-country activity).
Participants also stated that after the training they felt well-equipped to be effective users of DMFAS. They feltcapacitated to apply the knowledge gained when discharging their duties in their key areas of operation.Following the training, the new staff were able to immediately start using DMFAS for basic debt managementoperations.
Specific to Uganda, the Institute received a request for customized training in new regional domestic debtoperations and management. Following the in-country training in August 2012, the participating officials,with guidance from the MEFMI/UNCTAD resource persons, were able to compare Uganda’s current situationto best practice in public domestic debt management. Consequently, they came up with 24 implementablelegal, institutional, operational, policy and market-development related recommendations. These werepresented to senior Ugandan economic and financial managers, with the aim to help strengthen thecountry’s public domestic debt management.
The trained officials subsequently acknowledgedthat, given the significance of domestic debt and theneed to manage it effectively in Uganda, the traininghad left them with a better foundation in which theywere now better-equipped to lead the process.
The FSM programme carried out a Risk-BasedSupervision (RBS) mission at the Bank of Mozambique(BoM) to review the existing RBS methodology andthe legal and regulatory framework in order toidentify existing gaps. As a result of this project, adraft corporate governance guideline was compiledand is pending internal review processes beforefinalisation. A Risk Management guideline, guidelineson minimum internal audit standards and disclosurestandards are now being drafted. Meanwhile, furthersteps to operationalize RBS are underway and theseinclude conducting market awareness workshops tocommercial banks, pilot examinations and finalisingof the RBS manual. MEFMI continues to work closely with BoM to ensure that RBS is fully implemented.
A MEFMI team also visited Mbabane to assist the Central Bank of Swaziland (CBS) to develop capacityin order for them to undertake stress testing of prudential data. It was the mission’s objective that, at itsconclusion CBS’s off-site surveillance capabilities would be strengthened and supervisors would be able tostress test prudential data. During the mission, MEFMI in conjunction with the CBS working team developeda stress testing policy framework and appropriate stress testing templates. The policy framework sets thegovernance framework of stress tests and will be a point of reference for both bank supervisors and themarket.
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4.3 Fellows Development Programme ActivitiesThe objective of the Fellows Development Programme is to groom a cadre of experts, who will ensuresustainability and availability of adequate support in building and maintaining capacity in the region. Thisis a cost-effective expert development program designed to accelerate the availability of world classexpertise within the region.
The major highlight during the period was theFellows technical assessment for graduation andaccreditation which took place during 24 to 26July 2012, in Harare, Zimbabwe. A total of 8 Fellowsof whom two were female graduated. During thesame event, three Graduate Fellows who were onapprenticeship including one male were accredited.Both events comprised assessment of Fellow’stechnical papers by a panel of senior experts fromwithin and outside the region.
Prior to graduation and accreditation, the candidateFellows and graduate Fellows went throughrigorous Customised Training Programme (CTP) andapprenticeship. Table 8 shows that seven Fellowsattended workshops / courses / retreats as part of
their CTP and apprenticeship including one Fellow who went on attachment. In terms of capacity buildingdelivery, 21 fellows were engaged as resource persons at MEFMI workshops, while 15 were engaged asconsultants at country missions and studies.
SOME CAPACITY BUILDING HIGHLIGHTS DURING 2012
Table 8: Fellows Capacity Building and Utilization: January to December 2012
Programme/
Entity usingFellows
Capacity Building
Attendance
Utilization
Workshops Attachment Resource Persons at Workshops Consultants at Missions
Type of Fellow Type of Fellow
Candidate Graduate Accredited Candidate Graduate Accredited
Debt 0 0 0 6 5 0 1 0
FSM 1 1 0 1 4 0 2 7
Macro 6 0 0 1 4 0 3 2
Other N/A N/A - - - - - -
Total 7 1 0 8 13 0 6 9
Source: MEFMI Data Base
Financial risk management missions were held for Swaziland, Rwanda and Uganda. These assessmentswere meant to strengthen the management of financial risks by formulating and implementing riskmanagement methodologies for the client countries. Since the inception of these projects, clientcountries have made substantial progress in designing and formulating institutional risk managementarrangements. The progress includes the development of a market risk methodology to take into accountthe local environment and a methodology for valuation and risk analysis of instruments with embeddedderivatives (Dual Currency Deposit and Credit Linked Notes) for the Central Bank of Swaziland.
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4.4 Technical Studies Conducted in 2012
The Institute initiated a number of studies and finalized the Modelling and Forecasting Reference Manualfor publication and dissemination. The Institute also developed materials for an on-line course on theFoundations of Debt Management which is expected to be rolled out in 2013. The earmarked on-linecourses follow the Institute’s plan to efficiently expand the outreach of the capacity building activitiesin a cost effective manner.
SOME CAPACITY BUILDING HIGHLIGHTS DURING 2012
During the same period on the Institute initiateda Study on Economic Management in a HyperInflationary Environment drawing lessons fromZimbabwe. This study was commissioned jointly withthe African Capacity Building Foundation (ACBF).The book arising from the study is expected to bepublished in 2013.
Another study that MEFMI conducted in the yearunder review was aimed at gathering information fordeveloping “Guidelines For Government SecuritiesIssuance” in the MEFMI Region. The objective of thestudy was to develop step by step guidelines to assistmember states as they plan and prepare to issuegovernment securities. The motivation stems fromthe fact that it is now a widely accepted doctrinethat the domestic debt issuance programme issynonymous with and a catalyst for broader financialmarket development. Appropriate and relevantguidelines will not only assist debt managers to beorderly but will also make the issuance programmes,in the face of the investor, predictable. Further tothis, the guidelines will foster business continuityby acting as reference material in cases of staffturnover and or new staff recruitments. Thesecondary outcome of the guidelines will be growth
and deepening of the primary and secondarymarket, and benchmarks for the development ofcorporate issuances programmes.
A study to assess the Foreign Direct Investment (FDI)trajectory before and after the global financial crisisera in the MEFMI region commenced during theyear. Data collection from a sample of six MEFMImember states was completed. A draft report hasalso been prepared and is waiting comments fromstakeholders. Preliminary quantitative econometricfindings revealed that Global Financial Crisis(GFC) exerted downturn effect on FDI trajectory.The adverse effect was indirect through otherkey macroeconomic variables. The GFC effect ishowever temporary as FDI inflows have graduallyreturned to their ordinary path in the post crisisperiod. The Eurozone debt crisis inhibits recovery ofthe FDI inflows and its influence is expected to besignificant if the ailing Euro Area economy worsens.In addition, impulse response analysis suggests thatFDIs have a stabilizing effect and reduce volatilityin real economic growth caused by financial crisis.This steadying effect of FDIs is also present duringthe post crisis recovery period, resulting in a gradualincrease in real GDP instead of a rapid upturn.
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5.1 Governance Meetings
The Institute held four governance meetings duringthe period under review. These included the 33rdExecutive Committee Meeting that was held in theUnited States of America and the 34th ExecutiveCommittee Meeting and the 4th Audit Committeethat were held in Harare, as well as the Board ofGovernors meeting held in Tokyo, Japan, on theside lines of the IMF/World Bank Annual meetings.
These governance meetings had among otherthings, reviewed, deliberated and approved severalmanuals and policies used by the Secretariat as wellas the programme and budget for 2013. The Boardmeeting also appointed new external auditors forthe Institute.
During the same period, the Institute hosted aTechnical Cooperating Partners Liaison CommitteeMeeting on 8 March 2012 and the policy meetingof the Cooperating Partners Liaison Committee on27th November 2012. The meetings reviewed anddiscussed the funding arrangements, outcomes ofthe MEFMI Systems Audit that was carried out withthe financial assistance from SIDA as well as MEFMIwork programme and budget for 2013.
5.2 Staff Meetings
Two staff meetings were held during the periodwhile several departmental meetings were alsoconducted by each Programme to ensure effectivecommunication and monitoring of the activities ofthe new Phase.
5.3 Networking Activities
In delivering its products, MEFMI activelycollaborates with various cutting edge regionaland international organisations with similarmandate and mutual interest in order to broadenand strengthen its worldwide alliances that allow forcross-pollination of ideas. During the past year, theInstitute participated in 15 networking activities.
The Director, Macroeconomic ManagementProgramme represented the Institute in twoSADC regional events as an expert member ofMacroeconomic Statistics Work Group Meetingheld in Pretoria, South Africa from 23 to 24 January2012, and the regional workshop on Monetary andFinancial Statistics held in Gaborone from 11-22June 2012.
5. governance activities
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The Director of the Debt Management Programmeattended the Zimbabwe High Level Debt Forumalso known as the Friends of Zimbabwe Forum whichwas hosted by the Government of Zimbabwe andthe African Development Bank, and another HighLevel Conference on Unleashing Economic GrowthPotential. The first Forum was held on Friday 23 March2012 in Tunis, Tunisia, while the second one was heldfrom 29 to 30 August 2012 in Victoria Falls. The mainobjective of the Tunisia Forum was for Zimbabweto, among other issues, update cooperatingpartners on the political and economic situationin Zimbabwe as well as to build consensus amongall stakeholders on the process of resolving thecountry’s external debt over-hang. The objectiveof the conference held in Victoria Falls was toexplore opportunities and strategies for moving theZimbabwean economy forward on a faster andsustainable growth and development path. TheDirector of the Debt Management Programme alsoattended and chaired the annual World Bank DebtManagement Facility (DMF) Technical AdvisoryGroup meeting held in Accra, Ghana, in June 2012.The technical advisory group, which MEFMI haschaired for the last two years, advises the WorldBank and the donors to the DMF Trust Fund aboutthe necessary capacity building interventions andapproaches to reforms in debt management in lowincome countries.
The Director of the Financial Sector ManagementProgramme attended a KPMG breakfast meetingon bank supervision. The meeting was held at theRoyal Gold Club in Harare, Zimbabwe on Friday 4May, 2012. The main objective of the meeting wasto discuss lessons learnt from banks’ implementationof Basel II. The meeting was attended by seniorexecutives of commercial banks in Zimbabwe andsome of KPMG’s clients. The presentation was basedon experiences from South African Banks.
During the reporting period, One Programme Officerfrom DMP attended the Sixth OECD Forum on AfricanPublic Debt Management and Bond Markets heldon27 – 29th June, 2012 in Johannesburg, South Africa.The meeting covered buy-back operations andexchanges (switches); liquidity buffers and impacton cash management; transition towards a modernDMO organization; priorities in the development of
market infrastructure; and round table discussionson work done on local currency bond markets bymultilaterals in Africa.
A Programme Officer from FSM attended theinaugural AFRITAC South seminar on Risk BasedSupervision. The seminar was held from 10-14 July2012 in Mauritius. The objective of the seminar wasto discuss practical issues in risk based supervisionas well as obtain feedback from participants ontheir countries’ capacity building needs in bankingsupervision. The meeting provided the opportunityfor MEFMI to support the AFRITAC South’s initiativetowards enhancing the region’s capacity buildingefforts as well as to discuss ways in which the twoinstitutions can work together in areas of mutualinterest.
The Executive Director of MEFMI and a ProgrammeOfficer from MMP attended an InternationalResearch Conference on Monetary Policy inDeveloping Countries: Practices and Challengeswhich was organised jointly by the National Bankof Rwanda, the Africa Department of IMF, theInternational Growth Centre and the World Bankfrom 19-20 July 2012.
A Programme Officer from DMP attended astakeholders’ meeting organised by the UNDPZimbabwe on leveraging debt sustainability as acatalyst for achieving sustainable developmentin Zimbabwe. Specifically, the meeting aimedat discussing the policy options for resolvingZimbabwe’s external debt crisis and the availableopportunities for capacity building in debtmanagement. The meeting, held on 26th October2012 in Harare, was attended by senior governmentofficials, academicians, donors, representativesof non-governmental organisations and otherstakeholders. The MEFMI representative was one ofthe key speakers during the meeting.MMP Programme Officer attended an IMF regionalcourse on Economic Issues and Regional Integrationfrom 10-21 December 2012, in Dar es Salaam,Tanzania.
Annex IV listsall thenetworkingactivitiesparticipatedand/or conducted by the Institute during periodJanuary – December 2012.
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6. finance and administration
Income Source Amount US $ % Contribution
Member States Contribution 3,824,922 60%
Cooperating Partners 1,873,179 30%
In-kind contribution 371,455 6%
Interest Received 90,313 1%
Totals 6,324,854 100%
Table 9: 2012 Income by Source
The Institute opened the financial year 2012 with
accumulated funds amounting to US$1,014,621of
which US$132,464 was set aside for the purchase of
the Executive Director's house. The Executive
Committee authorised the Secretariat to utilise the
balance for 2012 activities as it awaited for
disbursement from member countries and
cooperat ing partners.The Government of
Netherlands through her Embassy in Harare also
gave MEFMI a no cost extension to utilise their
funding for 2011 for activities up to June 2012, as their
disbursement was made towards the end of 2011.
6.1 Income
The Institute is grateful for the timeous disbursement ofthe 2012 annual contributions by most membercountries, as well as the support that came fromfinancial cooperating partners. As at 31 December2012, eleven(11) member countries had fully madetheir contributions. The two major donors thatcommitted to funding Phase IV had also made theirdisbursement for 2012. The actual incomeincludingin-kind received during the year under reportamounted to US$6.3million. Contributions frommember countries accounted for 60%, in-kindcontributions made up 6%, contributions byCooperating Partners made up 30% and otherincome made up the balance as detailed in Table 9and Chart 8.
Other Income 109,169 2%
Amortisation of Deferred Income 55,816 1%
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Chart 8: 2012 Income by Source
Detailed Income from Cooperating Partners and Member states
Table 10: Receipts from Cooperating Partners for the year 2012
Cooperating Partner Receipts US $
Norway 608,301
Sweden 886,293
World Bank 57,874
Norway (Phase III) 60,711
IMF 40,000
Netherlands (Phase III) 220,000
Totals 1,873,179
Source:MEFMI Audited Accounts
Source:MEFMI Audited Accounts
The breakdown of receipts per cooperating partner and member country are as shown in Table 10 and Table11 below
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Table 11: Member States contributions
Member State Receipts US $ Outstanding Total income
1 Angola 355,262 355,262
2 Botswana 276,260 276,260
3 Kenya 327,672 327,672
4 Lesotho 291,305 291,305
5 Malawi 302,963 302,963
6 Mozambique 270,847 270,847
7 Namibia 261,005 261,005
8 Rwanda 266,107 266,107
9 Swaziland 263,908 263,908
10 Tanzania 331,751 331,751
11 Uganda 298,559 298,559
12 Zambia 284,074 284,074
13 Zimbabwe 210,000 85,209 295,209
Totals 3,118,344 706,578 3,824,922
6.1.1 Income Analysis
Table 12: Receipts for the period 2007 to 2012
Income Source 2007 2008 2009 2010 2011 2012
Coop. Partners 2,765,064 3,100,714 3,089,549 3,125,306 2,033,855 1,873,179
Member States 3,126,764 3,018,331 3,233,994 2,924,690 3,531,117 3,824,922
Other Income 89,865 51,707 33,179 11,310 80,853 255,298
In-kind 399,030 663,484 815,208 822,671 250,291 371,455
Total 6,380,723 6,834,236 7,171,930 6,883,977 5,896,116 6,324,854
Source: MEFMI Audited Accounts
Source: MEFMI Audited Accounts
Table 12 Chart 9and below indicate that from 2007 to2011, member countries and donors werecontributing almost equally to MEFMI activities. Partof the 2010 contribution from cooperating partnerswas a prepaid contribution from Sweden for 2011activities. From 2012, which is the beginning of Phase
IV, there was a reduction in the contributions byfinancial cooperating partners and an increase inthe member states contribution. The reduction wasdue to the reduced number of financialcooperating partners at the beginning of Phase IV.
