- June 30, 2022
- Posted by: admin
- Category: Current News
Debt recording and management systems continue to evolve as the developers upgrade or develop new systems responding to the dynamic financing environment and user needs. In 2019, the Commonwealth Secretariat (COMSEC), launched a new debt management system known as Meridian to replace the Commonwealth Secretariat Debt Recording and Management System (CS-DRMS) which will be phased out by mid-2023. The new web-based and state-of-the-art Meridian system caters for the recording of more debt instrument types and offers a comprehensive solution that promotes effective public debt management relative to CS-DRMS. It provides a platform for information flow between various entities involved in public debt management operations and also ensures that real time data can be accessed through remote access.
To take advantage of the new system, the Ministry of Finance and Planning of the United Republic of Tanzania requested COMSEC to assess the readiness of the country for migration from CS-DRMS to Meridian. In response, a joint COMSEC/MEFMI Mission was in Dodoma, Tanzania from 30 May to 3 June 2022. The Mission team interacted with participants from the three institutions currently using CS-DRMS namely: Republic of Tanzania’s Ministry of Finance and Planning, Bank of Tanzania as well as the President’s Office of the Republic of Zanzibar.
The main output of the Mission was an implementation plan for CS-Meridian which outlines the key steps, timelines and responsibilities for the migration process. In addition, the Mission raised awareness among government and central bank officials on the functionalities and architecture of the CS-Meridian.
The Mission team comprised Messrs. Mac Banda and Vikas Pandey of the Commonwealth Secretariat and Ms. Josephine Tito of the MEFMI Secretariat.