mefmi 2009 annual report textmefmi.org/wp-content/uploads/2018/11/2009-mefmi-annual-repo… · 2009...

CONTENTS

ABBREVIATIONS AND ACRONYMS.......................................ii

MEFMI IN BRIEF .........................................................................iv

The Scope of MEFMI Activities .......................................v

Mode of Delivery..............................................................v

Cooperating Partners.......................................................v

MEFMI Secretariat ...........................................................vi

STATEMENT BY THE CHAIR OF THE MEFMI BOARD

OF GOVERNORS ....................................................................vii

OVERVIEW BY THE EXECUTIVE DIRECTOR .........................ix

INTRODUCTION ......................................................................xii

HIGHLIGHTS FOR THE YEAR................................................xiv

OVERVIEW OF MEFMI ACTIVITIES.......................................xv

1

1.2 Participation..............................................................2

1.3 Resource Persons Utilisation ...................................2

2. CAPACITY BUILDING OUTPUTS.....................................4

2.1 Regional Capacity Building Activities ..................4

1. QUANTITATIVE SUMMARY .............................................

i

2.2 In-country Capacity Building Activities ................4

2.3 Country Missions.......................................................5

2.4 Fellows Development Activities..............................5

2.5 Specialised Studies..................................................7

3. GOVERNANCE ACTIVITIES.............................................9

3.1 Networking................................................................9

4. FINANCES........................................................................12

5. HUMAN RESOURCES ....................................................13

5.1 Staff Establishment................................................13

5.2 Staff Development................................................13

6. EXPECTED OUTCOMES.................................................14

7. CONSTRAINTS / CHALLENGES ..................................15

8. OPPORTUNITIES.............................................................15

9. INTERVENTIONS.............................................................15

10. FINANCIAL STATEMENT................................................16

Annexure ..................................................................................36

Macroeconomic and Financial ManagementInstitute of Eastern and Southern Africa

2009 ANNUAL REPORT

ABBREVIATIONS AND ACRONYMS

ii

2009 MEFMI ANNUAL REPORT

ACBF African Capacity Building Foundation

AfDB The African Development Bank

ADF The African Development Fund

BIS Bank for International Settlements

BOP Balance of Payments

CESAG Centre Africain d'Etudes Supérieures de Gestion (West Africa)

COMESA Common Market for Eastern and Southern Africa

CBP Capacity Building Programme

CS-DRMS Commonwealth Secretariat Debt Recording and Management

System

CTP Customised Training Programme

DeMPA Debt Management Performance Assessment

DFI Development Finance International

DFID The Department For International Development

DLP Distance Learning Programme

DRI Debt Relief International

DMFAS Debt Management and Financial Analysis System

EAC East African Community

FAL Foreign Assets and Liabilities

FDI Foreign Direct Investment

FPC-CBP Foreign Private Capital - Capacity Building Programme

FSI Financial Stability Institute

IIF Institute of International Finance

HIPC-CBP Heavily Indebted Poor Countries - Capacity Building Programme

HIV / AIDS Human Immunodeficiency Virus / Acquired Immunodeficiency

Syndrome

IIP International Investment Position

IMF The International Monetary Fund

MoF Ministry of Finance

MEFMI Macroeconomic and Financial Management Institute of

Eastern and Southern Africa

NAC National AIDS Council

PCIS Private Capital Information Systems

PCMS Private Capital Monitoring System

PS Permanent Secretary

RAMP Reserves Advisory and Management Programme

RBZ Reserve Bank of Zimbabwe

SADC Southern African Development Community

SAIIA South Africa Institute of International Affairs

SARB The South African Reserve Bank

TNC Transnational Corporation

UNCTAD United Nations Conference on Trade and Development

WB World Bank

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Building Sustainable Capacity Fostering Best Practices Raising awareness: Opportunities & Challenges

MEFMI IN BRIEF


The Macroeconomic and Financial Management Institute of Eastern and SouthernAfrica (MEFMI) is a regionally owned institute currently with 13 member countries:Angola, Botswana, Kenya, Lesotho, Malawi, Mozambique, Namibia, Rwanda,Swaziland, Tanzania, Uganda, Zambia and Zimbabwe.

During the 1980s to the 1990s, many countries in Africa faced entrenched problemsin the capacity for debt and reserves management as well as macroeconomicmanagement. In response, senior economic officials and financial managers inEastern and Southern Africa launched the Eastern and Southern Africa Initiative inDebt and Reserves Management (ESAIDARM) in 1994, whose mandate was laterbroadened to cover macroeconomic and financial sector management issues andrenamed it the Macroeconomic and Financial Management Institute of Eastern andSouthern Africa (MEFMI) in 1997.

The Institute's vision is to continue to be a centre of excellence in sustainable capacitybuilding in selected critical fields in central banks, ministries of finance and ofeconomic planning in Eastern and Southern Africa.

To build sustainable capacity and foster best practices in central banks, ministries offinance and of planning in Eastern and Southern Africa, while also helping themconstantly to identify emerging challenges, risks and opportunities.

Shared values are what engender trust and link MEFMI. These also provide a MEFMIspecific identity. MEFMI upholds the following values:· Honesty & Integrity· Partnership/Teamwork· Accountability and transparency· Excellence/Credibility· Responsiveness to needs and aspirations of clientele

Background

Vision

Mission

Values

iv

The Scope of MEFMI Activities

Mode of Delivery

Cooperating Partners

Financial Cooperating Partners

MEFMI activities put special focus on:· Macro-economic management which deals with analysis of the economy, planning and

forecasting.· Financial Sector Management, which covers financial markets development, foreign

exchange reserves management, regulation and supervision of financial institutions,payment systems and monetary policy implementation.

· Sovereign Debt Management, which encompasses debt database development andmanagement, institutional and legal aspects, analysis, policy and strategies.

· Fellows Development Programme which trains promising young professionals with the view togroom them into specialists / experts available to their 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 beneficiary institutions are:· Junior to senior professionals· Heads of department / division, senior officials· Executives

MEFMI delivers its products and services through the following;· 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 for networking amongst the following category ofdecision makers;

· Ministers of finance and planning and economic development and equivalent· Secretaries to the treasury and permanent secretaries for finance and equivalent and their

deputies· Central bank governors and their deputies· Human resources managers

At these events policy makers have the opportunity to exchange ideas and experiences amongthemselves facilitated by world class experts availed by MEFMI.

MEFMI's cooperating partners fall into three categories namely, Financial Cooperating Partners,Technical Cooperating Partners and Networking Partners.

currently fund MEFMI's capacity building activities to supplementmember countries' contributions. The Financial Cooperating Partners are:

· The African Capacity Building Foundation (ACBF)

v


· The Netherlands· Norway· Sweden

In addition to the above, the following countries also contribute to MEFMI'sactivities through the Heavily Indebted Poor Countries Capacity BuildingProgramme (HIPC-CBP) and the Foreign Private Capital Capacity BuildingProgramme (FPC-CBP);

· Austria· Canada· Sweden· Ireland· Switzerland· The United Kingdom

provide gratis or subsidised expertise,attachments and course attendance to staff and Fellows and other in-kindsupport to the capacity building programmes. The technical cooperatingpartners are;

· The World Bank (WB) and its institute (WBI), the InternationalMonetary Fund (IMF) and its institute (IMFI), the CommonwealthSecretariat (COMSEC).

· The Bank for International Settlements (BIS) and its AffiliateCommittees and Financial Stability Institute (FSI); the AfricanDevelopment Bank (AfDB), the Centre for Central Banking Studies(CCBS) of the Bank of England (BOE).

· The United Nations Conference on Trade and Development(UNCTAD), the Federal Reserve Bank of New York and the FederalReserve Board, Africa Regional Technical Assistance Centre(AFRITAC) of the IMF.

In addition, some of the major international commercial banks such as theBank of New York, State Street Global Advisors, Barclays Bank plc, theStandard Bank of South Africa, the Reserve Bank of India and of SouthAfrica Reserve Bank, have provided gratis expertise.

are organisations whose resource persons and otherservices are paid for by MEFMI. They include the African EconomicResearch Consortium (AERC), Centre for International Development (CID) atHarvard University, Crown Agents, Debt Relief International (DRI), UnitedNations Institute for Training and Research (UNITAR) and National Treasuryof South Africa

The MEFMI Secretariat is based in Harare, Zimbabwe. The Secretariat isthe principal vehicle for the design, delivery and administration of MEFMIprogrammes. An Executive Director heads the Secretariat. MEFMI draws itsstaff mainly from related institutions in member countries on competitiverecruitment basis.

Technical Cooperating Partners

Networking Partners

.

MEFMI Secretariat

vi


I have the honour to present the 2009 MEFMI Annual Report – my second asMEFMI Board Chairman.

I wish to commend the MEFMI Executive Director and his entire team at theSecretariat for, once again maintaining the positive momentum in themanagement of the Institute's operations. This is evidenced by the continuedsmooth and timely planning and implementation of MEFMI capacitybuilding activities. The Institute has also simultaneously been managingorganisational improvements within the Secretariat. These have witnessedthe sustained implementation of the Institute's operational procedures,including effecting performance management at the Secretariat. These arestrong attributes to the institution of MEFMI that we are all trying to build forthe region.

It is worth noting that developments in 2009 in the host country indeedvindicated the earlier decision taken by the MEFMI stakeholders in 2008 tokeep the Institute in Zimbabwe. The year 2009 brought some relief for theInstitute, following some positive changes introduced in the host-country'soperating environment. In particular, the “multi-currency” policy stanceadopted by the inclusive Government of Zimbabwe under the new politicaldispensation largely arrested the economic crisis, thereby restoring asemblance of relative socio-economic stability and supplies into the marketduring the year under report. Buoyed by these developments and thestakeholders' prospects for continuing recovery in the host country, a bolddecision was taken to allow the Secretariat to purchase fixed property tohouse the Institute in Harare. It is hoped that this move will enable areduction in overhead costs for the Institute, which may ultimately contributeto its longer term financial sustainability.

Consistent with the Institute's mandate to not only build capacity but alsoraise awareness on opportunities and risks, MEFMI strategicallyincorporated the issues and implications of the global financial crisis in its2009 activities. Notably, Botswana sought and received more intensiveassistance in the design of borrowing strategies and public debtmanagement, partly as the Institute's response to the effects of the globalfinancial crisis on the historically lowly indebted member state.

STATEMENT BY THE CHAIR OF THE

MEFMI BOARD OF GOVERNORS

Prof. Njuguna Ndung'u


vii

Compared with the previous year, the Institute recorded an increase in capacitybuilding activities of 21 percent, mainly reflecting an increase in in-countrycapacity building activities. Among these activities was enhanced technical andpolicy-related assistance that the Institute provided to the Government ofZimbabwe on request, in support of its economic recovery efforts.

During the year under report, MEFMI commissioned an assessment of thecountries' needs and the impact of its activities, as a precursor to the Mid TermReview, slotted for the first quarter of 2010. The study broadly reaffirmed theregional relevance, effectiveness and applicability of MEFMI's products andservices, while also urging a greater deepening and tailoring of these to countrycircumstances and needs.

The success of the Institute would not have been complete without the continuedand timely oversight, and financial and moral support of the MEFMI memberstates and the Institute's financial and technical cooperating partners. In addition,the hard work and team spirit by the Secretariat has been a commendable markin the Institute's performance. This is all sincerely appreciated.

It is this spirit of ownership, desire to build a strong institution for the region andunwavering commitment that ensures that MEFMI remains highly relevant, visibleand positioned to make noticeable impact on our regional capacity buildinglandscape!