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Chart 9: Income Comparison by Source for the Period 2007 to 2012
Source: MEFMI Audited Accounts
6.2 Expenditure Table 13: Expenditure Break-down by Programme,2012
Expenditure item Actual US $
Macro Programme 1,564,303
FSM Programme 1,209,158
Debt Programme 1,388,342
MDA Programme 434,883
Secretariat Capacity Building 431,707
Administration 478,310
Totals 5,506,703
Total expenditure for 2012 amounted toUS$5.5million,as detailed in .,resulting in a net surplus of US$0.8 million. Theexpenditure was within the 2012 budget, with apositive variance of 14%. This is largely attributed tofavourable hotel charges in East Africa and gratisresource persons provided by technicalcooperating partners. In addition, there were somesavings on staff salaries and benefits, due to somepositions being vacant for part of the year.
The Institute was able to meet its plannedexpenditure for the year by utilising receipts frommember countries and cooperating partners, andalso partly utilising the accumulated funds broughtforward from 2011.
below give the expenditurebrokendown per Programme. The MMP has thehighest expenditure partly due to the nature of itsactivitiesbut also due to expenditure on the designof a manual on modelingand forecasting, for theuse of the MEFMI member countries. The manual isdue to be launched in 2013.
Table 13 and Chart 10
Table 13 and Chart 10
27
Chart 10: Expenditure breakdown by Programme, 2012
6.3 Resource Mobilisation
The Institute put in place a resource mobilisationstrategy which saw it proactively interactingwith existing and potential financial cooperatingpartners. It has also been actively following-up withinterested partners including applying modalitieswhich fit basket funding as a first priority, sectorapproach and grant financing of projects as asecond. This was augmented by the identificationof donors in each member state for country specificcapacity building activities.
The goal of the strategy is to increase the level offunding and to expand the number of financialcooperating partners in order to ensure that MEFMIPhase IV whose budget is 27% more than the PhaseIII budget is fully fund.
The results of the resource mobilisations efforts, as at31 December 2012 are as follows:
• Sweden and Norway signed new agreementsfor Phase IV funding in 2012
• ACBF is at an advanced stage of review for theirfunding for Phase IV. The Secretariat is confidentthat some funding will be provided, albeit at areduced level compared to support receivedfor Phase III.
• Membercountrieshavecommittedtoanannualescalation of 5% of their contributions.
6.4 Information Technology
There were three major developments in information
technology in 2012:
The Institute entered into an understandingwith
the Reserve Bank of Zimbabwe, to store MEFMI's
off-site back-ups at its secured disaster recovery
centre. This will among other things contribute
towards the implementation ofthe business
continuity plan for the Institute.
The Secretariat requested the Central Bank of
Kenya to provide a resource person to improve
its database. The work is due to be completed in
2013.
The Internet bandwidth at the Secretariat has
been increased to ensure improved information
technology services for the benefit of all
stakeholders.
•
•
•
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Table 14: Staff Distribution at the Secretariat
Source: MEFMI Data Base 2012
6.5.2 Staff Development
The following is brief outline of some staffdevelopment activities conducted by the Instituteduring 2012;• Three members of staff attended the Heads
of Human Resources Workshop held from 27February to 2 March, 2012.
• Six members of staff attended the Joint
Performance Management Training workshopfrom 15 to 16 March 2012.
• One Programme Officer attended a DeMPA,Reform Plan and MTDS training in Washington,D.C, organized by the World Bank.
• Two members of staff attended a one day FrontOffice Skills course in Harare.
• The Institute organised training for Managementand staff on the provisions of the Zimbabwe
6.5 Human Resources
6.5.1 Staff Establishment
The staff complement at the Secretariat as at theend of the period under review was 31 (Table 14).All four Programme Officers who left at the end ofDecember 2011 had been replaced byDecember 2012. The positions of AccountsAssistant, Receptionist and Driver which also fellvacant in December 2011were filled on 1February and 1 April 2012, respectively.
Interviews for the newly created position ofAssistant Information Technology Officer wereheld in May and a suitable candidate identified.The position was filled on 2 July 2012.
The post of Assistant Accountant fell vacant on 31July 2012 following the resignation of theincumbent. The post was advertised in allmember countries and interviews were held inSeptember 2012. An offer was extended to thesuccessful candidate, who accepted the offerand will assume duty in January, 2013.
Executive Director 1 - 1
Programme Directors 3 1 4
Programme Officers/Equivalent 8 6 14
Assistant Accountant 0 - 0
Accounts Assistant 1 1
Assistant Information Technology Officer 1 - 1
Programme Secretaries/Equivalent - 6 6
Drivers 2 - 2
Office Orderly
Post Male Female Total
- 1 1
Gardener 1 - 1
Total 16 15 31
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National Code of Conduct, Statutory Instrument15 of 2006 (SI 15). MEFMI is adopting the NationalCode of Conduct for use in administeringdisciplinary issues.
• Twenty seven (27) members of staff were trainedin Protocol Procedures, Etiquette, Groomingand Deportment, by the Ministry of ForeignAffairs (Zimbabwe).
• One Programme Officer attended a course onmonetary markets operations and frameworksand inflation modelling and forecasting inLondon, UK.
• 13 staff attended an in-house workshoporganised by ACBF on Results MeasurementFrameworks held on 6 and 10 September 2012.
• Four staff attended IT course organized byPASTEL.
• One Programme Officer attended a seminar onmacro prudential tools from 29-31 May 2012 inBasel, Switzerland.
• One Programme Officer attended a course onMaximising Value for Money in development byIMA international.
Annex IV lists all the staff development activitiesparticipated and/or conducted by the Instituteduring period January – December 2012
6.5.3 HIV & AIDS Workplace Programme
The InstitutehasadoptedanHIVandAIDSWorkplaceProgramme Implementation Plan and is seeking
partnerships with relevant organisations for itsimplementation. A Committee has been put in placeto facilitate implementation of the Programme.The HIV and AIDS Policy has been reviewed andadopted by all staff. An Internal baseline surveyto determine the knowledge, behaviour, skills andattitudes (KBPA) was conducted in July 2012 byZimbabwe Aids Prevention Support Organisation(ZAPSO). The findings were submitted andpresented to staff members. The implementation ofthe recommendations in the report is in progress.
6.5.4 Human Resources Policies and Procedures
The Institute prepared a MEFMI Human ResourcesPolicies and Procedures Manual which wasapproved by the Executive Committee inWashington, D.C. in April 2012. The Code of Ethicsand the revised Grievance Handling Procedureswere also approved and the National Code ofConduct Instrument 15 of 2006 (SI 15) were adoptedin July 2012. The Remuneration Policy was approvedby the Board in Tokyo, Japan, in October 2012.
An Employee Induction Handbook is being finalised.
6.5.5 Office Space
The additional offices (storerooms, offices andkitchen) are now in use. These include a recordsmanagement office and a library which is still beingset up.
During implementation of some capacity buildingactivities the Institute learnt that the continuedpromotion of the use of MEFMI PCMS hasprovided an opportunity for further refinement.Users recommended that the system needs to beimproved by adding an online facility for data entryand features that will allow for generation of timeseries data.
7.1 Opportunities
The increase in the number of participants comingto MEFMI courses with their own laptop computersis a noteworthy development, which has strongsupportive effect on training effectiveness. This
enables participants to practice after class andraise follow-up issues in the following discussions.MEFMI, therefore, needs to continue encouragingparticipants tobringtheircomputerswhenattendingcapacity building activities. In the long run, MEFMIwill not need to hire computers for courses that arecomputer intensive.
NetworkingwithSADCandCOMESAprovidedMEFMIwith an opportunity to tap into the vast knowledgeand experience in various macroeconomic areas.On the other hand, MEFMI was able to show caseand share its expertise in the area of Foreign PrivateCapital (FPC). In particular, the MEFMI PCMS provedto be useful software for the SADC region.
7. lessons and opportunities
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EXECUTIVE COMMITTEE’S RESPONSIBILITY AND APPROVAL OF FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
To the Executive Committee of Macroeconomic and Financial Management Institute of Eastern andSouthern Africa (MEFMI)
It is the Executive Committee’s responsibility to ensure that the financial statements fairly present the stateof affairs of the Institute. The external auditors are responsible for independently reviewing and reporting onthe financial statements.
The Executive Committee has assessed the ability of the Institute to continue operating as a going concernand 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 continuousassessment of the ability of the Institute to continue to operate as a going concern will need to be performedto determine the continued appropriateness of the going concern assumption that has been applied inthe preparation of these financial statements.
The statements set out in this report have been prepared by management in accordance with InternationalFinancial Reporting Standards (IFRS). The statements are based on appropriate accounting policies whichare supported by reasonable and prudent judgements and estimates.
The Institute’s internal and accounting control systems are designed to provide reasonable assurance asto the integrity and reliability of the financial statements and to adequately safeguard, verify and maintainaccountability of its assets. Such controls are based on established written policies and procedures andall employees are required to maintain the highest ethical standards in ensuring that the entity’s businesspractices are conducted in a manner which in all reasonable circumstances is above reproach. Issues thatcome to the attention of the Executive Committee have been addressed and the Executive Committeeconfirm 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 Macroeconomicand Financial Management Institute of Eastern and Southern Africa (MEFMI) is a going concern and havecontinued 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 18 were, in accordance withtheir responsibilities, approved by the Executive Committee on 5 April
th2013 and are signed on its behalf
by:
……………………..……….. ……………………..………..Professor E. T. Mutebile Dr. E. E. NgalandeChairman Executive Director
31
To the Executive Committee of Macroeconomic and Financial Management Institute of Eastern andSouthern Africa (MEFMI)We have audited the financial statements of MEFMI, set out on pages 4 to 18, which comprise the statementof financial position as at 31 December 2012, the statement of income and expenditure, the statement ofchanges in funds and the statement of cash flows for the year then ended and a summary of significantaccounting policies and other explanatory notes.
Executive Committee’s responsibility for the financial statementsThe Executive Committee is responsible for the preparation and fair presentation of these financialstatements in accordance with International Financial Reporting Standards. This responsibility includesdesigning, implementing and maintaining internal control relevant to the preparation and fair presentationof financial statements that are free from material misstatement, whether due to fraud or error; selectingand applying appropriate accounting policies; and making accounting estimates that are reasonable inthe circumstances.
Auditors’ responsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conductedour audit in accordance with International Standards on Auditing. Those standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assurance whether thefinancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosuresin the financial statements. The procedures selected depend on the auditor’s judgement, including theassessment of risks of material misstatements of the financial statements, whether due to fraud or error. Inmaking those risk assessments, the auditor considers internal control relevant to the entity’s preparationand fair presentation of the financial statements in order to design audit procedures that are appropriatein the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’sinternal control. An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of accounting estimates made by management, as well as evaluating the overallpresentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.
OpinionIn our opinion, the financial statements present fairly, in all material respects, the financial position ofMacroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI), as at 31December 2012, and its financial performance and cash flows for the year then ended in accordancewith International Financial Reporting Standards.ur pi, the financial statements present fairly, in all materialrespects, the financial position of Macroeconomic and Financial Management Institute of Eastern andSouthern Africa (MEFMI) as at 31 December 2012, and its financial performance and cash flows for the yearthen ended in accordance with International Financial Reporting Standards.
Grant Thornton CamelsaRegistered Public Auditors (Zimbabwe) 13 May 2013HARARE
INDEPENDENT AUDITORS’ REPORT
2012 ANNUAL REPORT 32
Statement of income and expenditure
for the year ended 31 December 2012
2012 2011Notes USD USD
INCOME
Amortisation of deferred income 2 55 816 38 279
Co-operating partner funding 3 1 873 179 2 033 855
In-kind contributions 4 371 455 250 291
Interest receivable 5 90 313 39 844
Member state contribution 6 3 824 922 3 531 117
Other income 7 109 169 2 730
Total income 6 324 854 5 896 116
EXPENDITURE
Accommodation and subsistence 1 175 978 1 257 379
Audit fees (internal and external audit) 35 381 35 549
Bank charges 24 120 33 527
Depreciation 77 644 66 265
Exchange loss 3 242 1 859
Facilities and materials 187 950 225 647
Legal fees 2 820 -
Office expenses 8 401 994 394 693
Professional fees 9 338 102 628 437
Resource mobilisation 25 597 20 999
Revaluation loss 4 326 -
Salaries and wages 1 612 144 1 664 473
Staff benefits 10 798 348 928 575
Training and tuition fees 31 781 8 248
Travel expenses 787 276 722 801
Total expenditure 5 506 703 5 988 452
Surplus/(decifit) for the year 818 151 (92 336)
33
Statement of financial position
as at 31 December 2012
At At
31 December31 December
2012 2011
ASSETS Notes
Non-current assets
Property and equipment 12 961 484 999 722
Current assets
Consumables 13 60 462 50 250
Trade and other receivables 14 845 842 451 353
Cash and cash equivalents 15 2 925 817 1 050 768
3 832 121 1 552 370
Total assets 4 793 605 2 552 092
FUNDS AND LIABILITIES
Funds
Accumulated funds 1 832 772 1 014 621
Current liabilities
Trade and other payables 16 1 335 868 184 498
Provisions 17 612 060 284 252
Deferred income 18 1 012 905 1 068 721
2 960 833 1 537 471
Total funds and liabilities 4 793 605 2 552 092
……………………………….. ……………………………….
Professor E. T. Mutebile Dr. E. E. Ngalande
Chairman Executive Director
2012 ANNUAL REPORT 34
Statement of changes in funds
for the year ended 31 December 2012
Accumulated Total
Funds
Balance at 1 January 2011 1 106 957 1 106 957
Deficit for the year (92 336) (92 336)
Balance at 31 December 2011 1 014 621 1 014 621
Balance at 1 January 2012 1 014 621 1 014 621
Surplus for the year 818 151 818 151
Balance at 31 December 2012 1 832 772 1 832 772
35
Statement of cash flows
for the year ended 31 December 2012
2012 2011
USD USD
Cash flows from operating activities Notes
Surplus/(decifit) for the year 818 151 (92 336)
Adjustment for:
Depreciation 77 644 66 265
Interest income (90 313) (39 844)
Amortisation of deferred income (55 816) (38 279)
Increase/(Decrease) in provisions 327 808 (151 631)
Loss on revaluation 4 326 -
Profit on disposal of equipment - (2 585)
Cash flows before changes in working capital 1 081 800 (258 410)
Net effect of working capital changes 19 746 669 227 118
Net cash generated/(utilised) in operations 1 828 469 (31 292)
Cash flows from investing activities
Proceeds from disposal - 3 127
Interest income 90 313 39 844
Acquisition of property and equipment (43 732) (344 296)
Net cash invested/(utilised) in investing activities 46 581 (301 325)
Cash flows from financing activities
Advance disbursement - (350 964)
Capital contributions - 600 000
Net cash inflows from financing activities - 249 036
Increase/(decrease) in cash and cash equivalents 1 875 050 (83 581)
Cash and cash equivalents at the beginning of the year 1 050 768 1 134 349
Cash and cash equivalents at the end of year 15 2 925 817 1 050 768
MACROECONOMIC AND FINANCIAL MANAGEMENT
INSTITUTE OF EASTERN AND SOUTHERN AFRICA
2012 ANNUAL REPORT 36
STATEMENT OF ACCOUNTING POLICIESfor the year ended 31 December 2012
1 General information
The main activities of the Institute, which is constituted in Zimbabwe is to advise and assist membercountries in the Eastern and Southern African region to develop capacity to manage their debtand 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 setout below. The basis of preparation of financial statements is International Financial ReportingStandards.
