Our Mission & Vision

Mission: To develop on a sustainable basis, competencies in the fields of macroeconomic, debt and financial sector management among the staff of central banks, ministries of finance and economic planning, as well as other public sector and private institutions.

Vision: To be among the best capacity building institutions in macroeconomic, debt and Financial sector management in the world.

 

Impact of WAIFEM Training Programmes and Achievements

Debt Management Capacity Building Outputs and Outcomes

The outputs and outcomes from the inputs into the Institute’s CBP in debt management are highlighted as follows: Click to view 2012 activities.

The production of national capacity building plans for debt management:  Following the series of IMMs and workshops executed, all the constituent countries of WAIFEM have produced frameworks for their national capacity building plans.  The output from the missions and regional workshops included up-to-date priorities for filling capacity gaps in the individual countries in the institutional, organizational and manpower skills for debt management.

An improved legal framework and appropriate institutional and organizational arrangements for debt management:  Although the process is ongoing, all WAIFEM member countries have put in place adequate systems, procedures and benchmarks for debt management.

 

Strengthened capacity for basic external debt management functions, including debt recording, disbursement procedures and debt servicing:  All WAIFEM member countries, except Liberia, have computerized their external debt data-bases, with reliable, comprehensive and validated data; regular debt data reports tuned to users’ needs; and well-organized documentation systems for loans and rescheduling agreements and disbursements and payment statements. Systems to ensure the prompt disbursement of loan tranches and timely debt service payments to avoid penalty payments and damage to countries’ credibility have been put in place.  Indeed, The Gambia, Ghana, Nigeria and Sierra Leone now have credible debt data-bases and use the latest CS-DRMS 2000+ through collaborative arrangements with WAIFEM and COMSEC.  Nigeria has streamlined its institutional framework for debt management by creating a debt management office.  Besides, the more reliable and up-to-date data bases in the WAIFEM countries have allowed for the maintenance of prompt debt servicing, and easier communication with creditors for prompt disbursements, among others.

Strengthened capacity for debt sustainability analysis and the development of national debt strategies:  All WAIFEM member countries, except Liberia, have significantly improved capacity for the analysis of long-term macroeconomic sustainability of their public external and domestic debt. All the countries have benefited from external debt relief and MDRI and have new external financing under the framework of poverty reduction.  The countries, excluding Liberia, have capacities to conduct DSA including that based on World Bank/IMF framework for low income countries (DSF-LIC).

The DSA workshops conducted by WAIFEM in The Gambia, Ghana, and Sierra Leone assisted them to access the HIPC facility and advanced to completion point.  The Institute’s various capacity building interventions have also assisted these countries in constituting teams which are capable of updating the DSA with minimal external assistance.

Strengthened capacity for renegotiation of external debt and for new borrowing:  Key officials in each of the countries had a good grasp of the terms of debt renegotiation in the Paris Club and other creditor framework (London Club, multilateral creditors, non-OECD bilateral creditors), as well as those of other debt reduction mechanisms such as debt conversion and buy-backs.  Systems have been put in place to enable these officials to continue receiving up-to-date information on the evolving debt relief terms being offered by creditors and precedents set by other countries’ debt relief agreements, as well as data on international interest rates.  The approach being canvassed by WAIFEM is that each country should have a holistic team of negotiators on an ongoing basis with financial, economic, legal, and negotiating skills.

Strengthened awareness of debt management policy issues, among senior government officials, legislators, the media and other opinion leaders:  Through ongoing regional workshops and fora, the Institute has created awareness in a growing number of legislators on the importance of debt management.  Similarly, some media practitioners (electronic and print) received the necessary training that will assist them to improve on their ability to analyse key economic concepts and policy issues relating to debt management

 

Financial Sector Department Summary of Outputs and Outcomes

The financial sector programmes executed by the Institute from 1997 - date achieved the following outputs and outcomes: Click to view 2012 activities.

Development of a critical mass of skilled officials for financial sector management:  The courses/workshops on banking supervision, money laundering, capital market development etc have contributed to the improvement in financial sector management capabilities of the senior/executive officials of member countries’ central banks.  These programmes have also enabled the officials to keep abreast of the current developments in the financial sector.

Improved strategic understanding, at the executive level of central banks and governments, of financial sector policies formulation and implementation.

Laid emphasis on the need for integrated capacity building in emerging thematic areas of financial sector management, based on detailed needs assessments.

Development of national capacity building plans for the management of international reserves. Implementation of these plans has culminated in a programme of staff attachment by some central banks to the foreign operations departments of others for the purpose of enhanced practical skills acquisition by relevant officials.

Improved legal framework, appropriate institutional and organizational arrangements and upgraded human resource for international reserves management in the sub-regionThe process of improving legal framework and appropriate institutional and organizational arrangements is ongoing in all WAIFEM member central banks with a view to further strengthening the reserves management function in the sub-region.

Under the impetus of WAIFEM capacity building interventions, appropriate strategies/ policies/ guidelines/benchmarks for investment of international reserves, are being put in place in most of the member countries.

Strengthened front and middle office functions in central banks for trading, market analysis and portfolio management are now in place in most member countries.

Strengthened back office functions in central banks for the processing and settlement of foreign exchange deals, accounting systems and databases are also being developed etc.

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