MEFMI Supports Zimbabwe Develop a Debt Management Manual

As part of the ongoing drive to streamline processes across all its departments, the Ministry of Finance and Economic Development in Zimbabwe requested MEFMI for technical assistance to develop a Public Debt Management Procedures Manual. In response, MEFMI provided the requisite assistance through a workshop held from 4 to 8 April 2022 in Kadoma. The intervention was part of the Institute’s effort to strengthen the institutional framework for public debt management in its member countries.

The workshop was attended by 42 officials (of whom 17 were female) from the Ministry of Finance and Economic Development as well as the Reserve Bank of Zimbabwe. Participants from the Ministry were drawn from various departments, namely, the Public Debt Management Office, Accountant General, Economic Affairs, Human Resources, International Cooperation, Financial Sector Policy, IT and Registry. Those from the Reserve Bank of Zimbabwe were drawn from the Exchange Control, Economic Research and Financial Markets departments.

The Manual was developed through a hands-on approach that involved MEFMI Consultants guiding officials to draft the various sections of the document. Three (3) working groups were formed in line with the key functional areas and responsibilities of participants. The officials drafted sections of the Manual and later presented them to the plenary for comments.

By the end of the workshop, a draft procedures manual for public debt management was developed. In addition, the workshop enhanced the capacity of participants with the requisite skills for developing procedures manual. Going forward, the Manual will be used by the Ministry to guide on key debt management processes and operations. Furthermore, the Manual is expected to enhance operational risk management and ensure business continuity in the event of loss of key staff or any disruptions to the working space.

The workshop was facilitated by Dr Nebson Mupunga, a MEFMI Accredited Fellow from the Reserve Bank of Zimbabwe, Mr Jacob Mkandawire of the Bank of Zambia and Ms Josephine Tito of the MEFMI Secretariat.

Prepared by: Josephine Tito