Prof. Njuguna Ndung'uChair, MEFMI Board of Governorsand Governor, Central Bank of Kenya


Ministers of Finance andMembers of the MEFMI Boardof Governors at theCombined Forum held atLimassol, Cyprus in 2009

2009 has been another year of continued steady progress in MEFMI'scapacity building activities - this, despite the global economic challenges.There is no doubt this progress has been achieved as a result of thecontinued financial support and in-kind contribution of resources fromMEFMI's cooperating partners and member states.

During the year 2009, member states contributed 52%, towards the MEFMIbudget while 47% came from the financial cooperating partners. Theremaining 1% was bridged by returns from investment earnings and otherincomes. I am therefore extremely grateful to all financial cooperatingpartners and member states that, amidst resource constraints caused by theglobal financial crisis, they provided resources towards our capacitybuilding initiatives. Without such support, it would have been very difficultfor MEFMI, to fully achieve the 2009 targets.

I would also like to extend my gratitude to MEFMI's networking andtechnical cooperating partners who tirelessly and continuously providedresource persons in a number of our capacity building exercises. This kind ofcontribution drastically pared our budget expenses and made it easy for usto meet our targets without further stretching the limited budget resources.

As indicated in this report, demand for MEFMI's capacity building effortscontinued to grow during 2009. This, in turn translated into increasedpressure on the resources of the Institute, but we remained vigilant andfervently executed our mission to the best of our ability as highlighted in thisreport. I am happy to report that during 2009, MEFMI achieved an activityoutput record of 5.4% up from last year. The increase in the activity outputwas particularly registered in the regional and in-country activities with anannual growth rate of 31% and 16% respectively. Delivery of MEFMIproducts and services continued to be hands-on and highly work related.

It is also worth noting that all MEFMI 2009 planned activity targets werefully achieved. Positive variances were registered in the networking, staffdevelopment and, specialised studies areas which had variances of 15 and4 respectively. The increase in the number of networking activities providedthe Institute with a wider spectrum of events thus increased opportunity forfurther tapping into new relationships and also increased the brandvisibility of MEFMI. The rise in the number of specialised studies indicates an

OVERVIEW BY THE EXECUTIVE DIRECTOR

Ellias Ngalande (PhD)


ix

increased need for tailor-made products that are aimed at ensuring that asa centre of excellence we remain relevant to the needs of our clients.

Total enrolment in MEFMI's regional capacity building activities was also5.3% up from last year's enrolment - another reflection of growing trust andconfidence, by member states in MEFMI capacity building activities. Genderbalance remains an area of concern which can only be addressed directlyby the client institutions. Female participation, is still growing at a slow pace,however, MEFMI will continue to impress upon the client institutions tonominate more female participants for consideration in our capacitybuilding activities. Hopefully, such a move will assist the Institute in its effortsto attain the Southern African Development Community (SADC)recommended gender participation threshold of 50%.

MEFMI continued to engage regional and international consultants as wellas MEFMI Fellows as resource persons in all its activities. This was furthercomplemented by a cost cutting approach of using MEFMI's own staff asresource persons in some of the activities. The rich blend of the international,regional, Fellows and own MEFMI staff, provided a healthy learning anddiscussion environment for the participants.

I am also pleased to report that, as part of our efforts to continue operatingas a center of excellence that provides relevant literature to clientinstitutions, MEFMI launched the handbook on Public Expenditure andFinancial Management in September 2009. The hand book which waslaunched at the Combined Forum that was held in Cyprus, is expected tooffer useful and relevant guidelines and insights on public expendituremanagement to member states.

The positive impact that MEFMI continues to make in the region, is as a resultof dedicated team work by the staff at the Secretariat that is anchored by


Executive CommitteeMembers, 2009

the tireless and commendable support from our stakeholders. In this regard,I wish to extend my gratitude to MEFMI management, staff and all ourstakeholders.

I would like to express my sincere gratitude to the Executive Committee andthe Board of Governors for the continued support and commitment during2009. It is gratifying to note that all planned governance meetings wereconducted – thus making execution of duties effective. It is however withsadness that the Institute bid farewell to two of its founding Directors –Director Finance and Administration and Director MacroeconomicManagement - as they came to the end of their tours of duty. On behalf ofthe Institute I would like to wish them well in their future endeavors.

Looking ahead, I would like to confirm that the Secretariat is gearedtowards continued effective implementation of capacity building in theregion. The Impact and Needs Assessment report that was conducted duringthe year has provided a road-map for the Institute. With the continuedsupport of cooperating partners and member countries, MEFMI anticipatesdelivery of world class capacity building initiatives in the coming year.

Ellias E. Ngalande (PhD)Executive Director

xi

There are indications that countries in the MEFMI region are beginning toemerge from the impact of the global financial crisis. The MEFMI membercountries whose economies were severely affected are beginning to showpositive economic performance trends. Recovery of prices of key exportproducts such as copper and diamonds has reversed economic growth trends inZambia, Botswana and Namibia while improved oil prices generated positiveimpact in Angola. In Eastern Africa, Tanzania and Kenya have startedwitnessing recovery of tourism, among other key sectors. It is, however, too earlyto assert that countries in Eastern and Southern Africa are out of the woods. Theregion is still in the throes of the crisis as the lagged effects of the financial crisisfilter in, particularly in the productive sectors.

In that respect, there is still a great need for the MEFMI region to have in placeappropriate strategies where central banks and governments brace themselvesagainst the effects of the global financial crisis in the coming years. As such,support from MEFMI to client institutions in 2009 was in the form of enhancedawareness campaigns through workshops that aimed at equipping membercountries with appropriate information for effective policy design to mitigatethe impact of the financial crisis. The training activities were conducted byexperts who designed training materials and presentations on topics on keyaffected areas, thus suggesting a range of policy strategies to adopt in order tomitigate the crisis.

Looking back, after the deep global recession, the world economy sufferedsevere problems, characterised by financial and foreign exchange marketturmoil and shrinkage of the real economy. The crisis has hit the region mostlythrough real channels, notably deteriorated terms-of-trade and reduceddemand for exports, decline in Foreign Direct Investment, remittances, tourism,and also aid inflows. But the financial channels also became significant, as thecredit crunch on global financial markets constrained the continent's access totrade credit in a number of MEFMI countries. Similarly, other sub-SaharanAfrican countries including those in the MEFMI region were hit precisely at themidpoint of the Millennium Development Goals (MDGs).

INTRODUCTION


xii

The growth impact of the crisis has also varied across MEFMI countries and sub-regions. Resource-richcountries, such as Angola and Botswana have been heavily hit. Angola's economy depends stronglyon oil export; a product seriously affected by the crisis. The production of diamonds, which are themajor export product for Botswana, contracted by 50% in 2009. For the first time in over 25 years acurrent account deficit for Botswana was registered. The expected impact on stock and financialmarkets in the MEFMI economies in general particularly in both Angola and Botswana given the lackof direct links to international markets is also of great concern.

At sub-regional level, it is currently debated that economies in the South African Customs Union(SACU) experienced a decline in their trade revenues as a result of the impact of the global financialcrisis on the trade of the region's driving economy - South Africa. In East Africa however, things havefared better, with a real GDP growth of 4.5 % in 2009. However, according to the Breton WoodsInstitutions and despite the above impact background, the global economy has been showing signs ofrecovery as a result of wide-ranging policy actions by central banks and governments - with someeconomic and confidence indicators showing favorable movements. For instance, the latest data fromthe United States of America suggests that economy grew by 5.9% in the last quarter of 2009 whilethe predicted world economic growth is 3.1% in 2010 against a contraction by about 1.1% in 2009.This rebound is driven by a group of countries which include China, India, and a number of otheremerging Asian economies, whose real GDP growth is forecast to reach almost 5.1% in 2010, up from1.75% in 2009.

Developing economies including those in the MEFMI region are registering modest recoveries,supported by fiscal policy stimulus packages coupled with improving global trade and financialconditions. For example, the price of a basic commodity such as copper which had fallen from about$8,000 to just over $3,000 per tonne has now rebounded. Similar trends are observed for oil anddiamonds.

The awareness sessions that MEFMI initiated in 2008 continued in 2009 and aimed at distilling anddisseminating the practical lessons from the global financial crisis as well as to heighten the need toimplement appropriate measures to reverse the situation. The contents of these sessions weredesigned by our experts and the most significant include:

· Sessions on the causes of the financial crisis, lessons and potential effects of the crisis ondeveloping countries;

· The MEFMI Combined Forum which took place in September 2009 whose partial focus was toreview the impact of the Global Financial Crisis on MEFMI member states. The latter is themost comprehensive awareness forum used by the Institute to ensure policy makers at the verysenior level (Governors, Ministers of Finance / Planning and Permanent Secretaries) aresensitised and that urgent policy responses are made and implemented.

Focus for 2010 will be on strategies that should be put in place in order to embrace the current globalintervention strategies. Areas to be covered include issues on policy responses and the challengesthat are likely to be faced by economies in the MEFMI region. To-date it is generally accepted that theextraordinary policy measures taken were necessary to prevent a collapse of the financial systemwith even worse economic consequences. What policy makers in the MEFMI region need to do in theshort term is to ensure that the ongoing process of financial reform enhances the resilience of thefinancial system and reduces the need for extraordinary interventions in the long term as well as theirassociated costs. MEFMI stays committed to and focused on developing capacity in member states tomeet current and future capacity challenges for economic policy decision making and management.

xiii



· The total enrolment in regional capacity building activities undertaken in 2009 went up byabout 5.3% compared to 2008.

· A pool of regional experts under financial programming and policy has been developedand comprises three Accredited Fellows and two Graduate Fellows from Kenya, Malawi,Zimbabwe and Tanzania

· Public Expenditure and Financial Management handbook (PEFM) customised to meet theneeds of the MEFMI region was distributed to all MEFMI institutions in 2009.

· MEFMI PCMS has been vigorously tested by Uganda, Tanzania and Malawi and receivedtheir approval.

· A study was carried out for Zimbabwe - Currency Options and Exchange Rate RegimeStudy for Zimbabwe. The findings have been communicated to the Zimbabwe Governmentwhich commissioned the study.

· A quarterly projection model of inflation was developed for Bank of Namibia.

· MEFMI member states contributed 52% of the total income for the year 2009.

· MEFMI purchased property that will house the Institute with the assistance of theGovernment of Zimbabwe which provided an interest-free bridging loan ofUS$349,000.00.

· The Institute conducted an Impact and Needs Assessment study whose findings revealedthat MEFMI's initiatives in capacity building have made significant impact on the recipientsas attested by the raised level of awareness and the increasing number of participants invarious courses.

· The Debt Management Programme partnered with the World Bank and the IMF under thenewly launched Debt Management Facility to roll out new tools, namely Debt ManagementPerformance Assessment (DeMPA) and Medium Term Debt Strategies (MTDS).

· MEFMI assisted Botswana with debt management interventions in order for the country tofinance a budget deficit occasioned by the impact of the global financial crisis.

HIGHLIGHTS FOR THE YEAR

xiv

During the year under report, the Institute fervently executed programmes and activities designed toequip stakeholders with relevant information and possible intervention strategies. Taking cognisanceof the pertinent issues that prevailed during the year such as the impact of the global financial crisis,some of the activities that the Institute conducted include the Debt Managers' Seminar in Kenya whereUNCTAD was invited to give a presentation on the impact of the financial crisis on debt management;the Executive Director made presentations at some high level events which included the G20 Summitrywhich was held in South Africa; and in almost all their events, the Macroeconomic ManagementProgramme and the Financial Sector Management Programme included sessions on this critical issue.

This report outlines the achievements of MEFMI from January to December 2009. Table 1belowindicates that there has been a steady increase in the number of activities that the Secretariat hasengaged in from 2007 to 2009. This achievement is attributed to the increase in demand for MEFMIproducts and services from member states.

