Nairobi, Friday, April 25, 2019: The COMESA Monetary Institute has introduced changes in its administrative and budgetary matters to enhance the efficiency of the Institute in execution of its mandate. This follows the Extra-Ordinary meeting of the Bureau of the COMESA Committee of Governors of Central Banks in Nairobi, Kenya, on 26th April 2019.
The meeting was mainly focused on reviewing the CMI’s draft Staff rules and the financial and procurement rules, whose implementation is expected to enhance independence of the Institute and to ensure continued improvement in the quality of its services and products.
The CMI, which is a semi- autonomous institution of COMESA does not have its own administrative and budgetary rules and applies those of the Secretariat. Despite the changes, the institute will continue to receive other necessary support from COMESA on areas which are necessary to enhance efficient flow of work.
The decision to change the rules was made by the Bureau of the Committee of Governors of Central Banks during its 39th Meeting in Djibouti in December 2018.
Speaking at the review meeting, COMESA Assistant Secretary General (Administration and Finance), Dr Dev Haman, described the new rules as a blue print that will enhance the efficiency of the Institute in execution of its mandate. He said they will strengthen monetary integration in the COMESA Regional Integration Agenda.
The Governor of the Central Bank of Kenya (CBK), Dr. Patrick Njoroge, who was the Chief Guest, underscored the importance of the introduction of flexible but effective rules in all areas to enhance the efficiency of the Institute and to ensure continued improvement in the quality of its services and products.
He commended the CMI for its work in capacity building and research since its inception in 2011 and affirmed his bank’s support which includes continued hosting of the institute.
CMI has trained over 1000 staff of COMESA member Central Banks since it was established by conducting more than 50 workshops and trainings in addition to developing User’s Guides. It has also published 42 country specific studies related with macroeconomic management in member countries.
The Extra-Ordinary Bureau Meeting also discussed the sub-themes of the 2019 Governors’ Symposium on the ‘Role of Central banks in Advancing Continental and tripartite Free Trade Area’.
Speaking at the meeting, the Head of Research Department of Central Bank of Djibouti Mr. Mohammed Robert appreciated the successful conclusion of the work of the Expert Group on the Refinement of the COMESA Macroeconomic Convergence Criteria and the Road Map to Monetary Union. He said this will enhance monetary integration in the region.
The meeting was attended by Governors and experts of the Bureau of the COMESA Committee of Governors of Central Banks from: Burundi, Djibouti, Egypt, Sudan and Zimbabwe.
The COMESA Secretariat, COMESA Monetary Institute, COMESA Clearing House and The Regional Association of Energy Regulators for Eastern and Southern Africa (RAERESA) also attended the meeting. Central Bank of Kenya participated as an observer.