Statement of Compliance
The Institute’s financial statements have been prepared in accordance with International FinancialReporting Standards, (IFRS) and the International Financial Reporting Interpretations Committee,(IFRIC) interpretations. The financial statements are based on statutory records that are maintainedunder 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 financialstatements are summarised below. The financial statements have been prepared using themeasurement 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 tothe Institute and the revenue can be reliably measured. The following specific recognitioncriteria 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 memberstates 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.
37
In-kind contributions
A portion of the Institute’s income is derived from in-kind contributions from membercountries. In-kind income is recognised on receipt basis. In-kind contributions receivedfrom Technical Co-operating Partners are not recognised in the financial statements as thecontribution is deemed to have been made to the Institute’s members, rather than MEFMI.MEFMI members are also members of the institutions that represent Technical Co-operatingPartners. The contribution from Technical Co-operating Partners is therefore acknowledgedin 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 thedate of their origin.
1.4 Taxation
In terms of the agreement with the Government of Zimbabwe and statutory instrument 428of 2011 issued under the Income Tax Act (Chapter 23:06), the Institute is exempt from tax.
1.5 Employeebenefits
Short-term employee benefits include wages, salaries and social security contributions;short-term compensated absences (such as paid annual leave and paid sick leave) wherethe compensation for the absences is due to be settled within 12 months after the end ofthe period in which the employees render the related employee service; Bonuses payablewithin twelve months after the end of the period in which the employees render the relatedservice; and non-monetary benefits (such as medical care, housing, cars and free orsubsidised goods or services) for current employees. The entity recognises the undiscountedamount of short-term employee benefits as an expense in profit and loss during the periodin which the services are rendered.
1.5 Foreign currency translation
Transactions in foreign currencies are translated to the United States Dollars at rates ofexchange ruling on the date of the transaction. Exchange gains or losses arising on thesettlement of foreign currency transactions are dealt with in the income and expenditurestatement.
Assets and liabilities in foreign currencies are translated to United States Dollars at rates ofexchange ruling at the statement of financial position date.
1.6 Cash and cash equivalents
Cash on hand and in banks and short term deposits which are held to maturity are carriedat cost. Cash and cash equivalents are defined as cash on hand, demand deposits andshort term, highly liquid investments readily convertible to known amounts of cash andsubject to insignificant risk of change. For the purpose of the cash flow statement, cash andcash equivalents consist of cash on hand and deposits in banks, net of outstanding bankoverdrafts.
MACROECONOMIC AND FINANCIAL MANAGEMENT
INSTITUTE OF EASTERN AND SOUTHERN AFRICA
2012 ANNUAL REPORT 38
1.7 Provisions
Provisions are recognized when the Institute has a present obligation as a result of a pastevent, it is probable that an outflow of resources embodying economic benefits will berequired to settle the obligation and a reliable estimate can be made of the obligation.
1.8 Retirement benefit cost
The Institute does not have a retirement fund. Instead, provision is made in the financialstatements for gratuity payments over the period of employees’ employment contract. Allemployees are paid a gratuity of twenty five (25) percent of their contract period earningsin terms of the Institute’s employment policy.
1.9 Property and equipment
Property, vehicles and equipment is shown at cost, less accumulated depreciation andaccumulated impairment losses. Landisnotdepreciated. The Institute’spolicy is todepreciateproperty, vehicles and equipment evenly over the expected life of each asset.
The expected useful lives are as follows:Buildings - 25 yearsComputers - 4 yearsFurniture and fittings - 3 yearsMotor vehicles - 5 years
The carrying amounts of property, vehicles and equipment are reviewed at each statementof financial position date to assess whether they are recorded in excess of their recoverableamounts and where carrying values exceed the estimated recoverable amounts, assetsare written down to their recoverable amounts. The assets’ residual values, useful lives anddepreciation methods are reviewed and adjusted if appropriate, at each financial yearend. The Institute has estimated that all property, vehicles and equipment have nil residualvalue as the Institute has no intention of disposing of the assets before the end of their usefullives.
1.10 Impairment of assets
At each statement of financial position date the Institute reviews the carrying amountsof assets to determine whether there is any indication that those assets have sufferedan impairment loss. If any such indication exists, the recoverable amount of the asset isestimated 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, thecarrying amount is reduced to its recoverable amount. Impairment losses are recognized inthe statement of income and expenditure.
When an impairment loss subsequently reverse, the carrying amount of the asset is increasedto the revised estimate of its recoverable amount, but so that the increased carryingamount does not exceed the carrying amount that would have been determined had noimpairment loss been recognized for the asset in prior years. A reversal of an impairment lossis recognized in the statement of income and expenditure.
39
1.11 Inventories
The carrying amount of inventory is measured at the lower of cost or net realizable value.Valuation is determined on a first in first out basis. The cost of inventory is recognized in thestatement of income and expenditure as it is drawn down.
1.12 Financial instruments
Loans receivables
These assets are non-derivative financial assets with fixed or determinable payments that arenot quoted in an active market. They are initially recognized at fair value plus transactioncosts that are directly attributable to their acquisition or issue, and are subsequently carriedat 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 thepurpose for which the liability was acquired.
Fairvaluethroughprofitandloss
This category comprises only out-of-the money derivatives. They are carried in the statementof financial position at fair value with changes in fair value recognized in the statement ofincome and expenditure.
Otherfinancialliabilities
Other financial liabilities include trade payables and short-term monetary liabilities, whichare initially recognized at fair value and subsequently are carried at amortized cost usingthe effective interest method.
De-recognitionoffinancialassets
Investments are derecognized when the rights to receive cash flows from the investmentshave expired or where they have been transferred and the Institute has also transferredsubstantially all risks and rewards of ownership. Gains and losses are recognized in statementof income and expenditure when the financial assets are derecognized or impaired, as wellas through the amortization process.
Impairmentoffinancialassets
A financial asset is deemed to be impaired when its carrying amount is greater than itsestimated receivable amount, and there is evidence to suggest that the impairmentoccurred subsequent to the initial recognition of the asset in the financial statements.
1.13 Deferred income
Contributions by member countries in the form of assets are recognised as deferred incomeand are recognized in the statement of income and expenditure over the useful life of thebuildings, which is 25 years.
MACROECONOMIC AND FINANCIAL MANAGEMENT
INSTITUTE OF EASTERN AND SOUTHERN AFRICA
2012 ANNUAL REPORT 40
Notes to the financial statements
for the year ended 31 December 2012
2012 2011
USD USD
2 Amortisation of deffered income
Deferred income 55 816 38 279
3 Co-operating partner funding
African Capacity Building Foundation (ACBF) - 469 990
African Development Bank - 38 814
Highly Indebted Poor Countries (HIPC) - 20 690
International Monetary Fund (IMF) 40 000 38 814
Netherlands Government 220 000 660 000
Norwegian Government 669 012 765 725
Swedish Government 886 293 -
World Bank 57 874 39 822
1 873 179 2 033 855
4 In-kind contributions
Member states 371 455 250 291
5 Interest receivable
MEFMI joint account 2 922 2 787
Residence funds 4 029 -
Short term deposits 79 756 34 083
Staff loans 3 606 2 974
90 313 39 844
6 Member state contributions
Angola 355 262 326 448
Botswana 276 260 263 264
Kenya 327 672 288 220
Lesotho 291 305 254 955
Malawi 302 963 265 064
Mozambique 270 847 263 035
Namibia 261 005 258 815
Rwanda 266 107 261 070
Swaziland 263 908 255 439
Tanzania 331 751 284 421
Uganda 298 559 278 344
Zambia 284 074 267 809
Zimbabwe 295 209 264 233
3 824 922 3 531 117
41
Notes to the financial statements
for the year ended 31 December 2012 (continued)
2012 2011
USD USD
7 Other income
MEFMI T-Shirts 34 -
Participant fee 1 000 -
Proceeds from National Waste Paper 25 -
Reversal of provision for NSSA 105 272 -
Sale of assets 366 2 585
VAT refund 2 472 145
109 169 2 730
8 Office expenses
Advertising 557 7 943
Air courier mail 7 346 2 854
E-Communication charges 72 740 84 484
Equipment maintainance 56 746 56 449
General expenses 44 477 44 197
Office maintainance 27 403 51 813
Office security 18 818 19 268
Printing and stationery 10 600 40 588
Publications 38 181 38 364
Recruitment and relocation expenses 90 547 15 231
Telephone and postage 34 579 33 502
401 994 394 693
9 Professional fees
Macroeconomic management programme
In-country workshops 27 850 40 766
Mission 42 613 10 928
Regional workshops 31 990 42 716
Studies 8 000 73 500
110 453 167 910
Financial sector management programme
Administration expenses 31 614 41 441
In-country workshops 5 800 7 112
Mission 50 960 36 236
88 374 84 789
MACROECONOMIC AND FINANCIAL MANAGEMENT
INSTITUTE OF EASTERN AND SOUTHERN AFRICA
2012 ANNUAL REPORT 42
Notes to the financial statements
for the year ended 31 December 2012 (continued)
2012 2011
USD USD
Debt management programme
In-country workshops 24 970 2 147
Mission 600 25 200
Regional workshops 20 450 100 953
Studies 39 900 -
85 920 128 300
Multi-disciplinary activities
Executive fora 800 6 000
Fellow activities 6 975 173 845
Professional fees for fellows 1 790 29 260
9 565 209 105
Secretariat capacity building
Recruitment 675 2 500
Secretariat support 41 245 35 831
Staff development 1 870 -
43 790 38 331
Grand total 338 102 628 437
10 Staff benefits
House rent and maintainance 58 677 54 275
Housing allowance 109 347 105 143
Medical aid contribution 76 039 74 189
NSSA 11 490 105 272
Other 94 231 129 684
School fees subsidy 49 846 51 051
Terminal gratuity 398 718 408 961
798 348 928 575
11 Compensation to key management personnel
Gratuity 144 144 131 120
NSSA 2 516 -
Salaries and short term employee benefits 689 531 569 675
836 191 700 795
43
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MACROECONOMIC AND FINANCIAL MANAGEMENT
INSTITUTE OF EASTERN AND SOUTHERN AFRICA
2012 ANNUAL REPORT 44
Notes to the financial statements
for the year ended 31 December 2012 (continued)
2012 2011
USD USD
13 Consumables
Office Consumables 2 082 3 972
Computer consumables 30 935 -
Publications 19 225 8 567
Stationery 8 220 37 711
60 462 50 250
14 Trade and other receivables
Workshop advances 7 256 33 264
Contributions due: Angola 355 262 -
Rwanda 266 107 -
Zambia - 46 380
Zimbabwe 85 209 240 000
Prepayments 44 745 42 967
Staff loans and advances 79 204 83 731
Other receivables 2 891 -
Value Added Tax claims 5 168 5 011
845 842 451 353
15 Cash and cash equivalents
Cash on hand 1 057 2 000
Cash at bank 74 534 678 499
Gratuity account 100 269 99 572
Short term deposits 2 749 957 270 697
2 925 817 1 050 768
16 Trade and other payables
Accrued expenses 12 013 41 292Audit fees accrual 32 647 25 090Member states 1 228 248 -Professional fees 62 960 118 116
1 335 868 184 498
For the purposes of statement of cash flows, cashand
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
45
Detailed statement of income and expenditurefor the year ended 31 December 2012
2012 2011USD USD
17 Provisions
Leave pay 90 013 31 873National Social Security Authority - 136 685Terminal gratuity 522 047 115 694
612 060 284 252
18 Deffered income
Balance at beginning of the year 1 068 721 857 964Contributions received in advance-Angola - (350 964)Asset contribution from member countries - 600 000Amortisation (55 816) (38 279)
Balance at end of year 1 012 905 1 068 721
19 Net effects of changes in working capital
Increase in inventories (10 212) (14 465)
(Increase)/decrease in receivables (394 490) 197 109
Increase in payables 1 151 370 44 474
746 669 227 118
47
Detailed statement of income and expenditure (continued)
for the year ended 31 December 2012
2012 2011
USD USD
Debt Management Programme
HIPC Capacity Building Project - 20 690
In- country workshops 52 043 26 899
Missions 45 525 98 414
Networking 11 607 -
Operating expenses 83 804 108 558
Programme delivery- staff 599 183 601 933
Regional workshops 509 047 410 042
Staff development 9 918 -
Studies 77 215 2 329
1 388 342 1 268 865
Multi-disciplinary activities
Executive Fora 185 008 187 673
Fellows Development Programme 14 330 334 580
Networking 22 137 -
Operating expenses 45 559 67 341
Programme delivery- staff 159 452 121 483
Staff development 8 397 -
434 883 711 077
Secretariat Capacity Building
Depreciation 77 643 66 265
Networking 727 67 072
Operating expenses 66 427 54 047
Programme delivery- staff 125 428 113 240
Publications 10 742 29 187
Resource mobilisation 25 597 20 999
Staff development and retreats 7 470 47 779
Staff recruitment and relocation 117 673 82 202
431 707 480 791
Administration
Governing bodies 49 939 99 616
Operating expenses 83 304 136 374
Salaries, wages and benefits 345 067 595 298
478 310 831 288
Total expenditure 5 506 703 5 988 452
Surplus / (deficit) for the year 818 151 -92,336
2012 ANNUAL REPORT 48
49
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r th
e r
eg
ion
-0
03
02
21
01
54
Se
nio
rM
an
ag
ers
,D
ire
cto
rs
Ou
tpu
ts�
Ric
h e
xch
an
ge
so
f id
ea
so
n t
op
ica
l ec
on
om
ic is
sue
s, r
ec
en
t e
co
no
mic
de
ve
lop
me
nt,
on
ris
ks
and
op
po
rtu
nitie
s fo
r th
e r
eg
ion
, a
nd
imp
lica
tio
ns
for
the
MEFM
I re
gio
n w
ere
ma
de
.�
Inc
rea
sed
aw
are
ne
ss o
f M
EFM
I’s
ov
era
ll c
ap
ac
ity b
uild
ing
initia
tiv
es
esp
ec
ially
in t
he
ma
cro
ec
on
om
ic m
an
ag
em
en
t a
rea
s
2.
Intr
od
uc
tory
Ma
cro
ec
on
om
i cA
na
lysi
s a
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Ma
na
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nt
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pril, 2
012
Ka
mp
ala
, U
ga
nd
a
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eq
uip
pa
rtic
ipa
nts
with
ke
y c
on
ce
ptu
al a
nd
an
aly
tic
al f
ram
ew
ork
s fo
r m
ac
roe
co
no
mic
po
licy
de
sig
n,
an
aly
sis,
fo
rec
ast
ing
an
d im
ple
me
nta
tio
n.
�To
pro
vid
e s
om
e c
utt
ing
ed
ge
an
aly
sis
an
d d
isc
uss
ion
of
cu
rre
nt
issu
es
inm
ac
roe
co
no
mic
ma
na
ge
me
nt
like
th
eg
lob
al f
ina
nc
ial c
risi
s a
s w
ell
as
tra
de
po
licy r
ela
ted
issu
e.
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vie
w t
he
ma
cro
ec
on
om
ic a
cc
ou
ntin
g p
rin
cip
les,
cla
ssific
atio
ns
an
d u
se o
f te
rmin
olo
gie
s a
s p
rov
ide
d f
or
in t
he
re
ce
nt
ma
nu
als
.
�To
ta
ke
pa
rtic
ipa
nts
th
rou
gh
th
e li
nka
ge
s in
th
em
ac
roe
co
no
mic
ac
co
un
ts in
ord
er
to a
pp
rec
iate
ho
wth
ese
ac
co
un
ts a
re li
nke
d.
