2012mefmi.org/wp-content/uploads/2018/11/2012-mefmi-annual-report.pdf · • mr. raphael o. otieno,...

2012

2012 ANNUAL REPORT i

GOVERNANCE STRUCTURES IN 2012 ...................................iii

ACRONYMS........................................................................... v

MEFMI IN BRIEF ...................................................................... vi

STATEMENT BY THE CHAIR....................................................viii

OVERVIEW BY THE EXECUTIVE DIRECTOR ........................... x

INTRODUCTION...................................................................... 1

1. ECONOMIC DEVELOPMENTS IN THE MEFMIREGION AND BEYOND ...................................................31.1 Global Developments ...........................................31.2 Country Performance ........................................... 4

2. AN OVERVIEW OF 2012 ACTIVITIES ................................6

3. OVERALL ACHIEVEMENTS.............................................. 73.1 Capacity Building Activities ................................. 73.2 Implemented Versus Planned Activities ............ 93.3 Participation at Capacity Building Events.........103.4 Resource Persons Utilisation ................................13

4. CAPACITY BUILDING OUTPUTS ..................................... 154.1 Regional Capacity Building Activities................ 154.2 In-Country Capacity Building Activities ............. 154.3 Fellows Development Programme Activities .... 194.4 Technical Studies Conducted In 2012 ............... 20

5. GOVERNANCE ACTIVITIES............................................ 215.1 Governance Meetings ........................................ 215.2 Staff Meetings

................................................

215.3 Networking Activities ........................................... 21

6. FINANCE AND ADMINISTRATION.................................. 236.1 Income .................................................................. 236.2 Expenditure........................................................... 266.3 Resource Mobilisation.......................................... 276.4 Information Technology ...................................... 276.5 Human Resources 28

7. LESSONS AND OPPORTUNITIES ..................................... 297.1 Opportunities ........................................................ 29

8. ANNEXURE ..................................................................... 48

201220122012annual report contents

ii

Board of GovernorsThe MEFMI Board of Governors is made up of aCentral Bank Governor or a Treasury Secretary /Permanent Secretary of Finance of each of the 13member states. Where a Governor is a substantivemember, then the Treasury Secretary/PermanentSecretary is an alternate and vice versa.

AngolaMr. Jose de Lima Massano, Governor, BancoNacional de AngolaMr. Manuel Neto da Costa, State Secretary of theTreasury, Ministry of Finance

BotswanaMrs. Linah Mohohlo, Governor, Bank of BotswanaMr. Solomon M. Sekwakwa, Permanent Secretary,Ministry of Finance and Development Planning

KenyaProf Njuguna Ndung’u, Governor, Central Bank ofKenyaMr Joseph Kinyua, Permanent Secretary, Ministry ofFinance

LesothoDr. Adelaide R. Matlanyane, Governor, CentralBank of Lesotho (Board Chair)Mr. Mosito Khethisa, Principal Secretary, Ministry ofFinance

MalawiMr. Charles Chuka, Governor, Reserve Bank ofMalawiMr. Randson Mwadiwa, Secretary to the Treasury,Ministry of Finance

MozambiqueDr. Ernesto G. Gove, Governor, Banco deMozambiqueMr. Paulo B. Manhique, Permanent Secretary,Ministry of Finance

NamibiaMr. Ipumbu W. Shiimi, Governor, Bank of NamibiaMs Ericah B. Shafudah, Permanent Secretary,Ministry of Finance

RwandaAmbassador Claver Gatete, Governor, NationalBank of RwandaMrs Kampeta Sayinzoga Pichette, SecretaryGeneral/ Secretary to the Treasury, Ministry ofFinance and Economic Planning

SwazilandMr. Martin Dlamini, Governor, Central Bank ofSwazilandMs Khabonina B. Mabuza, Principal Secretary,Ministry of Finance

TanzaniaProf. Benno Ndulu, Governor, Bank of TanzaniaMr. Ramadhan M Khijjah, Permanent Secretary,Ministry of Finance

UgandaProf. E. Tumusiime-Mutebile, Governor, Bank ofUganda (Board Vice-Chairman & Chairman ofExecutive Committee)Mr. Chris Kassami, Permanent Secretary/Secretaryto the Treasury, Ministry of Finance, Planning andEconomic Development

ZambiaDr. Michael Gondwe, Governor, Bank of ZambiaMr. Fredson Yamba, Secretary to the Treasury,Ministry of Finance and National Planning

ZimbabweDr. Gideon Gono, Governor, Reserve Bank ofZimbabweMr. Willard L. Manungo, Permanent Secretary,Ministry of Finance

governance structures in 2012

ii

MACROECONOMIC AND FINANCIAL MANAGEMENT

INSTITUTE OF EASTERN AND SOUTHERN AFRICA

2012 ANNUAL REPORT iii

Members of the Executive Committee

The Institute operates under the direction of anExecutive Committee which consists of the ViceChairman of the Board of Governors and fourother voting members nominated by the Board ofGovernors from the Board. The MEFMI ExecutiveDirector and the Head of the Executing Agencyof MEFMI are ex-officio non-voting members of theExecutive Committee. The Executive Committeeis chaired by the Vice-Chairman of the Board ofGovernors of the Institute. The Executive Committeecan elect an Alternate Chairman who presides overmeetings in the absence of the Chairman. Eachmember of the Executive Committee serves for twoyears. During the reporting period, the followingwere members of the Executive Committee:

• Prof. Emmanuel Tumusiime-Mutebile (Chairman)• Prof. Njuguna Ndung’u, Governor, Bank of

Kenya• Mr. Paulo Bernardo Manhique, Permanent

Secretary, Ministry of Finance, Mozambique• Amb. Claver Gatete, Governor, National Bank

of Rwanda• Mr. Martin Dlamini, Governor, Central Bank of

Swaziland (Alternate Chairman)



• Dr. Gideon Gono, Governor, Reserve Bank ofZimbabwe (ex-officio)

• Dr. Ellias E. Ngalande, Executive Director (ex-officio, Secretary)

MEFMI Management

The Executive Director is responsible forconducting the business of the Institute andfor ensuring that its policies and programmeproposals are properly developed and onceapproved are carried out. This is done with theassistance of a Management team comprisingProgramme Directors.

For the year 2012, the following Directors werein post:

• Dr. Ellias E. Ngalande, Executive Director• Mr. Sydney E. Mabika, Director,

Macroeconomic Management Programme• Mr. Alphious M. Ncube, Director, Financial

Sector Management Programme• Mr. Raphael O. Otieno, Director, Debt

Management Programme• Mrs Rose G. K. M. Phiri, Director, Finance and

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2012 ANNUAL REPORT v

ACBF African Capacity Building FoundationAFRITAC African Technical Assistance Centre

BIS Bank for International SettlementsBOP Balance of PaymentsBPM Balance of Payments ManualCBP Capacity Building Programme

COMESA Common Market for Eastern and Southern AfricaCBS Central Bank of Swaziland

CS-DRMS Commonwealth Secretariat Debt Recording and Management SystemCTP Customised Training Programme

DMP Debt Management ProgrammeDeMPA Debt Management Performance AssessmentDMFAS Debt Management and Financial Analysis System

DMO Debt Management OfficeDRI Debt Relief International

DSA Debt Sustainability AnalysisFDI Foreign Direct InvestmentFSI Financial Stability Institute

FSM Financial Sector Management ProgrammeGDP Gross Domestic ProductGFC Global Financial Crisis

ICAAP Internal Capital Adequacy Assessment ProcessIIP International Investment Position

IMF The International Monetary FundMEFMI Macroeconomic and Financial Management Institute of Eastern and Southern Africa

MMP Macroeconomic Management ProgrammeMoF Ministry of Finance

MTDS Medium Term Debt Management StrategyOECD Organization of Economic Cooperation and DevelopmentPCMS Private Capital Monitoring System

PS Permanent/Principal SecretaryRAMP Reserves Advisory and Management ProgrammeSADC Southern African Development Community

UNCTAD United Nations Conference on Trade and DevelopmentUNECA United Nations Economic Commission for Africa

WB World Bank

acronyms

vi

The Macroeconomic and Financial ManagementInstitute of Eastern and Southern Africa (MEFMI) is aregionally owned institute currently with 13 membercountries: Angola, Botswana, Kenya, Lesotho, Malawi,Mozambique, Namibia, Rwanda, Swaziland, Tanzania,Uganda, Zambia and Zimbabwe.

BackgroundDuring the 1980s and 1990s, many countries in theAfrican region faced entrenched problems in thecapacity for debt and reserves management aswell as macroeconomic management. In response,senior economic officials and financial managers inEastern and Southern Africa launched the Easternand Southern Africa Initiative in Debt and ReservesManagement (ESAIDARM) in 1994, whose mandatewas later broadened to cover macroeconomicand financial management issues and renamed theMacroeconomic and Financial Management Instituteof Eastern and Southern Africa (MEFMI) in 1997.

ValuesShared values are what engender trust and provide aspecific identity to an organisation. MEFMI upholds thefollowing values:• Accountability• Teamwork• Responsiveness• Integrity• Professionalism

MissionTo build sustainable capacity and foster best practicesin central banks, ministries of finance and of planningin Eastern and Southern Africa, while also helping themconstantly to identify emerging challenges, risks andopportunities.

VisionThe Institute’s vision is to continue to be a centre ofexcellence in sustainable capacity building in selectedcritical fields in central banks, ministries of finance andof planning in Eastern and Southern Africa.

The Scope of MEFMI ActivitiesMEFMI activities put special focus on:• Macro-economic management which deals

with analysis of the economy, planning andforecasting.

• Financial Sector Management, which coversfinancial market development, foreign exchangereserves management, regulation and supervisionof financial institutions, payment systems andmonetary policy implementation.

• Sovereign Debt Management, whichencompasses debt database development and

mefmi in briefmanagement, institutional and legal aspects,analysis, policy and strategies.

• Fellows Development Programme which trainspromising young professionals with the view togroom them into specialists / experts available totheir countries and to the region.

The MEFMI client institutions are;• Ministries of finance• Ministries of economic development and planning

or equivalent• Central banks• Other public institutions that interface with these

core institutions.

The MEFMI target groups in all the beneficiaryinstitutions are:• Junior to senior professionals• Heads of department / division, senior officials• Top executives

Mode of DeliveryMEFMI delivers its products and services through thefollowing;• Courses / workshops for professionals• Seminars for senior professionals• Country missions• Retreats for heads of relevant departments /

divisions / units• Special policy related studies• Preparation of manuals and guidelines

MEFMI also conducts Executive Forum Series fornetworking amongst the following category ofdecision makers;

• Ministers of finance and planning and economicdevelopment and equivalent

• Secretaries to the treasury and permanentsecretaries for finance and planning or equivalentand their deputies

• Central bank governors and their deputies• Human Resources Managers

At these events top level policy makers have theopportunity to exchange ideas and experiencesamong themselves facilitated by world class expertsavailed by MEFMI.

Cooperating PartnersMEFMI’s cooperating partners fall into three categoriesnamely, Financial Cooperating Partners, TechnicalCooperating Partners and Networking Partners.

Financial Cooperating Partners currently fund MEFMI’scapacity building activities to supplement membercountries’ contributions. The Financial CooperatingPartners in 2012 were:• The African Capacity Building Foundation (ACBF)• The Netherlands

2012 ANNUAL REPORT vii

• Norway• Sweden

In addition to the above, the following countries alsocontributed to MEFMI’s activities through the HeavilyIndebted Poor Countries Capacity Building Programme(HIPC-CBP) and the Foreign Private Capital CapacityBuilding Programme (FPC-CBP);• Austria• Canada• Sweden• Ireland• Switzerland• The United Kingdom

Technical Cooperating Partners provide gratisor subsidised expertise, attachments and courseattendance to staff and Fellows and other in-kindsupport to the capacity building programmes. Thetechnical cooperating partners are;• The World Bank (WB) and its institute (WBI), the

International Monetary Fund (IMF) and its institute(IMFI), the Commonwealth Secretariat (COMSEC)

• The Bank for International Settlements (BIS) andits Affiliate Committees, the African DevelopmentBank (AfDB), the Centre for Central BankingStudies (CCBS) of the Bank of England (BOE)

• The United Nations Conference on Trade andDevelopment (UNCTAD), the Federal ReserveBank of New York and the Federal Reserve Board,Financial Stability Institute (FSI), Africa RegionalTechnical Assistance Centres (AFRITACs)

In addition, some of the major internationalcommercial banks such as the Bank of New York, StateStreet Global Advisors, Barclays Bank plc, the StandardBank of South Africa, Investec Asset Management, theReserve Bank of India and the South African ReserveBank, have provided gratis expertise.

Networking Partners are organisations whose resourcepersons and other services are paid for by MEFMI. Theyinclude the African Economic Research Consortium(AERC), Centre for International Development (CID)at Harvard University, Crown Agents, Debt ReliefInternational (DRI), United Nations Institute for Trainingand Research (UNITAR) and National Treasury of SouthAfrica.

MEFMI SecretariatThe MEFMI Secretariat is based in Harare, Zimbabwe.The Secretariat is the principal vehicle for the design,delivery and administration of MEFMI programmes. AnExecutive Director heads the Secretariat. MEFMI drawsits staff mainly from related institutions in membercountries on competitive recruitment basis.

viii

I wish to present the 2012 Annual Report which marks thebeginning of MEFMI’s Phase IV Implementation Plan whichruns from 2012 to 2016. The strategic focus of Phase IV plan isto consolidate the gains made in Phase III while confrontingthe capacity challenges that are emerging as a result ofthe dynamic nature of the economies in the region.

