- September 28, 2022
- Posted by: admin
- Category: debt management
The Ministry of Finance of Lesotho migrated its public debt database from the Commonwealth Debt Recording and Management System (CS-DRMS) to the new Commonwealth Meridian system in early 2020, but some post migration challenges remained unresolved. Due to the COVID-19 pandemic and the associated travel restrictions, these issues could not be addressed as they required a face-to-face intervention by the Commonwealth Secretariat (COMSEC). To address these challenges, a Joint MEFMI/COMSEC Mission was in Maseru, Lesotho from 27 June to 1 July 2022. MEFMI’s participation in the mission was part of its long-standing collaboration with COMSEC in building the capacity of member countries in public debt management.
The mission team worked with technical officials in the Ministry of Finance to resolve the issues in the CS Meridian. The mission also implemented debt restructuring provisions in the system and discussed the possible integration of the CS Meridian with other public finance management systems in use at the Ministry. In addition, the mission held meetings with other stakeholders namely, the Internal Audit Section of the Ministry of Finance and the Central Bank of Lesotho IT department.
At the end of the mission, the CS Meridian debt database was updated, with most loan balances reconciled with creditor statements and balances in CS-DRMS. Based on this progress, the Ministry plans to fully migrate to Meridian and cease using CS-DRMS before the end of 2022.
The mission team comprised Ms. Joanne Allin (Team leader) and Mr Brooks Shitaa of the Commonwealth Secretariat and Ms. Josephine Tito of the MEFMI Secretariat.
Prepared by Josephine Tito