00
01
42
31
11
41
8Ju
nio
r O
ffic
ers
Ou
tpu
ts�
Pa
rtic
ipa
nts
we
re e
qu
ipp
ed
with
ke
y c
on
ce
ptu
al a
nd
an
aly
tic
al f
ram
ew
ork
s fo
r m
ac
roe
co
no
mic
po
licy d
esi
gn,
an
aly
sis,
fo
rec
ast
ing
an
d im
ple
me
nta
tio
n�
Pa
rtic
ipa
nts
lea
rne
d s
om
e c
utt
ing
ed
ge
an
aly
sis
an
d d
isc
uss
ion
of
cu
rre
nt
issu
es
in m
ac
roe
co
no
mic
ma
na
ge
me
nt
like
th
e g
lob
alfin
an
cia
l crisi
s a
s w
ell
as
tra
de
po
licy r
ela
ted
issu
e.
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art
icip
an
ts c
on
stru
cte
d m
ac
roe
co
no
mic
ac
co
un
ts,
ma
de
cla
ssific
atio
n o
f d
iffe
ren
t se
cto
rs u
sin
g t
he
re
ce
nt
ma
nu
als
.�
Pa
rtic
ipa
nts
we
re t
ake
n t
hro
ug
h t
he
lin
ka
ge
s in
th
e m
ac
roe
co
no
mic
ac
co
un
ts a
nd
ap
pre
cia
ted
ho
w t
he
se a
cc
ou
nts
are
lin
ke
d.
8.a
nn
exu
re
3.
Join
t M
EFM
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DC
Co
urs
e o
f Fo
reig
nPriva
te C
ap
ita
l
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o20 A
pril2012
Ga
bo
ron
e, B
ots
wa
na
�To
bu
ild c
ap
ac
ity in
th
e S
AD
C r
eg
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to
re
co
rd, m
on
ito
r,a
na
lyse
, a
nd
dis
sem
ina
te p
riva
te c
ap
ita
l flo
ws
da
ta in
line
with
inte
rna
tio
na
l be
st p
rac
tic
e.
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fa
cili
tate
th
e h
arm
on
iza
tio
n o
f p
riva
te c
ap
ita
lm
on
ito
rin
g t
oo
ls t
o e
nh
an
ce
da
ta c
om
pa
rab
ility
in t
he
SA
DC
re
gio
n.
00
01
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110
15
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M, Sn
r
Ou
tpu
ts�
Use
ful i
nte
llec
tua
l exc
ha
ng
e o
f e
xpe
rie
nc
es
on
re
co
rdin
g, m
on
ito
rin
g, a
na
lysi
ng
, a
nd
dis
sem
ina
tin
g p
riva
te c
ap
ita
l flo
ws
�A
ctio
n p
lan
s o
n s
tra
teg
ies
to a
ch
ieve
re
gio
na
l ha
rmo
niz
atio
n�
Inc
rea
sed
aw
are
ne
ss o
f M
EFM
I p
rod
uc
ts s
uc
h a
s FP
C G
en
eric
Qu
est
ion
na
ire
an
d P
CM
S.
4.
Re
tre
at
for
He
ad
s o
fD
ep
art
me
nts
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its
Re
spo
nsi
ble
fo
rM
on
ito
rin
g a
nd
An
aly
sis
of Fo
reig
nPriva
te C
ap
ita
l(F
PC
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Ga
bo
ron
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ots
wa
na
14
to18 M
ay
2012
�To
pro
vid
e a
pla
tfo
rm t
o s
tra
teg
ize
an
d s
ha
ree
xpe
rie
nc
es
to r
ec
ord
, m
on
ito
r a
nd
ma
na
ge
priva
tec
ap
ita
l flo
ws
ac
co
rdin
g t
o in
tern
atio
na
l min
imu
mst
an
da
rds.
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ass
ess
re
gio
na
l ca
pa
city g
ap
s in
FP
C m
on
ito
rin
g
�To
dis
cu
ss p
ert
ine
nt
ec
on
om
ic is
sue
s a
ffe
ctin
g t
he
flo
wo
f p
riva
te c
ap
ita
l to
MEFM
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gio
n a
nd
de
sig
n c
lea
rst
rate
gie
s to
de
al w
ith
att
en
da
nt
bo
ttle
ne
cks.
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exc
ha
ng
e v
iew
s o
n p
olic
ies
to p
rom
ote
, su
sta
in a
nd
op
tim
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th
e b
en
efits
of
glo
ba
l ca
pita
l flo
ws.
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01
02
310
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, Sn
r, D
Ou
tpu
ts�
Use
ful e
xch
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exp
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nc
es
on
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te c
ap
ita
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licie
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nd
te
ch
niq
ue
s.�
En
ha
nc
ed
ne
two
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g a
mo
ng
FP
C h
ea
ds
of
de
pa
rtm
en
ts/u
nits.
Th
is is
en
vis
ag
ed
to
imp
rove
re
gio
na
l ha
rmo
niz
atio
n.
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igh
ligh
ted
ch
alle
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es
fac
ing
co
un
trie
s in
re
co
rdin
g, m
on
itorin
g a
nd
ma
na
gin
g F
PC
an
d d
isc
uss
ed
th
e p
oss
ible
re
me
dia
l me
asu
res.
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cre
ase
d a
wa
ren
ess
of
MEFM
I’s
ca
pa
city b
uild
ing
initia
tive
s e
spe
cia
lly in
th
e a
rea
of
FPC
.
5.
Da
ta R
eq
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nts
fo
r Ec
on
om
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an
ag
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t, S
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un
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sha
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nza
nia
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vid
e t
rain
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on
na
tio
na
l ac
co
un
ts c
on
ce
pts
an
dc
om
pila
tio
n m
eth
od
olo
gy t
o n
atio
na
l ac
co
un
ts s
tatist
icia
ns
an
d u
sers
with
a f
oc
us
on
qu
art
erly a
nd
an
nu
al G
DP
at
cu
rre
nt
an
d c
on
sta
nt
pric
es
ba
sed
on
th
e S
yst
em
of
Na
tio
na
l Ac
co
un
ts 2
008.
IMF
Sta
tist
ics D
ep
art
me
nt
02
10
03
11
18
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an
d Sn
r
Ou
tpu
ts�
En
ha
nc
ed
pa
rtic
ipa
nts
’a
pp
rec
iatio
n o
f th
e n
ee
d f
or
relia
ble
na
tio
na
l ac
co
un
ts d
ata
.�
The
imp
ort
an
ce
of
co
ord
ina
tio
n w
ith
in t
he
sta
tist
ics
off
ice
, th
e G
ov
ern
me
nt
min
istr
ies,
th
e p
ubl
ic s
ec
tor
an
d t
he
priv
ate
se
cto
r w
as
un
de
rsc
ore
d.
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art
icip
an
ts le
arn
t th
e m
eth
od
olo
gy o
f c
om
pili
ng
qu
art
erly a
nd
an
nu
al n
atio
na
l ac
co
un
ts.
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art
icip
an
ts w
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intr
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uc
ed
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th
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ch
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ge
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20
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om
19
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de
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ua
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na
lisa
tio
nW
ork
sho
p
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oa
rdro
om
9to
10 J
un
e 2
012
To in
co
rpo
rate
th
e P
ee
r re
vie
we
r ’s
co
mm
en
ts a
nd
fin
alis
eth
e M
an
ua
l.-
--
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26
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r &
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Ac
tivity
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te
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nu
e
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jec
tiv
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eso
urc
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on
sS
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rtic
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Inte
rna
tio
na
l
Regional
MEFMI
Fellows
MEFMI Staff
CM
F
Paid
Gratis
2012 ANNUAL REPORT 50
Ke
y:
TCP
= T
ec
hn
ica
l Co
op
era
tin
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art
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rSn
r=Se
nio
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an
ag
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PR
eso
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on
sS
Pa
rtic
ipa
nts
Target
(J, MM, Snr, D)
Inte
rna
tio
na
l
Regional
MEFMI
Fellows
MEFMI Staff
CM
F
Paid
Gratis
Ou
tpu
ts:
�Th
e w
ork
sho
p in
co
rpo
rate
d p
ee
r re
vie
we
rs c
om
me
nts
an
d p
rod
uc
ed
a f
ina
l ve
rsio
n t
ha
t w
ill b
e p
ub
lish
ed
aft
er
cle
anin
g a
nd
pro
ofr
ea
din
g.
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va
nc
ed
co
urs
e o
n M
EFM
Pri
va
teC
ap
ita
lM
on
ito
rin
g S
yst
em
(P
CM
S)
Lusa
ka
, Za
mb
ia,
2–
7, Ju
ly20
12
�To
up
da
te u
sers
with
PC
MS v
ers
ion
II.
�To
eq
uip
re
gio
na
l syst
em
ad
min
istr
ato
rs w
ith
skill
s to
sup
po
rt a
nd
ma
na
ge
th
e s
oft
wa
re.
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up
gra
de
PC
MS w
ith
on
line
qu
est
ion
na
ire
mo
du
le.
-0
01
11
21
01
76
J, M
M
Ou
tpu
ts:
�En
ha
nc
ed
skill
s o
n P
CM
S V
ers
ion
II fu
nc
tio
na
litie
s sk
ills
to 2
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sers
an
d IT
syst
em
ad
min
istr
ato
rs�
De
sig
ne
d t
he
pro
toty
pe
mo
du
le f
or
the
on
line
da
ta e
ntr
y�
De
ve
lop
ed
ou
tla
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or
the
da
ta t
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se
rie
s
8.
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rksh
op
of
Re
gio
na
lIn
teg
ratio
n,
Mo
ne
tary
an
d C
ust
om
s U
ni o
n
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dis
Ab
ab
a-E
thio
pia
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o2
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July
20
12
.
To e
qu
ip p
art
icip
an
ts w
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th
eo
retic
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nd
erp
inn
ing
s o
fre
gio
na
l in
teg
ratio
n.
To u
pd
ate
pa
rtic
ipa
nts
with
ch
alle
ng
es
an
d e
xpe
rie
nc
es
fro
m R
eg
ion
al E
co
no
mic
Co
mm
un
itie
s (R
EC
s).
UN
EC
A0
40
00
49
16
7J,
MM
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r
Ou
tpu
ts:
�En
ha
nc
ed
skill
s o
n r
eg
ion
al i
nte
gra
tio
n a
nd
cu
sto
ms
un
ion
inc
lud
ing
th
eo
retic
al u
nd
erp
inn
ing
s a
nd
pra
ctic
al e
xpe
rie
nc
es.
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osu
re t
o e
xpe
rie
nc
es
fro
mR
eg
ion
al E
co
no
mic
Co
mm
un
itie
s (R
EC
s).
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etw
ork
ed
pa
rtic
ipa
nts
fro
m M
EFM
I re
gio
n w
ith
co
ntin
en
tal r
eg
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al i
nte
gra
tio
n e
xpe
rts
fro
m N
ort
he
rn,
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ste
rn,
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ntr
al a
nd
Ea
ste
rn A
fric
a.
9.
Re
gio
na
lC
ou
rse
on
Re
ve
nu
e P
olic
y&
Ad
min
istr
atio
n,
Se
pt
17
to2
1,
20
12
,
Pro
vid
e t
rain
ing
fo
r m
idd
le t
o s
en
ior
lev
el e
co
no
mis
ts in
rev
en
ue
po
licy a
nd
ad
min
istr
atio
n f
rom
re
ve
nu
e a
uth
oritie
sa
nd
po
licy a
na
lysi
s u
nits
in m
inis
trie
s o
f fin
an
ce
an
d o
fp
lan
nin
g.
-0
02
01
31
07
16
MM
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r
�P
rov
ide
d a
pp
rop
ria
te s
yst
em
s a
nd
to
ols
of
rev
en
ue
mo
bili
zatio
n a
nd
ad
min
istr
atio
n.
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ev
iew
ed
an
d r
efin
ed
re
ve
nu
e p
olic
y a
nd
fra
me
wo
rks
in t
he
co
nte
xt o
f th
e p
rev
aili
ng
ma
cro
ec
on
om
ic c
irc
um
sta
nc
es
of
me
mb
er
co
untr
ies.
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pa
rte
d c
utt
ing
ed
ge
de
ve
lop
me
nts
an
d b
est
pra
ctic
es
in re
ve
nu
e p
olic
y a
nd
ma
na
ge
me
nt
at
reg
ion
al a
nd
inte
rna
tio
na
l le
ve
l.
10
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na
nc
ialP
rog
ram
min
g a
nd
Po
licie
sC
ou
rse
24
Se
pte
mb
er
to 5
Oc
tob
er
20
12
Kig
ali,
Rw
an
da
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arp
en
pa
rtic
ipa
nts
’u
nd
ers
tan
din
g o
f th
ese
cto
ral l
inka
ge
s a
nd
th
eir im
pa
ct
on
po
licy
de
sig
n;
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pro
ve
ca
pa
city in
fo
rec
ast
ing
an
dp
roje
ctio
n a
nd
ap
plic
atio
ns
to p
olic
yfo
rmu
latio
n;
an
d�
Imp
rove
ap
pre
cia
tio
n o
f p
olic
y t
rad
e-o
ffs
an
d li
nka
ge
fo
r p
olic
y c
on
sist
en
cy.
IMF
Inst
itu
te0
30
00
31
01
71
1M
M.S
nr
� �
Ma
seru
, Le
soth
o
Ou
tpu
ts:
Ke
y:
TCP
= T
ec
hn
ica
l Co
op
era
tin
g P
art
ne
rSn
r=Se
nio
r M
an
ag
er
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cre
taria
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dle
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na
ge
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ire
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r
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MEFM
I C
ou
ntr
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Pa
rtic
ipa
tin
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= M
ale
F=Fe
ma
leJ=
Jun
ior
Ma
na
ge
r
Ac
tivity
Da
te
Ve
nu
e
Ob
jec
tive
TCP
Re
sou
rce
Pe
rso
ns
SPa
rtic
ipa
nts
Target
(J, MM, Snr, D)
Inte
rna
tio
na
l
Regional
MEFMI
Fellows
MEFMI Staff
CM
F
Paid
Gratis
�Sh
arp
en
ed
un
de
rsta
nd
ing
of
the
ste
ps
take
n in
mo
de
l bu
ildin
g;
�Im
pro
ve
d a
pp
rec
iatio
n o
f im
pu
lse
re
spo
nse
s o
f ke
y e
co
no
mic
ind
ica
tors
un
de
r a
n e
co
no
mic
sh
oc
k;
�En
ha
nc
ed
ap
pre
cia
tio
n o
f th
e s
eq
ue
nc
ing
issu
es
in p
olic
y d
esi
gn
; a
nd
imp
lem
en
tatio
n a
nd
th
e im
po
rta
nc
e o
f c
om
mitm
en
t to
se
e p
olic
y m
ea
sure
s ru
n t
he
ir c
ou
rse
De
bt
Ma
na
ge
me
nt
Pro
gra
mm
e
12
.D
om
est
ic D
eb
t O
pe
ratio
ns
an
dM
an
ag
em
en
t W
ork
sho
p
5 t
o 1
4 M
arc
h 2
01
2K
am
pa
la,
Ug
an
da
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qu
ip p
art
icip
an
ts w
ith
do
me
stic
de
bt
co
nc
ep
ts,
de
ve
lop
ing
an
d m
an
ag
ing
de
bt
ma
rke
ts, d
om
est
ic d
eb
tin
stru
me
nts
, p
ric
ing
me
ch
an
ism
s o
f th
e d
iffe
ren
t in
stru
me
nts
an
d c
oo
rdin
atio
n b
etw
ee
n m
on
eta
ry a
nd
fis
ca
l po
licie
s
-0
01
23
412
17
20
MM
, Sn
r
Ou
tpu
ts�
Kn
ow
led
ge
of
ke
y d
om
est
ic d
eb
t m
an
ag
em
en
t c
on
ce
pts
, d
efin
itio
ns
an
d is
sua
nc
e t
ec
hn
iqu
es
imp
art
ed
�Im
pa
rte
d p
rac
tic
al s
kill
s fo
r in
stru
me
nts
pric
ing
, yie
ldsd
ete
rmin
atio
n a
nd
te
ch
nic
al a
na
lysi
s a
nd
inte
rpre
tatio
n�
Ide
ntifie
d r
eg
ion
al a
nd
co
un
try-
spe
cific
ca
pa
city b
uild
ing
ne
ed
s
13
.Jo
int
reg
ion
alM
EFM
I/C
om
sec
wo
rksh
op
on
De
ve
lop
ing
a P
ub
l icD
eb
t B
ulle
tin
23 A
pril
to 2
Ma
y2
01
2A
rush
a,
Tan
zan
ia
�To
eq
uip
pa
rtic
ipa
nts
with
th
e n
ec
ess
ary
skill
s to
op
era
te C
S-D
RM
S 2
000+
an
d u
se it
to
ge
ne
rate
re
po
rts
ne
ce
ssa
ry f
or
pre
pa
rin
g a
Pu
blic
De
bt
Bu
lletin
;�
To t
rain
pa
rtic
ipa
nts
on
sta
tist
ica
l re
po
rtin
gre
qu
ire
me
nts
an
d f
ea
ture
s o
f a
go
od
pu
blic
de
bt
bu
lletin
;�
To im
pa
rt s
kill
s o
n h
ow
to
use
th
e s
yst
em
mo
ree
ffe
ctive
ly t
o r
ep
ort
to
oth
er
inst
itu
tio
ns
suc
h a
s th
eB
rett
on
Wo
od
In
stitu
tio
ns;
an
d�
To im
pa
rt s
kill
s o
n h
ow
to
un
de
rta
ke
va
rio
us
sen
sitivity
an
aly
ses
on
a d
eb
t p
ort
folio
.