As part of an integral component of its strategic planningprocess, the Institute formulated the following goals to laya solid foundation to propel itself into Phase IV and launchthe programmes effectively:

i. To institute and maintain frameworks for comprehensiveprogramme monitoring, evaluation, resultsmeasurements and risk management;

ii. To develop and maintain well managed functionalsystems;

iii. To strengthen and expand stakeholder relations formutual benefit;

iv. To develop and retain a critical mass of regional expertsas well as competent and motivated staff;

v. To empower and equip client institutions to do their work better; andvi. To pioneer and provide tailor made, cost effective and excellent capacity building and development.

The capacity building activities conducted during the first year of Phase IV comprised of an increasingproportion of tailor made country specific capacity building activities, as well as an increased focus onemerging regional issues. These areas of focus were in response to the requests made by member countries.The Institute, cognisant of the funding gap that emerged as a result of one cooperating partner not comingon board for Phase IV, enhanced discussions with potential and current technical and financial cooperatingpartners. MEFMI has been on a resource mobilisation drive for Phase IV that has seen the Secretariat engagea resource mobilisation consultant, to assist with the exercise. Mobilisation efforts have focused mainly onpotential financial partners. While there has not been immediate enlistment of new financial partners, I ampleased to report that most of those that have been approached have shown interest in supporting theInstitute.

I wish to express my gratitude to the MEFMI governance bodies for supporting the Institute’s initiatives in thisendeavour. In the same breath, I would also like to express my outmost gratitude to all member countries foragreeing to an accelerated adjustment in member countries annual contributions commencing the yearunder report. This is despite the regional economic challenges that were impinged by the continued Euro-zone economic crisis. MEFMI acknowledges that most member states are still recovering from the globalfinancial crisis and adverse effects of droughts as reflected by a slowdown in inflation and a pick-up inoutput growth in most member states. Contributions by member countries and cooperating partners havekept the Institute buoyant, ensuring that most of the planned activities for 2012 were conducted.

I wish to commend the Secretariat for continuing to discharge its duties within the ambit of the systemsaudit, a tool that is used to monitor the operations of the Institute. In this regard, all our financial cooperatingpartners received the 2012 systems audit report with great appreciation as it highlighted that MEFMI hasstrong corporate governance structures in place - an aspect that is critical with financial partners. In that

statement by the

chair of the mefmi board of governors



2012 ANNUAL REPORT ix

respect, I wish to implore the Secretariat to ensure that as they discharge their duties, they continue tomaintain a clean and plausible systems audit report.

Executionof the Institute’s mandate tobuild human and institutional capacity in theareas of macroeconomicand financial management registered notable progress in 2012. This is evidenced by the success storiescontained in this report. The Institute also strengthened cooperation and deepened collaboration withits technical cooperating partners and regional integration blocks namely UNECA, IMF, World Bank, SADCand COMESA. This conferred significant benefits including service on gratis by international experts, thusbroadening the scope to engage effectively in cross cutting capacity areas and topical thematic areas ofmutual interest and focus.

Going forward, the Institute will maintain its momentum in implementing its strategic goals as enshrinedin the Phase IV plan and building on the invaluable experience gained in the previous phases. MEFMI willtarget its resources to priority areas including the roll out and adoption by member countries of MEFMIproducts and programmes such as MEFMI PCMS and the PEFM manual; conducting specialised studieson macroeconomic and financial sector management issues, launching the use of virtual learningmechanisms, including distance and e-learning. The year ahead will also see an increase in the number ofjoint interventions with technical cooperating partners. This is bound to see MEFMI extend its products andservices to non-member states like South Sudan, Ethiopia and Burundi for a fee.

On behalf of the Board and MEFMI Management and staff, I would like to thank all MEFMI’s client institutions,all financial and technical cooperating partners for their continued support.

Prof. Tumusiime E. MutebileGOVERNOR, BANK OF UGANDACHAIR - MEFMI BOARD OF GOVERNORS

x

The year 2012 marked the beginning of the implementationof activities outlined in the MEFMI Phase IV StrategicPlan, covering the period 2012-2016. The Strategic Planrepresents a significant scaling up of capacity buildingactivities across all MEFMI programmes and, consequently,entails a higher budget relative to the previous phase.In this regard, it was imperative for the Institute to put inplace a solid foundation in the just ended year in order toachieve its medium term strategic goals and objectives.I am pleased to report that this was made possible withthe generous support that the Institute received from bothits member states and cooperating partners, despite theprevailing tough financial and economic situation.

Member states contributed 67% of the total budget(amounting to US$ 4,743,690) while the financialcooperating partners provided the remainder. I wouldlike to extend MEFMI’s gratitude to all the member statesand the financial cooperating partners for this support,which demonstrates their strong commitment to achievingMEFMI’s objectives. We are also grateful to our technical

cooperating partners for providing technical support in a number of our capacity building activities. Itwould not have been possible to achieve the targets for 2012 without this support.

The outturn for the year shows that the Institute implemented 104 of the planned 109 activities, benefiting1,050 government and central bank officials through regional and in-country workshops, seminars andmissions. This represents a 1% increase compared to the corresponding period in 2011. These interventionscontributed significantly to improving capacity in client institutions. Testimonials received so far as well assuccess stories compiled indicate that both member states and other stakeholders appreciate the roleplayed by MEFMI in addressing capacity constraints in the region.

I am happy to highlight some country specific achievements that have been outlined in this report. Theseinclude the development of Small Scale Models for forecasting macroeconomic variables and for policyadvice in Swaziland and Mozambique; Operationalization of quarterly GDP forecasting frameworks inKenya and Rwanda for purposes of providing timely GDP estimates; Validation of the Financial Programmingframeworks used by the Ministries of Finance and Planning in Botswana and Malawi to improve the qualityof data and ensure consistencies between macroeconomic accounts.

In addition, the Institute developed a Macroeconomic Modelling Manual aimed at guiding memberstates to develop macroeconomic and sectoral model. The Institute also managed to enlist eight membercountries as users of the Private Capital Monitoring System (PCMS).The Institute also assisted the CentralBank of Swaziland to develop capacity to implement the requirements of the Basel Committee on BankingSupervision (BCBS). It is envisaged that this capacity will enable the authorities to undertake stress testingof macro prudential data and stress testing assessments with a view to exploring potential vulnerabilitiesarising from unforeseen events and thus take corrective measures if material deficiencies are identified.

The Institute also entered into strategic partnerships during the just ended year, including the formalisation ofthe long relationship between MEFMI and Crown Agents of the United Kingdom. Through this arrangement,the two institutions will work together to deliver joint training activities and undertake other capacity buildingactivities for the benefit of member states. In addition, the Institute partnered with regional organisations,notably SADC and COMESA, to build capacity on regional integration and management of private

overview by the executive director



2012 ANNUAL REPORT xi

capital flows, respectively. The Institute also collaborated with other long standing partners, including theInternational Monetary Fund, World Bank, Commonwealth Secretariat, and UNCTAD. Through co-operationwith the World Bank, the Institute implemented a number of capacity building activities in member states,including assessing debt management performance and designing the associated reforms plans inTanzania, Malawi, Namibia, Lesotho, and Zambia, among others.

The above achievements were registered against a background of a thin staff complement at theSecretariat, particularly in the early part of 2012 following the end of tour of duty of technical staff in theDebt and Financial Sector Management Programmes. I would, therefore, like to thank staff for their hardwork, without which it would not have been possible to achieve the targets for 2012.

Secretariat’s current staff compliment of 31 is still below the level required for effective implementation of thePhase IV Plan. The Plan provides for an additional Programme Officer in each of the technical programmes.Going forward, the Secretariat will endeavour to seek additional resources to fill the identified capacitygaps and also continue investing in staff development.

May I take this opportunity to thank the MEFMI Board, Management and staff for their respective rolestowards achieving the 2012 objectives. We continue to count on their support in pursuit of the Institute’sobjectives and goals.

Ellias E. Ngalande (PhD.)MEFMI EXECUTIVE DIRECTOR

1

The year 2012 marked the beginning ofimplementation of the MEFMI Phase IV StrategicPlan, which will run until 2016. Despite concertedefforts by the Secretariat to mobilise resources, thePhase began with a bit of financial strain mainlycaused by failure to cover the funding gap that wascreated by the withdrawal of one of MEFMI’s majordonors, delayed finalisation of grant agreementwith one donor and late disbursements from someof the member countries.

As a result of the 2012 financing gap, the Institutefailed to meet its expected target of plannedactivities by 5%. Regional activities were thegreatest affected as they fell below target by 17%.Increase was, however, noticeable in the dischargeof country specific capacity building activities.Consequently, 52% of all capacity building activitiesconducted in 2012 were country specific, and thisfocus on in-country activities is expected to bemaintained throughout the Phase. Notwithstandingthe financial constraints faced in 2012, MEFMIinterventions in its first year of Phase IV yieldedtremendous success as indicated in the outputs inAnnex I of this report.

The year also saw momentum being put in placeto strengthen the Institute’s network of technicalcooperating partners in order to build on theefforts of the previous phases. This has been of agreat boost to the quality of MEFMI’s products andservices. The Institute is therefore actively seekingto bring on board more cooperating partners toprovide support not only financial but also technicalin order to reduce the cost of mounting activitieswhile maintaining top quality in the delivery process.

On the regional front, all MEFMI countries recordedgood economic performance in 2012. A stablemacroeconomic environment coupled with strongcommodity prices, good harvests and new mineraldiscoveries all contributed to positive economicgrowth. The region also experienced lowerinflationary pressures reflecting the positive effectsof tight monetary policy measures. Despite this,lower Gross Domestic Product (GDP) growth wasexperienced in the Southern African Customs Union(SACU) region. This was mainly due to low revenuereceipts flowing into the monetary union as a resultof the economic side effects of the EuropeanSovereign Debt Crisis that affected South Africa, thearea’s economic driver.

introductionAgainst this background, the Institute devisedmechanisms in its products offering to addressthe identified capacity gaps in monetary policyimplementation. Such mechanisms include astudy to assess the Foreign Direct Investment (FDI)trajectory in the pre and post global financial crisisand the Eurozone debt crisis for the MEFMI region.Another study conducted during 2012 was onguidelines for government securities issuance in theregion. The study is expected to provide memberstates with step by step guidelines that will assistin their current issuance programmes or as theyplan their maiden government securities issuances.Furthermore, MEFMI continued to support clientinstitutions in the SACU area in various fields. Theseincluded performing a macroeconomic dataassessment for Botswana to identify the source ofdata inconsistencies observed during an earlierfinancial programming mission. A detailed plan ofaction to address weaknesses in debt managementin Lesotho was developed as a basis for establishinga baseline for future reforms and capacity building.It will also be used in 2013 to assist the Central Bankof Lesotho to develop a stress testing framework formacro-prudential supervision of its market. Moredetailed information on the Institute’s in-country andregional intervention is presented in the Annexes I,II and III.

Consistent with one of its strategic goals ofdeveloping and retaining a critical mass of regionalexperts, the institute saw eight (8) MEFMI Fellowsgraduate and three (3) Fellows get accredited in2012 bringing the total number of trained experts(excluding those under training) to 85. The FellowsDevelopment Programme (FDP) has played apivotal role in the implementation of MEFMI’scapacity building programmes and there is needto increase this pool of experts to a critical mass inorder to enhance the region’s technical capacity.Phase IV will see the pool of experts increased, withrecruitment of about 15 new candidates expectedin 2013.

The most demanding task at hand is realising the fullexecution of the MEFMI Phase IV Project Plan andachieving its envisioned objectives for all membercountries. The Secretariat remains committed tostrengthening its capabilities in order to render timelyand high quality service towards the realisation ofthese objectives.



2012 ANNUAL REPORT 2

BOX 1: KEY HIGHLIGHTS ON CAPACITY BUILDING ACTIVITIES IN 2012

• In the Fellows technical assessment for graduation and accreditation on 24-25 July 2012, a total of

eight Fellows graduated while three were accredited. These Fellows have been added to the pool

of experts available for the region.

• Completed the development of a Macroeconomic Modeling and Forecasting Manual. The Manual

will guide modeling and forecasting in the MEFMI region and broaden capacity to formulate and

implement evidence-based economic policies.

• Deepened collaboration with UNECA. The Joint MEFMI/UNECA Capacity Building Programme

on Regional Integration provided a platform for countries to debate regional integration issues,

exploring the opportunities, benefits and cost as well as the implications of the Tripartite Free Trade

Area (T-FTA) and Africa-Grand FTA on the region.

• Developed Small Macro Model for Swaziland and Mozambique, a vital tool for forecasting

macroeconomic variables for policy purposes.

• Initiated the process of the development of a core model of inflation for Rwanda.

• Operationalised quarterly GDP forecasting frameworks in Kenya and Rwanda which provide

quarterly GDP estimates timeously.

• Validated the Financial Programming Framework used by the Ministries of Finance and Planning in

Botswana and Malawi to improve the quality of data and ensure inter-account consistencies critical

for the design and execution of consistent macroeconomic policies.

• Operationalised IMF’s BPM 6 Reporting Framework in the Central Bank of Swaziland. The Framework

benchmarked Swaziland BOP/IIP data to international best practices.

• Rebased and revised the National Accounts for Kenya in line with international practice to enhance

data quality and reliability.

• Initiated an empirical study on FDI to assess and evaluate the overall impact of the global financial

crises and the Eurozone debt crisis on Multinational Enterprises and governments’ policies.

