Officials underline the need for improved coordination in crisis management in the region

Delegates at the Joint MEFMI/FSI Policy Implementation Meeting that was held from 3 to 4 November 2021 emphasised the need for the region to improve crisis management and resolution capacity. Responding to a poll conducted at the end of the event, the delegates further agreed that there was need to strengthen cross-border crisis management and coordination within the region.

The Joint MEFMI/FSI Policy Implementation Meeting is an annual event jointly organised by MEFMI and the Financial Stability Institute (FSI) of the Bank for International Settlements (BIS). The Policy Implementation Meeting provides a platform for senior supervisors in the MEFMI region to discuss cross-cutting pertinent and emerging issues in supervision and regulation of financial institutions. As a result of the increased importance of robust crisis management and resolution frameworks in the wake of the COVID-19 pandemic, the 2021 Policy Implementation Meeting discussed approaches to crisis management and resolution of failed institutions. The meeting also discussed the role of Crisis Simulation Exercises (CSE) in improving crisis preparedness focusing on CSE design, scope, cross-border issues, simulation scenarios, and CSE’s efficiency assessments.

The seminar was attended by 53 participants (26 female and 27 male), out of whom 51 were from 13 MEFMI countries, namely Angola, Botswana, Eswatini, Kenya, Lesotho, Malawi, Mozambique, Namibia, Rwanda, Tanzania, Uganda, Zambia and Zimbabwe. The participants were drawn from ministries of finance/economic planning, central banks, and financial sector regulators responsible for securities, pensions and insurance sectors.  The participants were guided by a team comprising Mr Rastko Vrbaski, Ms Ruth Walters (BIS) and Mr Vasily Pozdyshev; Mr Tommy Garland (Bank of England), Mr Jacques Botes (South African Reserve Bank), Mr Gerald Nyaoma (Central Bank of Kenya) and Ruzayi Chiviri (Reserve Bank of Zimbabwe).

Delegates indicated that their jurisdictions would participate in a regional crisis simulation exercise if one was to be organised.

Prepared by Noel Mahombera