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QUARTERLY NEWSLETTER
May – July 2024
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AFRITAC East (AFE) is part of the IMF’s global network of Regional Capacity Development Centers. This quarterly newsletter covers highlights of the support provided to member countries over the period May – July 2024.
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Welcome to this edition of the newsletter; below are highlights of AFE’s activities in the first quarter of the financial year 2025.
Steering Committee Meeting held in Dar es Salaam, Tanzania (July 10-11, 2024). Chaired by Mr. Albert Mwenda, Director General Budget, Fiscal and Economic Affairs, on behalf of the Principal Secretary of the National Treasury of Kenya, the Committee reviewed the FY 2024 program execution, discussed key priorities, and approved the FY 2025 work program.
Participants of AFE’s 26th Steering Committee Meeting
Tanzania signed its contribution agreement to support AFE's activities, joining Uganda and Kenya. AFE is grateful for the shared commitment and important contributions of its member countries, which are vital to the Center's success. AFE's Center Director, Clara Mira, met with the Governor of the Bank of Tanzania, Mr. Emmanuel Tutuba, and other senior officials from the Central Bank. During this meeting, AFE expressed its appreciation to the Tanzanian government for its valuable support.
AFE meeting with the Governor of the Bank of Tanzania
Publication of AFE 20-year Anniversary Book
Over the past two decades, AFE has been supporting capacity building efforts to promote macroeconomic stability and growth in the region. To commemorate the 20-year milestone, the Center has published a book which highlights the progress made in the region, the key lessons learned, and our collaborative approach. The book showcases AFE’s journey through five in-depth notes on our core areas, including strengthening public financial management and macro-fiscal policy, revenue mobilization, financial supervision and regulation, national account statistics, and government finance statistics.
Highlights by workstream
Financial Supervision and Regulation: Five bilateral missions were conducted with the Bank of Eritrea, the National Bank of Ethiopia, the National Bank of Rwanda, Uganda's Insurance Regulatory Authority (IRA), and the Capital Markets Authority of Uganda (CMAU) to enhance supervisory expertise on IFRS 9 and improve financial sector cyber resilience. The second phase of two technical assistance missions was completed, supporting the financial analysis team of the IRA in assessing the IFRS 17 implications and advancing the CMAU's supervision of Collective Investment Schemes.
Real Sector Statistics: AFE missions to the national statistical institutions of Malawi and Tanzania introduced procedures for managing data from the VAT systems of their respective revenue authorities, and demonstrated how the data can be used to improve the timeliness of estimates of GDP.
Government Finance Statistics: AFE continued to support the development and dissemination of high-quality government finance statistics (GFS) based on the GFSM 2014 framework. Ethiopia updated and disseminated its budgetary central government statistics for FY 2022/23. AFE also supported the validation of member countries' data and assessed progress in implementing GFSM 2014 during the East African Community's regional meeting on GFS and Public Sector Debt Statistics.
Monetary Policy and Operations: Support was provided to the National Bank of Ethiopia to conduct the first Open Market Operation and introduce Standing Facilities, and to commence with widespread FX reforms.
Financial Market Infrastructures and Payments: Ethiopia implemented foreign exchange reforms to unify official and parallel market rates. Tanzania is working towards formalizing FX intervention policies. A regional workshop was conducted on the macroeconomic implications of crypto assets.
Public Financial Management: Kenya received support in reviewing its progress toward transitioning to accrual accounting in line with International Public Sector Accounting Standards (IPSAS). A joint IMF Legal department and AFE mission advised Rwanda on strengthening its state-owned enterprises (SOE) legal framework. Kenya was supported in finalizing the analytical framework for SOE financial evaluations tied to its new SOE database. Zanzibar received practical training on the IMF SOE Health Check Tool.
Revenue Administration: South Sudan reviewed its revenue administration reform program and explored integrating tax and customs operations into the South Sudan Revenue Authority. The Uganda Revenue Authority welcomed support to enhance its mining sector knowledge and customs control. Malawi Revenue Authority reviewed the VAT performance.
Regional Workshops: AFE conducted regional workshops during the quarter (macroeconomic implications of crypto assets and monetary policy operations and capital flows), and made two presentations on the adoption of accrual-based IPSAS and IFMIS. AFE also participated in an EAC regional meeting on GFS and Public Sector Debt Statistics.
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SUPPORT PROVIDED TO MEMBER COUNTRIES IN THIS QUARTER (FY 2025 WORK PROGRAMME)
Table of Contents
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UPCOMING ACTIVITIES AND REPORTS PRODUCED BY THE CENTER
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AFE Staff News
Clara Mira
Incoming Center Director
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We welcomed Ms. Clara Mira, the incoming Center Director. Ms. Mira, a Spanish national, joined AFE in late August as the new Center Director. Ms. Mira has held several positions at the IMF, including more recently Mission Chief for Moldova in the European Department, Mission Chief for Guinea in the African Department, Resident Representative to Uganda, senior economist and economist for Uganda and Niger. Before joining the IMF, she was in Banco de España, the IMF Executive Board, and the European Commission. |
Xiangming Li
Outgoing Center Director
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Farewell to Ms. Xiangming Li, the outgoing Center Director. Ms. Li became the AFE Director in late August 2020, at the height of the COVID-19 pandemic. Prior to joining the Center, she had worked for over 20 years in a wide range of departments at the International Monetary Fund (IMF), including African, European, Fiscal Affairs, Monetary and Capital Markets, Strategy Policy and Review, and the Institute for Capacity Development. |
Dzingai Chapfuwa
Public Financial Management Advisor
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We welcomed Mr. Dzingai Chapfuwa, the new long-term resident advisor dealing with Public Financial Management. Mr. Chapfuwa, a Zimbabwean national, joined AFE in June, 2024. Since December 2021, Mr. Chapfuwa has been an IMF PFM advisor providing capacity development across Sub-Saharan Africa on fiscal risk management and state-owned enterprises. In that role, he has worked with most AFE countries and collaborated with AFE advisors. Before working with the IMF, Mr. Chapfuwa had over 20 years of experience in public sector management in South Africa and Zimbabwe. |
Callie Hugo
Monetary Policy Operations, and Financial Market Infrastructure Advisor |
Farewell to Mr. Callie Hugo, the outgoing Monetary Policy Operations, and Financial Market Infrastructure Advisor. Mr. Hugo, a South African national, joined the Center in October 2020 as an advisor on MPO and FMIP. Mr. Hugo worked at the South African Reserve Bank (SARB) for over 30 years in different departments and various capacities. He previously worked for the IMF as a short-term expert on monetary policy and financial sector stability. |
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AFE is a collaborative venture between the International Monetary Fund (IMF), the recipient countries, and bilateral and multilateral development partners. It originated from the IMF’s response to African leaders call on the international community to increase technical assistance (TA) to Africa and focus it more sharply on capacity building. AFE provides TA and training to Eritrea, Ethiopia, Kenya, Malawi, Rwanda, South Sudan, Tanzania (including Zanzibar), and Uganda.
DEVELOPMENT PARTNERS
MEMBER COUNTRIES
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