• Assisted Lesotho, Malawi, Namibia and Tanzania to review debt management performance and

develop relevant reform plans.

• Helped to update the debt sustainability analysis indicators for Malawi, Tanzania and Zambia.

• Trained Zimbabwe’s new government debt management staff on the use of UNCTAD DMFAS 5.3

and introduced them to the principles of debt management.

• Trained Uganda government staff on public domestic debt operations and management, and

came up with recommendations for enhancing the role of the Ministry of Finance, Planning and

Economic Development in government securities issuance following its decision to switch the use of

all securities from monetary policy to fiscal financing purpose.

• Collaborated with UNCTAD to train and assist Angola to produce debt statistical bulletin.

• In collaboration with the World Bank trained staff and assisted in developing Medium Term Debt

Management Strategies for Namibia and Ethiopia.

• Assisted The National Bank of Rwanda to establish an enterprise-wide risk management function.

• Developed a Financial Risk Management Framework for the Central Bank of Swaziland and Bank of

Uganda.

• Conducted a Macro-prudential and Stress Testing Assessment for Central Bank of Swaziland.

• Trained Zimbabwe’s bank supervision staff on Basel II and ICAAP implementation techniques.

• Trained Bank of Mozambique bank supervision staff on Risk Based Supervision.



3

1.1 Global Developments

The world output growth slowed down in 2012 onaccount of escalating sovereign debt crisis in Europeand concerns about fiscal cliff in the USA. The IMFestimates put expansion of world output at 3.2% in2012 compared to 3.9% in 2011. However, as thefactors underlying soft global activity are expectedto subside a turnaround has been projected forworld output to reach 3.5% in 2013.

Policy actions have lowered acute crisis risks in theEuro Zone and the United States. But in the Euro Zone,the return to recovery after a protracted contractionis delayed. While Japan has slid into recession,stimulus is expected to boost growth in the nearfuture. At the same time, policies have supportedmodest growth in some emerging economies,

1. economic developments in themefmi region and beyond

although others continue to struggle with weakexternal demand and domestic bottlenecks. Ifthe Euro Zone risks do not materialise and financialconditions continue to improve, global economicgrowth could be stronger than projected. However,downside risks remain significant, including renewedsetbacks in the Euro Zone and risks of excessivenear-term fiscal consolidation in the United States,if policy action does not urgently address these risks.

The good news for the MEFMI region is that theWorld Economic Outlook indicates that economicconditions in sub-Saharan Africa have remainedgenerally robust despite a sluggish global economy.The near-term outlook for the region remains broadlypositive. Output growth, which was 4.8% in 2012 isprojected to increaseto 5.8% in 2013.

Table 1: Overview of the World Economic Outlook Projections (%)

Overview of the World Economic Outlook Projections (%)

Country/Region 2011 2012 2013

World 3.9 3.2 3.5

Advanced Economies 1.6 1.3 1.4

USA 1.8 2.3 2.0

Euro Zone 1.4 -0.4 -0.2

UK 0.9 -0.2 1.0

Emerging and Developing Economies 6.3 5.1 5.5

Developing Asia 8.0 6.6 7.1

China 9.3 7.8 8.2

India 7.9 4.5 5.9

Latin America and the Caribbean 4.5 3.0 3.6

Brazil 2.7 1.0 3.5

Sub-Sahara Africa 5.3 4.8 5.8

MEFMI Countries 5.5 4.8 5.5

South Africa 3.5 2.3 2.8

IMF Database September 2012

Most low income countries continue to grow,although drought in many Sahel countries andpolitical instability in Mali and Guinea–Bissau andthe Arab spring have undermined economicactivity. The situation is less favourable for manyof the middle income countries especially SouthAfrica, as it is closely linked to the European marketsthrough trade.

Economic performance in the MEFMI regionremained relatively strong in 2012 with an estimated

average GDP growth of 4.8%. This figure is slightlybelow the 5.5 % recorded in 2011.

The sustained economic performance for the regionwas driven by higher growth rates experiencedmainly in Rwanda (7.7%), Mozambique (7.5%),Tanzania (6.9%) and Zambia (6.9%). Other countriesin the region namely Botswana, Kenya, Lesotho,Malawi, Namibia, Uganda and Zimbabwerecorded slightly lower but favourable growth ratesof between 4 and 5.2%. Angola recorded a growth




rate of 3.1% while Swaziland’s estimated growthwas 0.2%. The upturn was partly associated withincreased investment expenditure in infrastructureand FDI flows towards countries with new naturalresource discoveries buoyed by good harvests anda rise in commodity prices. Lower GDP growth wasexperienced in the SACU area generally. This ismainly attributed to dwindling SACU area revenuereceipts following slow recovery in South Africa.Consequently, the fiscal deficit in the SACU areahas widened, translating into increased borrowingby the governments.

The MEFMI region experienced subdued inflationarypressures, with most countries except Tanzaniaand Uganda recording single digit inflation. Theslowdown in inflation reflects the positive effects ofthe tight monetary policy measures instituted by thecountries to curb inflation. The softening was alsobrought about by easing pressures on food and fuelprices following a surge in 2011.

On the external front, current account deficitworsened in SACU countries due to reducedreceipts from South Africa. This was mainly due tothe slowdown in the South African economy as aresult of its close links to European markets and thusthe largest impact experienced from the Eurozoneeconomic crisis.

Overall, the positive economic performance inthe MEFMI region continues to be constrainedby inadequate power supply, infrastructuralbottlenecks, slow pace of industrialisation, relativelyunderdeveloped financial markets, subduedforeign direct investment flows and relatively highcost of doing business.

1.2 Country Performance

AngolaIn 2012, Angola posted a GDP growth of 3.1%compared with 2.8% in 2011. The upturn wasregistered as the economy reverts back to highergrowth path after weathering the effects of theslowdown in the oil sector following the globalfinancial crisis. The average annual inflation sloweddown to 10.0 % compared to 13.5% in 2011,following an improvement in the fiscal position andslowdown in credit expansion. The budget balanceimproved from a surplus of 6.8% to 8.9% of GDP.

BotswanaReal GDP growth in Botswana expanded by 4.4% in2012 compared with an expansion of 5.1% in 2011due to the delayed effects of global economic

recession that impacted the price of diamonds,the main export of the country. Inflation eased to7.5% in 2012 from 8.5% in the previous year. On thebudgetary front, the fiscal position improved asreflected in the narrowing of the overall fiscal deficitfrom 7.2% in 2011 to 0.7% in 2012.

KenyaKenya’s real GDP growth remained strong at anestimated 5.1% in 2012 from 4.4% registered in2011. The good performance followed favourableweather conditions and heavy investment ininfrastructure. Inflation decelerated to 9.4% in 2012from 14.0% in 2011 due to improved food supply,lower import prices for crude oil as well as stabilisationin exchange rate following the implementation ofmonetary interventions.

LesothoIn Lesotho there were signs of economic recoveryfrom the effects of the global financial crisis.Lesotho’s economic growth was estimated at4.3% in 2012. This recovery in economic growthcan be attributed to the strong performanceof the diamond mining sub-sector and highergovernment capital expenditure. The performancewas supported by the government’s focus oninfrastructure development.

On the monetary front, inflation edged up from 5.0%in 2011 to 6.1% in 2012 compared to the 3 to 6% policyrange. The increase in inflation reflected effects ofincreases in electricity tariffs and depreciation ofthe rand.

MalawiIn 2012, GDP growth in Malawi was recorded at 1.9%compared to 4.3% in 2011. The decrease was onaccount of supply side constraints which includedlow foreign exchange position. Economic growth isprojected at 5.5% in 2013 following fiscal, monetaryand exchange rate policy reforms implementedby government. Monetary policy remained tightduring most part of the year as inflationary pressuresremained high. As inflation edged up from 7.4% in2011 to average 21.4% in 2012, the Bank rate wasraised to 25% from 13% in December 2011.

Foreign exchange earnings were adverselyaffected by the 29.5% collapse in tobacco exportproceeds brought about by a decline in prices.Total exports declined to US$1,467.4 million in 2012from US$ 1,539.2 million earned in 2011.

MozambiqueGDP in Mozambique grew by 7.5% in 2012 compared

5

to 7.2% in 2011. The high GDP growth was driven bythe expanding mining sector. Inflation eased to 7.2%in 2012 from 10.8% in 2011. The slowdown reflectedthe easing pressure in petroleum prices. Externalcurrent account deficit narrowed from 18.1% ofGDP in 2011 to 17% of GDP in 2012.

Namibia

RwandaMacroeconomic performance in Rwandaremained robust with real GDP growth acceleratingat an estimated rate of 8.0% in 2012 albeit lower thanthe 8.2% registered in 2011. The strong economicperformance is attributed to good performancein the agriculture and services sectors. Inflationoutturn at 6.3% in 2012 was fairly stable thoughslightly higher than an average of 5.7% in 2011. Theoverall fiscal balance remained steady at 3.9% ofGDP in 2012 reflecting expenditure restraint effortsand implementation of measures to raise revenue.

SwazilandEconomic growth in 2012 is estimated to haveslowed down as fiscal crisis impacted negativelyon the productive sector. Overall, GDP growth wasestimated at 0.2% in 2012 compared to 0.7% in2011. In tandem with slowdown in growth, annualinflation increased to 8.3% in 2012 from 6.1% in 2011.Fiscal developments deteriorated on account ofsubstantially low SACU revenue since 2009/10 fiscalyear and the absence of external funding.

TanzaniaReal GDP remained robust at 6.9% in 2012 up from6.4% in 2011. However, inflation edged up to 16.0%from 12.7% in the review period. On the externalfront, the current account deficit narrowed to 14.2%of GDP from 18.9% in the period under report.

UgandaReal GDP is estimated to have grown by 4.2% in 2012compared with 5.9% in 2011 while inflation easedmarginally to 14.0% in 2012 from 18.7% in 2011. Thiswas in response to monetary policy measures. TheBank of Uganda tightened its monetary policystance which resulted in firming interest rates in theeconomy. The country’s current account position

improved slightly from a deficit of 11.6% of GDP

in 2011 to a deficit of 10.4% of GDP in 2012. Theimprovement was on account of the strong exportperformance especially to regional markets and afall in the deficit on the services account despitethe significant negative impact exerted by the highimport bill for fuel. The overall fiscal deficit excludinggrants narrowed marginally to 5.3% of GDP in2011/12 from 6.6% recorded in 2010/11.

ZambiaZambia’s real economic growth remained robustat 7.39% in 2012 compared to 6.8% in 2011. On themonetary front, inflation was contained within thesingle digit levels averaging 6.6% in 2012 from 8.7%in 2011. A notable achievement is that Zambiawas reclassified by Bretton Woods Institutions to alower middle income country. The current accountposition remains in surplus due to favourablecopper prices which remained high at an averageof US$7,955 per tonne in 2012, although it declinedfrom US$8,818per tonne in 2011.

ZimbabweReal GDP is estimated to have expanded by 5.0%in 2012 compared to 10.6% in 2011. The slowdownin growth was attributed to liquidity shortages, highlending rates, energy constrains and inadequateinvestment infrastructure. However, in view ofthe general macroeconomic stability, inflationremained in the single digit levels averaging 3.7% in2012 compared to 3.5% in 2011. On the budgetaryfront, lack of fiscal space remains a major challenge.The current account remained unfavourable dueto relatively high import demand against the backdrop of a slow recovery in the export sector.

Summary

region have been taking place against a backdropof continued MEFMI capacity building interventions.Though it can be difficult to isolate the specificimpact of MEFMI interventions, the latter havefacilitated in the development of a critical mass ofhuman resources required to effectively respond tothe developmental challenges in their respectiveeconomies. Thus, officials in MEFMI member stateswere equipped with the requisite knowledge andskills to solve some of the problems, as well as meetthe challenges of development and designing ofpoliciestosupporteconomicgrowth.Asaresultoftheadvisory work carried out by MEFMI, bold measureshave been taken in various macroeconomic areas(public financial management, debt managementstrategy, evidence based analysis, financial sectordevelopment) addressing issues of coherence,consistency, efficiency and transparency ofnational macroeconomic policy.

Namibia's real GDP growth slowed to 4.6% in 2012from 4.8% in 2011. Underpinning this growth waspositive performance in mining activities and theconstruction sector. Overall, annual inflationremained at single digit levels averaging 6.5% in2012 from 5.0% in 2011. Food and transport are themain drivers of the overall information. The fiscaldeficit stood at 2.9% of GDP in 2011/2012, comparedto a deficit of 4.6% of GDP projected in the2012/2013 budget.

The above economic developments in the MEFMI




2. an overview of2012 activities

The strategies and programmes for 2012 weregeared at enhancing capacity for macroeconomicand financial management in member states aspart of the Institute’s efforts to contribute to povertyreduction. The programmes were implementedagainst a backdrop of global economic risksthat continue to weigh down on growth in somecountries in the region. MEFMI interventions duringthe period under review were guided by well-informed feedback from stakeholders and criticalfindings from assessments of country specificneeds as well as recommendations from studiesconducted across the region.

Guided by these core principles, the Institutecontinued to make positive contributions tocapacity building in the areas of macroeconomic,debt and financial sector management. However,common needs in the region have continued to beaddressed through well-crafted regional activitiesthat focus on bringing the skills and knowledgein member clients at par and enabling membercountries to share useful experiences.

As evidenced by the contents of Annex V, regionaland in-country activities have imparted knowledge,enhanced awareness and made significant stridesin improving operations, procedures, standards anddevelopingpolicies inclient institutions. Thecapacitybuilding activities were facilitated by MEFMIFellows, regional and international experts as wellas MEFMI staff. The Institute also provided advisoryservices to client institutions and disseminated toolssuch as manuals, software, guidelines and trainingmaterials which strengthened policy formulationand execution in the region.