OVERVIEW OF MEFMI ACTIVITIES

Activity Actual January

to December2007

Actual January

to December 2008

Actual January

to December 2009

Regional Capacity Building Activities 27 31 36

In -Country Capacity Building Activities 8 6 13

Country Missions – Applied Situational

Analysis

7 13 12

Fellows Development Activities 2 3 3

Subtotal – regional activities 44 53 64

Networking and Staff Development 15 30 28

Specialised Studies 0 5 6

Governance Meetings 4 4 4

Sub total other activities 19 39 38–

Grand Total All Activities 63 92 102

Table1: Overview of MEFMI Activities

xv


The number of regional capacity building activities increased from 44 in 2007 to 53 in 2008 and 64in 2009. Thus a year on year comparison in the number of regional capacity building activitiesconducted in 2008 and 2009 indicates an increase of about 21%, reflecting mainly the increase in in-country capacity building activities. In-country activities are conducted at the request of membercountries in order to address country specific needs. This increase in the number of in-countryactivities is also in line with the pronouncements of the Phase III plan document, which indicated theneed for the Institute to provide country specific activities.


The increase in the number of regional activities can be attributed to MEFMI's participation inReserves Advisory and Management Programme (RAMP) workshops. As such, the strategic alliancewith RAMP requires that MEFMI conducts the RAMP workshops at which some MEFMI membercountries participate.

Graph 1 Regional Activities Profile (2007-2009)

xvi

Activity January to December 2009

Target Actual Variance

Subtotal Regional Activities 65 64 -1

Subtotal Other Activities 21 38 +17

Grand Total All Activities 86 102 +16

Regional Capacity Building Activities 35 36 +1

In-Country Capacity Building Activities 13 13 0

Country Missions - Applied Situational Analysis 14 12 -2

Fellows Development Activities 3 3 0

Networking and Staff Development 15 28 +13

Specialised Studies 2 6 +4

Governance Meetings 4 4 0

Overall Achievement

Table 2 below provides a detailed quantitative summary of activities conducted during the periodJanuary to December 2009. The table indicates that as at the end of December 2009 all thetargeted events had taken place and that the Institute kept pace with the intended implementationschedule which is compared to the target levels as follows:

Table 2: Target vs Actual Activities

1. QUANTITATIVE SUMMARY


During the year under report, the Secretariat staff attended a number of relevant cooperatingpartners' activities. Most of these activities are not known during the planning period but as andwhen they are announced and invitation made – hence the positive variance of thirteen undernetworking activities. Attendance at these events provides MEFMI staff with continuous learningopportunities that enhance their skills. The Institute also increased its brand visibility byparticipating at various forums thereby initiating good networking opportunities in its operations.

The high positive variance under networking is as a result of Secretariat staff attending relevant cooperating partners'activities and staff development activities that had not been planned for the period under report.

1

1

1

Graph 2: Participants Gender Profile –2007, 2008 and 2009

1.3 Resource Persons Utilisation

The number of resources persons that MEFMI engaged in capacity building activities during theperiod under report was 290 for regional activities, 38 for in-country activities and 35 for countrymissions. In comparison, in 2008, the Institute utilised the services of 124 resource persons inregional activities, 30 in in-country activities and 21 in country missions. The increase in the numberof resource persons utilised in 2009 can be attributed to the decision to enumerate staff utilisationat all activities which accounts for 105 resource persons, whereas in the past, Secretariat staffparticipating as resource persons were not included.

2


The positive variance in the Specialised Studies activity is as a result of engagement of one ITconsultant to work with MEFMI at the Secretariat to finalise the PCMS in preparation for its launch. Inaddition, the Secretariat was requested by the Zimbabwe Ministry of Finance to conduct a study onPublic Finance Management (PFM) System for the Government of Zimbabwe. The Ministry alsorequested MEFMI to conduct a study entitled Assessment of Currency and Exchange Rate RegimeOptions for Zimbabwe.

In terms of gender composition, the number of female officials who attended all regional capacitybuilding activities in 2009 is 368 or 40%, indicating no movement in percentage terms to the totalnumber of female officials who participated in activities conducted in 2009.

Graph 2 indicates the participants' distribution by gender for the period under report. The numberof female officials in MEFMI capacity building activities and events is largely a reflection of thestaffing patterns in client institutions, especially for the professional levels that the institute targets.

1.2 Participation

The increase in the number of capacity building activities has resulted in a steady increase ofthe number of participants in regional capacity building activities. The enrolment in 2007 was855 officials, 875 officials in 2008 and 921 officials in 2009. The resultant increase in thenumber of participants in the regional capacity building activities between 2008 and 2009 is5.3%.

3

A combination of regional and international resource persons, Fellows as well as Secretariat staffwas used. This combination promotes cross-pollination of ideas among participants and resourcepersons. It also allows MEFMI to remain at the cutting edge of latest developments in all itsprogrammes.

Notable from 2007, MEFMI has progressively utilised more regional resource persons (regionalexperts, staff and Fellows) in comparison to international resource persons in its activities. That is75%, 70% and 81% of the total resource persons utilised in 2007, 2008 and 2009 respectivelywere regional experts. Graph 3 bellow depicts the utilisation profile.

Graph 3: 2007 - 2009 Resource Persons Utilisation

Resource Persons Utilisation: Regional Experts VsInternational Experts (2007-2009)

By utilising MEFMI staff as resource persons, the Institute is not only reducing cost of hiring externalresource persons but also operating in keeping with the aim of a centre of excellence and integrity.Thus the period under report saw a continued high level utilisation of MEFMI staff, Fellows andregional experts, accounting for 81% of the total resource persons. This is consistent with the long-term desire within the MEFMI region to be dependent on its own local expertise. It should however, bepointed out that apart from the need for cross-pollination of ideas, the use of overseas experts forcapacity building remains high in a few specialist areas where the level of expertise in the region isstill low.

Resource persons utilisation for the period under review is summarised in percentage terms in Table 3below as follows:

Table 3: Comparison of Resource Persons Utilisation (2007-2009)

Resource Persons 2008 2009

Regional experts 29% 30%

MEFMI Fellows 18% 22%

MEFMI staff 23% 29%

International / overseas experts 30% 19%

2007

41%

16%

18%

25%

100%100%100%

MEFMI delivers its products and services through capacity building activitiesthat include courses, seminars, workshops, retreats and executive fora.Activities are conducted to enable knowledge and skills acquisition,effective sharing of ideas and experiences, networking, promotingharmonisation and integration; the dissemination of new concepts,promotion of best practices and standards to a wider audience in theMEFMI network. This is a cost effective strategy for addressing capacitygaps that are common to most of the countries in the MEFMI region

.

During the period January to December 2009, MEFMI conducted 36regional capacity building activities including some retreats for heads ofdivisions in client institutions in comparison to 31 regional activitiesconducted in 2008. The activities conducted were aimed at addressingpertinent issues affecting the region on macroeconomic and financialmanagement. In 2009, regional capacity building activities were attendedby 921 officials compared to 875 officials in 2008, representing anincrease of 5.3%. Of the officials that took part in regional activities in2009, 368 were female, making up about 40% of the total officials. This isthe core participation rate for the region.

In-country capacity building activities are carried out in order to addresscountry specific capacity gaps, hence the high number of officials attendingthe activities. During the period January to December 2009, MEFMI carriedout 13 In-country activities, compared to six that were carried out during thesame period in 2008. The 2009 activities were attended by 377 officials,128 or 34% of them being female.

, as wealso attempt to bring the countries on a common economic platform

2.1 Regional Capacity Building Activities

2.2 In-country Capacity Building Activities

Annex I provides details of venues, duration, objectives, outcomes, technicalcooperating partners involved, number of resource persons used and theirregion of origin as well as the number, gender and professional levels ofparticipants to each of the regional activities conducted during the period.

2. CAPACITY BUILDING OUTPUTS


4

Annex II provides

Annex III provides

details of venues, duration, objectives, outcomes, technical cooperating partnersinvolved, number of resource persons used and their region of origin as well as the number, gender andprofessional levels of participants to each workshop.

details of venues, duration, and areas covered.

2.3 Country Missions

2.4 Fellows Development Activities

Country missions are carried out for on-site problem solving and guidance, data gathering, andimplementation of best practices and awareness-raising. Country missions are always country specificand are client driven. 12 country missions were conducted during the period January to December2009. The number of officials who met the mission teams or who attended was 212 officials, 93 or44% of them being female. By their nature, country missions tend to have more officials attending asthey are conducted at location and can comprise of a workshop and consultations. The number ofcountry missions conducted is also dependent on country requests.

The 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 theregion. This is an accelerated cost-effective expert development endeavor.

During 2009 a number of Candidate Fellows, within their respective programmes have participatedat workshops as part of their Customised Training Plans (CTPs) in order to gain knowledge and skills. Inaddition, some Accredited and Graduate Fellows were engaged in MEFMI activities as resourcepersons at regional workshops and country missions.

As the table below shows, there were 80 capacity attendances by Fellows who are undergoingtraining as part of their capacity building. During the same period 18 Fellows were on attachment.The year also saw 34 Fellows being engaged as resource persons at MEFMI workshops. Two Fellowswere engaged as consultants at country missions.


The highlight for the year was the Fellows technical assessment forgraduation and accreditation which took place from 27 to 28 July 2009, inHarare, Zimbabwe. A total of five Candidate Fellows graduated, of whomtwo were female. During the same event, five Graduate Fellows who wereon apprenticeship were accredited. Both events were conducted by a panelof experts (Including one Accredited Fellow) who assessed the Fellows'technical papers. The same panel of experts was also used in therecruitment of the 7th intake Candidate Fellows. A total of 43 officials frommember states attended the interviews from which 16 were selected ofwhom four are female.

During the last quarter of 2009, the new intake of Candidate Fellowsattended an orientation workshop in Harare, Zimbabwe followed by aresearch design, methodology and report writing skills workshop inGaborone, Botswana. The two activities provided the Candidate Fellowswith the essential understanding of policies and procedures of the FellowsDevelopment Programme as well as acquiring the skills to kick startpreparations of research papers.

below shows theby each Programme

Table 4 capacity building participation and utilization ofFellows during the period under review

Table 4: Fellows Capacity Building and utilisation: January to December 2009

Candidate Graduate Accredited Candidate Graduate Accredited

Debt 19 10 0 3 0 0 0 0

FSM 35 6 0 15 6 0 2 1

Macro 26 2 0 2 5 0 0 0

Total 80 18 0 20 11 0 2 1

Programme Capacity BuildingAttendance

Utilization

Workshops Attachment Resource Persons at Workshops Consultants at Missions

Type of Fellow Type of Fellow

2.5 Specialised Studies

2.5.1 Private Capital Information System Study

2.5.2 Public Expenditure and Financial Management Handbook

2.5.3 Impact and Needs Assessment

As part of its capacity building in statistical systems in the area of private capital (PC), MEFMISecretariat initiated a project to develop Private Capital Monitoring System (MEFMI-PCMS) in 2007.The project was initiated in an effort to come up with an IT solution that will facilitate timely andefficient collection and processing of the PC survey data, setting up a convenient and secure means ofsharing information derived from the data both at country and MEFMI regional levels. This shouldfacilitate real-time processing of survey and non-survey information in line with Balance of Paymentsstatistics (international transactions) requirements, investment promotion and macro-economic policyrequirements in member countries. The system is also envisaged to improve the way member countriesmonitor and manage, especially, their foreign assets and liabilities (FAL) and track investors'perceptions.

The key result of this project is the existence of the software which member countries can now access atusing their assigned access credentials. The system has taken into consideration

member countries concerns about data confidentiality.

The system development process adopted a collaborative approach, with significant involvement ofregional business and IT experts during various workshops and retreats.

MEFMI PCMS has been vigorously tested by Uganda, Tanzania and Malawi and received theirapproval. The system is yet to be subjected to stress testing which would require high volume of datafor assessment of volume testing. In this respect results will be released in the first quarter of 2010,from live data entry in Malawi in December 2009.

