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Stanislas Nkhata Mr Stanislas Nkhata is the new Director of the MEFMI Debt Management Programme.  Mr. Nkhata joined MEFMI in 2012 as Programme Manager and was appointed Director in September 2017. He has replaced Mr Raphael Otieno who returned to the Central Bank of Kenya after the end of his tour of duty at the MEFMI Secretariat. Mr Nkhata holds a Master of Arts Degree in Economics and a Bachelor of Social Sciences Degree (majoring in Economics) from the University of Malawi. He has vast experience in economic and public debt management, spanning over 15 years.

  FSMP Workshop August 2017

In the recent years, there has been a strong momentum towards regional economic and financial integration as seen by the developments in the Regional Economic Communities (RECs) on the African continent. This has been followed by the development and implementation of links and interconnections in payments and market infrastructures. Sound and efficient payment systems significantly contribute to the efficiency of financial systems and enhance financial stability. Consequently, well-developed regional payment systems promote cross-border trade and economic and monetary integration by reducing transaction periods and cost; and supporting safety in transaction processing.

Against this backdrop, MEFMI’s Financial Sector Management Programme (FSMP) conducted an East African Community (EAC) sub-regional workshop on cross-border payment systems from the 31 July – 4 August 2017 in Kigali, Rwanda. The workshop, the first of its kind, targeted staff from the EAC Central Banks and Ministries of Finance, involved in the operation, oversight, supervision and legal advisory of cross- border payment systems in the four MEFMI member states – Kenya, Tanzania, Uganda and Rwanda.

The Institute is inviting Consultancy firms to submit for consideration, a proposal to conduct a study to develop mortality tables and a guideline that countries can use on their own.
The main objective of this assignment is to conduct a study that will culminate in:
(a)  A comprehensive and sound framework for Developing Mortality Tables;
(b) Single Mortality Table for EAC Partner States; and
(c) Specific mortality tables for other MEFMI countries.

Please click here for details of requirements

zimbabwe medium debt
The Government of Zimbabwe has made significant progress in building and strengthening public debt management capacity since 2011. This includes setting up a dedicated Public Debt Management Office (PDMO), adoption of a modern public debt management legislation, preparation and adoption of debt management procedures manuals, regular reconciliation of public debt database, installation of frameworks for debt data back-up, as well as staff recruitment and training. The new Public Debt Management Act promulgated in 2015 provides a comprehensive framework for public debt management, including requirements to develop and publish a formal medium-term debt management strategy based on public debt management objectives, an annual borrowing plan, and conducting annual debt sustainability analyses.

Dr Kupukile MlamboHARARE – Reserve Bank of Zimbabwe (RBZ) deputy governor Dr Kupukile Mlambo has been appointed chairman of the recently established Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) Academic Board.

The board was created to oversee the output of the institution’s programme. Other members of the board include Dr John Nhavira from the University of Zimbabwe, Dr Naomi Ngwira, a consultant from Malawi, Dr Angelica Njuguna frm Kenyatta University and Professor Faustine Adolf Mkenda, permanent secretary in Tanzania’s Ministry of Industry, Trade and Investments.

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heads stats
Macroeconomic statistics are essential for evaluating a country’s economic performance and for making bilateral and multilateral comparisons. They also provide the framework for planning, formulating, and monitoring the implementation of economic and budgetary policies. While considerable progress has been made by MEFMI Member States in adopting the latest international manuals for compilation of macroeconomic statistics, the quality of data produced and its availability leaves a lot to be desired.

This study expanded the line of research in evaluating the effect of factors related to the growth of government expenditure on infrastructure with the use of the Engle and Granger (1987) approach using annual time series data from 1980 to 2014 in Lesotho. This approach provides a direct test of the economic theory and enables utilization of the estimated long-run parameters into the estimation of the short-run disequilibrium relation. The residual test showed that there is a stable long-run relationship among the variables. The government revenue, grants and loans play a significant role in determining growth of government spending in Lesotho. There is no evidence of association between growth of government spending on infrastructure and external reserves both in the long –run and short-run. The absence of this trade off can lead to accumulation of reserves above the optimal level. An increase in the allocation of government resources to capital expenditure will boost the country’s economic growth and development.

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MEFMI conducted a follow-up in-country workshop on the Financial Programming Framework (FPF) for Zimbabwe, from 5 - 9 June 2017. This was conducted at the Kadoma Hotel and Conference Center, Kadoma, Zimbabwe. Building on the successes of interventions through implementation of demand-driven, tailor-made country specific capacity building activities initiated in Phase IV (2012-2016) has been a success story which saw the development of tangible capacity tools and frameworks across MEFMI client institutions. The experience in Phase IV showed that more proactive countries have benefitted the most from these in-country activities. In Phase V (2017-2021), the Institute will continue to broaden the delivery of more country specific activities by ring-fencing resources to meet the needs of Member Countries and Institutions. Furthermore, MEFMI will make efforts to proactively address institutional capacity challenges which are known to exist in client institutions so as to achieve equitable benefits for all the countries.

The annual Forum for Central Banks Govenors from the MEFMI region will this year be held at the Bank for International Settlements (BIS) in Basel, Switzerland. The Forum will be held on 23 June 2017, back to back with the BIS annual meetings.

The Govenors’ Forum whose theme is Responsible Development Financing is one of the Executive Fora activities on MEFMI’s annual calendar of events. The aim of the Governors Forum is to assist policy makers in developing and sustaining a crop of more informed decision makers in the region.