Co
mse
c0
40
21
38
12
14
MM
, Sn
r
Ou
tpu
ts�
Ad
ap
ted
te
mp
late
fo
r d
eve
lop
ing
an
ac
tua
l pu
blic
de
bt
bu
lletin
.�
Skill
s to
de
ve
lop
a p
ub
lic d
eb
t b
ulle
tin
inc
lud
ing
ext
rac
tio
n o
f re
leva
nt
CS-
DR
MS 2
000+
re
po
rt.
�K
no
wle
dg
e o
f n
ew
re
leva
nt
de
bt
sta
tist
ics
co
mp
ilatio
n, a
na
lysi
s a
nd
re
po
rtin
g d
efin
itio
ns,
me
tho
do
log
ies
an
d s
tan
da
rds.
�A
wa
ren
ess
of
rele
va
nt
exp
erie
nc
es
fro
m w
hic
h t
o t
ap
an
d le
arn
wh
en
de
ve
lop
ing
pu
blic
de
bt
sta
tist
ics
bu
lletin
s.
14
.D
ata
Va
lida
tio
n U
sin
g D
MFA
S 6
.0W
ork
sho
p
18
to
21
Ju
ne
2
01
2H
ara
re,
Zim
ba
bw
e
�To
pro
vid
e h
an
ds-
on
tra
inin
g o
n t
he
use
of
the
ne
wD
MFA
S 6
.0 f
or
de
bt
va
lida
tio
n a
nd
ge
ne
ratio
n o
f re
late
dre
po
rts.
�To
pro
vid
e t
rain
ing
on
da
ta v
alid
atio
n c
on
ce
pts
an
dm
eth
od
olo
gie
s w
ith
a v
iew
to
fo
ste
rin
g a
do
ptio
n o
fva
lida
tio
n c
ale
nd
ars
an
d b
est
pra
ctic
e b
y t
he
MEFM
Ic
ou
ntr
ies.
�To
sh
are
co
un
try e
xpe
rie
nc
es
with
da
ta v
alid
atio
n.
UN
CTA
D0
21
02
35
12
10
MM
, Sn
r
Ou
tpu
ts�
Da
ta v
alid
atio
n p
roc
ed
ure
s, w
hic
h s
pe
lls o
ut
a c
ale
nd
ar
of
ac
tio
ns
to b
e e
xec
ute
d b
y t
he
de
bt
ma
na
ge
me
nt
off
ice
to
en
sure
th
ere
liab
ility
of
da
ta.
�Im
pro
ve
d v
alid
atio
n s
kill
sth
at
min
imiz
e d
ata
err
ors
an
d t
hu
s e
nsu
rin
g r
elia
bili
ty o
f d
eb
t d
ata
.
Ou
tpu
ts
Ke
y:
TCP
= T
ec
hn
ica
l Co
op
era
tin
g P
art
ne
rSn
r=Se
nio
r M
an
ag
er
S=
Se
cre
taria
tM
M=
Mid
dle
Ma
na
ge
rD
= D
ire
cto
r
C=
MEFM
I C
ou
ntr
ies
Pa
rtic
ipa
tin
gM
= M
ale
F=Fe
ma
leJ=
Jun
ior
Ma
na
ge
r
15.
Leg
al, In
stitu
tio
na
la
nd
Re
gu
lato
ryFr
am
ew
ork
for
Pu
blic
De
bt
Ma
na
ge
me
nt
Wo
rksh
op
2to
6 J
uly
, 2012
Mo
mb
asa
, K
en
ya
�Th
e g
en
era
l ob
jec
tiv
e o
f th
e w
ork
sho
p w
as
to e
nh
an
ce
the
pa
rtic
ipa
nt’
s p
rac
tic
al u
nd
ers
tan
din
g o
f le
ga
l,in
stitu
tio
na
l an
d r
eg
ula
tory
fra
me
wo
rk f
or
pu
blic
de
bt
ma
na
ge
me
nt
02
00
01
31
01
51
2M
M,
Sn
r
Ou
tpu
ts�
Pa
rtic
ipa
nts
ga
ine
d k
no
wle
dg
e o
n t
he
ap
pro
pria
te le
ga
l an
d in
stitu
tio
na
l fra
me
wo
rks
for
pu
blic
de
bt
ma
na
ge
me
nt;
�P
art
icip
an
ts r
ev
iew
ed
th
eir c
ou
ntr
ies’
leg
isla
tio
ns
go
ve
rnin
g p
ub
lic d
eb
t m
an
ag
em
en
t a
s w
ell
as
inst
itu
tio
na
l arr
an
ge
me
nt
an
dp
rep
are
d p
rop
ose
d a
me
nd
me
nts
to
ad
dre
ss g
ap
s.
16.
Qu
an
tita
tive
Me
tho
ds
an
d A
na
lysi
sfo
r D
eb
t a
nd
Re
serv
es
Ma
na
ge
me
nt
3 t
o13 S
ep
tem
be
r 2012
Lilo
ng
we
, M
ala
wi
�To
pro
vid
e h
an
ds-
on
tra
inin
g t
o o
ffic
ials
in t
he
Min
istr
ies
of
Fin
an
ce
an
d C
en
tra
l Ba
nks
on
Ass
et
an
d L
iab
ility
Ma
na
ge
me
nt
(ALM
) te
ch
niq
ue
s, p
rac
tic
es
an
da
pp
lica
tio
ns
-1
01
13
41
12
11
3JM
, M
M,
Ou
tpu
ts
Ou
tpu
ts
�En
ha
nc
ed
kn
ow
led
ge
an
d p
rac
tic
al s
kill
s fo
r m
an
ag
ing
th
e d
eb
t a
nd
re
serv
es
po
rtfo
lios,
inc
lud
ing
pric
ing
fix
ed
inc
om
e in
stru
me
nts
, c
alc
ula
ting
ris
ks
an
d o
ve
rall
po
rtfo
lio m
an
ag
em
en
t.
17.
De
bt
Ma
na
ge
rs S
em
ina
r
22 t
o24 O
cto
be
r,M
ap
uto
, M
oza
mb
iqu
e
�To
en
ha
nc
e u
nd
ers
tan
din
g o
fP
PP
s, in
clu
din
g t
he
re
late
dd
efin
itio
ns,
co
nc
ep
ts,
po
licie
s a
nd
prin
cip
les;
�To
dis
cu
ss t
he
leg
al,
inst
itu
tio
na
l an
d p
olic
y f
ram
ew
ork
sa
pp
rop
ria
te f
or
mo
re e
ffe
ctiv
e u
se a
nd
ma
na
ge
me
nt
of
PP
Ps;
OEC
D
RSA
Tre
au
sry
11
00
23
10
16
7Sn
r, M
M,
D
The
Se
min
ar
ca
me
up
with
sp
ec
ific
re
co
mm
en
da
tio
ns
to im
pro
ve
PP
Ps
co
ntr
ac
tin
g p
roc
ess
an
d m
an
ag
em
en
t in
th
e r
eg
ion
. Th
ese
tra
nsc
en
de
d le
ga
l, in
stitu
tio
na
l an
d p
olic
yfr
am
ew
ork
s; r
ela
ted
ne
go
tia
tio
ns,
p
roc
ure
me
nt
an
d b
ud
ge
tin
g p
roc
ess
es;
an
d t
he
re
lev
an
t fe
asi
bili
tya
nd
ris
k
an
aly
sis
an
d t
oo
ls;
an
d,
En
ha
nc
ed
kn
ow
led
ge
an
d a
wa
ren
ess
am
on
gst
pa
rtic
ipa
nts
on
va
rio
us
asp
ec
ts o
f P
PP
s c
on
tra
ctin
g a
nd
ma
na
ge
me
nt.
18.
Join
t W
orld
Ba
nk
/MEFM
I D
eb
tM
an
ag
em
en
t Pe
rfo
rma
nc
eA
sse
ssm
en
t (D
eM
PA
) Tr
ain
ing
fo
rA
ud
ito
rs
12 t
o16 N
ove
mb
er
2012;
Na
iro
bi, K
en
ya
�Th
e g
en
era
l ob
jec
tiv
e o
f th
e w
ork
sho
p w
as
totr
ain
off
icia
ls f
rom
Su
pre
me
Au
dit In
stitu
tio
ns
on
inte
rna
tio
na
l sta
nd
ard
s re
latin
g t
o b
est
pra
ctic
e in
sov
ere
ign
de
bt
ma
na
ge
me
nt.
�Sp
ec
ific
ally
, it in
tro
du
ce
d t
he
au
dito
rs t
o t
he
co
nc
ep
ts a
nd
re
qu
ire
me
nts
fo
r e
ffe
ctiv
e d
eb
tm
an
ag
em
en
t a
nd
pu
blic
de
bt
au
dit a
s e
nu
nc
iate
d in
the
Wo
rld
Ba
nk D
eM
PA
too
l
Wo
rld
Ba
nk
03
00
23
16
23
10
Jnr,
MM
, Sn
r
�P
art
icip
an
ts g
ain
ed
kn
ow
led
ge
an
d p
rac
tic
al s
kill
s fo
r c
on
du
ctin
g D
eb
t M
an
ag
em
en
t P
erf
orm
an
ce
Asse
ssm
en
ts a
nd
de
sig
nin
g t
he
ass
oc
iate
d r
efo
rm p
lan
s.�
The
kn
ow
led
ge
an
d s
kill
s g
ain
ed
wo
uld
en
ha
nc
e t
he
ir u
nd
ers
tan
din
g o
f th
e s
ub
jec
t a
nd
th
us
en
ab
le t
he
m c
om
pre
he
nsi
ve
ly a
ud
it p
erfo
rma
nc
e o
f p
ub
lic d
eb
t m
an
ag
em
en
t in
th
eir
co
un
trie
s
Ac
tivity
Da
te
Ve
nu
e
Ob
jec
tiv
eTC
PR
eso
urc
e P
ers
on
sS
Pa
rtic
ipa
nts
Target
(J, MM, Snr, D)
Inte
rna
tio
na
l
Regional
MEFMI
Fellows
MEFMI Staff
CM
F
Paid
Gratis
Ou
tpu
ts
� �
Ac
tivity
Da
te
Ve
nu
e
Ob
jec
tive
TCP
Re
sou
rce
Pe
rso
ns
SPa
rtic
ipa
nts
Target
(J, MM, Snr, D)
Inte
rna
tio
na
l
Regional
MEFMI
Fellows
MEFMI Staff
CM
F
Paid
Gratis
FIN
AN
CIA
L SEC
TOR
MA
NA
GEM
EN
T PR
OG
RA
MM
E
19.
Fin
an
cia
lSta
bili
tya
nd
Ma
cro
-p
rud
en
tia
lSu
pe
rvis
ion
20 t
o 2
4 F
eb
rua
ry2012
Mb
ab
an
e, Sw
azi
lan
d
To p
rovid
e p
art
icip
an
ts w
ith
a c
om
pre
he
nsi
ve
vie
w o
fis
sue
s p
ert
ain
ing
to
fin
an
cia
l syst
em
sta
bili
ty a
nd
ma
cro
pru
de
ntia
l su
pe
rvis
ion
.
RB
S0
11
01
210
22
10
MM
,Sn
r
Ou
tpu
ts�
Eq
uip
pe
d p
art
icip
an
ts w
ith
skill
s o
f h
ow
to
de
ve
lop
fin
an
cia
l sta
bili
tyfr
am
ew
ork
s a
nd
ho
w t
o c
on
du
ct
fin
an
cia
l sta
bili
ty a
sse
ssm
en
ts.
�U
pd
ate
d p
art
icip
an
ts o
n t
he
glo
ba
l de
ve
lop
me
nts
in t
he
are
a o
f b
an
k s
up
erv
isio
n
20.
Re
tre
at
for
He
ad
s fo
r Pa
ym
en
t a
nd
Se
ttle
me
nt
Sy
ste
ms
24 t
o 2
6 A
pril2012
Ma
seru
, Le
soth
o
To a
dd
ress
me
tho
ds
of
de
vis
ing
po
licie
s fo
r p
aym
en
tsy
ste
ms
de
ve
lop
me
nt.
00
20
10
410
13
12
D
Ou
tpu
ts�
The
pa
rtic
ipa
nts
ga
ine
d k
no
wle
dg
e o
n h
ow
to
de
ve
lop
po
licy p
rop
osa
ls f
or
AM
L/C
FT a
nd
inn
ova
tive
pa
ym
en
t sy
ste
ms.
�A
t th
e e
nd
of
the
re
tre
at,
pa
rtic
ipa
nts
de
mo
nst
rate
d a
n a
pp
rec
iatio
n a
nd
un
de
rsta
nd
ing
of
ove
rsig
ht
of
fin
an
cia
l ma
rke
t in
fras
tru
ctu
res.
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ea
s w
ere
sh
are
d a
mo
ng
me
mb
er
co
un
trie
s w
ith
dra
ft b
ills
on
co
nsu
me
r p
rote
ctio
n.
21.
RA
MP W
ork
sho
p o
n R
isk
,Pe
rfo
rma
nc
e a
nd
Re
po
rtin
g fo
rA
fric
a R
eg
ion
14 t
o18
Ma
y2012
Mo
mb
asa
, K
en
ya
To s
up
po
rt t
he
imp
lem
en
tatio
n o
f a
str
on
g a
na
lytic
al
ca
pa
city f
or
risk
an
d p
erf
orm
an
ce
me
asu
rem
en
t a
nd
rep
ort
ing
fo
r fixe
d in
co
me
po
rtfo
lios
Wo
rld
Ba
nk
03
00
22
15
19
7
Ou
tpu
ts�
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vid
ed
solid
fo
un
da
tio
n f
or
a r
isk m
an
ag
em
en
t fr
am
ew
ork
th
at
allo
ws
pa
rtic
ipa
nts
to
me
asu
re, m
on
ito
r, a
nd
re
po
rt p
ort
folio
ris
k a
nd
pe
rfo
rma
nc
e
22.