Going forward, MEFMI Secretariat would need to ensure that PCMS is relevant across countriesand is frequently updated in light of the constant changes and developments occurring in the ITsphere and constant changes in international BOP methodology which MEFMI needs to keep pacewith, to ensure PCMS remains relevant.

The MEFMI Public Expenditure Handbook is currently being distributed to relevant authorities in theMEFMI region. The formal launch of the handbook was conducted at the Governance and CombinedForum meetings in Cyprus which were held in September 2009. The Handbook is expected toprovide useful and relevant guidelines on public expenditure management in MEFMI member states.An electronic copy of the handbook can be accessed on the MEFMI website

The Impact and Needs Assessment study which was conducted during the second quarter of 2009 isthe precursor to a mid-term review scheduled for early 2010. The consultants who werecommissioned to conduct the study have since presented their report which can be accessed from theSecretariat.

Part of their findings reveal that MEFMI's initiatives in capacity building have made significant impacton the recipients as attested by the raised level of awareness and the increasing number ofparticipants in various capacity building activities. By virtue of MEFMI products and services beingtailor-made and customised, they are highly relevant, effective, practical and applicable. MEFMI

www.mefmipcis.org

www.mefmi.org

7


programmes thus remain indispensable, cost effective and offer value for money in the region. Thisindispensability however, needs to be sustained by MEFMI by adapting to the dynamic needs ofmember countries.

At the beginning of April 2009, MEFMI received a request for technical assistance from the Ministerof Finance of Zimbabwe, on how to develop a feasible and effective Public Finance Management(PFM) System for the Government of Zimbabwe. MEFMI responded by commissioning a team offive consultants to carry out the study. MEFMI sponsored the study and met all the financialobligations relating to the study. The report has since been published and copies sent to the Ministryof Finance.

The report on the Assessment of Currency Options and Exchange Rate Regimes for Zimbabwe wasprepared by MEFMI for the Zimbabwe Ministry of Finance. This was in response to a request fromthe Ministry for an assessment of currency options and exchange rate regimes open to Zimbabwe.MEFMI commissioned a consultant to conduct the study.

The study report has since been presented to the Ministry of Finance of Zimbabwe.

MEFMI received a request from the Bank of Namibia to assist in the development of a quarterlyprojection model for inflation for the Bank. A consultant was commissioned to construct the coreforecasting model, whose aim is to describe the transmission of monetary policy and otheraggregate shocks in the Namibian economy. The study was conducted from 30 June to 30September 2009. A report has since been prepared and presented to the Bank for itsconsideration.

2.5.4 Report on the PFM System for the Government of Zimbabwe

2.5.5 Currency Options and Exchange Rate Regimes Study for Zimbabwe

2.5.6 Quarterly Projection Model for Namibia

9


Four governance meetings were held during the year. The Executive Committee held three meetingswhile the Board of Governors met once during the period under report. Some of the major issuesdiscussed and adopted at the meetings were a review of progress in the execution of the 2009 WorkProgramme and Budget, adoption of the 2008 annual report and audited financial statements, thereview of the Impact and Needs Assessment report as well as the presentation and approval of the2010 Work Programme and Budget.

The MEFMI fora is a platform for high-level awareness raising activities targeting Ministers of Finance/ Planning, Secretaries to the Treasury or their equivalent, Secretaries of Planning Ministries andCentral/Reserve Bank Governors and their deputies. These events have, over the years, proved to beuseful vehicles to engage the top policy makers on topical and emerging issues, reviews ofimplementation of best practices, and the management of change in the respective institutions. Inaddition, the executive forum series provides networking opportunities among top-level policymakers and eminent experts as outlined below. During 2009, one such high level forum was convenedback to back with the meeting of the Board of Governors.

The 2009 MEFMI Combined Forum took place on Tuesday 29 September 2009 at Grand ResortLimassol Cyprus just prior to the Commonwealth Finance Ministers meeting. The Combined Forum wasofficially opened by Honourable Charilaos G Stavrakis, Minister of Finance, Cyprus.

The Forum was divided into three sessions respectively:· Impact of the Global Financial Crisis on MEFMI member states;· Infrastructure Financing through Public Private Partnerships: Case Studies and Key

Considerations;and· Launch of MEFMI Public Expenditure and Financial Management Handbook.

3.1 Networking

3.1.1 MEFMI Executive Fora

3.1.1.1 MEFMI Combined Forum

3. GOVERNANCE ACTIVITIES


9

3.1.2 Meetings with officials - Zimbabwe Ministry of Finance

3.1.3 Meeting at RBZ

3.1.4 Meeting at Rwanda Ministry of Finance

3.1.5 Meeting with DFID

The Executive Director and one Programme Officer paid a courtesy call on the then newlyappointed Zimbabwe Minister of Finance, Hon Tendai Biti on Wednesday 4 March 2009. TheExecutive Director indicated to the Minister that the Institute was willing and able to assist inidentifying experienced resource persons as the country worked towards its economic recoveryprogramme – a gesture that was readily accepted.

At the request of the Ministry of Finance, MEFMI held some subsequent consultative meetings whichculminated in the Institute conducting a Public Expenditure and Financial Management Systemsreview for Zimbabwe.

One Director and a Programme Officer held a meeting on 5 June 2009 with technical officials ofthe Ministry of Finance and an AfDB Economist to discuss modalities for supporting Zimbabwe todevelop a Debt Management Strategy. Subsequent meetings were also held with the Ministryofficials to develop feasible debt strategy and prepare for a debt sustainability analysisworkshop.

The Executive Director and one Programme Officer held two meetings with the PermanentSecretary of the Zimbabwe Ministry of Finance. The Ministry was very supportive in resolving someadministrative issues that are impacting on the effective operations of the Secretariat. The issuesincluded support and guidance from the host country, acquisition of office space as well as theExecutive Director's official residence. In this regard MEFMI is grateful to the Zimbabwe Ministry ofFinance, who provided a bridging loan for the purchase of an office for the Institute.

At the request of the Executive Committee Chair, the Executive Director paid a visit to the Governorof the Reserve Bank of Zimbabwe as the Head of the Executing Agency, to discuss some operationalissues that required the Governor's interventions. The Governor was unavailable for the meetingdue to other commitments and the issues were presented to one of the Deputy Governors.

While on mission for the opening ceremony of the last FPC-CBP brainstorming retreat of Heads ofFPC monitoring and analysis directorates/departments/units held in Kigali Rwanda from 4 to 8 ofMay 2009, the Executive Director paid a courtesy call on the PS of the Ministry of Finance andEconomic Planning of Rwanda, who is also a member of the Executive Committee.

The Executive Director and one Programme Officer paid a courtesy call on DFID office in Harare,Zimbabwe. The Executive Director indicated that the Institute was willing and able to liaise withDFID in identifying experienced resource persons as it works with the Government of Zimbabwetowards the country's economic recovery programme. The gesture was readily accepted. Possibleareas of cooperation identified included direct funding for some activities, cooperation in theareas of revenue management, budget implementation for Zimbabwe, revitalisation of theoperations of the Reserve Bank of Zimbabwe as well as assistance in communication with the BritishEmbassy in relation to staff and other officials' visa needs for business and training purposes.

10

3.1.6 Meeting with Burundi Officials

3.1.7 Worldwide Alliances

Following an inquiry about MEFMI membership fees by a senior member ofthe Burundi delegation at the 7 UNCTAD Inter-Regional Debt ManagementConference which was held at the UNCTAD headquarters in Geneva,Switzerland, the Executive Director held a brief meeting with him to explainthe obligations and privileges of member states. Dr Ngalande indicatedthat he would respond in writing if Burundi authorities sent him a writteninquiry in the form of a letter or an e-mail. Considering that Burundi is aFrench-speaking country, Dr. Ngalande also stressed that English remainsthe official language of MEFMI, with only very exceptional use of any otherlanguages. The Burundi representative explained that his government hadearlier made similar inquires to the French speaking Pole Dette, in view ofthe impending end of the HIPC Capacity Building Programme, whichBurundi has been depending upon for capacity building assistance. Hefurther explained that Burundi wished to consider MEFMI membership so asto remain together with the other East African Community member stateswhich were already members of MEFMI.

During the period under report, MEFMI continued to broaden andstrengthen its worldwide alliances through networking with technicalcooperating partners and other relevant institutions. Annex IV indicates thedate, venue, number of staff, nature / and main theme of the eventattended.

th

11


The institute opened 2009 with a positive balance of US$2.3 million. Thisamount was crucial for funding some activities that had to be implementedearly in the year. The Institute had enough resources for its capacitybuilding activities for the year 2009.

The budget execution for the year had an actual deficit of US$1 millionagainst a budgeted deficit of US$900,000 being realised. Total income forthe year was US$7.2 million while expenditure was US$8.2 million therebyregistering the US$1 million deficit. The deficit was financed by drawingdown from prior year accumulated funds so that at year end the cashbalance was reduced to US$808,837. The accumulated fund had similarlyreduced from US$1.5 million to US$469,936 as at the close of 2009.

The total in-kind contribution budget for 2009 of US$1.4 million was veryoptimistic compared to the actual contribution of US$815,000.

Both the actual income and expenditure were therefore below budgetmainly due to a shortfall of US$606,000 in in-kind contribution.

The 2009 income was contributed by member states and cooperatingpartners as follows:

4. FINANCES


US$(000) Cash In-kind Total %

Total 6,357 815 7,172 100

Member states 3,234 522 3,756 52Cooperating partners 3,090 293 3,383 47Interest and other 33 0 33 1

Of the total income received, 52% is member countries' contributions, 47%is contribution by cooperating partners while 1% is investment and otherincome. MEFMI is committed to financial sustainability through the steadyincrease in the member country contributions over the implementationperiod of Phase III.

12

Post Male Female

Total 17 13

Executive Director 1 0

Director 3 1

Programme Officer /Equivalent 10 4

Assistant Accountant 1 0

Accounts Assistant 0 1

Programme Secretary /Equivalent 0 5

Receptionist 0 1

Driver 2 0

Office Orderly 0 1

5.1 Staff Establishment

Table 6: Staff Distribution at the Secretariat

The Secretariat closed the year with a staff complement of 29. However, two of MEFMI's longestserving staff members, Mr. Stevenson Mkandawire, Director - Finance & Administration and Dr.Ephraim Kaunga, Director Macroeconomic Management Programme left MEFMI at the end of theirtour of duty at the end of 2009. Both gentlemen have played a critical role in shaping the image,growth and development of the Institute. Their posts were advertised in the press in member countriesas well as on the MEFMI website and an overwhelming response was received. The successfulcandidate for the post of Director - Finance and Administration Mrs Rose Malila Phiri from Zambia,assumed duty on 15 November 2009 while the position of Director - Macroeconomic ManagementProgramme will be filled by Mrs Nomusa Tibane from Swaziland. Mrs Tibane commences duty on 5January 2010.

One Programme Officer in the Macroeconomic Management Programme, Mr Charles Assey who wason secondment from the Bank of Tanzania has chosen to return to the Bank, thus he will not berenewing his contract with MEFMI. His post was advertised on the MEFMI website and in membercountries' national papers. An overwhelming response has been received. Interviews will beconducted in January 2010 and the position is expected to be filled by the end of the first quarter of2010. The filling of this position will bring the staff compliment to 30, which is the full employmentlevel at the Secretariat.

The Executive Directors' Driver – Mr John Chikwature also completed his tour of duty at the end of2009. His post was advertised in the media in Zimbabwe. The successful candidate Mr KeltonTaruvinga will commence duty on 5 January 2010.

