The complexities of managing a financial crisis are often heightened by external shocks, such as commodity price fluctuations, particularly in countries heavily reliant on these resources. These challenges underscore the importance of implementing best practices to prevent financial crises and enhancing crisis management tools to mitigate their negative impacts. This is especially relevant for low-income countries, including those in the COMESA region.

To address this, the COMESA Monetary Institute (CMI) has embarked on a training program aimed at equipping financial sector professionals with the necessary tools and strategies to effectively manage banking and financial crises in their jurisdictions.

From February 17–21, 2025, CMI organized a virtual training session titled: “Financial Crisis Management and Resolution Framework for Banks and Non-Banking Financial Institutions (NBFIs).” The program attracted 69 delegates from 11 COMESA member countries’ central banks, including Burundi, Comoros, DR Congo, Egypt, Ethiopia, Eswatini, Kenya, Malawi, Rwanda, Zambia, and Zimbabwe.

CMI Director, Dr. Lucas Njoroge, emphasized that the training was designed to equip participants with the knowledge and skills to identify, prevent, and manage financial crises—particularly in economies with underdeveloped financial markets and weak legal and institutional frameworks required to facilitate bank resolution. He highlighted that the acquired knowledge would be directly applicable to their roles while also providing a platform for experience-sharing on crisis management and resolution strategies.

A financial crisis can have severe consequences, including job losses, reduced access to credit, large fiscal deficits, rising sovereign debt, and slowed economic growth. By strengthening crisis management capabilities, CMI continues to play a crucial role in enhancing financial stability across the COMESA region.

The training aligns with the 2025 Work Plan for CMI, which was approved by the COMESA Committee of Governors of Central Banks in November 2024.