Ris
kB
ase
d S
up
erv
isio
n a
nd
Se
l ec
ted
Co
mp
on
en
ts o
f B
ase
lIII
Jun
e 4
to
8 2012
Ka
mp
ala
, U
ga
nd
a
Toe
nh
an
ce
su
pe
rvis
ory
skill
s in
ris
k-b
ase
d s
up
erv
isio
n a
s w
ell
as
pro
vid
e a
n o
ve
rvie
w o
f th
e B
ase
l III
fra
me
wo
rk.
Sta
nd
ard
Ba
nk
Lim
ite
d
12
20
13
914
8M
M, Sn
r
Ou
tpu
ts�
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uip
pe
d p
art
icip
an
ts w
ith
skill
s a
nd
kn
ow
led
ge
of
the
pra
ctic
al a
spe
cts
of
risk
ba
sed
su
pe
rvis
ion
�U
pd
ate
d p
art
icip
an
ts o
n t
he
glo
ba
l ma
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ts d
eve
lop
me
nts
a
nd
em
erg
ing
ris
ks
in b
an
k s
up
erv
isio
n
23.
RA
MP W
ork
sho
p o
n S
tra
teg
i c A
sse
tA
lloc
atio
n fo
r A
fric
aR
eg
ion
Jun
e 1
8 t
o 2
2 J
un
e 2
012
Pa
ris,
Fra
nc
e
To t
ea
ch
qu
an
tita
tive
te
ch
niq
ue
s u
nd
erp
inn
ing
th
est
rate
gic
ass
et
allo
ca
tio
n r
ec
om
me
nd
atio
n.
Wo
rld
Ba
nk
03
00
02
711
2J,
MM
Ou
tpu
ts:
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ilia
rize
dp
art
icip
an
ts w
ith
th
e q
ua
ntita
tive
me
tho
ds
an
d m
od
elin
g t
ec
hn
iqu
es
tha
t a
re r
eq
uire
d t
o a
dd
ress
th
e a
sse
t a
lloc
atio
n p
rob
lem
sof
Ce
ntr
al B
an
ks
an
d o
the
r o
ffic
ial i
nst
itu
tio
ns.
Ke
y:
TCP
= T
ec
hn
ica
l Co
op
era
tin
g P
art
ne
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r=Se
nio
r M
an
ag
er
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cre
taria
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dle
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na
ge
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ire
cto
r
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ntr
ies
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rtic
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tin
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ale
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ma
leJ=
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ior
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na
ge
r
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y:
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hn
ica
l Co
op
era
tin
g P
art
ne
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r=Se
nio
r M
an
ag
er
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cre
taria
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dle
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na
ge
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ire
cto
r
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ou
ntr
ies
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rtic
ipa
tin
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ale
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ma
leJ=
Jun
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Ma
na
ge
r
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tivity
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te
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nu
e
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jec
tive
TCP
Re
sou
rce
Pe
rso
ns
SPa
rtic
ipa
nts
Target
(J, MM, Snr, D)
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rna
tio
na
l
Regional
MEFMI
Fellows
MEFMI Staff
CM
F
Paid
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24.
RA
MP W
ork
sho
p o
n E
xte
rna
lFu
nd
Ma
na
ge
me
nt
Au
gu
st 2
0 t
o 2
4Po
rt L
ou
is, M
au
ritiu
s
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rov
ide
pa
rtic
ipa
nts
with
a g
ov
ern
an
ce
an
do
pe
ratio
na
l fra
me
wo
rk f
or
sett
ing
up
an
d m
an
ag
ing
an
ext
ern
al m
an
ag
er
pro
gra
m.
Wo
rld
Ba
nk
Ce
ntr
al
Ba
nk o
fN
ige
ria
05
00
02
66
6J,
MM
Ou
tpu
ts:
Pa
rtic
ipa
nts
we
re e
qu
ipp
ed
with
skill
s fo
r e
ng
ag
ing
an
dm
an
ag
ing
an
ext
ern
al f
un
d m
an
ag
er.
25.
Ad
va
nc
ed
Ris
kM
an
ag
em
en
t a
nd
Mo
de
llin
g
27
thto
31
stA
ug
ust
2012
Win
dh
oe
k, N
am
ibia
To in
tro
du
ce
pa
rtic
ipa
nts
to
late
st q
ua
ntita
tiv
e t
ec
hn
iqu
es,
op
tim
iza
tio
n t
em
pla
tes,
an
d p
roc
ess
es
for
risk
ma
na
ge
me
nt.
BIS
01
21
12
10
18
13
MM
,Sn
r
Ou
tpu
ts:
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art
icip
an
ts w
ere
eq
uip
pe
d w
ith
qu
an
tita
tiv
e t
ec
hn
iqu
es
in t
he
ide
ntific
atio
n,
me
asu
rin
g,
an
d m
on
ito
rin
g o
f fin
an
cia
l ris
ks
�En
ha
nc
ed
skill
s fo
r a
na
lytic
al r
isk a
nd
pe
rfo
rma
nc
e m
an
ag
em
en
t in
lin
e w
ith
ce
ntr
al b
an
k in
ve
stm
en
tob
jec
tiv
es.
26.
RA
MP
Wo
rksh
op
on
Se
cu
ritie
sA
cc
ou
ntin
g
15 t
o19 O
cto
be
r2012
Joh
an
ne
sbu
rg S
ou
th A
fric
a
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rov
ide
pa
rtic
ipa
nts
with
a g
oo
d u
nd
ers
tan
din
g o
fa
cc
ou
ntin
g v
alu
atio
n a
nd
co
ntr
ol m
eth
od
olo
gie
s fo
r h
igh
fixe
d in
co
me
se
cu
ritie
s
Wo
rld
Ba
nk
04
10
12
14
21
14
MM
Ou
tpu
ts:
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ow
led
ge
on
ac
co
un
tin
g p
roc
ed
ure
s a
nd
me
tho
do
log
ies
for
fixe
d in
co
me
inst
rum
en
ts t
yp
ica
lly u
sed
in r
ese
rve
s m
an
ag
em
en
t
27.
Ne
w D
eve
lop
me
nts
in
Pa
ym
en
ts a
nd
Se
ttle
me
nt
Sy
ste
ms
22
to26, O
cto
be
r 2
012
Ga
bo
ron
e, B
ots
wa
na
Toe
nh
an
ce
kn
ow
led
ge
on
th
e u
pc
om
ing
issu
es,
cu
rre
nt
pro
du
cts
, p
rin
cip
les
an
d r
eg
ula
tio
ns
in p
aym
en
t, c
lea
rin
ga
nd
se
ttle
me
nt
syst
em
s.
00
22
10
31
31
71
5L,
MM
Ou
tpu
ts:
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t th
e e
nd
of
the
wo
rksh
op
, p
art
icip
an
ts d
em
on
stra
ted
an
ap
pre
cia
tio
n a
nd
un
de
rsta
nd
ing
of
ov
ers
igh
t o
f FM
Is.
�Exp
erie
nc
es
an
d c
ha
llen
ge
s w
ere
sh
are
d a
mo
ng
me
mb
er
co
un
trie
s w
ho
ha
ve
imp
lem
en
ted
a n
atio
na
l sw
itc
h.
28.
Re
tre
at
for
He
ad
s o
f Fi
na
nc
ial
Ma
rke
ts
13
to15 N
ov, 2012
Lua
nd
a, A
ng
ola
Off
er
a u
niq
ue
op
po
rtu
nity f
or
po
licy
ma
ke
rs,
an
d m
ark
et
pa
rtic
ipa
nts
to
sh
are
an
d c
on
trib
ute
on
critic
al i
ssu
es
imp
ac
tin
g o
n t
he
de
ve
lop
me
nt
of
the
do
me
stic
ma
rke
ts in
the
re
gio
n.
Inv
est
ec
22
20
23
81
63
Sn
r
Ou
tpu
ts:
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erie
nc
es
an
d c
ha
llen
ge
s w
ere
sh
are
d a
mo
ng
co
un
trie
s g
oin
g t
hro
ug
hre
gu
lato
ry r
efo
rms
in t
he
ir f
ina
nc
ial m
ark
ets
�A
t th
e e
nd
of
the
wo
rksh
op
, p
art
icip
an
ts d
em
on
stra
ted
a d
ee
pe
r u
nd
ers
tan
din
g o
n t
he
ne
ed
fo
r re
form
s in
co
ntr
ac
tua
l sa
vin
gs
syst
em
s, t
he
re
lev
an
ce
of
div
ers
ific
atio
n o
f th
e in
ve
sto
r b
ase
,b
en
efits
of
a f
air t
ax
reg
ime
an
d t
he
ap
plic
atio
n o
f b
en
ch
ma
rk b
on
ds.
Ac
tivity
Da
te
Ve
nu
e
Ob
jec
tiv
eTC
PR
eso
urc
e P
ers
on
sS
Pa
rtic
ipa
nts
Target
(J, MM, Snr, D)
Inte
rna
tio
na
l
Regional
MEFMI
Fellows
MEFMI Staff
CM
F
Paid
Gratis
MU
LTID
ISC
IPLI
NA
RY
AC
TIV
ITIE
S
29.
Hu
ma
n R
eso
urc
es
Wo
rksh
op
27 F
eb
rua
ryto
2 M
arc
h 2
012
Kig
ali,
Rw
an
da
To s
ha
re e
xpe
rie
nc
es
on
th
e a
pp
roa
ch
es
to f
orm
ula
tio
na
nd
imp
lem
en
tatio
n o
f re
wa
rd m
an
ag
em
en
tst
rate
gie
sa
nd
po
licie
s fo
r a
n o
rga
niz
atio
n
To e
xpo
se p
art
icip
an
ts t
o a
nd
sh
are
exp
erie
nc
es
on
job
eva
lua
tio
n t
ec
hn
iqu
es
an
d a
pp
lica
tio
ns
-2
01
311
14
15
J, M
M, Sn
r
Ou
tpu
t:En
ha
nc
ed
kn
ow
led
ge
on
ap
pro
ac
he
s a
nd
to
ols
on
fo
rmu
latio
n a
nd
imp
lem
en
tatio
n o
f r
ew
ard
s m
an
ag
em
en
t st
rate
gie
s a
nd
po
licie
s
30.
Fello
ws
Ass
ess
me
nt
for
Gra
du
atio
n
24 t
o25 J
uly
2012
Ha
rare
, Zim
ba
bw
e
To a
sse
ss c
an
did
ate
fe
llow
s fo
r g
rad
ua
tio
n-
1-
50
83
66
2J,
MM
, Sn
r
Ou
tpu
t:
Inc
rea
sed
ava
ilab
ility
of
fello
ws
for
de
live
ry o
f c
ap
ac
ity b
uild
ing
ac
tivitie
s.
31.
Fello
ws
Ass
ess
me
nt
for
Ac
cre
di ta
tio
n 2
5 J
uly
2012
Ha
rare
, Zim
ba
bw
e
To a
sse
ss g
rad
ua
ted
fe
llow
s fo
r a
cc
red
ita
tio
n-
10
50
83
31
2M
M
Ou
tpu
t:�
Inc
rea
sed
ava
ilab
ility
of
fello
ws
for
de
live
ry o
f c
ap
ac
ity
bu
ildin
g a
ctivitie
s
32.
2012 M
EFM
I C
om
bin
ed
Fo
rum
10 O
cto
be
r 2012, To
ky
o , J
ap
an
To c
rea
te a
wa
ren
ess
on
th
e c
ha
llen
ge
s a
nd
imp
lica
tio
ns
of
reg
ion
al i
nte
gra
tio
n f
ollo
win
g t
he
Eu
ro D
eb
t C
risi
s;-T
o p
rovid
e a
n a
pp
rec
iatio
n o
f th
e r
ole
of
fin
an
cia
l se
cto
rp
olic
ies
in e
co
no
mic
tra
nsf
orm
atio
n; a
nd
-To
exp
lore
wa
ys
of
cre
atin
g s
ove
reig
n w
ea
lth
fu
nd
s fr
om
pro
ce
ed
s o
f n
atu
ral r
eso
urc
es
No
rwa
y0
40
00
713
27
5D
Ou
tpu
t:In
cre
ase
da
wa
ren
ess
on
glo
ba
l ma
tte
rs.
Ke
y:
TCP
= T
ec
hn
ica
l Co
op
era
tin
g P
art
ne
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nio
r M
an
ag
er
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Se
cre
taria
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dle
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na
ge
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= D
ire
cto
r
C=
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ou
ntr
ies
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rtic
ipa
tin
gM
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ale
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ma
leJ=
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ior
Ma
na
ge
r
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y:
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ec
hn
ica
l Co
op
era
tin
g P
art
ne
rSn
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nio
r M
an
ag
er
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cre
taria
tM
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dle
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na
ge
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ire
cto
r
C=
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ou
ntr
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rtic
ipa
tin
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= M
ale
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ma
leJ=
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ior
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na
ge
r
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tivity
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te
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nu
e
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jec
tive
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sou
rce
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rso
ns
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rtic
ipa
nts
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(J, MM, Snr, D)
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rna
tio
na
l
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MEFMI
Fellows
MEFMI Staff
CM
F
Paid
Gratis
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ne
x II: In
-co
un
try
Wo
rksh
op
s C
on
du
cte
d D
uri
ng
Ja
nu
ary
toD
ec
em
be
r2012
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cro
ec
on
om
ic M
an
ag
em
en
t Pro
gra
mm
eM
ac
roe
co
no
mic
Ma
na
ge
me
nt
Pro
gra
mm
e
1.
Sw
azi
lan
d In
-Co
un
try
Wo
rksh
op
on
the
Co
nst
ruc
ted
Sm
all
Sc
ale
Ma
cro
Mo
de
l
5 t
o 1
6 M
arc
h 2
012
Pig
gs
Pe
ak
Tow
n, Sw
azi
lan
d.
�To
ca
rry o
ut
the
mo
de
l sim
ula
tio
ns,
ca
libra
tio
n a
nd
po
licy a
na
lysi
s o
n t
he
ba
sis
of
the
mo
de
l re
sults.
�To
fin
alis
e t
he
“H
OW
& W
HA
T TO
DO
”g
uid
e a
nd
tra
inth
e S
wa
zila
nd
te
am
on
ho
w t
o u
se it
.
10
11
13
2J,
MM
Ou
tpu
ts�
Ca
libra
ted
an
d s
imu
late
d t
he
mo
de
l an
d g
ot
pla
usi
ble
re
sults
on
th
e b
asi
s o
f w
hic
h a
po
licy a
na
lysi
s w
as
ma
de
.�
Ava
iled
th
e“h
ow
an
d w
ha
t to
do
”a
nd
tra
ine
d t
he
te
am
on
ho
w t
o u
se it
.
2.
Rw
an
da
In
-Co
un
try
Wo
rksh
op
on
Qu
art
erl
yG
DP C
om
pila
tio
nM
eth
od
olo
gy
.
Jan
ua
ry23 t
o 3
Fe
bru
ary
2012
Kig
ali,
Rw
an
da
�To
re
vie
w t
he
cu
rre
nt
sta
tus
of
qu
art
erly G
DP-
est
ima
tes
of
GD
P b
y t
he
NB
R w
ith
a v
iew
to
imp
rovin
gth
e m
eth
od
olo
gy, e
stim
ate
s a
nd
so
urc
es
of
da
ta
�To
pro
vid
e t
rain
ing
on
qu
art
erly n
atio
na
l ac
co
un
ts t
o,
mo
re s
pe
cific
ally
on
qu
art
erly e
stim
ate
s o
f G
DP
�P
rovid
e h
an
ds-
on
tra
inin
g b
y w
ork
ing
with
ac
tua
l da
tac
om
pili
ng
illu
stra
tio
n f
lash
est
ima
tes
an
d f
ore
ca
sts
for
co
min
g q
ua
rte
rs.