The recruitment of the two female directors mentioned above will improve the gender representationat the Institute where only four of the 14 Programme Officers are female. The Institute is committed toensuring that more females are employed at Programme Officer level and above. Table 6 belowprovides the current staff gender distribution.

5. HUMAN RESOURCES

5.2 Staff Development

During the period under report MEFMI provided its staff with skills enhancement opportunities. AnnexV indicates the date, venue, number of staff, nature / and main theme of the event attended. The staffdevelopment was essential for staff to assume a more active role at our capacity building events asresource persons.

13


MEFMI continued to play a critical role in improving capacity in the areas ofdebt, macroeconomic, foreign exchange reserves and financial sectormanagement in its member states through the various activities implementedduring the period under report. When client institutions enjoy improvedmanagement capacity, then - there will be better policies, reforms,improved economic performance, increased prosperity and ultimatelyreduction in poverty levels in the MEFMI region.

The outcomes of MEFMI capacity building interventions fall into threecategories – namely, improved individual skills of participants,enhancement of organisational efficiency and improved institutionalcapacity in policy formulation and implementation.

The Annexure to this report indicates the outcomes for the period underreview, which include but are not limited to;. Awareness on key principles, best practices and international

standards for specific programmes. Knowledge on practical ways of implementing best practices. Increased knowledge and skills for the participants. Enhanced awareness of the products and services offered by MEFMI

6. EXPECTED OUTCOMES


Some of the constraints faced in executing the MEFMI programmes duringthe period were:

· There is lack of clear segregation of duties in some departments thatrequire segregation within member countries. The affected countriescite resource constraints as their major reason. This constrains MEFMIefforts in fostering best practices.

7. CONSTRAINTS / CHALLENGES

14

· In some countries there is limited departmental use of appropriateand effective operational manuals and guidelines, mainly becausethese have not been developed or updated. This hinders effectiveimplementation of best practices.

· Lack of uniform data classification across countries hinderscomparability of regional macroeconomic analysis.

· There is lack of reliable and effective economic and financial databases in most member countries. This hinders effective trend and crosssectoral analysis, modeling and forecasting.

· Participants whose work stations are close to activity venues areunable to attend all training sessions as they are usually called bytheir superiors to attend to urgent office work.

· The growing number of regional experts in the form of Fellows andTrained Trainers boost the pool of regional experts available forcapacity building interventions. It also ensures sustainability and costeffective resource utilisation.

· Great demand for the Foreign Private Capital (FPC) system frommember countries provides an opportunity for the future support andsustainability of the system.

· Improvement of macroeconomic situation in Zimbabwe provides theInstitute with the opportunity to revitalise Zimbabwe as a costeffective venue for some activities.

· The Institute continues to enjoy high level of cooperation with otherregional and international macroeconomic and financialmanagement institutions. This creates opportunity for provision oftechnical assistance.

The following are some intervention strategies that will be used to addressthe above mentioned constraints:· MEFMI will continue to enhance capacity building programmes

emphasising on international best practices and encourage seniormanagement to implement them.

· MEFMI will continue to offer capacity building programmes on thedevelopment of operational manuals and guidelines.

· MEFMI will continue to focus on capacity building programmes oneffective data management systems.

· MEFMI will, where appropriate, seek alternative venues away fromthe workstation to avoid local staff being interrupted by workexigencies

9. INTERVENTIONS

15


8. OPPORTUNITIES

EXECUTIVE COMMITTEE'S RESPONSIBILITY FOR FINANCIALREPORTING

The Executive Committee, on behalf of the Board of Governors is required by the Institute's Constitutionto maintain adequate accounting records and is responsible for the content and integrity of thefinancial statements and related financial information included in this report. It is their responsibility toensure that the financial statements fairly present the state of affairs of the Institute as at the end of thefinancial year and the results of its operations and cash flows for the period then ended, in conformitywith International Financial Reporting Standards. The external auditors are engaged to express anindependent opinion on the financial statements.

The financial statements are prepared in accordance with International Financial Reporting Standardsand are based on appropriate accounting policies consistently applied and supported by reasonableand prudent judgments and estimates.

Members of the Executive Committee, acknowledge that they are ultimately responsible for the systemof internal financial control established by the Institute and place considerable importance onmaintaining a strong control environment. To enable the members of the committee to meet thisresponsibility, the board sets standards for internal controls aimed at reducing the risk of error or loss ina cost effective manner. The standards include the proper delegation of responsibility within a clearlydefined framework, effective accounting procedures and adequate segregation of duties to ensure anacceptable level of risk.These controls are monitored throughout the Institute and all employees arerequired to maintain high ethical standards in ensuring the Institute's business is conducted in a mannerthat in all reasonable circumstances is above reproach. The focus of risk management in the Institute is onidentifying, assessing, managing and monitoring all known forms of risk across the Institute. Whileoperating risk cannot be fully eliminated, the Institute endeavors to minimize it by ensuring thatappropriate infrastructure, controls, systems and ethical behavior, are applied and managed withinpredetermined procedures and constraints.

The Executive Committee is of the opinion, based on the information and explanations given bymanagement that the system of internal control provides reasonable assurance that the financialrecords may be relied on for the preparation of financial statements. However, any system of internalfinancial control can provide only reasonable and not absolute assurance against materialmisstatements or loss.

The Executive Committee has reviewed the Institute's cash flow forecast for the year to 31 December2010 and, in light of this review and the current financial position, they are satisfied that the Institute hasor has access to adequate resources to continue in operational existence for the foreseeable future.

The external auditors are responsible for independently reviewing and reporting on the Institute'sfinancial statements. The Institute's external auditors have examined the financial statements and theirreport is presented on page 17.

The financial statements set out on page 18 to 36 which have been prepared on the ongoing concernbasis were approved by the Executive Committee on behalf of the board of Governors on 25 March2010 and were signed by:

16


INDEPENDENT AUDITORS' REPORT

BDO Zimbabwe

Report on the financial statements

(MEFMI)

Executive Committee's responsibility for the financial statements

Auditor's responsibility

Unqualified Opinion

We have audited the accompanying financial statements of theset out on pages ..... to ....., which

comprise the statement of financial position as at 31 December 2009, the statement of comprehensiveincome, statement of changes in reserves and the statement of cash flow for the year then ended, and asummary of significant accounting policies and other explanatory notes.

The Executive Committee is responsible for the preparation and the fair presentation of these financialstatements in accordance with International Financial Reporting Standards. This responsibility includes:designing, implementing and maintaining internal control relevant to the preparation and fairpresentation of financial statements that are free from material misstatement, whether due to fraud orerror; selecting and applying appropriate accounting policies, and making accounting estimates thatare reasonable in the circumstances.

Our responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with International Standards on Auditing. Those standards requirethat we comply with ethical requirements and plan and perform the audit to obtain reasonableassurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial statements. The procedures selected depend on the auditor's judgment, including theassessment of the risks of material misstatement of the financial statements, whether due to fraud orerror. In making those risk assessments, the auditor considers internal control relevant to the entity'spreparation and fair presentation of the financial statements in order to design audit procedures thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the entity's internal control. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of accounting estimates made by management, aswell as evaluating the overall presentation of the financial statements.

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

In our opinion, the financial statements, in all material respects give a true and fair view of the financialposition of Macroeconomic and Financial Management Institute of Eastern and Southern Africa(MEFMI) as at 31 December 2009, and of its financial performance and its cash flows for the year thenended in conformity with International Financial Reporting Standards.

Macroeconomic and FinancialManagement Institute of Eastern and Southern Africa

Chartered Accountants (Zimbabwe) 25 March 2010HARARE

17

18

STATEMENT OF FINANCIAL POSITION

as at 31 December 2009

2009 2008

Notes US$ US$

ASSETS

Non-current assets

Property and equipment 3 450,260 146,658

Current assets

Inventories 4 24,354 -

Accounts receivable 5 52,870 144,069

Short term investments 6 - 1,106,554

Cash at bank and on hand 807,837 1,187,010

885,061 2,437,633

TOTAL ASSETS 1,335,320 2,584,291

RESERVES AND LIABILITIES

Reserves

Accumulated fund 457,188 1,489,935

Current liabilities

Short term borrowings 7 349,000 -

Accounts payable 8 181,706 424,489

Provisions 9 347,426 669,867

Total liabilities 878,132 1,094,356

TOTAL RESERVES AND LIABILITIES 1,335,320 2,584,291

878,132 1,094,356

19

STATEMENT OF INCOME AND EXPEPENDITURE

for the year ended 31 December 2009

2009 2008

Notes US$ US$

INCOME

Cooperating partner funding 10 3,089,549 3,100,714

Member state contributions 11 3,233,994 3,018,331

In-kind contributions 12 815,208 663,484

Interest 13 20,636 40,650

Exchange gain 2,508 -

Profit on disposal of property and equipment 10,035 11,057

TOTAL INCOME 7,171,930 6,834,236

EXPENDITURE

Accommodation and subsistence 2,294,272 1,779,349

Audit fees 13,645 4,140

Bank charges 45,060 42,431

Depreciation 98,408 119,270

Facilities and materials 479,457 490,928

Office expenses 14 693,044 664,769

Professional fees 15 721,176 441,004

Salaries and wages 1,534,356 1,417,811

Staff benefits 16 898,242 640,093

Training and tuition fees 44,548 66,750

Travel expenses 1,382,468 1,290,674

TOTAL EXPENDIT URE 8,204,677 6,957,220

DEFICIT FOR THE YEAR (1,032,747) (122,984)

20

STATEMENT OF CHANGES IN RESERVES


2009

US$

Accumulated fund at 1 January 2008 1,612,919

Deficit for the year (122,984)

Accumulated fund at 31 December 2008 1,489,935

Deficit for the year (1,032,747)

Accumulated funds at 31 December 2009 457,188

21

STATEMENT OF CASHFLOWSfor the year ended 31 December 2009

2009 2008

Notes US$ US$

CASH FLOWS FROM OPERATING ACTIVITIES

Deficit of income over expenditure (1,032,747) (122,984)

Adjustment for:

Depreciation of property and equipment 98,408 119,270

Interest income (20,636) (40,650)

Profit on disposal of equipment (10,035) (11,057)

Operating (deficit) surplus before working

capital changes (965,009) (55,420)

Increase in inventories (24,354) -

Decrease in receivables 91,199 128,826

(Decrease)/increase in payables (242,783) 255,402

(Decrease)/increase in provisions (322,441) 335,502

Net cash generated by operating

activities (1,463,388) 664,310

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds on disposal of property and equipment 10,035 11,057

Acquisition of property and equipment (402,010) (75,593)

Interest income 20,636 40,650

Net cash used by investing

activities (371,339) (23,886)

CASH FLOWS FROM FINANCING ACTIVITIES

Loan raised 349,000 -

Cashflows from financing activities 349,000 -

Net (decrease)/ increase in cash and

cash equivalents (1,485,727) 640,424

Cash and cash equivalents at 31/12/2008 2,293,564 1,653,140

Cash and cash equivalents at 31/12/2009 17 807,837 2,293,564

22

1. ENTITY INFORMATION

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of Preparation

2.2 Statement of compliance

2.3 Changes in accounting policies

2.4 Significant accounting estimates

Estimation of property and equipment useful life

Estimation of property and equipment residual value

2.5 Revenue recognition

Co-operating partner funding

Member state contributions

The main activity of the Institute, which is constituted in Zimbabwe, is to advise and assistmember countries in the Eastern and Southern African region to develop their capacity tomanage their debt and reserves and to provide training in macroeconomic and financialmanagement.

The financial statements have been prepared on a historical cost basis. The financialstatements are presented in United States dollars (US$). The US$ is both the functional andpresentation currency of the Institute.

The financial statements have been prepared in accordance with International FinancialReporting Standards.

The accounting policies adopted are consistent with those of the previous financial year,except for stocks which have been capitalized for the first time in the year under review.Previously all stocks which comprise mainly stationery were expensed. The effect of thechange is not material.

