MEFMI Holds Retreat for Heads of Economic Research and Policy Units

There is still inadequate capacity in macroeconomic policy management and analysis among the MEFMI member countries. The situation was particularly evident during the COVID-19 pandemic when some countries had to adjust their current frameworks or even adopt new ones to analyse the Covid-19 shock. Thus, this area has been identified as a key priority under MEFMI’s Phase VI Strategic Plan (2022-2026) and MEFMI is committed to fulfilling this capacity demand.

In this regard, Heads of Economic Research and Policy Units in member country client institutions play a crucial role in supporting the implementation of capacity building activities in macroeconomic policy management. They are also critical players in policy design and formulation. It is therefore important that these officials are made aware of the MEFMI capacity building activities so that they can lend their support by embracing international best practices and ensuring that the right caliber of staff are trained. It is against this background that MEFMI conducted a Hybrid Retreat for Heads of Economic Research and Policy Units from 27 – 28 February 2023 in Dar es Salaam, Tanzania.

The objective of the retreat was to promote awareness on MEFMI activities on macroeconomic management and to foster professional interaction among Heads of Economic Research and Policy Units of Central Banks and Ministries of Finance/Economic Planning. The retreat presented an opportunity for the Heads of Economic Research and Policy Units to learn from each other on the  status, key challenges, and critical capacity gaps in macroeconomic policy management in the region.

The retreat was divided into four parts. The first part provided an overview of capacity building interventions by MEFMI while the second part focused on the status, key challenges, opportunities, and critical capacity gaps in fiscal policy, monetary policy, modelling and forecasting, and research. It also focused on emerging issues, especially gender-responsive macroeconomic policy management and the Composite Index of Economic Indicators (CIEA). The third part featured presentations on capacity building activities related to macroeconomic management.

The final part of the retreat discussed the roll-out of the recently updated Public Expenditure and Financial Management (PEFM) Handbook and the Financial Programming and Policy (FPP) Manual. It is expected that the retreat will increase the member countries’ uptake of in-country activities, facilitate appropriate nominations of officials for specific activities and monitor the impact of MEFMI training within their institutions.

A total of 27 officials from 12 MEFMI member countries attended the retreat. Of the 27 participants, 8 (30%) were female while 19 (70%) were male. The workshop was facilitated by Dr. Austin Chiumia from the Reserve Bank of Malawi, Dr. Patrick Ndzinisa from the Central Bank of Eswatini, Mr. Wilson Asiimwe from the Ministry of Finance of Uganda, Mr. Samuel Tarinda from the Reserve Bank of Zimbabwe, Mr. Welcome Nxumalo from the Central Bank of Eswatini, Mr. Ruy Lama from the IMF-ICD, Dr. Eric Kehinde from AfDB, Dr. Emmanuel Owusu-Afriyie from WAIFEM, Dr. Hopestone Kayiska Chavula from UNECA as well as Dr. Sehliselo Mpofu, Mr. Senei Molapo and Dr. Frank Chansa from MEFMI.

Prepared by Frank Chansa