-0
01
01
21
61
J,M
M,
Sn
r
Ou
tpu
ts�
De
sig
ne
d a
Pro
toty
pe
Qu
art
erly G
DP
Fo
rec
ast
ing
Fra
me
wo
rk f
or
NB
R�
Tra
ine
d s
taff
on
GD
P f
ore
ca
stin
g f
ram
ew
ork
Ou
tpu
ts:
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on
ce
pts
an
d p
rac
tic
al a
pp
lica
tio
ns
imp
art
ed
via
pre
sen
tatio
ns
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nc
tio
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de
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imu
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3Ec
on
om
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od
elli
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ore
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sti n
gW
ork
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p
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d t
o 1
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ly, 2012, M
ap
uto
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oza
mb
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ow
led
ge
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kill
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na
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lica
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em
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re
00
11
10
117
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rna
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tpu
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ast
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ve
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nd
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le a
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art
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ts t
o it
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lica
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n.
4.
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tsw
an
a In
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un
try
Wo
rksh
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on
PC
MS.
22 O
cto
be
rto
02 N
ove
mb
er
2012
Ba
nk
of B
ots
wa
na
, G
ab
oro
ne
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ac
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do
ptio
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on
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ctiv
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nlin
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min
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-0
02
01
11
32
J,M
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r
5.
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mib
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mb
er
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nk
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d r
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-0
02
01
01
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tpu
ts:
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itu
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AN
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EM
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OG
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T M
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OG
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6.
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bt
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sta
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bili
tyA
na
lysi
s (D
SA
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ork
sho
p fo
r Za
mb
ia,
23 J
an
ua
ryto
3 F
eb
rua
ry2012
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gst
on
e, Za
mb
i a
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on
du
ct
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bia
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ng
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rm d
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sta
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ty a
na
lysi
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SA
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d
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rop
ose
fin
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cin
g o
ptio
ns.
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00
31
11
19
4J,
MM
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r
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tpu
ts�
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lida
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e d
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t d
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se�
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he
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ac
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ate
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un
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t su
sta
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ty in
dic
ato
rs
7.
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bt
Ma
na
ge
me
nt
an
d D
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S 5
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ain
ing
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rksh
op
fo
r Zi m
ba
bw
e
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o 2
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bru
ary
2012
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do
ma
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ba
bw
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tro
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ce
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w s
taff
to
pu
blic
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bt
ma
na
ge
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nt
an
d t
rain
th
em
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se o
f D
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01
02
21
69
J, M
M
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nio
r M
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ag
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e
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rce
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ns
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rtic
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rna
tio
na
l
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MEFMI
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tpu
tsEq
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ts w
ith
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pe
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pd
atin
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tio
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t Su
sta
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na
lysi
s W
ork
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p
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rch
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ar
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laa
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bt
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sta
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tyA
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lysi
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SA
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10
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22
12
67
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, Sn
r
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tpu
ts:
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sta
ina
bili
ty A
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lysi
s R
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ort
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ha
nc
ed
kn
ow
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ge
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ve
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en
t o
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e D
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t Su
sta
ina
bili
ty A
na
lysi
s.
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t Sta
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op
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o 2
7 J
uly
, 2
01
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an
da
, A
ng
ola
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ssis
t A
ng
ola
pro
du
ce
de
bt
sta
tist
ica
l bu
lletin
an
d t
rain
rele
va
nt
off
icia
ls.
10
10
01
11
71
0JM
, M
M,
Sn
r
Ou
tpu
ts:
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dra
ft p
ub
lic d
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t st
atist
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lletin
pre
sen
ted
to
de
bt
off
icia
ls f
rom
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nd
MO
F;�
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ck o
ffic
e s
taff
skill
s fo
r u
pd
atin
g t
he
pu
blic
de
bt
sta
tist
ics
bu
lletin
re
gu
larly in
fu
ture
; a
nd
,�
Ide
ntific
atio
n a
nd
dis
cu
ssio
n o
f in
-co
un
try t
rain
ing
ne
ed
s in
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I c
ap
ac
ity b
uild
ing
are
as,
inc
lud
ing
on
str
en
gth
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ing
pu
blic
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bt
ma
na
ge
me
nt
in t
he
ne
w M
OF
de
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it,
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nito
rin
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ate
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cto
r
10
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law
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eb
t Su
sta
ina
bili
tyA
na
lysi
sW
ork
sho
p
7 t
o 2
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uly
, 2
01
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lon
gw
e,
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i
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e a
uth
oritie
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nd
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t a
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bt
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sta
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tyA
na
lysi
s (D
SA
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21
20
12
53
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MM
, Sn
r
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tpu
ts:
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raft
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bt
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sta
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bili
ty A
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lysi
s R
ep
ort
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ha
nc
ed
kn
ow
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ge
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ve
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en
t o
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ials
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e D
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t Su
sta
ina
bili
ty A
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lysi
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rea
sed
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ss a
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ng
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nio
r G
ov
ern
me
nt
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icia
ls o
n M
ala
wi’s
pu
blic
de
bt
sust
ain
ab
ility
.
11
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bt
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era
tio
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an
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an
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em
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t W
ork
sho
p
20
-28
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gu
st,
20
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mp
ala
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ga
nd
a
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rain
pa
rtic
ipa
nts
an
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ake
re
co
mm
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en
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stic
de
bt
op
era
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ns
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d m
an
ag
em
en
t in
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elo
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21
21
11
97
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MM
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r
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tpu
ts:
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ren
ess
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ise
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ng
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en
ior
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icia
ls t
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ug
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pe
cific
re
co
mm
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da
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ns
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en
ha
nc
ing
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itu
tio
na
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ga
l an
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pe
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ld
ime
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on
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nt
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uritie
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da
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clu
din
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eb
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ark
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ve
lop
me
nt;
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no
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e o
f se
cu
ritie
s is
sua
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tep
s a
nd
me
tho
ds,
inc
lud
ing
au
ctio
n t
yp
es
an
d p
roc
ess
es;
an
d,
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ills
for
inst
rum
en
ts p
ric
ing
an
d y
ield
ca
lcu
latio
n,
yie
ld c
urv
e c
on
stru
ctio
n a
nd
te
ch
nic
al a
na
lysi
s a
nd
inte
rpre
tatio
n o
f th
ese
fo
r is
sua
nc
e e
ffe
ctiv
e in
stru
me
nt
ch
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es
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d is
sua
nc
e a
nd
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din
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ec
isio
ns.
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tivity
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te
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nu
e
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jec
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urc
e P
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rtic
ipa
nts
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rna
tio
na
l
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AN
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12
In-c
ou
ntr
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ork
sho
p o
n e
sta
blis
hin
g a
ne
nte
rprise
-wid
e r
isk
ma
na
ge
me
nt
for
Na
tio
na
lB
an
ko
f R
wa
nd
a
24
–25 J
uly
, 2012
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ali,
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an
da
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rovid
e c
ap
ac
ity t
o s
taff
in r
isk m
an
ag
em
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t d
ep
art
me
nt
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rea
so
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ide
ntific
atio
n, a
na
lysi
s a
nd
re
po
rtin
g
-1
00
11
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an
d M
M.
Ou
tpu
ts
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ine
d s
taff
on
th
e r
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of
en
terp
rise
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e r
isk m
an
ag
em
en
t, c
on
ce
pts
of
risk
an
d r
isk a
na
lytic
s, a
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th
e r
ole
of
Ris
k C
ha
mp
ion
s in
th
e w
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le p
roc
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.
13
In-c
ou
ntr
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ork
sho
p o
nR
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r B
an
co
de
mo
ca
mb
iqu
e
29 O
cto
be
r–
2 N
ove
mb
er
2012
Ma
pu
to, M
oza
mb
iqu
e
To r
ais
e a
wa
ren
ess
on
ris
k-ba
sed
su
pe
rvis
ion
te
ch
niq
ue
s-
00
20
12
n/a
24
16
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nd
MM
.
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tpu
ts
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t o
f re
co
mm
en
da
tio
ns
on
ho
w t
o r
efo
rm t
he
leg
al a
nd
re
gu
lato
ry f
ram
ew
ork
an
d s
tep
s to
ta
ke
to
ac
hie
ve
fu
ll im
ple
me
nta
tio
n o
f R
BS
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ha
nc
ed
kn
ow
led
ge
fo
r B
SD
sta
ff‘s
ba
sic
un
de
rsta
nd
ing
of
risk
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sed
su
pe
rvis
ion
in p
rep
ara
tio
n f
or
the
fu
ll im
ple
me
nta
tio
n a
he
ad
.
14
In-c
ou
ntr
yw
ork
sho
p o
n F
ina
nc
ialM
ark
ets
Op
era
tio
ns
for
the
Ba
nk
of Sw
azi
lan
d
19
-30 N
ove
mb
er
2012
Ma
nzi
ni, S
wa
zila
nd
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rovid
e c
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an
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cro
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an
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urs
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01
21
72
J, M
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PC
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ots
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o 2
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ots
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istr
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11
21
64
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ots
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ile in
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ore
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ks.
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.
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ou
ntr
yM
issi
on
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va
mp
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an
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lPro
gra
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me
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rkfo
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rve
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law
i
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o 2
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pril2012
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gra
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he
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serv
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an
k o
f M
ala
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asi
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ff o
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ina
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00
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96
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rma
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ets
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ll th
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ou
r m
ain
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cro
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nts
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ala
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go
ve
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nt,
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tio
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po
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spe
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ter-
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law
i.
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ay
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ne
2012
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lima
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gw
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al a
wi
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co
mp
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sis
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PC
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rve
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est
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lish
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ta t
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r 2
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63
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lida
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aly
sis
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1 s
urv
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om
pre
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ly a
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rep
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d.
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ntr
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issi
on
on
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me
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ma
cro
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r B
ots
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ly 2
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ots
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om
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ess
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cro
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pe
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cu
s o
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go
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en
t a
cc
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nt ;
th
e b
ala
nc
e o
f p
aym
en
ts;
an
d t
he
mo
ne
tary
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ina
nc
ial s
tatist
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urc
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ata
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rch
20
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02
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1M
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r
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on
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urv
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e s
tate
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nt
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ve
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ste
nc
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oc
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d w
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th
e S
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ela
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d n
ee
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lve
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rge
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ntr
y M
issi
on
on
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ba
sin
ga
nd
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vis
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s o
f K
en
ya
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atio
na
lA
cc
ou
nts
Au
g 1
4to
Se
p 7
2012
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iro
bi, K
en
ya
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asi
ng
an
d R
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isio
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nya
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atio
na
l Ac
co
un
ts�
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inin
g in
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DA
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oft
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re f
or
na
tio
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ts.
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01
01
21
18
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r
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ase
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nd
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tio
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g in
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DA
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tio
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sio
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o a
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zam
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ust
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r 2012
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oth
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tiv
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ativ
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licy m
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do
pte
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t c
ou
ntr
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ve
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ts o
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00
21
14
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r, D
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tpu
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ata
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fla
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l B
an
ko
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wa
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rry o
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limin
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ta A
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sig
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on
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Mis
sio
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nte
rprise
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isk
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na
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me
nt
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nk
of U
ga
nd
a
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rch
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mp
ala
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ga
nd
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tpu
ts
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elp
ed
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nk o
f U
ga
nd
a t
o d
efin
e t
he
ro
les
for
fin
an
cia
l ris
k m
an
ag
em
en
t a
nd
co
mp
lian
ce
de
pa
rtm
en
t o
ve
rsig
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fun
ctio
n
11.
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sio
n o
n E
nte
rprise
-wid
e r
isk
ma
na
ge
me
nt
for
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ntr
alB
an
ko
fSw
azi
lan
d
26 t
o 3
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arc
h 2
012
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ab
an
e, Sw
azi
lan
d
To c
on
du
ct
an
ass
ess
me
nt
an
d e
va
lua
tio
n o
f C
BS’
cu
rre
nt
fin
an
cia
lrisk
ma
na
ge
me
nt
po
licie
s a
nd
pra
ctic
es
with
a v
iew
to
re
va
mp
ing
the
fu
nc
tio
ns
of
the
Fin
an
cia
l Ris
k S
ec
tio
n (
FRS)
of
the
Ris
kM
an
ag
em
en
t D
ep
art
me
nt
(RM
D).
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00
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n/a
Ou
tpu
ts:
He
lpe
d t
he
CB
S d
ev
elo
p a
nd
imp
lem
en
t a
Fin
an
cia
l Ris
k M
an
ag
em
en
t Fr
am
ew
ork
an
d P
olic
y t
akin
g in
to c
on
sid
era
tio
n t
he
pre
sen
t Fra
me
wo
rk a
nd
Po
licy.
Fac
ilita
ted
th
at
CB
S d
ev
elo
p,
ad
op
t a
nd
imp
lem
en
t a
fin
anc
ial r
isk m
an
ag
em
en
t m
eth
od
olo
gy.
12.
Mis
sio
n o
n E
nte
rprise
-wid
e r
isk
ma
na
ge
me
nt
for
Na
tio
na
lB
an
ko
fR
wa
nd
a
16 t
o 2
0 J
uly
2012
Kig
ali,
Rw
an
da
To c
on
du
ct
an
ass
ess
me
nt
of
risk
s in
th
e F
ina
nc
ial M
ark
ets
De
pa
rtm
en
t a
nd
co
mm
en
ce
th
e p
roc
ess
es
an
d p
roc
ed
ure
so
fp
utt
ing
up
a B
usi
ne
ss C
on
tin
uity a
nd
Dis
ast
er
Re
co
ve
ry p
lan
.
-1
00
12
2n
/an
/an
/aM
, S
Ou
tpu
ts:
Afin
an
cia
l ris
k m
an
ag
em
en
t, m
on
ito
rin
g a
nd
ov
ers
igh
t fr
am
ew
ork
fo
r N
atio
na
l Ba
nk o
f R
wa
nd
a
13.
Mis
sio
n o
n R
evie
w o
f Pru
de
ntia
lR
etu
rns
an
d S
tre
ssTe
stin
gfo
r th
e C
en
tra
lB
an
ko
fSw
azi
lan
d
24 t
o 2
8 S
ep
tem
be
r 2012
Mb
ab
an
e, Sw
azi
lan
d
To c
on
du
ct
an
ass
ess
me
nt
of
fin
an
cia
l re
turn
s u
sed
by C
BS’
ba
nk
sup
erv
isio
n w
ith
a v
iew
to
ass
ist
the
m t
o d
ev
elo
p a
str
ess
te
stin
gp
olic
y f
ram
ew
ork
.
-0
00
21
1n
/an
/an
/aJ,
M. S
Ou
tpu
ts:
He
lp t
he
Ce
ntr
al B
an
k o
f Sw
azi
lan
d’s
ba
nk s
up
erv
isio
n d
ep
art
me
nt
de
ve
lop
a s
tre
ss t
est
ing
fra
me
wo
rk a
s w
ell
as
inc
orp
ora
te c
onso
lida
ted
su
pe
rvis
ion
re
qu
ire
me
nts
in t
he
ir f
ina
nc
ial r
etu
rns.
���
14.