In the process of applying the Institute's accounting policies, management has made thefollowing estimates, which have the most significant effect on these amounts recognized in thefinancial statements;

The determination of estimated useful life is done by a competent and qualified member ofstaff.

Motor vehicles - Net book values higher than residualFurniture and fittings - Nil – no intention to sellComputers - Nil – no intention to sell

Revenue is recognized to the extent that is probable that the economic benefits will flow to theInstitute and the revenue can be reliably measured. The following specific recognitioncriteria must also be net before revenue is recognized.

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

Revenue from member states is recognized on an accrual basis. Contributions from member

NOTES TO THE FINANCIAL STATEMENTSfor the year ended 31 December 2009

23

states for a particular phase are determined beforehand by the Board of Governors.Revenue is therefore recognized over the Phase on an accrual basis.

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

The financial statements are expressed in United States dollars (US$) which is the Institute'sfunctional and reporting currency.

Transactions in foreign currencies are translated into United States Dollars at rates ofexchange ruling at the time of the transaction. Exchange gains or loses arising on thesettlement of foreign currency transactions are dealt with in the income and expenditureaccount.

Assets and liabilities in foreign currencies are translated to United States Dollars at rates ofexchange approximating those ruling at the balance sheet date.

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 and short term,highly liquid investments readily convertible to known amounts of cash and subject toinsignificant risk of change.

For the purpose of the cash flow statement, cash and cash equivalents consist of cash onhand and deposits in banks, net of outstanding bank overdrafts.

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.

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.

Property, plant and equipment is shown at cost, excluding cost of day to day servicing, lessaccumulated depreciation and impairment in value. The Institute's policy is to depreciatefixed assets evenly over the expected life of each asset.

The expected useful lives of the fixed assets are as follows:

Motor vehicles - 5 yearsFurniture and fittings - 3 yearsComputers - 4 years

Interest

2.6 Foreign currency translation

2.7 Cash and cash equivalents

2.8 Provisions

2.9 Retirement benefit cost

2.10 Property , plant and equipment and depreciation

24

2.11 Impairment of assets

2.12 Inventories

2.13 Financial Instruments

(I) Financial assets at fair value through profit or loss

The carrying amounts of property, plant and equipment are reviewed at each balancesheet date to assess whether they are recorded in excess of their recoverable amounts andwhere carrying values exceed the estimated recoverable amounts, assets are written downto their recoverable amounts. The assets' residual values, useful lives and depreciationmethods are reviewed and adjusted if appropriate, at each financial year end. TheInstitute has made the following estimations. All property, plant and equipment have noresidual value as the Institute has no intention of disposing of the assets before the end oftheir useful lives.

At each statement of financial position date the Institute reviews the carrying amounts ofassets to determine whether there is any indication that those assets have suffered animpairment 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 recognizedas an expense.

When an Impairment loss subsequently reverse, the carrying amount of the asset isincreased to the revised estimate of its recoverable amount, but so that the increasedcarrying amount does not exceed the carrying amount that would have been determinedhad no impairment loss been recognized for the asset in prior years. A reversal of animpairment loss is recognized as income.

Stock is shown at cost, less impairment in value. The Institute's policy is to expense stock as itis drawn down.

This category has two sub-categories: financial assets held for trading and thosedesignated as at fair value through profit or loss at inception. A financial asset is classifiedinto this category at inception if acquired principally for the purpose of selling in the shortterm, if it forms part of a portfolio of financial assets in which there is evidence of short termprofit-taking, or if so designated by management in terms of the company's long terminvestment strategy. Financial assets designated as at fair value through profit or loss atinception are those that are managed and whose performance is evaluated on a fair valuebasis. Information about these financial assets is provided internally on a fair basis to thecompany's key accounting policies of financial assets in which there is evidence of shortprofit-taking, or if so designated by management in terms of the company's long terminvestment strategy.

Changes in the fair value of the financial assets at fair value through profit or loss categoryare included in the statement of comprehensive income in the finance income or expense lineitem in the period in which they arise. The fair values of quoted investments are based oncurrent bid prices.

25

(ii) Loans and Receivables

(iii) Financial liabilities

2.13 De-recognition of financial assets

If the market for a financial asset is not active or if they are unquoted, the companyestablishes fair value by using valuation techniques. These include discounted cash flowanalysis, use of recent arm's length transactions, and reference to other instruments that aresubstantially the same, discounted cash flow analysis, price earnings valuations and netasset values basis. Financial assets at fair value through profit or loss are subsequentlycarried at fair value.

These assets are non-derivative financial assets with fixed or determinable payments thatare not quoted in an active market. They are initially recognized at fair value plustransaction costs that are directly attributable to their acquisition or issue, and aresubsequently carried at amortized cost using the effective interest rate method, lessprovision for impairment.

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

Fair value through profit or loss

This category comprises only out-of-the money derivatives. They are carried in thestatement of financial position at fair value with changes in fair value recognized in thestatement of comprehensive income.

Other financial liabilities

Other financial liabilities include the following items:(a) The institute's borrowings are initially recognized at fair value net of any transaction costs

directly attributable to the issue of the instrument. Such interest bearing liabilities aresubsequently measured at amortised cost using the effective interest rate method, whichensures that any interest expense over the period to repayment is at a constant rate on thebalance of the liability carried at a constant rate on the balance of the liability carried inthe statement of financial position. Interest expense in this context includes initial transactioncosts and premia payable on redemption, as well as any interest or coupon payable whilethe liability is outstanding.

(b) Trade payables and short-term monetary liabilities, which are initially recognized at fairvalue and subsequently are carried at amortized cost using the effective interest method.

Investments are derecognized when the rights to receive cash flows from the investmentshave expired or where they have been transferred and the company has also transferredsubstantially all risks and rewards of ownership. Gains and losses are recognized instatement of comprehensive income when the financial assets are derecognized orimpaired, as well as through the amortization process.

26

2.14.1 Impairment of financial assets

2.15 Foreign currency transactions

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 impairment occurredsubsequent to the initial recognition of the asset in the financial statements.

Transactions in foreign currencies are initially recorded in the functional currency at theexchange rate ruling at the date of transaction. Monetary assets and liabilities denominatedin foreign currencies are translated at the functional currency rate of exchange ruling at thestatement of financial position date. All differences are taken to profit or loss. Non-monetaryitems that are measured in terms of historical cost in a foreign currency are translated usingthe exchange rates as at the date of the initial transactions.

27

NOTES TO THE FINANCIAL STATEMENTS (Cont’d)for the year ended 31 December 2009

3. PROPERTY, PLANT AND EQUIPMENT

Land &Building

MotorVehicles

ComputerEquipment

OfficeFurniture Total

US$ US$ US$ US$ US$

Carrying amount at 1.1.2008 - 11,956 140,502 37,877 190,335

Gross carrying amount - 110,602 383,532 263,610 757,744

Accumulated depreciation - (98,646) (243,030) (225,733) (567,409)

Additions - 26,321 - 49,272 75,593

Disposals - - - - -

Cost - - 71,652 16,167 87,819

Accumulated depreciation - - (71,652) (16,167) (87,819)

Depreciation charge - (17,220) (58,309) (43,741) (119,270)

Carrying amount at 1.1.2009 - 21,057 82,193 43,408 146,658

Gross carrying amount - 136,923 311,880 296,715 745,518


Additions 374,535 - 14,492 12,983 402,010

Disposals - - - - -

Cost - 50,826 - - 50,826

Accumulated Depreciation - (50,826) - - (50,826)

Depreciation charge - (5,264) (62,009) (31,135) (98,408)

Carrying amount at31.12.2009 374,535 15,793 34,676 25,256 450,260

Gross carrying amount 374,535 86,097 326,372 309,698 1,096,702


No depreciation has been charged on the building because it was purchased during the lastmonth of the year.

28

NOTES TO THE FINANCIAL STATEMENTS (Cont’d)


2009 2008

US$ US$

4 INVENTORIES

Stationery 24,354 -

5 ACCOUNTS RECEIVABLE

Staff loans and advances 41,400 126,165

Prepayments 9,462 6,125

Other 2,008 11,779

52,870 144,069

6 SHORT TERM INVESTMENTS

Fixed deposits, treasury bills and negotiable certificates ofdeposits. - 1,106,554

7 SHORT TERM LIABILITY

Government of Zimbabwe - Ministry of Finance 349,000 -

This is an unsecured interest free loan, repayable in onelumpsum by 30 June 2010. The liability is shown atamortised cost. The loan was used to acquire a property.

8 ACCOUNTS PAYABLE

Contribution in advance - Angola 37,361 266,208

Accrued expenses 133,580 124,234

Other payables 10,764 34,047

181,706 424,489

29

NOTES TO THE FINANCIAL STATEMENTS (Cont’d)For the year ended 31 December 2009

9. PROVISIONS

Leave payTerminalGratuity 2008Totals

US$ US$ US$ US$

Opening balance at 01 January 2009 22,182 647,685 669,867 334,366

Accrued during the year 150,621 388,009 538,631 373,914

Utilised / written off (156,203) (704,868) (861,071) (38,413)

Closing balance at 31 December 2009 16,600 330,827 347,426 669,867

The institute provides for gratuity payments tostaff members on expiry of their contracts.

2009 2008

US$ US$

10 CO-OPERATING PARTNER FUNDING

Netherlands Government 880,000 880,000

Netherlands Government - prior year contribution - 19,235

Norwegian Government 631,912 737,327

Swedish Government 551,808 586,508

African Capacity Building Foundation (ACBF) 399,546 398,481

Foreign Private Capital (FPC) Capacity Building project 27,000 57,500

Highly Indebted Poor Countries (HIPC) 390,177 217,150

International Monetary Fund (IMF) 70,000 -

ACBF/AFRITAC - 177,658

World Bank 131,701 26,855

COMSEC 1,406 -

UNITAR 6,000 -

3,089,549 3,100,714

30


2009 2008US$ US$

11 MEMBER STATE CONTRIBUTIONS

Angola 303,615 266,269

Botswana 234,293 223,052

Kenya 263,689 252,887

Lesotho 227,222 202,381

Malawi 240,824 219,053

Mozambique 240,872 214,936

Namibia 232,537 208,135

Rwanda 234,462 205,233

Swaziland 231,002 205,722

Tanzania 259,715 235,532

Uganda 262,592 235,118

Zambia 242,377 217,212

Zimbabwe - annual contribution 234,519 237,977

- office rent subsidy 12,500 50,000

- reimbursement of capacity building activities 13,775 44,824

3,233,994 3,018,331

With effect from August 2006,the host country, Zimbabwe, provides the Institute withoffice rent subsidy equal to US$50 000 per annum and reimbursement of expenses forcapacity building activities held in Zimbabwe.

