MEFMI/COMSEC conducts Workshop on the Commonwealth Meridian and Debt Data Quality Assessment Framework

MEFMI and COMSEC conducted a workshop on the Commonwealth Meridian and Debt Data Quality Assessment Framework from 25 to 29 September 2023 in Maseru, Lesotho. The workshop aimed to impart knowledge and skills on the key aspects of debt data quality and transparency, including the use of Commonwealth Meridian, to enhance debt data quality. The workshop sought to raise awareness of the developed Debt Data Quality Assessment tool.

To support the maintenance of a high-quality debt database and debt statistics, the Commonwealth Secretariat jointly with the UNCTAD’s Debt Management and Financial Analysis System (DMFAS) Programme developed a Debt Data Quality Assessment Tool, (Debt-DQA), which assesses the quality of debt data recorded in the debt management systems.

Specifically, the main function of the tool is to assist countries in validating the debt databases and assessing the quality of data recorded in their respective debt management information systems. The tool has been incorporated in the Commonwealth Meridian system and user countries can utilise the tool in their scheduled data validation exercises.

Officiating the workshop on behalf of the Principal Secretary for Finance, Ms. Libako Leisanyane, the Director Macroeconomic Policy and Management Department in the Ministry of Finance in Lesotho emphasised that the quality of debt data is essential in ensuring accurate reporting and analysis. She highlighted that quality data helps in the formulation, implementation and monitoring of debt management strategies, and enhances accountability and transparency through periodic reporting and publishing of debt statistics. She further highlighted that it ensures that servicing of debt obligations is done timely and accurately. She urged countries to continuously enhance the quality of their debt data by ensuring the maintenance of a complete, consistent and up-to-date debt database.

The Director of the MEFMI Debt Management Programme, Mr Jacob Mkandawire also echoed the need for countries to enhance their debt database and expressed the Institute’s commitment to support member countries in strengthening their debt management operations. In addition, Mr Mac Banda, the Acting Head of the Commonwealth Secretariat’s Debt Management Unit informed the participants that COMSEC was placing great emphasis on debt data as it is vital to enhancing transparency and is the foundation of effective debt analysis as well as informed debt policy formulation

The workshop drew participation from six (6) MEFMI member countries using the Commonwealth Meridian namely, Botswana, Eswatini, Lesotho, Kenya, Namibia and Tanzania. The workshop was facilitated by Mr Mac Banda of the Commonwealth Secretariat as well as Mr Jacob Mkandawire and Ms Josephine Tito from MEFMI.

Prepared by Josephine Tito