Mis
sio
nto
re
vie
w s
up
erv
iso
ryp
roc
ess
es
of
Ba
nc
o d
e M
oc
am
biq
ue
25 t
o26 O
cto
be
r2012
Ma
pu
to, M
oza
mb
iqu
e
To e
na
ble
MEFM
I a
cq
uire
an
in-d
ep
th u
nd
ers
tan
din
g o
f B
an
co
de
Mo
ca
mb
iqu
es
pro
gre
ss in
imp
lem
en
tin
g r
isk b
ase
d s
up
erv
isio
nm
eth
od
olo
gie
s
-0
02
01
1n
/an
/an
/aJ,
M. S
Ou
tpu
ts:
Ke
y:
TCP
= T
ec
hn
ica
l Co
op
era
tin
g P
art
ne
rSn
r=Se
nio
r M
an
ag
er
S=
Se
cre
taria
tM
M=
Mid
dle
Ma
na
ge
rD
= D
ire
cto
r
C=
MEFM
I C
ou
ntr
ies
Pa
rtic
ipa
tin
gM
= M
ale
F=Fe
ma
leJ=
Jun
ior
Ma
na
ge
r
Ac
tivity
Da
te
Ve
nu
e
Ob
jec
tive
TCP
Re
sou
rce
Pe
rso
ns
SPa
rtic
ipa
nts
Target
(J, MM, Snr, D)
Inte
rna
tio
na
l
Regional
MEFMI
Fellows
MEFMI Staff
CM
F
Paid
Gratis
15.
Ph
ase
II
Mis
sio
n o
n R
ev
iew
of
Pru
de
ntia
lR
etu
rns
an
d S
tre
ss T
est
ing
for
the
Ce
ntr
al
Ba
nk
of
Sw
azi
lan
d
19
to2
8 N
ov
em
be
r 2
01
2
Mb
ab
an
e,
Sw
azi
lan
d
To c
on
du
ct
an
ass
ess
me
nt
of
fin
an
cia
l re
turn
s u
sed
by C
BS’
ba
nk
sup
erv
isio
n w
ith
a v
iew
to
ass
ist
the
m t
o d
ev
elo
p a
stre
ss t
est
ing
po
licy f
ram
ew
ork
.
-0
00
21
1n
/an
/an
/aJ,
M.
S
Ou
tpu
ts:
He
lp t
he
Ce
ntr
al B
an
k o
f Sw
azi
lan
d’s
ba
nk s
up
erv
isio
n d
ep
art
me
nt
de
ve
lop
a s
tre
ss t
est
ing
fra
me
wo
rk a
s w
ell
as
inc
orp
ora
te c
onso
lida
ted
su
pe
rvis
ion
re
qu
ire
me
nts
in t
he
ir f
ina
nc
ial r
etu
rns.
16.
Ph
ase
II
Mis
sio
n o
n E
nte
rprise
-wid
e r
isk
ma
na
ge
me
nt
for
Ce
ntr
alB
an
ko
fSw
azi
lan
d
19
to3
0 N
ov
em
be
r 2
01
2
Mb
ab
an
e,
Sw
azi
lan
d
To c
on
du
ct
an
ass
ess
me
nt
an
d e
va
lua
tio
n o
f C
BS’
cu
rre
nt
fin
an
cia
lrisk
ma
na
ge
me
nt
po
licie
s a
nd
pra
ctic
es
with
a v
iew
to
re
va
mp
ing
the
fu
nc
tio
ns
of
the
Fin
an
cia
l Ris
k S
ec
tio
n (
FRS)
of
the
Ris
kM
an
ag
em
en
t D
ep
art
me
nt
(RM
D).
-0
01
11
1n
/an
/an
/aJ,
M.
S
Ou
tpu
ts:
Ase
t o
f re
co
mm
en
da
tio
ns
an
d a
ctio
n p
lan
th
at
will
:�
Str
en
gth
en
th
e m
an
ag
em
en
t o
f fin
an
cia
l ris
ks
in C
BS,
an
d�
Se
t in
mo
tio
n a
pro
ce
ss t
ha
t w
ill e
nsu
re F
RS is
re
ad
y t
o f
un
ctio
n a
s a
n e
nte
rprise
-wid
e f
ina
nc
ial r
isk m
an
ag
em
en
t u
nit w
ith
in t
he
sh
ort
est
tim
e p
oss
ible
De
bt
Ma
na
ge
me
nt
Pro
gra
mm
e
17.
Join
t W
orld
Ba
nk
Mis
sio
n o
n R
efo
rm P
lan
Mis
sio
n t
o T
an
zan
ia
23
Ja
nu
ary
to 3
Fe
bru
ary
20
12
,D
ar
es
Sa
laa
m,
Tan
zan
ia
To m
ap
ou
t n
ec
ess
ary
pu
blic
de
bt
ma
na
ge
me
nt
refo
rms
tha
t w
ou
lda
dd
ress
exi
stin
g w
ea
kn
ess
es
inc
lud
ing
th
ose
ide
ntifie
d b
y t
he
20
10
De
MP
Am
issi
on
.
Wo
rld
Ba
nk
03
00
1n
/an
/a
Ou
tpu
tsD
ev
elo
pe
d a
de
bt
ma
na
ge
me
nt
refo
rm p
lan
ou
tlin
ing
:�
inst
itu
tio
na
l op
tio
ns
for
cre
atin
g a
ce
ntr
aliz
ed
DM
O w
ith
fro
nt,
mid
dle
an
d b
ac
k o
ffic
es;
�re
co
mm
en
da
tio
n t
o t
ran
sfe
r ke
y d
eb
t m
an
ag
em
en
t fu
nc
tio
ns,
syst
em
s a
nd
re
lev
an
t st
aff
fro
m t
he
va
rio
us
de
pa
rtm
en
ts in
vo
lve
d in
de
bt
ma
na
ge
me
nt
to t
he
ne
w D
MO
; a
nd
�re
co
mm
en
da
tio
n t
o d
oc
um
en
t a
ll D
MO
pro
ce
du
res
an
d o
pe
ratio
na
l ris
k m
an
ag
em
en
t fr
am
ew
ork
, a
nd
to
intr
od
uc
e a
nd
mo
nito
r c
om
plia
nc
e w
ith
th
ese
.
18.
Join
t W
orld
Ba
nk
Pu
blic
De
bt
Ma
na
ge
me
nt
Re
form
Pla
n M
issi
on
to
Ma
law
i
30
Ja
nu
ary
to
7 F
eb
rua
ry2
01
2Li
lon
gw
e,
Ma
law
i
To a
sse
ss p
rog
ress
with
imp
lem
en
tatio
n o
f D
eb
t M
an
ag
em
en
tR
efo
rm P
lan
de
ve
lop
ed
in J
an
ua
ry 2
01
1
To u
pd
ate
th
e R
efo
rm P
lan
To p
rov
ide
an
y r
eq
ue
ste
d t
ec
hn
ica
l ass
ista
nc
e a
nd
ha
ve
dis
cu
ssio
ns
on
ke
y c
on
ce
ptu
al e
lem
en
ts o
f D
eb
t M
an
ag
em
en
t re
form
.
Wo
rld
Ba
nk
30
01
n/a
n/a
Ou
tpu
ts�
Ide
ntifie
d r
ec
en
t d
ev
elo
pm
en
ts in
de
bt
ma
na
ge
me
nt,
�H
igh
ligh
ted
so
me
ch
alle
ng
es
an
d m
ad
e s
om
e r
ec
om
me
nd
atio
ns.
�D
isc
ov
ere
d s
om
e d
ev
elo
pm
en
ts in
Ma
law
i with
an
imp
ac
t o
n D
eb
t M
an
ag
em
ent
tha
t in
clu
de
c
on
stra
ine
d p
ub
lic r
ev
en
ue
s d
ue
to
a s
low
do
wn
in t
he
ec
on
om
y,
susp
en
sio
n o
f th
e E
CF
an
d c
on
seq
ue
nt
ab
sen
ce
of
oth
er
bu
dg
et
sup
po
rt a
nd
an
inc
rea
se in
th
e v
olu
me
an
d c
ost
of
go
ve
rnm
en
t b
orr
ow
ing
sin
ce
20
06
.
Ke
y:
TCP
= T
ec
hn
ica
l Co
op
era
tin
g P
art
ne
rSn
r=Se
nio
r M
an
ag
er
S=
Se
cre
taria
tM
M=
Mid
dle
Ma
na
ge
rD
= D
ire
cto
r
C=
MEFM
I C
ou
ntr
ies
Pa
rtic
ipa
tin
gM
= M
ale
F=Fe
ma
leJ=
Jun
ior
Ma
na
ge
r
Ac
tivity
Da
te
Ve
nu
e
Ob
jec
tiv
eTC
PR
eso
urc
e P
ers
on
sS
Pa
rtic
ipa
nts
Target
(J, MM, Snr, D)
Inte
rna
tio
na
l
Regional
MEFMI
Fellows
MEFMI Staff
CM
F
Paid
Gratis
19.
De
bt
Ma
na
ge
me
nt
Pe
rfo
rma
nc
eA
sse
ssm
en
t (D
eM
PA
) M
issi
on
fo
r N
am
ibia
28
Fe
bru
ary
to 8
Ma
rch
20
12
Win
dh
oe
k, N
am
ibia
To a
sse
ss N
am
ibia
’s d
eb
t m
an
ag
em
en
t p
erf
orm
an
ce
as
a b
asi
s fo
re
sta
blis
hin
g a
ba
selin
e f
or
futu
re r
efo
rms
an
d c
ap
ac
ity b
uild
ing
ind
eb
t m
an
ag
em
en
t.W
orld
Ba
nk
03
00
11
12
51
7D
, Sn
r, M
M
Ou
tpu
ts
Pro
du
ce
d a
De
bt
Ma
na
ge
me
nt
Pe
rfo
rma
nc
e A
sse
ssm
en
t R
ep
ort
20
Leso
tho
De
bt
Ma
na
ge
me
nt
Pe
rfo
rma
nc
eA
sse
ssm
en
t M
issi
on
21
st to
28
th S
ep
tem
be
r 2
01
2M
ase
ru,
Leso
tho
To a
sse
ss L
eso
tho
’s d
eb
t m
an
ag
em
en
t p
erf
orm
an
ce
as
a b
asi
s f
or
est
ab
lish
ing
a b
ase
line
fo
r fu
ture
re
form
s a
nd
ca
pa
city b
uild
ing
ind
eb
t m
an
ag
em
en
t.W
orld
Ba
nk
03
00
11
12
83
8D
, Sn
r, M
M,
JM
Ou
tpu
ts:
�D
eb
t M
an
ag
em
en
t P
erf
orm
an
ce
Ass
ess
me
nt
Re
po
rt id
en
tify
ing
th
e s
tre
ng
ths
an
d w
ea
kn
ess
es
in d
eb
t m
an
ag
eme
nt
�D
eb
t M
an
ag
em
en
t R
efo
rm P
lan
fo
r L e
soth
o t
o a
dd
ress
th
e id
en
tifie
d w
ea
kn
ess
es
21
Eth
iop
ia J
oin
t M
EFM
I/W
orld
Ba
nk
Me
diu
mTe
rm D
eb
t M
an
ag
em
en
t Str
ate
gy
(MTD
S)
Mis
sio
n
9-1
9 O
cto
be
r 2
01
2,
Ad
dis
Ab
ab
a, Eth
iop
ia
�To
imp
art
skill
s in
th
e d
ev
elo
pm
en
t a
nd
use
of
the
MTD
Sa
na
lytic
al t
oo
l; a
nd
�P
rep
are
a M
ed
ium
Te
rm D
eb
t M
an
ag
em
en
t Str
ate
gy t
ha
t is
ow
ne
d b
y t
he
Eth
iop
ian
Au
tho
ritie
s
Wo
rld
Ba
nk
05
00
11
12
14
Sn
r, M
M, Jn
r
Ou
tpu
ts�
Tra
ine
d t
ec
hn
ica
l sta
ff in
usi
ng
MTD
S�
Dra
ft M
TDS f
or
sub
mis
sio
n t
o s
en
ior
off
icia
ls�
AD
raft
Aid
e M
em
oire
22
Za
mb
ia In
-Co
un
try
Tra
inin
g a
nd
De
bt
Re
form
11
-19 N
ove
mb
er
2012
Lusa
ka
Za
mb
ia
�To
ass
ist
Zam
bia
de
ve
lop
de
bt
refo
rm p
lan
an
d p
rov
ide
tra
inin
go
n r
efo
rm a
rea
sW
orld
Ba
nk
UN
CTA
D
03
00
11
11
29
Jnr,
MM
, Sn
r, D
Ou
tpu
ts�
Zam
bia
de
bt
refo
rm a
wa
ren
ess
am
on
g k
ey s
take
ho
lde
rs,
un
de
rpin
ne
d b
y a
dra
ft d
eb
t m
an
ag
em
en
t re
form
pla
n
23
Na
mib
ia M
TDS T
rain
ing
7-1
6 N
ove
mb
er
2012
Win
dh
oe
k, N
am
ibia
�To
su
pp
ort
th
e a
uth
oritie
s in
re
vis
ing
th
e 2
00
5 S
ov
ere
ign
De
bt
Ma
na
ge
me
nt
Str
ate
gy (
SD
MS)
an
dto
bu
ild c
ap
ac
ity o
f th
e jo
int
Min
istr
y o
f F
inance
–B
ank o
f N
am
ibia
work
ing g
roup that is
updating the s
trate
gy
Wo
rld
Ba
nk
04
00
11
14
10
Sn
r, M
M, Jn
r
Ou
tpu
ts�
pro
vid
ed
co
mm
en
ts t
o t
he
20
05
So
ve
reig
n D
eb
t M
an
ag
em
en
t Str
ate
gy in
te
rms
of
co
nte
nt,
org
an
izatio
n a
nd
imp
rov
em
en
ts;
•b
uilt
ca
pa
city o
f th
e jo
int
Min
istr
y o
f Fi
na
nc
e¬–B
an
k o
f N
am
ibia
(B
ON
) w
ork
ing
gro
up
th
at
is u
pd
atin
g t
he
str
ate
gy;
an
d•
AD
raft
Aid
e M
em
oire
an
d t
he
mis
sio
n’s
MTD
S R
ep
ort
.
An
ne
xIV
: N
etw
ork
ing
& S
taff
De
ve
lop
me
nt
Jan
ua
rya
nd
De
ce
mb
er
20
12
MEFM
I va
lue
s th
e b
en
efits
of
ne
two
rkin
g a
nd
the
imp
ac
tit h
as
on
sta
ff e
xpo
sure
an
d c
ap
ac
ity b
uild
ing
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Da
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Inst
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Th
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1.
23to
24 J
an
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012
1SA
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6.
17 A
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012
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16
to20 A
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1SA
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8.
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Ju
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20
12
6W
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9.
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SA
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10
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12
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Cu
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Fin
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Co
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11
.25to
26 J
un
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012
1SA
DC
Six
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Sta
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Wo
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Pre
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Afr
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12
.2
7to
29
Ju
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20
12
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Ke
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Afr
ica
13
.2
7to
29
Ju
ne
20
12
1C
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OFT
Ad
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Exc
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14
.29to
31 J
un
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012
1B
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em
15
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14
Ju
ly 2
01
21
AFR
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min
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up
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16
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9to
20
Ju
ly 2
01
21
BN
R-IM
F-W
B-IG
CIn
tern
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nfe
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on
Mo
ne
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Po
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De
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Ch
alle
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pe
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17
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3 t
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20
12
2M
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A/R
ITD
Re
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Mo
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18
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20
12
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19
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9to
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Zim
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01
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AC
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Mo
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Ev
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21
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7to
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Se
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20
12
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pu
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Pa
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Ad
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25
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to
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1W
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De
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na
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26
5 t
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20
12
1IM
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tern
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axi
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Va
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VfM
)
27
5 t
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r 2
01
21
Pe
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nc
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Tra
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c.,
Ca
na
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Pe
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nc
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an
ag
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dic
ato
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28
10
to
21
De
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mb
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21
IMF
Inst
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teEc
on
om
ic Iss
ue
s o
n R
eg
ion
al I
nte
gra
tio
n
66