12 IN-KIND CONTRIBUTIONS

Member States 521,700 464,507

Co-operating Partners 293,508 198,977

815,208 663,484

13 INTEREST RECEIVABLE

MEFMI Joint Account 17,443 40,213

Other 3,193 437

20,636 40,650

31

2009 2008USD USD

14 OFFICE EXPENSES

Advertising 50,800 8,665

Air Courier Mail 48,895 21,777

E-Communication Charges 35,547 32,219

Equipment Maintenance 15,826 127,062

General Expenses 44,072 63,865

Office Maintenance 10,727 46,479

Printing and Stationery 17,630 54,504

Publications 110,567 85,004

Recruitment and Relocation Expenses 117,512 73,639

Rentals-Office 194,540 126,818

Telephone and Postage 46,927 24,737

693,044 664,769

15 PROFESSIONAL FEES

Macroeconomic Management Programme

Regional Workshops 179,606 104,090

In-Country Workshops 5,760 -

Missions 21,840 -

Studies 65,980 15,500

273,186 119,590

Financial Sector Management Programme


In-Country Workshops 23,660 4,980

Missions 11,160 -

Studies - 15,000

114,440 79,460

Debt Management Programme


In-Country Workshops 18,800 46,550

Missions 8,400 -

55,280 77,764


32


2009 2008

15 Continued US$ US$

Multi-Disciplinary Activities

Executive Fora 10,830 2,480

Professional fees for Fellows 18,320 48,786

Fellow Activities 122,412 73,495

151,562 124,761

Secretariat Capacity Building

Recruitment - 3,600

Secretriat Support 29,733 35,829

Impact needs assesment 96,975 -

126,708 39,429

Total 721,176 441,004

16 STAFF BENEFITS

Terminal Gratuity 375,063 351,080

Medical Aid Contribution 83,094 39,651

House Allowance 215,148 96,600

House Rent and Maintenance 25,137 55,507

School fees subsidy 159,691 45,495

Other 40,108 51,760

898,242 640,093

17 CASH AND CASH EQUIVALENTS

Cash resources 807,837 1,187,010

Short term investments - 1,106,554

807,837 2,293,564

18 RELATED PARTY DISCLOSURES

Compensation to key management personnel

of the organisation

Short term employee benefits 535,061 509,686

Gratuity 133,708 127,421

668,769 637,107

33

19. TAX

20. CONTIGENT LIABILITIES

21. FINANCIAL INSTRUMENTS

Principal Financial Instruments

Interest rate risk

Liquidity and cashflow risk

In terms of the Headquarters Agreement with the Government of Zimbabwe the Institute isexempt from tax.

There are no contigent liabilities.

The Institute is exposed through its operations to the following financial risks:liquidity and cashflow riskInterest rate risk

The principal financial instruments used by the Institute, from which financial instrument riskarises, are as follows:

(i) Other receivables(ii) Cash at bank(iii) Payables

The Institute's exposure to the risk of changes in market interest rates relates primarily to short-termmoney market investments with financial institutions. This is the risk that arises from adversemovement in the value of future interest receipts resulting from movements in interest rates.

This is the risk of insufficient liquid funds being available to cover commitments. In order to mitigateany liquidity risk that the Institute faces, the Institute's policy has been throughout the year ended 31December 2009, to maintain substantial liquid resources.


34

21. Financial Instruments (Cont’d)

Financial assets

Financial Assets atFair value through

profit or lossLoans and

receivablesAvailable for

sale

2009 2009 2009

USD USD USD

Cash and cash equivalents - 807,837 -

Other receivables - 52,870 -

Total financial assets - 860,707 -

Financial liabilitiesat fair value

through profit orloss

FinancialLiabilities atamortised

cost

2009 2009

USD USD

Short term liability 349,000

Trade and other payables - 181,706

- 530,706

22. These financial statements were approved by the Executive Committee on 25 March 2010.


35

2009 2008

US$ US$

INCOME

Member state contributions 3,233,994 3,018,331

Netherlands Government 880,000 899,235

Norwegian Government 631,912 737,327

African Capacity Building Foundation (ACBF) 399,546 398,481

ACBF/ AFRITAC - 177,657

FPC Capacity Building Project 27,000 57,500

HIPC Capacity Building Project 390,177 217,150

International Monetary Fund 70,000 -

Swedish Government 551,808 586,508

World Bank 131,701 26,856

COMSEC 1,406 -

UNITAR 6,000 -

In-kind contributions 815,208 663,484

Interest receivable 20,636 40,650

Exchange gain 2,508 -

Profit on disposal of fixed assets 10,035 11,057

7,171,930 6,834,236

EXPENDITURE

Macroeconomic Management Programme

FPC Capacity Building Project 294,676 190,364

In-country workshops 5,579 25,537

Missions 33,939 10,983

Operating expenses 125,534 150,521

Programme delivery- staff 635,015 526,403

Regional Workshops 1,219,622 1,162,461

Studies 94,655 49,711

Total 2,409,020 2,115,980

Financial Sector Management Programme

In-country workshops 81,153 18,484

Missions 34,065 22,100



Regional workshops 1,168,570 890,220

Studies - 15,000

Total 1,973,602 1,513,315

DETAILED STATEMENT OF INCOME AND EXPENDITUREfor the year ended 31 December 2009

36

DETAILED STATEMENT OF INCOME AND EXPENDITUREfor the year ended 31 December 2009

2009 2008

US$ US$

Debt Management Programme

HIPC Capacity Building Project 105,366 116,178

In- country workshops 43,048 77,684

Missions 44,549 10,983



Regional workshops 700,833 507,496

Studies - 2,500

Total 1,601,411 1,387,176

Multi disciplinary activities

Executive Fora 173,866 190,727

Fellows Development Programme 442,682 396,541



Total 771,698 729,642

Secretariat Capacity Building

Capital expenditure (depreciation) 98,408 119,270

Impact assesment 164,512

Networking 110,871 124,023


Publications 119,947 94,042

Planning and mid-term review - -


Staff development 86,801 104,020

Staff recruitment and relocation 185,566 76,503

Total 888,638 624,657

Administration

Governing bodies 65,051 89,523


Salaries, wages and benefits 404,633 390,647

Total 560,308 586,450

TOTAL EXPENDITURE 8,204,677 6,957,220

(DEFICIT) SURPLUS OF INCOME OVER EXPENDITURE (1,032,747) (122,984)

37

Annexure

Annex

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26

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23

-26

Marc

h2009

Mala

wi

Tobro

aden

part

icip

ant

skn

ow

ledge

inrisk

mana

gem

ent

and

corp

ora

tegove

rnanc

eto

the

RBM

’sM

ana

gem

ent

and

Board

Togain

mana

gem

ent

support

for

risk

mana

gem

entact

ivitie

s.

Enha

nced

RBM

’sBoard

and

Mana

gem

ent

’skn

ow

ledge

inrisk

mana

gem

ent

and

corp

ora

tegove

rnanc

eand

support

for

risk

mana

gem

ent

act

ivitie

s.

-1

00

10

01

47

14

Snr

,D

13

In-c

oun

try

Work

shop

on

Paym

ent

Cle

aring

and

Settle

ment

Syst

em

sfo

rC

ent

ralBank

of

Leso

tho

14-1

8D

ece

mber

2009

Rw

and

a

The

main

obje

ctiv

eof

the

eve

ntw

as

tocr

eate

aw

are

ness

on

paym

ent

syst

em

deve

lopm

ent

s,pra

ctic

al

ove

rsig

htand

regul

ato

ryappro

ach

es

topaym

ent

syst

em

sfo

rth

eN

ationa

lBank

of

Rw

and

a

Enha

nced

BN

R’s

know

ledge

inpaym

ent

syst

em

deve

lopm

ent

s,pra

ctic

alove

rsig

htand

regul

ato

ryappr o

ach

es

topaym

ent

syst

em

s.

Cre

ate

daw

are

ness

toRw

and

apaym

ent

syst

em

sst

ake

hold

ers

invi

ted

toth

ew

ork

shop

-0

01

11

11

32

17

J,M

M,

Snr

,D

Annex

III:

In-c

ountr

yca

paci

tybuildin

gact

ivitie

sco

nduct

ed

duri

ng

2009

Count

ryM

issions

Macr

oeco

nom

icM

ana

gem

entPro

gra

mm

e

1M

oni

toring

Priva

teC

apitalto

MEF

MIM

em

ber

Coun

trie

sD

em

and

Ass

ess

ment

Mission

toRw

and

a,

6-1

0Ju

ly2009

Toass

istth

eG

ove

rnm

ent

of

Rw

and

ato

dete

rmin

eth

ere

qui

rem

ent

sfo

rin

troduc

ing

aco

mpre

hens

ive

moni

toring

mech

ani

smfo

rFo

reig

nPriva

teC

apital(F

PC

)flow

sand

stock

s.

DA

MReport

subm

itte

dto

Nationa

lBank

of

Rw

and

a(B

NR)fo

ract

ion.

-0

02

01

01

--

Snr

Act

ivity

Date

Venu

e

Obje

ctiv

eO

utco

mes

TCP

Reso

urce

Pers

ons

SPa

rtic

ipant

sTa

rget

(J,

MM

,Snr

,D

)

Inte

rnationa

lReg

io-

nal

Fello

ws

MEF

MI

Sta

ff

CM

F

Paid

Gra

tis

MEF

MI

51DebtM

ana

gem

entPro

gra

mm

e

MEF

MIdebtm

ission

toBots

wana

16

-20

Febru

ary

2009

Toin

troduc

epart

icip

ant

sto

CS

DRM

S2000+

Topro

vide

hand

son

exerc

ises

on

applic

ations

inC

SD

RM

S

Pro

vided

hand

son

train

ing

topart

icip

ant

son

debtre

cord

ing

inC

SD

RM

S;

-0

11

11

11

29

13

MM

,S

MEF

MID

ebtM

ana

gem

ent

Mission

toBots

wana

9-

13

Febru

ary

2009

Bots

wana

Toco

nduc

ta

debtsu

stain

abili

tyana

lysis

(DSA

),in

view

of

the

ant

icip

ate

dgro

wth

indom

est

icdebt

Pro

vided

inst

itut

iona

lre

view

of

debt

mana

gem

ent

opera

tions

and

made

conc

rete

reco

mm

end

ations

for

attent

ion

by

seni

or

MFD

Pm

ana

gem

ent

-0

00

24

01

17

20

Snr

,D

Join

tW

orl

dBank

/W

orl

dBank

/IM

F/C

OM

SEC

/M

EFM

IM

TDS

Mission

toKeny

a

27

Marc

h-

8A

pril2009

Nairobi,

Keny

a

Tohe

lpth

eKeny

an

aut

horities

todeve

lop

an

MTD

Sand

train

the

coun

try

off

icia

lsin

the

use

of

the

MTD

Sto

ol.

Ident

ifie

dsix

altern

ative

mediu

mte

rmdebtst

rate

gie

sfo

rth

eaut

horities

tose

lect

the

most

appro

priate

stra

tegy

for

Keny

a.

Worl

dBank

/I

MF/

CO

MSEC

00

50

01

122

5J,

Snr

,M

M,

D

Join

tW

orl

dBank

/M

EFM

ID

eM

PAM

ission

toU

gand

a

30

Marc

h-

9A

pril2009

Kam

pala

,U

gand

a

Toadm

iniste

rth

eD

ebtM

ana

gem

ent

Perf

orm

anc

eA

ssess

ment

(DeM

PA)

toolin

all

inst

itut

ions

invo

lved

ince

ntra

lgove

rnm

ent

debt

mana

gem

ent

inU

gand

a

Obta

ined

ass

ess

ment

score

sfo

rall

15

DeM

PAin

dic

ato

rsin

debtm

ana

gem

ent

are

as

Str

eng

ths

and

weakn

ess

es

ident

ifie

din

coun

try’s

gove

rnanc

eand

stra

tegy,

coord

ination

with

macr

oeco

nom

icpolic

ies,

borr

ow

ing

and

rela

ted

fina

ncin

g,ca

shflow

fore

cast

ing,opera

tiona

lrisk

mana

gem

ent

and

reco

rds

and

report

ing

indebt

mana

gem

ent

-0

02

00

11

25

7J,

Snr

,M

M,

D

1 2 3 4

Act

ivity

Date

Venu

e

Obje

ctiv

eO

utco

mes

TCP

Reso

urce

Pers

ons

SPa

rtic

ipant

sTa

rget

(J,

MM

,Snr

,D

)

Inte

rnationa

lReg

io-

nal

Fello

ws

MEF

MI

Sta

ff

CM

F

Paid

Gra

tis

MEF

MI

52 5Jo

intW

orl

dBank

/W

orl

dBank

/C

OM

SEC

/M

EFM

IM

TDS

Mission

toBots

wana

15

-26

June

2009

Gaboro

ne,Bots

wana

Tohe

lpth

eBots

wana

aut

horities

todeve

lop

an

MTD

Sand

train

the

coun

try

off

icia

lsin

the

use

of

the

MTD

Sto

ol.