MEFMIhasshifted itsprogrammedeliverymoretowards tailor made country specific trainingprograms designed to meet unique capacityneeds of member states. MEFMI has alsopositioned itself at a vantage point in order torespond timeously and comprehensively togrowing and complex capacity needs facedby member states.

7

3.1 Capacity Building Activities

During the period under review, the Instituteconducted 104 activities, a decrease of 1%compared to those conducted during thesame period in 2011. This was, however, a majorimprovement compared to the number of activitiesconducted in the first year of Phase III. In 2007,first year of Phase III, the Institute carried out only

3. overall achievements67 activities. The performance in 2012 was alsobetter than the average performance in phase IIIwhen an average of 91 activities were carried outper year. The activities in 2012 included regionalcourses, in-country workshops, missions, specialisedstudies, governance meetings, networking and staffdevelopment. Table 2 below provides a summary ofthe number of activities conducted in 2012.

Table 2: Capacity Building Activities January – December 2012

Source: MEFMI Data Base 2012


The Secretariat trimmed down the budget andactivity programme for 2012, compared to Phase IVtargets, following lower funding than programmed.The year recorded a 1% decrease in the numberof activities conducted from 105 in 2011 to 104 in2012, partly because of the decline in the numberof In-country activities. The decline in the numberof in-country activities was partly caused byunpreparedness within host countries and cash flow

challenges experienced by the Institute in the earlypart of the year. The number of regional capacitybuilding activities conducted in 2012 increased by7.4%, while in-country activities declined by 7.3%.The number of in-country activities in 2012, however,remained higher than the yearly average of PhaseIII. Therefore, demand for in-country activities isexpected to increase as implementation of PhaseIV gathers pace.

Activity 2008 2009 2010 2011 2012 Total

Regional Activities 29 29 30 27 29 144

In-Country Workshops 7 14 14 20 15 70

Country Missions 14 17 17 21 23 92

Total In-country workshops and country missions 21 31 31 41 38 162

Table 3: Regional Activities vs In-country Activities, 2008 - 2012

Activity CategoryJanuary - December

2011 2012

1. In-Country Capacity Building Activities 41 38

(a) In-county Workshops 20 15

(b) Country Missions 21 23

2. Regional Capacity Building Activities 27 29

3. Fellows Development Activities 3 2

Sub-total 71 69

4. Governance Meetings 7 4

5. Networking & Staff Development 24 27

6. Executive Forum 2 1

7 Specialised Studies 1 3

Sub-total 34 35

Grand Total (All Activities) 105 104





As depicted in Table 3 above, the growingdemand from client institutions on country specificinterventions through missions and in-countryworkshops peaked at 41 in 2011 before decliningto 38 in 2012. The knowledge and skills acquired

through regional and in-country workshops havestarted to be translated into applied practice atthe work place as depicted the testimonials andsuccess stories contained in this report.

Chart 1: Regional vs In-county Activities – 2008 to 2012

The country missions grew from 21 in 2011 to 23 in2012, a 9.5% increase, having increased by 64%from 2008. On the other hand, in-country workshopsdeclined from 20 in 2011 to 15 in 2012 reflectinga number of factors, chief among them the slowresponse from client institutions. Regional activitieswhich have largely remained flat over the recentyears rose by 7.4% in 2012 compared to 2011.Chart 1 above clearly indicates an interesting shiftfrom emphasizing regional capacity building to in-country capacity building activities in line with theenunciated objective in the Phase IV plan.

The Executive Committee (EXCOM) and AuditCommittee meetings comprise the governancemeetings and they are held back to back. Incomparison to 2011 where governance meetingswere held more regularly, 2012 saw the number ofmeetings reducing by 43%. This was mainly due tothe fact that, 2011 was the establishment year for theaudit committee. Thus in 2011 more meetings wereheld than in 2012. On the other hand networkingand staff development activities increased by 13%.Chart 2 below provides a comparison of capacitybuilding activities held in 2011 and 2012.

9

Chart 2: Capacity Building Activities, 2011 and 2012


Country specific areas covered during the periodunder review included, financial stability andmacro-prudential supervision; macroeconomicmodelling; financial programming; rebasing GDP,quarterly GDP compilation methodology; debtsustainability analysis; domestic debt operations;debt management performance assessment, andreform plans; developing public debt bulletin, debtdatavalidationandtrainingonDMFAS;MediumTermDebt Management Strategy (MTDS) formulation;PCMS customization as well as FPC data analysis;enterprise wide risk management for centralbanks; financial risk management frameworks forcentral banks, stress testing frameworks for banksupervision; risk based supervision and Basel II andICAAP implementation.

Section 5 of this report provides some examples ofhow effective the capacity building initiatives havebeen.

3.2 Implemented Versus Planned Activities

Overall, the Institute carried out 95% of theplanned activities. In summary, 104 out of a targetof 109 activities were implemented (the sum ofcapacity building and governance activities).Implementation of regional activities fell behind thetarget by 17% mainly due to cash flow challenges.The implementation rates for in-country workshopsand missions were 83% and 115% respectively.

The actual networking and staff developmentactivities exceeded the planned activities. Thisconfirms the visibility of the institute, the searchfor wider networks for broader collaboration andMEFMI’s commitment to staff development.

The regional capacity building activities addressed issues such as regional integration, domesticdebt operations and management; legal and institutional aspects of debt management; publicdebt statistics bulletin development; quantitative methods and analysis in debt and reservesmanagement; macroeconomic analysis and management; monitoring and analysis of foreignprivate capital; System of National Accounts; revenue policy and administration; financialprogramming; debt data validation using DMFAS; financial stability and macro-prudentialsupervision; risk based supervision and selected components of Basel III: risk performance andreporting, strategic asset allocation, advanced risk management and modelling for portfoliomanagers, selection and management of external fund managers; DeMPA for Auditors; humanresources development; securities accounting; and developments in payments and settlementsystems.







Table 4: Planned Against Actual Activities for 2012

Activity Category Planned Actual Variance Performance (%)

Regional 35 29 -6 83

In-country Workshops 18 15 -3 83

Missions 20 23 3 115

Specialized studies 4 3 -1 75

Executive Forum 1 1 0 100

Networking & Staff development 21 27 6 129

Governance 7 4 -3 57

Fellow Development activities 3 2 -1 67

Total 109 104 -5 95

Chart 3: Planned Against Actual Activities for the Period January -December 2012

3.3 Participation at Capacity Building Events

Table 5: Gender Participation by Country

2008 2009 2010 2011 2012 Total

Female 300 407 270 398 379 1,706

Male 493 596 448 713 671 2,817

Total 793 1,003 718 1,111 1,050 4,523

The total enrolment in all capacity building activitiesundertaken for the period January - December2012 was 1,050 participants. Of the total numberof participants, 379 or 36% were female. This

percentage is at the same level as that of 2011 –reflecting the gender imbalance in employmentpatterns in client institutions within the MEFMI region(Chart 4).

11

Chart 4: Gender Participation in MEFMI Workshops in 2012


Charts 5 and 6 below provide gender break downper country and a year on year gender participationanalysis respectively. Both Charts show that membercountries have major disparities in the gendercomposition of participants in MEFMI capacitybuilding activities. The charts show the country thathas the most bias towards male participants hada ratio of 76% male and 24% female in the period2008 to 2012. On the other hand, the country thathas the most bias towards female participants hada ratio of 64% female and 36% male participants inthe same period.

There is an obvious gender imbalance in thetechnical areas that MEFMI programmes target. Thiscould be as a result of the academic requirementsthese areas require at entry level. For instance, to berecruited at the central bank or ministry of financein technical departments such as economics,financial markets and bank supervision, requires adegree qualification and as the region still has fewwomen with university degrees in these areas, ittherefore follows that there will be fewer women inthose departments.






Chart 5: Gender Participation per Country

Chart 6: Gender Participation – Year on Year

13

3.4 Resource Persons Utilisation

In the discharge of its activities, MEFMI uses fourcategories of resource persons; regional experts,MEFMI Fellows, international experts and MEFMIstaff. International experts that are engaged bythe Institute –may either be paid or come on gratisfrom technical cooperating partners. In the periodunder review, MEFMI utilised 285 resource persons,a similar number to those utilised in 2011. However,there was a marked difference in the categories ofthe resource persons; with an increase in the use

of international experts from 28% in 2011 to 33%in 2012 compared with a decrease in the use ofregional experts from 72% in 2011 to 67% in 2012.This reflected, mainly, increased joint activities withtechnical cooperating partners at the regional levelwhere all the international experts are pro bono. Itis important to note that international experts ongratis in 2012 were 81% while those that were paidwere 19%. This demonstrates the benefits derivedfrom forging strategic partnerships that enable skillstransfer and benchmarking to international bestpractice.

Table 6: Resource Persons’ Utilisation by Category, 2011 and 2012

Resource Persons Category

Regional Experts

MEFMI Fellows

MEFMI Staff

International Experts

Total

2011

80

37

88

80

285

2012

64

38

90

93

285

Source: MEFMI Data Base

MEFMI Fellows used as resource persons in 2012remained largely unchanged at 13% while use ofMEFMI staff as resource persons increased to 32%from 31% in 2011 – a larger increase from 23% in 2008.This establishes the fact that MEFMI is growing theuse of regional experts (both staff and Fellows). The

decrease in the number of regional experts utilisedfrom 28% in 2011 to 22% in 2012 is largely due to thereplacement by pro bono international experts andsometimes also due to a lack of expertise in theregion on certain topical issues such as Basel II andsovereign foreign reserves management.

Chart 7: Resource Persons Utilisation in 2012

“As an Accredited Fellow, I have

gained a lot of expertise, experience

and confidence both in my job as

a bank supervisor at the Reserve

Bank of Zimbabwe (RBZ) as well as

a training facilitator in the region…

I was promoted to the position of

Division Chief, responsible for Financial

Stability Analysis, Financial Modeling

and Basel II implementation in the

Banking Supervision Department, a few

months after being accredited as a

MEFMI Fellow. Further, through MEFMI

I have been co-opted onto the list of

IMF’s Short Term Experts serving under

the Monetary and Capital Markets

Department”,

Ruzayi Chiviri – RBZ Chief Bank Examiner.





Category 2008 2009 2010 2011 2012

Regional Experts 29% 30% 22% 28% 22%

MEFMI Fellows 18% 22% 12% 13% 13%

MEFMI Staff 23% 29% 31% 31% 32%

International Experts 30% 19% 35% 28% 33%

TOTAL 100% 100% 100% 100% 100%

Table 7: Resource Persons Utilisation 2008 - 2012

15

During the year 2012, capacity building activities continued to address pertinent capacity issues affectingindividual countries and the MEFMI region as a whole.

4.1 Regional Capacity Building Activities

Regional capacity building activities that include workshops and Seminars for Heads of Departmentshave proven to be effective avenues of bridging the knowledge gap amongst officials in client institutions.These activities provide a common platform at which participants share their experiences and learnfrom each other on ways to address pertinent issues in their home countries.

The workshops had rich exchange of ideas on topical economic and financial developments in theMEFMI region. The topics included regional integration issues, policy considerations for regulating andoverseeing payment systems, policy implications of foreign private capital flows and revenue policyand administration, policy considerations for domestic market development. High level discussions on

risks and opportunities for the region and how toaddress them were held mainly during heads ofdepartments’ retreats.

Where specific knowledge gaps are identifiedduring regional workshops for any membercountry, the Institute encourages the relevantclient institutions to request for an in-countrymission or workshop. (Annex-1 provides details toeach of the regional activities conducted duringthe period).

“Allow me to express my sincere gratitude to

you all for having made the workshop a success

and thank you for sharing your knowledge with

us. Domestic debt operations has been a serious

constraint to the reforms in the Uganda Ministry

of Finance. But with the training received from

MEFMI and UNCTAD, we are better equipped

to lead the process. We shall often consult you

for technical support .“ Martin A Nsubuga

4.2 In-country Capacity Building Activities

In-country capacity building activities thatinclude workshops and missions are designed toassist client institutions to address institutional andorganisational challenges, which are specificto the respective institution. These activitiescontinued to be an effective and efficient meansof building capacity within the region. Over 57%of all capacity building activities conducted by

4. capacity building outputs

“I am pleased to inform you that the first stage

of the in-country skills transfer workshop on the

Development of a Core Model of Inflation

for Rwanda was successful. National Bank of

Rwanda would be grateful to host the planned

three day in-country workshop in February 2013.”

Amb. Claver Gatete, Governor – National Bank

of Rwanda.

An example of a regionally pertinent capacity building area of need is in public domestic debtmanagement. This area was identified during a review of the Debt Management Programme curriculumin 2010. The Programme introduced a new regional training course on public Domestic Debt Operationsand Management in March 2012. The course, which the Programme conducted jointly with the FinancialSector Management Programme for synergy, covered all key issues in domestic debt managementand financial markets development, including the legal and institutional framework, as well as thefront, middle and back office procedures. Other aspects of the course included enhancement of theunderstanding and analysis of the different types of instruments government can use to issue debt indomestic financial markets.

SOME CAPACITY BUILDING HIGHLIGHTS DURING 2012




the Institute during the year were in-country, which is in line with Phase IV Strategy. In-country missions aredemand driven in response to country needs. The request from National Bank of Rwanda is an exampleof the many requests that the Institute receives annually.

