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AFS February-April 2017 Bulletin
AFS concluded FY17 with a higher volume of TA delivery - mainly supported by good traction in most AFS countries and more regional initiatives, including regional seminars and peer learning activities. Download Bulletin
Seminar on Debt Sustainability Analysis using the International Monetary Fund Debt Sustainability Analysis for Market-Access Countries (MAC DSA) held during May 1-5, 2017.
IMF AFRITAC South concludes tomorrow a week-long regional seminar on debt sustainability analysis, in collaboration with the IMF’s Strategy, Policy and Review Department. Participants included government officials from Angola, Botswana, Namibia, Mauritius, Seychelles, South Africa and Swaziland. The seminar focused on the IMF’s standardized framework used to conduct public debt sustainability analysis in market access countries through a series of hands-on exercises in the application of the template and the interpretation of the results. Discussions centered on the debt sustainability analysis of the delegates’ respective countries.
AFS–Report to the Steering Committee on Work Program for FY18
With the program under phase I nearly complete, AFRITAC South (AFS) expects further progress on targeted outcomes across all sectors. Through FY17 capacity development (CD) initiatives aimed at strengthening economic institutions and empowering officials in the region continued to facilitate implementation of major reform plans and harmonization and integration programs with regional partners. FY17 has been another year with good realizations on a number of fronts. The Program Document for phase II, which was circulated to the Steering Committee in February 2017, and this report highlight the key milestones and outcomes achieved and the emerging CD needs. Most of the key milestones and outcomes have been met and independent assessments by development partners continued to assess favorably the center’s CD interventions. Download Program
Seminar on Debt Sustainability Analysis using the World Bank-International Monetary Fund Debt Sustainability Framework for Low -Income Countries during April 24- 28, 2017.
During April 24-28, 2017 AFRITAC South, in collaboration with the Strategy, Policy and Review Department of the IMF and the Macroeconomic and Fiscal Management Global Practice of the World Bank, held a regional seminar on debt sustainability analysis for low income countries. The event was hosted by the AFRITAC South at the facilities of Africa Training Institute in Mauritius.
The seminar brought together government officials from Comoros, Lesotho, Madagascar, Mozambique, Zambia and Zimbabwe. It focused on the main principles of debt sustainability and the link to the IMF’s Debt Limit Policy and the Bank’s Non-Concessional Borrowing Policy. IMF and Bank experts presented and discussed with seminar participants the IMF-World Bank Debt Sustainability Framework (DSF) for Low-Income Countries (LICs). The DSF is a standardized framework for conducting public and external debt sustainability analysis in LICs. It aims to help guide the borrowing decisions of LICs, provide guidance for creditors’ lending and grant allocation decisions, and improve IMF and World Bank assessments and policy advice.
The hands-on approach focused on how to develop baseline stress-test scenarios by using the DSF and how to interpret the results from the debt sustainability analysis. Specific attention was given to practical application of the framework by engaging participants to use the analytical tool and interpret results. Participants discussed the importance of the individual country context and macroeconomic and technical challenges they face in using the DSF as a tool for guiding their countries’ borrowing decisions.
Seminar on Seasonal Adjustments in National Accounts Statistics during April 24- 28, 2017 held at Statistics South Africa, Pretoria.
AFRITAC South is conducting a seminar on seasonal adjustments in national accounts. The focus will be on specific issues, including seasonal patterns and calendar effects in national accounts time series. Twenty-four compilers from eight countries (Angola, Lesotho, Madagascar, Mauritius, Mozambique, Seychelles, South Africa, and Zambia) will participate. The seminar will consist of lectures and workshop sessions covering methodological and compilation issues to provide compilers of national accounts statistics with basic knowledge of seasonal adjustment. The seminar will include compilation sessions using countries’ datasets. The software used will be JDemetra+.
Closing Remarks by the Governor of the Bank of Mauritius, Mr. Rameswurlall Basant Roi G.C.S.K., Governor, Bank of Mauritius for the Seminar on International Financial Reporting Standards during April 3-7, 2017.
