MEFMI Signs $1.2 million Grant

The funding from ACBF will complement contributions made by MEFMI member countries and other financial cooperating partners – the Royal Norwegian and the Swedish governments. The relationship between ACBF and MEFMI dates back to the launching of the Institute 20 years ago in 1994.

As at December 2013, member states’ annual contributions including in-kind contributions amounted to four million four hundred and ninety seven thousand United States Dollars ($4,497million).  Member countries’ contribution to the 2013 budget was 70%, despite the prevailing tough financial global economic situation. 

MEFMI including its predecessor Eastern and Southern Africa Initiative in Debt and Reserves Management (ESAIDARM) was launched in 1994, at a crucial time to provide capacity to enable member countries formulate and effectively implement macroeconomic and financial management policies. MEFMI’s capacity building also enables countries to set up systems and institutions that support policy formulation and implementation.  As MEFMI celebrates 20 years of existence this year, this aspect remains important. This is evident from the fact that the operating environments of the 13 MEFMI member countries (Angola, Botswana, Kenya, Lesotho, Malawi, Mozambique, Namibia, Rwanda, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe) keep evolving given developments within the international environment which requires constant adaption to best practices. In addition, it is becoming imperative for MEFMI member states to translate all achievements derived from managing the economies well into tangible results showing that there is reduction in poverty levels.

Our Successes

Over the 20 years, the Institute has matured into a reputable entity that strives to meet the growing needs of its client institutions. Some of the Institute’s major successes include;

1.  Assisting MEFMI countries by developing relevant capacity building tools such as the Private Capital Monitoring System (PCMS) software which is now being used in capturing and collating information on foreign private capital flows. Currently ten MEFMI member countries have adopted and are using the system;
2.  Developing manuals such as the Public Expenditure and Financial Management (PEFM) as well as a Macroeconomic Modelling and Forecasting Manual;
3. Assisting countries to develop country specific tools such as Core Inflation Model for Namibia;
4. Assisting countries to prepare debt management strategies and policy documents in addition to numerous institutional reform plans;
5. Assisting financial regulators in the MEFMI region to implement Risk Based Supervision, and intensified hands-on training of Reserves Management;
6. Through its Fellows Development Programme, the Institute has built a strong base of 94 Fellows who act as in-house resource persons who are at the disposal of their institutions.

    

   MEFMI has also been actively involved in the enhancement of institutional processes as it conducted institutional and technical reviews and studies that help to shape policies and operational effectiveness in client institutions. Some of the recent studies include:

   (a) Operations of Foreign Currency Accounts and Cheques in the region;

   (b) Public Financial Management System for Zimbabwe;

   (c) Currency Options for Zimbabwe;

   (d) Study to develop the guidelines for Government Securities Issuance; and

   (e) The Impact of Debt Relief Mechanisms in the Region.

    

   Other capacity building interventions relate to awareness-raising at policy and senior-level, on pertinent operational developments, challenges and opportunities in the area of macroeconomic and financial management targeted Heads of institutions and of Departments. The interventions have greatly helped in enhancing the reform agenda in member countries. At the Secretariat level, a number of reviews were undertaken aimed at ascertaining and refining the structure of the organization in line with the obtaining environment.