One major success in the MEFMI in-country capacity building initiatives is the initial development of aframework for inter-account data consistency checks and forecasting within an integrated accountingframework. This was done at Botswana’s Ministry of Finance and Development Planning by theMacroeconomic Management Programme during 2012 with strong ownership and support from themember state.

Prior to MEFMI intervention, there was no such framework at the Ministry. Following MEFMI intervention,a Financial Programming and Policy Group (FPP Group) was established and its members met regularlythroughout 2012 to work on establishing the framework. The Ministry of Finance and DevelopmentPlanning staff constituted the biggest contingent in the FPP Group. The Bank of Botswana is representedthrough two officials and Statistics Botswana through one official.

By the end of 2012, all the relevant historical data for the national accounts, balance of payments,government account and monetary accounts had been entered into the system and a set of inter-account links constructed where data from two different accounts is compared in a systematic fashion.A first version of a baseline scenario was established where data was forecasted up to 2013 including aset of economic indicators. The Framework will be completed in 2013.


17


Private Capital Monitoring System (PCMS) customization is another area with notable success. Nine countrieshave subscribed to PCMS as at the end of 2012. This coverage represents 69% of the total member states. Theincreasing roll-over of the system in the region is attributable to among other things its ability to meet users’requirements, its compliance to the latest international account manuals and the fact that the software isupdated with cutting edge technology. Specifically, the software has helped countries such as Botswana,Rwanda, Swaziland and Tanzania to benchmark their Financial Account data to the latest IMF’s Balanceof Payments (BOP) and International Investment Position (IIP) Manual-6th Edition. Consequently, this hasenhanced data quality, augmented coverage and comprehensiveness of foreign private capital data.Some countries such as Botswana and Swaziland have gone an extra mile with the software by compilinghigh frequent quarterly data for their countries. Regionally, the software contributed to achievement ofgreater harmonization of FPC data recording methods and facilitated comparability of data.

In 2012, the Institute assisted the Central Bank of Swaziland to migrate its BOP and IIP data from IMF’s Balanceof Payments Manual 5th-Edition (BPM 5) to 6th Edition. Prior to MEFMI’s technical assistance, Swaziland BOP/IIP data was not benchmarked to the latest manual by IMF using BOP/IIP conversion matrix. The enhancedskills to operationalize BPM 6 has minimised estimation errors and data inconsistences. In addition, BPM6is largely harmonized with the classifications in other macroeconomic manuals; hence the interventionhas enhanced comprehensiveness of Swaziland’s international account data to take into account othermacroeconomic statistics. Compliance to BPM 6 has also improved Swaziland data quality as the Manualtakes into consideration the latest economic developments associated with globalisation and financialinnovation.

Another example of one of MEFMI’s success stories is the critical role the Institute played in the ZimbabweMinistry of Finance. Following the establishment of a new Zimbabwe Aid and Debt Management Office(ZADMO) and recruitment of new staff, the Ministry requested the Debt Management Programme toassist to them to appreciate debt management concepts, techniques and tools. This included conceptsin the use of the Debt Management and Financial Analysis System (DMFAS). DMFAS is a United NationsConference on Trade and Development (UNCTAD) software for debt management. The training wasnecessary for the new staff to quickly settle in their debt management roles in the new department.

In response, the Debt Management Programme conducted a Debt Management and DMFAS 5.3Training for the new ZADMO staff, from 13-24 February 2012 in Zimbabwe. The main outputs of theworkshop were:

• Imparting operational skills in DMFAS 5.3, ranging from loan interpretation and registration, updatingof debt transactions and generation of key debt stocks, flows and projections reports;

• Enhancing knowledge of key debt management concepts as an induction of the new staff into thefield of public debt management field; and,• Raising levels of awareness of Zimbabwe’s specific debt situation and prospects.

An evaluation of the workshop by the 15 participants indicated enhanced knowledge despite thembeing new to debt management. The new staff indicated that they had gained immensely from thecomprehensive training which was a real necessity for them to enable them to know the DMFAS andthe concepts behind the system. They noted that their preparation of debt service instructions andproduction of debt management reports and contingent liabilities for submission to the Auditor andComptroller General would now become easier as a result of this training. They rated the workshophighly in terms of both facilitation and relevance, adding that the training was what they had actuallyneeded to be able to kick-start their work at ZADMO.




Some other achievements by the Institute during the period under report include:• The calibrating and simulation of small scale macro models,• Quarterly GDP forecasting framework, and• Development of MTDS.

In addition, participants in some in-country courses were equipped with skills in loan interpretation andregistration; legal and institutional aspects of debt management; domestic debt operations; updatingdebt transactions; generation of key debt stocks, flows and projection reports and; Debt SustainabilityAnalysis (DSA); Medium Term Debt Management Strategies; Debt Management Performance Assessment(DeMPA), debt reform plans; and debt management using DMFAS. (Annexes II and III provide details of

each in-country activity).

Participants also stated that after the training they felt well-equipped to be effective users of DMFAS. They feltcapacitated to apply the knowledge gained when discharging their duties in their key areas of operation.Following the training, the new staff were able to immediately start using DMFAS for basic debt managementoperations.

Specific to Uganda, the Institute received a request for customized training in new regional domestic debtoperations and management. Following the in-country training in August 2012, the participating officials,with guidance from the MEFMI/UNCTAD resource persons, were able to compare Uganda’s current situationto best practice in public domestic debt management. Consequently, they came up with 24 implementablelegal, institutional, operational, policy and market-development related recommendations. These werepresented to senior Ugandan economic and financial managers, with the aim to help strengthen thecountry’s public domestic debt management.

The trained officials subsequently acknowledgedthat, given the significance of domestic debt and theneed to manage it effectively in Uganda, the traininghad left them with a better foundation in which theywere now better-equipped to lead the process.

The FSM programme carried out a Risk-BasedSupervision (RBS) mission at the Bank of Mozambique(BoM) to review the existing RBS methodology andthe legal and regulatory framework in order toidentify existing gaps. As a result of this project, adraft corporate governance guideline was compiledand is pending internal review processes beforefinalisation. A Risk Management guideline, guidelineson minimum internal audit standards and disclosurestandards are now being drafted. Meanwhile, furthersteps to operationalize RBS are underway and theseinclude conducting market awareness workshops tocommercial banks, pilot examinations and finalisingof the RBS manual. MEFMI continues to work closely with BoM to ensure that RBS is fully implemented.

A MEFMI team also visited Mbabane to assist the Central Bank of Swaziland (CBS) to develop capacityin order for them to undertake stress testing of prudential data. It was the mission’s objective that, at itsconclusion CBS’s off-site surveillance capabilities would be strengthened and supervisors would be able tostress test prudential data. During the mission, MEFMI in conjunction with the CBS working team developeda stress testing policy framework and appropriate stress testing templates. The policy framework sets thegovernance framework of stress tests and will be a point of reference for both bank supervisors and themarket.

19

4.3 Fellows Development Programme ActivitiesThe objective of the Fellows Development Programme is to groom a cadre of experts, who will ensuresustainability and availability of adequate support in building and maintaining capacity in the region. Thisis a cost-effective expert development program designed to accelerate the availability of world classexpertise within the region.

The major highlight during the period was theFellows technical assessment for graduation andaccreditation which took place during 24 to 26July 2012, in Harare, Zimbabwe. A total of 8 Fellowsof whom two were female graduated. During thesame event, three Graduate Fellows who were onapprenticeship including one male were accredited.Both events comprised assessment of Fellow’stechnical papers by a panel of senior experts fromwithin and outside the region.

Prior to graduation and accreditation, the candidateFellows and graduate Fellows went throughrigorous Customised Training Programme (CTP) andapprenticeship. Table 8 shows that seven Fellowsattended workshops / courses / retreats as part of

their CTP and apprenticeship including one Fellow who went on attachment. In terms of capacity buildingdelivery, 21 fellows were engaged as resource persons at MEFMI workshops, while 15 were engaged asconsultants at country missions and studies.


Table 8: Fellows Capacity Building and Utilization: January to December 2012

Programme/

Entity usingFellows

Capacity Building

Attendance

Utilization

Workshops Attachment Resource Persons at Workshops Consultants at Missions

Type of Fellow Type of Fellow

Candidate Graduate Accredited Candidate Graduate Accredited

Debt 0 0 0 6 5 0 1 0

FSM 1 1 0 1 4 0 2 7

Macro 6 0 0 1 4 0 3 2

Other N/A N/A - - - - - -

Total 7 1 0 8 13 0 6 9


Financial risk management missions were held for Swaziland, Rwanda and Uganda. These assessmentswere meant to strengthen the management of financial risks by formulating and implementing riskmanagement methodologies for the client countries. Since the inception of these projects, clientcountries have made substantial progress in designing and formulating institutional risk managementarrangements. The progress includes the development of a market risk methodology to take into accountthe local environment and a methodology for valuation and risk analysis of instruments with embeddedderivatives (Dual Currency Deposit and Credit Linked Notes) for the Central Bank of Swaziland.




4.4 Technical Studies Conducted in 2012

The Institute initiated a number of studies and finalized the Modelling and Forecasting Reference Manualfor publication and dissemination. The Institute also developed materials for an on-line course on theFoundations of Debt Management which is expected to be rolled out in 2013. The earmarked on-linecourses follow the Institute’s plan to efficiently expand the outreach of the capacity building activitiesin a cost effective manner.


During the same period on the Institute initiateda Study on Economic Management in a HyperInflationary Environment drawing lessons fromZimbabwe. This study was commissioned jointly withthe African Capacity Building Foundation (ACBF).The book arising from the study is expected to bepublished in 2013.

Another study that MEFMI conducted in the yearunder review was aimed at gathering information fordeveloping “Guidelines For Government SecuritiesIssuance” in the MEFMI Region. The objective of thestudy was to develop step by step guidelines to assistmember states as they plan and prepare to issuegovernment securities. The motivation stems fromthe fact that it is now a widely accepted doctrinethat the domestic debt issuance programme issynonymous with and a catalyst for broader financialmarket development. Appropriate and relevantguidelines will not only assist debt managers to beorderly but will also make the issuance programmes,in the face of the investor, predictable. Further tothis, the guidelines will foster business continuityby acting as reference material in cases of staffturnover and or new staff recruitments. Thesecondary outcome of the guidelines will be growth

and deepening of the primary and secondarymarket, and benchmarks for the development ofcorporate issuances programmes.

A study to assess the Foreign Direct Investment (FDI)trajectory before and after the global financial crisisera in the MEFMI region commenced during theyear. Data collection from a sample of six MEFMImember states was completed. A draft report hasalso been prepared and is waiting comments fromstakeholders. Preliminary quantitative econometricfindings revealed that Global Financial Crisis(GFC) exerted downturn effect on FDI trajectory.The adverse effect was indirect through otherkey macroeconomic variables. The GFC effect ishowever temporary as FDI inflows have graduallyreturned to their ordinary path in the post crisisperiod. The Eurozone debt crisis inhibits recovery ofthe FDI inflows and its influence is expected to besignificant if the ailing Euro Area economy worsens.In addition, impulse response analysis suggests thatFDIs have a stabilizing effect and reduce volatilityin real economic growth caused by financial crisis.This steadying effect of FDIs is also present duringthe post crisis recovery period, resulting in a gradualincrease in real GDP instead of a rapid upturn.

21

5.1 Governance Meetings

The Institute held four governance meetings duringthe period under review. These included the 33rdExecutive Committee Meeting that was held in theUnited States of America and the 34th ExecutiveCommittee Meeting and the 4th Audit Committeethat were held in Harare, as well as the Board ofGovernors meeting held in Tokyo, Japan, on theside lines of the IMF/World Bank Annual meetings.

These governance meetings had among otherthings, reviewed, deliberated and approved severalmanuals and policies used by the Secretariat as wellas the programme and budget for 2013. The Boardmeeting also appointed new external auditors forthe Institute.

During the same period, the Institute hosted aTechnical Cooperating Partners Liaison CommitteeMeeting on 8 March 2012 and the policy meetingof the Cooperating Partners Liaison Committee on27th November 2012. The meetings reviewed anddiscussed the funding arrangements, outcomes ofthe MEFMI Systems Audit that was carried out withthe financial assistance from SIDA as well as MEFMIwork programme and budget for 2013.

5.2 Staff Meetings

Two staff meetings were held during the periodwhile several departmental meetings were alsoconducted by each Programme to ensure effectivecommunication and monitoring of the activities ofthe new Phase.

5.3 Networking Activities

In delivering its products, MEFMI activelycollaborates with various cutting edge regionaland international organisations with similarmandate and mutual interest in order to broadenand strengthen its worldwide alliances that allow forcross-pollination of ideas. During the past year, theInstitute participated in 15 networking activities.

The Director, Macroeconomic ManagementProgramme represented the Institute in twoSADC regional events as an expert member ofMacroeconomic Statistics Work Group Meetingheld in Pretoria, South Africa from 23 to 24 January2012, and the regional workshop on Monetary andFinancial Statistics held in Gaborone from 11-22June 2012.