AFRITAC South held a seminar in Ebene, Mauritius, on International Financial Reporting Standards (IFRS) during April 3-7. The objective was to enhance the ability of prudential regulators and bank supervisors from the region to implement IFRS. The focus was on tools and techniques for conducting supervision of banks/financial institutions under the international standards. 25 supervisors from 9 countries discussed regional and national challenges in complying with IFRS and shared their jurisdictions’ experiences. Governor Bassant Roi, Bank of Mauritius, delivered the closing speech Download Full Text
Seminar on Integrity in Customs during April 3- 7, 2017.
Senior customs officials from twelve AFRITAC South countries participated this week in a regional 5-day seminar on Integrity in Customs. Mr. Sudhamo Lal, Director General of Mauritius Revenue Authority opened the seminar, which provided a discussion forum for exploring challenges to integrity in customs. The seminar discussed: (i) concerns relating to integrity including vulnerabilities; (ii) key elements and international good practice in developing effective integrity strategies; (iii) member country experiences including a review of the status and effective implementation of Codes of Conduct and integrity strategies; (iv) WCO and regional initiatives; and (v) methods of reducing or removing opportunities for corruption. Representatives made presentation on their own country experiences. EU Ambassador H.E Marjaana Sall gave the closing speech.
Opening Remarks by the Second Deputy Governor of the Bank of Mauritius, Mr Vikram Punchoo at the IMF Afritac South Seminar on International Financial Reporting Standards on April 3, 2017.
Mr. Vikram Punchoo, Second Deputy Governor of the Bank of Mauritius, delivered a speech on April 3, 2017 at the AFRITAC South's Seminar on International Financial Reporting Standards. Twenty eight financial sector regulators from 9 countries in the region are participating in the program. The discussions address regional and national challenges in complying with IFRS through sharing of experience by participants on the strategies adopted by them in their jurisdictions. Download Full Text
Seminar on Integrity in Customs - April 3-7, 2017
Senior officials from twelve AFRITAC South (AFS) member countries’ customs administrations responsible for managing the compliance of taxpayers and integrity programs participated in an AFS regional seminar ‘Integrity in Customs’ at the IMF Africa Training Institute (ATI) seminar which started on April 3. This five-day seminar was opened by Mr. Sudhamo Lal, Director General of Mauritius Revenue Authority, and will provide a forum for discussion to explore the challenges to integrity in customs administration and will seek to find ways of overcoming challenges. The seminar will look at: (i) identifying concerns relating to integrity including vulnerabilities; (ii) key elements and international good practice in developing effective integrity strategies; (iii) member country experiences including a review of the status and effective implementation of Codes of Conduct and integrity strategies; (iv) WCO and regional initiatives; and (v) methods of reducing or removing opportunities for corruption. Representatives for each country will prepare a presentation based on background information, presentations and discussions at the seminar outlining:
Seminar on International Financial Reporting Standards (IFRS)- April 3-7, 2017
AFRITAC South is hosting a seminar this week on International Financial Reporting Standards (IFRS) with specific focus on enhancing the skills and competencies of the officials in the bank supervision departments of Sub Saharan African Countries. Nine Southern Africa countries are represented by 25 middle to senior level bank supervisors in this seminar. The overarching goal of the seminar is to enhance the ability of prudential regulators and bank supervisors/examiners to understand the implementation challenges of IFRS and equip them with the tools and techniques for conducting supervision of banks/financial institutions in the most effective way. Resource persons include Mr. V. Venkataramanan, Partner, KPMG, India an internationally recognized expert in IFRS implementation, Mr. Amarjit Chopra, Chairman, National Advisory Committee on Accounting Standards, India which is the Apex body in endorsing the Accounting Standards, and Mr. P.R.Ramesh, Chairman, Deloitte India and a Member of the various Committees constituted by Government of India/ Reserve Bank of India on IFRS implementation. The discussions will address regional and national challenges in complying with IFRS through sharing of experience by participants on the strategies adopted by them in their jurisdictions.