Ident

ifie

dfive

altern

ative

mediu

mte

rmdebtst

rate

gie

sfo

rth

eaut

horities

tose

lect

the

most

appro

priate

stra

tegy

for

Keny

a.

Worl

dBank

/C

OM

SE

C

00

30

01

18

8J,

Snr

,M

M,

D

6Jo

intM

EFM

I/

UN

CTA

DM

TDS

Debt

Data

Pre

para

tion

Mission

toZam

bia

17

–21

Aug

ust2009

Zam

bia

Tore

view

Zam

bia

’spub

licdebt

data

base

,and

stru

ctur

eit

into

the

MTD

Sexisting

debtfile

MTD

SD

ebtFi

legene

rate

dand

tim

ely

sent

toBank

/Fu

ndst

aff

ahe

ad

of

their

mission.

IDM

DD

ebtU

nitst

aff

skil

lsdeve

loped

on

the

job

on

how

topre

pare

MTD

Sdebtfile

from

DM

FAS

and

oth

er

data

sour

ces.

UN

CTA

D0

10

01

11

51

J,Snr

,M

M

7Jo

intW

orl

dBank

/W

orl

dBank

/IM

F/U

NC

TAD

/M

EFM

IM

TDS

Mission

toZam

bia

26

Aug

ust

–7

Septe

mber

2009

Lusa

kaZam

bia

Toass

istand

advi

seZam

bia

naut

horities

deve

lop

an

MTD

Sand

train

the

coun

try

off

icia

lsin

the

use

of

the

MTD

Sto

ol.

MTD

SD

ebtFi

legene

rate

dand

tim

ely

sent

toBank

/Fu

ndst

aff

ahe

ad

of

their

mission.

IDM

DD

ebtU

nitst

aff

skill

sdeve

loped

on

the

job

on

how

topre

pare

MTD

Sdebtfile

from

DM

FAS

and

oth

er

data

sour

ces.

Worl

dBank

/I

MF/

UN

CTA

D

01

00

11

13

3J,

Snr

,M

M

8Jo

intW

orl

dBank

/M

EFM

ID

eM

PAM

ission

toM

ala

wi

12

–25

Septe

mber

2009

Lilo

ngw

e,M

ala

wi

Toadm

iniste

rth

eD

ebtM

ana

gem

ent

Perf

orm

anc

eA

ssess

ment

(DeM

PA)

toolin

all

inst

itut

ions

invo

lved

ince

ntra

lgove

rnm

ent

debt

mana

gem

ent

inM

ala

wi

Ident

ifie

dst

reng

ths

and

weakn

ess

es

inth

eco

untr

y’s

debtm

ana

gem

ent

func

tions

.

Dra

fted

the

DeM

PAco

untr

yre

port

for

peer

revi

ew

by

the

Worl

dBank

The

Worl

dBank

02

00

11

12

10

J,Snr

,M

M,D

Act

ivity

Date

Venu

e

Obje

ctiv

eO

utco

mes

TCP

Reso

urce

Pers

ons

SPa

rtic

ipant

sTa

rget

(J,

MM

,Snr

,D

)

Inte

rnationa

lReg

io-

nal

Fello

ws

MEF

MI

Sta

ff

CM

F

Paid

Gra

tis

MEF

MI

539D

ebtD

ata

Valid

ation

14

–23

Oct

ober

2009

Gaboro

ne,

Bots

wana

Toass

istBots

wana

aut

horities

deve

lop

and

Update

debtdata

base

on

the

CS

DRM

S2000+

.

Debtdata

base

valid

ate

dand

update

d

Manu

alfilin

gsy

stem

for

loan

agre

em

ent

scr

eate

d.

Sta

fforient

ed

on

debtdata

base

valid

ation

and

updating

.

-0

01

01

11

17

J,Snr

,M

M,D

10

Coun

try

Mission

on

Imple

ment

ation

of

Risk

Base

dSup

er v

isio

n

23

-27

Febru

ary

2009

Sw

azi

land

Toass

istth

eC

ent

ralBank

of

Sw

azi

land

with

the

Imple

ment

ation

of

Risk-

Base

dSup

er v

isio

n

Fina

lised

the

Risk

Mana

gem

ent

Gui

delin

e.

Fina

lised

the

Risk-B

ase

dSup

erv

isio

nPo

licy

Fram

ew

ork

.

-0

01

11

01

17

11

Coun

try

Mission

on

Capital

Mark

ets

Deve

lopm

ent

2–

6N

ov.

2009

Mase

ru,Le

soth

o

The

obje

ctiv

eof

the

Mission

was,

am

ong

oth

er

thin

gs,

toass

istLe

soth

o

deepen

and

dev e

lop

its

capital

mark

ets

Pro

vided

gui

danc

eon

the

steps

requi

red

tow

ard

sdeve

lopin

gand

deepeni

ngth

eca

pitalm

ark

ets

.

-0

00

00

11

47

12

Coun

try

Mission

toU

gand

aon

Rese

rves

Mana

gem

ent

Opera

tions

16

–17

Nov.

2009

Kam

pala

,U

gand

a

The

obje

ctiv

ew

as

toass

ess

and

eva

luate

the

steps

curr

ent

lybein

g

take

nin

rese

rves

mana

gem

ent

opera

tions

,in

light

of

the

glo

bal

fina

ncia

lcr

isis

and

also

ident

ify

poss

ible

are

as

f or

futu

reM

EFM

I

inte

rvent

ion

tost

reng

then

existing

skill

sin

rese

r ves

mana

gem

ent

opera

tions

Gain

ed

better

unders

tand

ing

of

the

act

ually

capaci

tybui

ldin

gne

eds

of

Rese

rves

Mana

gem

ent

inU

gand

a

-0

00

12

01

25

-

Fin

anci

alSect

or

Mana

gem

entPro

gra

mm

e

Act

ivity

Date

Venu

e

Obje

ctiv

eO

utco

mes

TCP

Reso

urce

Pers

ons

SPa

rtic

ipant

sTa

rget

(J,

MM

,Snr

,D

)

Inte

rnationa

lReg

io-

nal

Fello

ws

MEF

MI

Sta

ff

CM

F

Paid

Gra

tis

MEF

MI

J,Snr

,M

M,D

54

Annex

IV:

Netw

ork

ing

Da

teN

o.of

staff

Inst

itute

/Org

aniz

ation

Main

Them

e

1.

14

–2

0Ja

nua

ry2

00

91

CES

AG

BIS

-run

com

pone

ntof

the

Ma

ster

of

Ba

nkin

ga

ndFi

nanc

e(M

BF)

pro

gra

mm

eD

aka

r,Sene

ga

l

2.

28

–3

0Ja

nua

ry2

00

92

FSI

Hig

hLe

velM

eeting

on

Rece

ntD

eve

lop

ment

sin

Fina

ncia

lM

ark

ets

and

Sup

erv

isory

Resp

ons

es

3.

4–

5Fe

bru

ary

20

09

1U

NC

TAD

UN

CTA

DM

ulti

-Yea

rEx

pert

Meeting

on

Inte

rna

tiona

lC

oop

era

tion:

Sout

h-S

out

hC

oop

era

tion

and

Reg

iona

lIn

teg

ration

inG

ene

va,Sw

itze

rla

nd

5.

24

–2

7Fe

bru

ary

20

09

1BIS

The

SA

DC

Tra

inin

ga

ndD

eve

lop

ment

Foru

m/BIS

Sem

ina

ron

Fina

ncia

lSta

bili

tyA

naly

sis

and

Rep

ort

s

6.

9M

arc

h2

00

96

NA

CPre

pa

ring

for

the

laun

chof

the

Secr

eta

ria

t’s

HIV

/A

IDS

Aw

are

ness

Ca

mp

aig

n

7.

2–

3M

arc

h2

00

91

SA

IIAH

igh

Leve

lw

ork

shop

on

the

imp

lica

tions

of

the

med

ium

term

pri

ori

tya

ctio

nsid

ent

ifie

dby

G2

0le

ad

ers

.

8.

30

Ap

ril2

00

91

SO

CA

MTh

eSoci

ety

of

Acc

oun

tant

sin

Ma

law

i(S

OC

AM

)A

nnua

lM

eeting

9.

18

to2

2M

ay

20

09

2W

B&

IMF

Top

rovi

de

atr

ain

ing

of

tra

iners

ind

esi

gni

nga

ndim

ple

ment

ing

an

MTD

S

10.

20

to2

5M

ay

20

09

1Ba

nco

Cent

rald

oBra

sil&

Min

istr

yof

fina

nce

Ba

nkof

Uga

nda

/M

EFM

Ist

udy

tour

on

risk

ma

nagem

ent

toth

eFe

dera

lRep

ublic

of

Bra

zil

11.

24

–2

6Ju

ne2

00

91

OEC

D3

rdO

ECD

Reg

iona

lW

ork

shop

on

Afr

ica

nD

eb

tM

ana

gem

ent

and

Bond

Ma

rkets

12.

7Ju

ly2

00

92

Ad

vanc

eN

et

Info

rma

tion

Tech

nolo

gy

Str

ate

gy

13.

25

to2

7A

ugus

t2

00

91

IMF

Coord

ina

ted

Dir

ect

Inve

stm

ent

Sur

vey

(CD

IS)w

ork

shop

14.

19

-3

0O

ctob

er

20

09

1A

fric

aM

ana

gem

ent

Deve

lop

ment

Inst

itut

eRese

arc

hd

esi

gn

and

meth

od

olo

gy

15.

21

–2

4Sep

tem

ber

20

09

1Lo

ndon,

Uni

ted

Kin

gd

om

Com

mon

Wea

lth

Fore

ign

Pri

v ate

Ca

pita

lW

ork

shop

16.

26

–3

0O

ctob

er

20

09

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EPC

am

pus

,D

aka

r,Séné

ga

lA

gri

cultur

alTr

ad

ea

ndEx

por t

Deve

lop

ment

inA

fric

a

17.

9-1

3N

ove

mber

2009

2U

NC

TAD,G

ene

va,Sw

itze

rla

ndU

NC

TAD

7th

Inte

r-Reg

iona

lD

eb

tM

ana

gem

ent

Conf

ere

nce

&D

MFA

SA

dvi

sory

Gro

upM

eeting

4.

27

–2

9N

ove

mb

er

20

10

1O

ECD

Pari

s1

9th

OEC

DFo

rum

and

4th

OEC

DFo

rum

on

Afr

ica

nD

eb

tM

ana

gem

ent

Foru

m

55

1.

16

to27

Febru

ar y

2009

1D

RI

Revie

wdocu

menta

tion

on

DSF

(the

CEM

LAD

SF

guid

e)

&develo

pa

case

study

2.

18-2

9M

ay

2009

2M

EFM

IFaci

lita

tion

and

Consu

ltin

gsk

ills

train

ing

3.

22

June

to3

July

2009

1A

fric

aM

ana

gem

entD

evelo

pm

entIn

stitute

Fin

anci

alM

ana

gem

entC

ours

e

4.

22

June

to3

July

2009

2IM

AIn

tern

ational

Monitori

ng

&Evalu

ation

skills

train

ing

5.

30

June

to1

July

2009

1SIT

AIn

form

ation

Tech

nolo

gy:A

forc

efo

rch

ange

6.

13

to24

July

2009

1A

fric

aM

ana

gem

entD

evelo

pm

entIn

stitute

Pro

fess

ionalExecu

tive

Secr

eta

ries

and

Adm

inis

tra

tors

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