5. governance activities




The Director of the Debt Management Programmeattended the Zimbabwe High Level Debt Forumalso known as the Friends of Zimbabwe Forum whichwas hosted by the Government of Zimbabwe andthe African Development Bank, and another HighLevel Conference on Unleashing Economic GrowthPotential. The first Forum was held on Friday 23 March2012 in Tunis, Tunisia, while the second one was heldfrom 29 to 30 August 2012 in Victoria Falls. The mainobjective of the Tunisia Forum was for Zimbabweto, among other issues, update cooperatingpartners on the political and economic situationin Zimbabwe as well as to build consensus amongall stakeholders on the process of resolving thecountry’s external debt over-hang. The objectiveof the conference held in Victoria Falls was toexplore opportunities and strategies for moving theZimbabwean economy forward on a faster andsustainable growth and development path. TheDirector of the Debt Management Programme alsoattended and chaired the annual World Bank DebtManagement Facility (DMF) Technical AdvisoryGroup meeting held in Accra, Ghana, in June 2012.The technical advisory group, which MEFMI haschaired for the last two years, advises the WorldBank and the donors to the DMF Trust Fund aboutthe necessary capacity building interventions andapproaches to reforms in debt management in lowincome countries.

The Director of the Financial Sector ManagementProgramme attended a KPMG breakfast meetingon bank supervision. The meeting was held at theRoyal Gold Club in Harare, Zimbabwe on Friday 4May, 2012. The main objective of the meeting wasto discuss lessons learnt from banks’ implementationof Basel II. The meeting was attended by seniorexecutives of commercial banks in Zimbabwe andsome of KPMG’s clients. The presentation was basedon experiences from South African Banks.

During the reporting period, One Programme Officerfrom DMP attended the Sixth OECD Forum on AfricanPublic Debt Management and Bond Markets heldon27 – 29th June, 2012 in Johannesburg, South Africa.The meeting covered buy-back operations andexchanges (switches); liquidity buffers and impacton cash management; transition towards a modernDMO organization; priorities in the development of

market infrastructure; and round table discussionson work done on local currency bond markets bymultilaterals in Africa.

A Programme Officer from FSM attended theinaugural AFRITAC South seminar on Risk BasedSupervision. The seminar was held from 10-14 July2012 in Mauritius. The objective of the seminar wasto discuss practical issues in risk based supervisionas well as obtain feedback from participants ontheir countries’ capacity building needs in bankingsupervision. The meeting provided the opportunityfor MEFMI to support the AFRITAC South’s initiativetowards enhancing the region’s capacity buildingefforts as well as to discuss ways in which the twoinstitutions can work together in areas of mutualinterest.

The Executive Director of MEFMI and a ProgrammeOfficer from MMP attended an InternationalResearch Conference on Monetary Policy inDeveloping Countries: Practices and Challengeswhich was organised jointly by the National Bankof Rwanda, the Africa Department of IMF, theInternational Growth Centre and the World Bankfrom 19-20 July 2012.

A Programme Officer from DMP attended astakeholders’ meeting organised by the UNDPZimbabwe on leveraging debt sustainability as acatalyst for achieving sustainable developmentin Zimbabwe. Specifically, the meeting aimedat discussing the policy options for resolvingZimbabwe’s external debt crisis and the availableopportunities for capacity building in debtmanagement. The meeting, held on 26th October2012 in Harare, was attended by senior governmentofficials, academicians, donors, representativesof non-governmental organisations and otherstakeholders. The MEFMI representative was one ofthe key speakers during the meeting.MMP Programme Officer attended an IMF regionalcourse on Economic Issues and Regional Integrationfrom 10-21 December 2012, in Dar es Salaam,Tanzania.

Annex IV listsall thenetworkingactivitiesparticipatedand/or conducted by the Institute during periodJanuary – December 2012.

23

6. finance and administration

Income Source Amount US $ % Contribution

Member States Contribution 3,824,922 60%

Cooperating Partners 1,873,179 30%

In-kind contribution 371,455 6%

Interest Received 90,313 1%

Totals 6,324,854 100%

Table 9: 2012 Income by Source

The Institute opened the financial year 2012 with

accumulated funds amounting to US$1,014,621of

which US$132,464 was set aside for the purchase of

the Executive Director's house. The Executive

Committee authorised the Secretariat to utilise the

balance for 2012 activities as it awaited for

disbursement from member countries and

cooperat ing partners.The Government of

Netherlands through her Embassy in Harare also

gave MEFMI a no cost extension to utilise their

funding for 2011 for activities up to June 2012, as their

disbursement was made towards the end of 2011.

6.1 Income

The Institute is grateful for the timeous disbursement ofthe 2012 annual contributions by most membercountries, as well as the support that came fromfinancial cooperating partners. As at 31 December2012, eleven(11) member countries had fully madetheir contributions. The two major donors thatcommitted to funding Phase IV had also made theirdisbursement for 2012. The actual incomeincludingin-kind received during the year under reportamounted to US$6.3million. Contributions frommember countries accounted for 60%, in-kindcontributions made up 6%, contributions byCooperating Partners made up 30% and otherincome made up the balance as detailed in Table 9and Chart 8.

Other Income 109,169 2%

Amortisation of Deferred Income 55,816 1%




Chart 8: 2012 Income by Source

Detailed Income from Cooperating Partners and Member states

Table 10: Receipts from Cooperating Partners for the year 2012

Cooperating Partner Receipts US $

Norway 608,301

Sweden 886,293

World Bank 57,874

Norway (Phase III) 60,711

IMF 40,000

Netherlands (Phase III) 220,000

Totals 1,873,179

Source:MEFMI Audited Accounts

Source:MEFMI Audited Accounts

The breakdown of receipts per cooperating partner and member country are as shown in Table 10 and Table11 below

25

Table 11: Member States contributions

Member State Receipts US $ Outstanding Total income

1 Angola 355,262 355,262

2 Botswana 276,260 276,260

3 Kenya 327,672 327,672

4 Lesotho 291,305 291,305

5 Malawi 302,963 302,963

6 Mozambique 270,847 270,847

7 Namibia 261,005 261,005

8 Rwanda 266,107 266,107

9 Swaziland 263,908 263,908

10 Tanzania 331,751 331,751

11 Uganda 298,559 298,559

12 Zambia 284,074 284,074

13 Zimbabwe 210,000 85,209 295,209

Totals 3,118,344 706,578 3,824,922

6.1.1 Income Analysis

Table 12: Receipts for the period 2007 to 2012

Income Source 2007 2008 2009 2010 2011 2012

Coop. Partners 2,765,064 3,100,714 3,089,549 3,125,306 2,033,855 1,873,179

Member States 3,126,764 3,018,331 3,233,994 2,924,690 3,531,117 3,824,922

Other Income 89,865 51,707 33,179 11,310 80,853 255,298

In-kind 399,030 663,484 815,208 822,671 250,291 371,455

Total 6,380,723 6,834,236 7,171,930 6,883,977 5,896,116 6,324,854

Source: MEFMI Audited Accounts


Table 12 Chart 9and below indicate that from 2007 to2011, member countries and donors werecontributing almost equally to MEFMI activities. Partof the 2010 contribution from cooperating partnerswas a prepaid contribution from Sweden for 2011activities. From 2012, which is the beginning of Phase

IV, there was a reduction in the contributions byfinancial cooperating partners and an increase inthe member states contribution. The reduction wasdue to the reduced number of financialcooperating partners at the beginning of Phase IV.






Chart 9: Income Comparison by Source for the Period 2007 to 2012


6.2 Expenditure Table 13: Expenditure Break-down by Programme,2012

Expenditure item Actual US $

Macro Programme 1,564,303

FSM Programme 1,209,158

Debt Programme 1,388,342

MDA Programme 434,883

Secretariat Capacity Building 431,707

Administration 478,310

Totals 5,506,703

Total expenditure for 2012 amounted toUS$5.5million,as detailed in .,resulting in a net surplus of US$0.8 million. Theexpenditure was within the 2012 budget, with apositive variance of 14%. This is largely attributed tofavourable hotel charges in East Africa and gratisresource persons provided by technicalcooperating partners. In addition, there were somesavings on staff salaries and benefits, due to somepositions being vacant for part of the year.

The Institute was able to meet its plannedexpenditure for the year by utilising receipts frommember countries and cooperating partners, andalso partly utilising the accumulated funds broughtforward from 2011.

below give the expenditurebrokendown per Programme. The MMP has thehighest expenditure partly due to the nature of itsactivitiesbut also due to expenditure on the designof a manual on modelingand forecasting, for theuse of the MEFMI member countries. The manual isdue to be launched in 2013.

Table 13 and Chart 10

Table 13 and Chart 10

27

Chart 10: Expenditure breakdown by Programme, 2012

6.3 Resource Mobilisation

The Institute put in place a resource mobilisationstrategy which saw it proactively interactingwith existing and potential financial cooperatingpartners. It has also been actively following-up withinterested partners including applying modalitieswhich fit basket funding as a first priority, sectorapproach and grant financing of projects as asecond. This was augmented by the identificationof donors in each member state for country specificcapacity building activities.

The goal of the strategy is to increase the level offunding and to expand the number of financialcooperating partners in order to ensure that MEFMIPhase IV whose budget is 27% more than the PhaseIII budget is fully fund.

The results of the resource mobilisations efforts, as at31 December 2012 are as follows:

• Sweden and Norway signed new agreementsfor Phase IV funding in 2012

• ACBF is at an advanced stage of review for theirfunding for Phase IV. The Secretariat is confidentthat some funding will be provided, albeit at areduced level compared to support receivedfor Phase III.

• Membercountrieshavecommittedtoanannualescalation of 5% of their contributions.

6.4 Information Technology

There were three major developments in information

technology in 2012:

The Institute entered into an understandingwith

the Reserve Bank of Zimbabwe, to store MEFMI's

off-site back-ups at its secured disaster recovery

centre. This will among other things contribute

towards the implementation ofthe business

continuity plan for the Institute.

The Secretariat requested the Central Bank of

Kenya to provide a resource person to improve

its database. The work is due to be completed in

2013.

The Internet bandwidth at the Secretariat has

been increased to ensure improved information

technology services for the benefit of all

stakeholders.

•

•

•






Table 14: Staff Distribution at the Secretariat


6.5.2 Staff Development

The following is brief outline of some staffdevelopment activities conducted by the Instituteduring 2012;• Three members of staff attended the Heads

of Human Resources Workshop held from 27February to 2 March, 2012.

• Six members of staff attended the Joint

Performance Management Training workshopfrom 15 to 16 March 2012.

• One Programme Officer attended a DeMPA,Reform Plan and MTDS training in Washington,D.C, organized by the World Bank.

• Two members of staff attended a one day FrontOffice Skills course in Harare.

• The Institute organised training for Managementand staff on the provisions of the Zimbabwe

6.5 Human Resources

6.5.1 Staff Establishment

The staff complement at the Secretariat as at theend of the period under review was 31 (Table 14).All four Programme Officers who left at the end ofDecember 2011 had been replaced byDecember 2012. The positions of AccountsAssistant, Receptionist and Driver which also fellvacant in December 2011were filled on 1February and 1 April 2012, respectively.

Interviews for the newly created position ofAssistant Information Technology Officer wereheld in May and a suitable candidate identified.The position was filled on 2 July 2012.

The post of Assistant Accountant fell vacant on 31July 2012 following the resignation of theincumbent. The post was advertised in allmember countries and interviews were held inSeptember 2012. An offer was extended to thesuccessful candidate, who accepted the offerand will assume duty in January, 2013.

Executive Director 1 - 1

Programme Directors 3 1 4

Programme Officers/Equivalent 8 6 14

Assistant Accountant 0 - 0

Accounts Assistant 1 1

Assistant Information Technology Officer 1 - 1

Programme Secretaries/Equivalent - 6 6

Drivers 2 - 2

Office Orderly

Post Male Female Total

- 1 1

Gardener 1 - 1

Total 16 15 31

29

National Code of Conduct, Statutory Instrument15 of 2006 (SI 15). MEFMI is adopting the NationalCode of Conduct for use in administeringdisciplinary issues.

• Twenty seven (27) members of staff were trainedin Protocol Procedures, Etiquette, Groomingand Deportment, by the Ministry of ForeignAffairs (Zimbabwe).

• One Programme Officer attended a course onmonetary markets operations and frameworksand inflation modelling and forecasting inLondon, UK.

• 13 staff attended an in-house workshoporganised by ACBF on Results MeasurementFrameworks held on 6 and 10 September 2012.

• Four staff attended IT course organized byPASTEL.

• One Programme Officer attended a seminar onmacro prudential tools from 29-31 May 2012 inBasel, Switzerland.

• One Programme Officer attended a course onMaximising Value for Money in development byIMA international.

Annex IV lists all the staff development activitiesparticipated and/or conducted by the Instituteduring period January – December 2012

6.5.3 HIV & AIDS Workplace Programme

The InstitutehasadoptedanHIVandAIDSWorkplaceProgramme Implementation Plan and is seeking

partnerships with relevant organisations for itsimplementation. A Committee has been put in placeto facilitate implementation of the Programme.The HIV and AIDS Policy has been reviewed andadopted by all staff. An Internal baseline surveyto determine the knowledge, behaviour, skills andattitudes (KBPA) was conducted in July 2012 byZimbabwe Aids Prevention Support Organisation(ZAPSO). The findings were submitted andpresented to staff members. The implementation ofthe recommendations in the report is in progress.

6.5.4 Human Resources Policies and Procedures

The Institute prepared a MEFMI Human ResourcesPolicies and Procedures Manual which wasapproved by the Executive Committee inWashington, D.C. in April 2012. The Code of Ethicsand the revised Grievance Handling Procedureswere also approved and the National Code ofConduct Instrument 15 of 2006 (SI 15) were adoptedin July 2012. The Remuneration Policy was approvedby the Board in Tokyo, Japan, in October 2012.

An Employee Induction Handbook is being finalised.

6.5.5 Office Space

The additional offices (storerooms, offices andkitchen) are now in use. These include a recordsmanagement office and a library which is still beingset up.

During implementation of some capacity buildingactivities the Institute learnt that the continuedpromotion of the use of MEFMI PCMS hasprovided an opportunity for further refinement.Users recommended that the system needs to beimproved by adding an online facility for data entryand features that will allow for generation of timeseries data.

7.1 Opportunities

The increase in the number of participants comingto MEFMI courses with their own laptop computersis a noteworthy development, which has strongsupportive effect on training effectiveness. This

enables participants to practice after class andraise follow-up issues in the following discussions.MEFMI, therefore, needs to continue encouragingparticipants tobringtheircomputerswhenattendingcapacity building activities. In the long run, MEFMIwill not need to hire computers for courses that arecomputer intensive.

NetworkingwithSADCandCOMESAprovidedMEFMIwith an opportunity to tap into the vast knowledgeand experience in various macroeconomic areas.On the other hand, MEFMI was able to show caseand share its expertise in the area of Foreign PrivateCapital (FPC). In particular, the MEFMI PCMS provedto be useful software for the SADC region.

7. lessons and opportunities




EXECUTIVE COMMITTEE’S RESPONSIBILITY AND APPROVAL OF FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012

To the Executive Committee of Macroeconomic and Financial Management Institute of Eastern andSouthern Africa (MEFMI)

It is the Executive Committee’s responsibility to ensure that the financial statements fairly present the stateof affairs of the Institute. The external auditors are responsible for independently reviewing and reporting onthe financial statements.

The Executive Committee has assessed the ability of the Institute to continue operating as a going concernand believe that the preparation of these financial statements on a going concern basis is still appropriate.However, the Executive Committee believe that under the current economic environment a continuousassessment of the ability of the Institute to continue to operate as a going concern will need to be performedto determine the continued appropriateness of the going concern assumption that has been applied inthe preparation of these financial statements.

The statements set out in this report have been prepared by management in accordance with InternationalFinancial Reporting Standards (IFRS). The statements are based on appropriate accounting policies whichare supported by reasonable and prudent judgements and estimates.

The Institute’s internal and accounting control systems are designed to provide reasonable assurance asto the integrity and reliability of the financial statements and to adequately safeguard, verify and maintainaccountability of its assets. Such controls are based on established written policies and procedures andall employees are required to maintain the highest ethical standards in ensuring that the entity’s businesspractices are conducted in a manner which in all reasonable circumstances is above reproach. Issues thatcome to the attention of the Executive Committee have been addressed and the Executive Committeeconfirm that the system of internal and accounting control is operating in a satisfactory manner.

In light of the current financial position, the Executive Committee is satisfied that the Macroeconomicand Financial Management Institute of Eastern and Southern Africa (MEFMI) is a going concern and havecontinued to adopt the going concern basis in preparing the financial statements.

The Institute’s financial statements which are set out below on pages 4 to 18 were, in accordance withtheir responsibilities, approved by the Executive Committee on 5 April

th2013 and are signed on its behalf

by:

……………………..……….. ……………………..………..Professor E. T. Mutebile Dr. E. E. NgalandeChairman Executive Director

31

To the Executive Committee of Macroeconomic and Financial Management Institute of Eastern andSouthern Africa (MEFMI)We have audited the financial statements of MEFMI, set out on pages 4 to 18, which comprise the statementof financial position as at 31 December 2012, the statement of income and expenditure, the statement ofchanges in funds and the statement of cash flows for the year then ended and a summary of significantaccounting policies and other explanatory notes.

Executive Committee’s responsibility for the financial statementsThe Executive Committee is responsible for the preparation and fair presentation of these financialstatements in accordance with International Financial Reporting Standards. This responsibility includesdesigning, implementing and maintaining internal control relevant to the preparation and fair presentationof financial statements that are free from material misstatement, whether due to fraud or error; selectingand applying appropriate accounting policies; and making accounting estimates that are reasonable inthe circumstances.

Auditors’ responsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conductedour audit in accordance with International Standards on Auditing. Those standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assurance whether thefinancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosuresin the financial statements. The procedures selected depend on the auditor’s judgement, including theassessment of risks of material misstatements of the financial statements, whether due to fraud or error. Inmaking those risk assessments, the auditor considers internal control relevant to the entity’s preparationand fair presentation of the financial statements in order to design audit procedures that are appropriatein the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’sinternal control. An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of accounting estimates made by management, as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.

OpinionIn our opinion, the financial statements present fairly, in all material respects, the financial position ofMacroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI), as at 31December 2012, and its financial performance and cash flows for the year then ended in accordancewith International Financial Reporting Standards.ur pi, the financial statements present fairly, in all materialrespects, the financial position of Macroeconomic and Financial Management Institute of Eastern andSouthern Africa (MEFMI) as at 31 December 2012, and its financial performance and cash flows for the yearthen ended in accordance with International Financial Reporting Standards.

Grant Thornton CamelsaRegistered Public Auditors (Zimbabwe) 13 May 2013HARARE

INDEPENDENT AUDITORS’ REPORT


Statement of income and expenditure

for the year ended 31 December 2012

2012 2011Notes USD USD

INCOME

Amortisation of deferred income 2 55 816 38 279

Co-operating partner funding 3 1 873 179 2 033 855

In-kind contributions 4 371 455 250 291

Interest receivable 5 90 313 39 844

Member state contribution 6 3 824 922 3 531 117

Other income 7 109 169 2 730

Total income 6 324 854 5 896 116

EXPENDITURE

Accommodation and subsistence 1 175 978 1 257 379

Audit fees (internal and external audit) 35 381 35 549

Bank charges 24 120 33 527

Depreciation 77 644 66 265

Exchange loss 3 242 1 859

Facilities and materials 187 950 225 647

Legal fees 2 820 -

Office expenses 8 401 994 394 693

Professional fees 9 338 102 628 437

Resource mobilisation 25 597 20 999

Revaluation loss 4 326 -

Salaries and wages 1 612 144 1 664 473

Staff benefits 10 798 348 928 575

Training and tuition fees 31 781 8 248

Travel expenses 787 276 722 801

Total expenditure 5 506 703 5 988 452

Surplus/(decifit) for the year 818 151 (92 336)

33

Statement of financial position

as at 31 December 2012

At At

31 December31 December

2012 2011

ASSETS Notes

Non-current assets

Property and equipment 12 961 484 999 722

Current assets

Consumables 13 60 462 50 250

Trade and other receivables 14 845 842 451 353

Cash and cash equivalents 15 2 925 817 1 050 768

3 832 121 1 552 370

Total assets 4 793 605 2 552 092

FUNDS AND LIABILITIES

Funds

Accumulated funds 1 832 772 1 014 621

Current liabilities

Trade and other payables 16 1 335 868 184 498

Provisions 17 612 060 284 252

Deferred income 18 1 012 905 1 068 721

2 960 833 1 537 471

Total funds and liabilities 4 793 605 2 552 092

……………………………….. ……………………………….

Professor E. T. Mutebile Dr. E. E. Ngalande

Chairman Executive Director


Statement of changes in funds


Accumulated Total

Funds

Balance at 1 January 2011 1 106 957 1 106 957

Deficit for the year (92 336) (92 336)

Balance at 31 December 2011 1 014 621 1 014 621

Balance at 1 January 2012 1 014 621 1 014 621

Surplus for the year 818 151 818 151

Balance at 31 December 2012 1 832 772 1 832 772

35

Statement of cash flows


2012 2011

USD USD

Cash flows from operating activities Notes

Surplus/(decifit) for the year 818 151 (92 336)

Adjustment for:


Interest income (90 313) (39 844)

Amortisation of deferred income (55 816) (38 279)

Increase/(Decrease) in provisions 327 808 (151 631)

Loss on revaluation 4 326 -

Profit on disposal of equipment - (2 585)

Cash flows before changes in working capital 1 081 800 (258 410)

Net effect of working capital changes 19 746 669 227 118

Net cash generated/(utilised) in operations 1 828 469 (31 292)

Cash flows from investing activities

Proceeds from disposal - 3 127

Interest income 90 313 39 844

Acquisition of property and equipment (43 732) (344 296)

Net cash invested/(utilised) in investing activities 46 581 (301 325)

Cash flows from financing activities

Advance disbursement - (350 964)

Capital contributions - 600 000

Net cash inflows from financing activities - 249 036

Increase/(decrease) in cash and cash equivalents 1 875 050 (83 581)

Cash and cash equivalents at the beginning of the year 1 050 768 1 134 349

Cash and cash equivalents at the end of year 15 2 925 817 1 050 768




STATEMENT OF ACCOUNTING POLICIESfor the year ended 31 December 2012

1 General information

The main activities of the Institute, which is constituted in Zimbabwe is to advise and assist membercountries in the Eastern and Southern African region to develop capacity to manage their debtand reserves and to provide training in macroeconomic and financial management.

Basis of preparation

The principal accounting policies adopted in the preparation of financial statements are setout below. The basis of preparation of financial statements is International Financial ReportingStandards.

Statement of Compliance

The Institute’s financial statements have been prepared in accordance with International FinancialReporting Standards, (IFRS) and the International Financial Reporting Interpretations Committee,(IFRIC) interpretations. The financial statements are based on statutory records that are maintainedunder the historical cost convention.

Summary of accounting policies

1.1 Overall considerations

The significant accounting policies that have been used in the preparation of these financialstatements are summarised below. The financial statements have been prepared using themeasurement bases specified by IFRS for each type of asset, liability, income and expense.The measurement bases are more fully described in the accounting policies below:

1.2 Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow tothe Institute and the revenue can be reliably measured. The following specific recognitioncriteria must also be met before revenue is recognised:-

Co-operating partner funding

Co-operating partner funds are recognised on a receipt basis. The contributions from co-operating partners are pooled together for use by the Institute.

Member state contributions

Revenue from member states is recognised on an accrual basis. Contributions from memberstates for a particular phase are determined beforehand by the Board of Governors.Revenue is therefore recognised over the Phase on an accrual basis.

Interest

Interest income is recognized on a time proportionate basis using the effective interest rate.

37

In-kind contributions

A portion of the Institute’s income is derived from in-kind contributions from membercountries. In-kind income is recognised on receipt basis. In-kind contributions receivedfrom Technical Co-operating Partners are not recognised in the financial statements as thecontribution is deemed to have been made to the Institute’s members, rather than MEFMI.MEFMI members are also members of the institutions that represent Technical Co-operatingPartners. The contribution from Technical Co-operating Partners is therefore acknowledgedin a memorandum to the financial statements.

1.3 Operating expenses

Operating expenses are recognised in profit or loss upon utilisation of the service or at thedate of their origin.

1.4 Taxation

In terms of the agreement with the Government of Zimbabwe and statutory instrument 428of 2011 issued under the Income Tax Act (Chapter 23:06), the Institute is exempt from tax.

1.5 Employeebenefits

Short-term employee benefits include wages, salaries and social security contributions;short-term compensated absences (such as paid annual leave and paid sick leave) wherethe compensation for the absences is due to be settled within 12 months after the end ofthe period in which the employees render the related employee service; Bonuses payablewithin twelve months after the end of the period in which the employees render the relatedservice; and non-monetary benefits (such as medical care, housing, cars and free orsubsidised goods or services) for current employees. The entity recognises the undiscountedamount of short-term employee benefits as an expense in profit and loss during the periodin which the services are rendered.

1.5 Foreign currency translation

Transactions in foreign currencies are translated to the United States Dollars at rates ofexchange ruling on the date of the transaction. Exchange gains or losses arising on thesettlement of foreign currency transactions are dealt with in the income and expenditurestatement.

Assets and liabilities in foreign currencies are translated to United States Dollars at rates ofexchange ruling at the statement of financial position date.

1.6 Cash and cash equivalents

Cash on hand and in banks and short term deposits which are held to maturity are carriedat cost. Cash and cash equivalents are defined as cash on hand, demand deposits andshort term, highly liquid investments readily convertible to known amounts of cash andsubject to insignificant risk of change. For the purpose of the cash flow statement, cash andcash equivalents consist of cash on hand and deposits in banks, net of outstanding bankoverdrafts.




1.7 Provisions

Provisions are recognized when the Institute has a present obligation as a result of a pastevent, it is probable that an outflow of resources embodying economic benefits will berequired to settle the obligation and a reliable estimate can be made of the obligation.

1.8 Retirement benefit cost

The Institute does not have a retirement fund. Instead, provision is made in the financialstatements for gratuity payments over the period of employees’ employment contract. Allemployees are paid a gratuity of twenty five (25) percent of their contract period earningsin terms of the Institute’s employment policy.

1.9 Property and equipment

Property, vehicles and equipment is shown at cost, less accumulated depreciation andaccumulated impairment losses. Landisnotdepreciated. The Institute’spolicy is todepreciateproperty, vehicles and equipment evenly over the expected life of each asset.

The expected useful lives are as follows:Buildings - 25 yearsComputers - 4 yearsFurniture and fittings - 3 yearsMotor vehicles - 5 years

The carrying amounts of property, vehicles and equipment are reviewed at each statementof financial position date to assess whether they are recorded in excess of their recoverableamounts and where carrying values exceed the estimated recoverable amounts, assetsare written down to their recoverable amounts. The assets’ residual values, useful lives anddepreciation methods are reviewed and adjusted if appropriate, at each financial yearend. The Institute has estimated that all property, vehicles and equipment have nil residualvalue as the Institute has no intention of disposing of the assets before the end of their usefullives.

1.10 Impairment of assets

At each statement of financial position date the Institute reviews the carrying amountsof assets to determine whether there is any indication that those assets have sufferedan impairment loss. If any such indication exists, the recoverable amount of the asset isestimated in order to determine the extent of the impairment loss (if any).

If the recoverable amount of an asset is estimated to be less than its carrying amount, thecarrying amount is reduced to its recoverable amount. Impairment losses are recognized inthe statement of income and expenditure.

When an impairment loss subsequently reverse, the carrying amount of the asset is increasedto the revised estimate of its recoverable amount, but so that the increased carryingamount does not exceed the carrying amount that would have been determined had noimpairment loss been recognized for the asset in prior years. A reversal of an impairment lossis recognized in the statement of income and expenditure.

39

1.11 Inventories

The carrying amount of inventory is measured at the lower of cost or net realizable value.Valuation is determined on a first in first out basis. The cost of inventory is recognized in thestatement of income and expenditure as it is drawn down.

1.12 Financial instruments

Loans receivables

These assets are non-derivative financial assets with fixed or determinable payments that arenot quoted in an active market. They are initially recognized at fair value plus transactioncosts that are directly attributable to their acquisition or issue, and are subsequently carriedat amortized cost using the effective interest rate method, less provision for impairment.

The institute classifies its financial liabilities into one of two categories, depending on thepurpose for which the liability was acquired.

Fairvaluethroughprofitandloss

This category comprises only out-of-the money derivatives. They are carried in the statementof financial position at fair value with changes in fair value recognized in the statement ofincome and expenditure.

Otherfinancialliabilities

Other financial liabilities include trade payables and short-term monetary liabilities, whichare initially recognized at fair value and subsequently are carried at amortized cost usingthe effective interest method.

De-recognitionoffinancialassets

Investments are derecognized when the rights to receive cash flows from the investmentshave expired or where they have been transferred and the Institute has also transferredsubstantially all risks and rewards of ownership. Gains and losses are recognized in statementof income and expenditure when the financial assets are derecognized or impaired, as wellas through the amortization process.

Impairmentoffinancialassets

A financial asset is deemed to be impaired when its carrying amount is greater than itsestimated receivable amount, and there is evidence to suggest that the impairmentoccurred subsequent to the initial recognition of the asset in the financial statements.

1.13 Deferred income

Contributions by member countries in the form of assets are recognised as deferred incomeand are recognized in the statement of income and expenditure over the useful life of thebuildings, which is 25 years.




Notes to the financial statements


2012 2011

USD USD

2 Amortisation of deffered income

Deferred income 55 816 38 279

3 Co-operating partner funding

African Capacity Building Foundation (ACBF) - 469 990

African Development Bank - 38 814

Highly Indebted Poor Countries (HIPC) - 20 690

International Monetary Fund (IMF) 40 000 38 814

Netherlands Government 220 000 660 000

Norwegian Government 669 012 765 725

Swedish Government 886 293 -

World Bank 57 874 39 822

1 873 179 2 033 855

4 In-kind contributions

Member states 371 455 250 291

5 Interest receivable

MEFMI joint account 2 922 2 787

Residence funds 4 029 -

Short term deposits 79 756 34 083

Staff loans 3 606 2 974

90 313 39 844

6 Member state contributions

Angola 355 262 326 448

Botswana 276 260 263 264

Kenya 327 672 288 220

Lesotho 291 305 254 955

Malawi 302 963 265 064

Mozambique 270 847 263 035

Namibia 261 005 258 815

Rwanda 266 107 261 070

Swaziland 263 908 255 439

Tanzania 331 751 284 421

Uganda 298 559 278 344

Zambia 284 074 267 809

Zimbabwe 295 209 264 233

3 824 922 3 531 117

41


for the year ended 31 December 2012 (continued)

2012 2011

USD USD

7 Other income

MEFMI T-Shirts 34 -

Participant fee 1 000 -

Proceeds from National Waste Paper 25 -

Reversal of provision for NSSA 105 272 -

Sale of assets 366 2 585

VAT refund 2 472 145

109 169 2 730

8 Office expenses

Advertising 557 7 943

Air courier mail 7 346 2 854

E-Communication charges 72 740 84 484

Equipment maintainance 56 746 56 449

General expenses 44 477 44 197

Office maintainance 27 403 51 813

Office security 18 818 19 268

Printing and stationery 10 600 40 588

Publications 38 181 38 364

Recruitment and relocation expenses 90 547 15 231

Telephone and postage 34 579 33 502

401 994 394 693

9 Professional fees

Macroeconomic management programme

In-country workshops 27 850 40 766

Mission 42 613 10 928

Regional workshops 31 990 42 716

Studies 8 000 73 500

110 453 167 910

Financial sector management programme

Administration expenses 31 614 41 441


Mission 50 960 36 236

88 374 84 789






2012 2011

USD USD

Debt management programme


Mission 600 25 200


Studies 39 900 -

85 920 128 300

Multi-disciplinary activities

Executive fora 800 6 000

Fellow activities 6 975 173 845

Professional fees for fellows 1 790 29 260

9 565 209 105

Secretariat capacity building

Recruitment 675 2 500

Secretariat support 41 245 35 831

Staff development 1 870 -

43 790 38 331

Grand total 338 102 628 437

10 Staff benefits

House rent and maintainance 58 677 54 275

Housing allowance 109 347 105 143

Medical aid contribution 76 039 74 189

NSSA 11 490 105 272

Other 94 231 129 684

School fees subsidy 49 846 51 051

Terminal gratuity 398 718 408 961

798 348 928 575

11 Compensation to key management personnel

Gratuity 144 144 131 120

NSSA 2 516 -

Salaries and short term employee benefits 689 531 569 675

836 191 700 795

43

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13 Consumables

Office Consumables 2 082 3 972

Computer consumables 30 935 -


Stationery 8 220 37 711

60 462 50 250

14 Trade and other receivables

Workshop advances 7 256 33 264

Contributions due: Angola 355 262 -

Rwanda 266 107 -

Zambia - 46 380

Zimbabwe 85 209 240 000

Prepayments 44 745 42 967

Staff loans and advances 79 204 83 731

Other receivables 2 891 -

Value Added Tax claims 5 168 5 011

845 842 451 353

15 Cash and cash equivalents

Cash on hand 1 057 2 000

Cash at bank 74 534 678 499

Gratuity account 100 269 99 572

Short term deposits 2 749 957 270 697

2 925 817 1 050 768

16 Trade and other payables

Accrued expenses 12 013 41 292Audit fees accrual 32 647 25 090Member states 1 228 248 -Professional fees 62 960 118 116

1 335 868 184 498

For the purposes of statement of cash flows, cashand

cash equivalents includes cash on hand and cash at

bank. Cash and cash equivalents at the end of the

financial period as shown in the statement of cash flows

45

Detailed statement of income and expenditurefor the year ended 31 December 2012

2012 2011USD USD

17 Provisions

Leave pay 90 013 31 873National Social Security Authority - 136 685Terminal gratuity 522 047 115 694

612 060 284 252

18 Deffered income

Balance at beginning of the year 1 068 721 857 964Contributions received in advance-Angola - (350 964)Asset contribution from member countries - 600 000Amortisation (55 816) (38 279)

Balance at end of year 1 012 905 1 068 721

19 Net effects of changes in working capital

Increase in inventories (10 212) (14 465)

(Increase)/decrease in receivables (394 490) 197 109

Increase in payables 1 151 370 44 474

746 669 227 118

47

Detailed statement of income and expenditure (continued)


2012 2011

USD USD

Debt Management Programme

HIPC Capacity Building Project - 20 690

In- country workshops 52 043 26 899

Missions 45 525 98 414

Networking 11 607 -

Operating expenses 83 804 108 558

Programme delivery- staff 599 183 601 933



Studies 77 215 2 329

1 388 342 1 268 865

Multi-disciplinary activities

Executive Fora 185 008 187 673

Fellows Development Programme 14 330 334 580

Networking 22 137 -




434 883 711 077

Secretariat Capacity Building


Networking 727 67 072




Resource mobilisation 25 597 20 999

Staff development and retreats 7 470 47 779

Staff recruitment and relocation 117 673 82 202

431 707 480 791

Administration

Governing bodies 49 939 99 616


Salaries, wages and benefits 345 067 595 298

478 310 831 288

Total expenditure 5 506 703 5 988 452

Surplus / (deficit) for the year 818 151 -92,336

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h t

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th

e m

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no

mic

ac

co

un

ts a

nd

ap

pre

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w t

he

se a

cc

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re

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t M

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f Fo

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te C

ap

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bo

ron

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ots

wa

na

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bu

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ap

ac

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th

e S

AD

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ito

r,a

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lyse

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nd

dis

sem

ina

te p

riva

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da

ta in

line

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rna

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st p

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th

e h

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on

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rin

g t

oo

ls t

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nh

an

ce

da

ta c

om

pa

rab

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SA

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gio

n.

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4M

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r

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tpu

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ful i

nte

llec

tua

l exc

ha

ng

e o

f e

xpe

rie

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on

re

co

rdin

g, m

on

ito

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lysi

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nd

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sem

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ap

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l flo

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ctio

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lan

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ch

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gio

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l ha

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rea

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aw

are

ne

ss o

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EFM

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rod

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est

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na

ire

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tre

at

for

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ad

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art

me

nts

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its

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spo

nsi

ble

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rM

on

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aly

sis

of Fo

reig

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ap

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PC

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bo

ron

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to18 M

ay

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tec

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atio

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flo

wo

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riva

te c

ap

ita

l to

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gio

n a

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sig

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lea

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al w

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, Sn

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ha

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ea

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rtm

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5.

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imp

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Fellows

MEFMI Staff

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Paid

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rna

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tpu

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seru

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rna

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na

l

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MEFMI Staff

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Paid

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ste

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int

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MEFMI

Fellows

MEFMI Staff

CM

F

Paid

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24.

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nk

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00

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ts:

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dh

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ma

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10

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r

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ts:

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l

Regional

MEFMI

Fellows

MEFMI Staff

CM

F

Paid

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MU

LTID

ISC

IPLI

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RY

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01

311

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15

J, M

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2012

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Inte

rna

tio

na

l

Regional

MEFMI

Fellows

MEFMI Staff

CM

F

Paid

Gratis

An

ne

x II: In

-co

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try

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on

du

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cro

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all

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ak

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mo

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eth

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bru

ary

2012

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an

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-0

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21

61

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r

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ore

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ram

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tpu

ts:

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on

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pts

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rac

tic

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pp

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ly, 2012, M

ap

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Inte

rna

tio

na

l

Regional

MEFMI

Fellows

MEFMI Staff

CM

F

Paid

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tpu

ts:

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be

rto

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ove

mb

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nk

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ab

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.

-0

02

01

11

32

J,M

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r

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ve

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-0

02

01

01

46

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tpu

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AN

AG

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MM

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sta

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r Za

mb

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an

ua

ryto

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eb

rua

ry2012

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gst

on

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mb

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on

du

ct

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SA

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d

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-0

00

31

11

19

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r Zi m

ba

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bru

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ma

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-0

01

02

21

69

J, M

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na

ge

r

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nu

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tio

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l

Regional

MEFMI

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Paid

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tpu

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M,

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r

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na

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nt

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it,

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r

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gu

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21

11

97

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r

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tpu

ts:

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wa

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co

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ha

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ga

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rna

tio

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l

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MEFMI

Fellows

MEFMI Staff

CM

F

Paid

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FIN

AN

CIA

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ne

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isk

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na

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nt

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tio

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an

ko

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wa

nd

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24

–25 J

uly

, 2012

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ali,

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an

da

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rovid

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ap

ac

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taff

in r

isk m

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ag

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ep

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me

nt

in a

rea

so

f risk

ide

ntific

atio

n, a

na

lysi

s a

nd

re

po

rtin

g

-1

00

11

2n

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an

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tpu

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risk

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p o

nR

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mb

er

2012

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pu

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n/a

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tpu

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rep

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14

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p o

n F

ina

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Ba

nk

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azi

lan

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19

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ove

mb

er

2012

Ma

nzi

ni, S

wa

zila

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o s

taff

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art

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nt

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rea

s o

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me

inst

rum

en

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ark

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risk

s a

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rest

ra

ted

eriva

tive

s

-1

00

11

2n

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an

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nk

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ce

mb

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2012

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rare

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ba

bw

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02

01

2n

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nd

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tpu

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na

ge

r

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ge

r

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te

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e

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rna

tio

na

l

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MEFMI

Fellows

MEFMI Staff

CM

F

Paid

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ne

x III: In

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try

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sio

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r2012

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cro

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an

ua

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eb

rua

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ntr

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an

ko

f Sw

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lan

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ow

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th

e C

BS L

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sta

blis

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on

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or

the

syst

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ac

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ultip

le u

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a t

ime

.

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on

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ct

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efr

esh

er

co

urs

e.

-0

02

01

21

72

J, M

M,

Sn

r

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tpu

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as

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nt ;

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licie

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nc

tio

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cia

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k S

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en

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n/a

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tpu

ts:

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lpe

d t

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elo

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lem

en

t a

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cia

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k M

an

ag

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en

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am

ew

ork

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to c

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tio

n t

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pre

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t Fra

me

wo

rk a

nd

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licy.

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nd

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en

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an

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en

t m

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olo

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nte

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na

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me

nt

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tio

na

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an

ko

fR

wa

nd

a

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uly

2012

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ali,

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an

da

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ct

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e F

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ast

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-1

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r N

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l Ba

nk o

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a

13.

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d

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tem

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r 2012

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as

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up

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iso

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nc

o d

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oc

am

biq

ue

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cto

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pu

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oza

mb

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cq

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02

01

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/an

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tpu

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y:

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66

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