Central Banks, and tasked with the responsibility of multilateral surveillance. The Council of Ministers, along with the Committee of Ministers of Finance, Committee of Ministers of Trade and the Committee of Central Bank Governors, should actively follow developments in their mandated areas of responsibility; (k) The Secretary General should approach AfDB at the highest level to make the services available of a staff member/consultant responsible for the report to participate in the above mentioned sub-regional workshops and to assist in those discussions; and (c) An ‘Excessive Slippages Procedure’ as described in the report of the Ministers of Finance and Governors of Central Banks should be established as the heart of the MFSF; (l) The COMESA Secretariat should request development partners’ assistance for capacity building in sound economic management in collaboration with the Regional MultiDisciplinary Centre of Excellence (RMCE). (d) A fiscal unit should be established in the COMESA Secretariat to service the Convergence Council; (e) A CoSWAP Facility to provide liquidity in case of financial crisis in a member country should be set up. Governors of the Central Banks will work out its modalities; The COMESA Common Market Levy and other means of Financing Methods Decisions 8. Council made the following decisions: (f) Member States should prepare National Convergence Programmes (NCPs) that delineate their time-path and policies to achieve the convergence criteria in light of their own circumstances. (a) The proposal for the COMESA Common Market Levy and other Financing Methods be reviewed and improved by the Secretariat for circulation and consideration by Member States. Such improvement should include a comparative analysis of the different options and their impact on the economies of the Member States; and Member States be involved in doing their own simulations; (g) The performance of each country for multilateral surveillance purposes, and the activation of ESP if needed, will be in comparison to the objectives and time path of those national programmes. (h) Member States should be provided with technical support to strengthen their national Public Finance Management Systems to ensure proper implementation of NCPs; (b) Member States should undertake more consultations on the innovative financing levies; (c) A task force consisting of the fiscal affairs experts be established to consider and enhance the proposal before consideration by the Ministers in 2012; and (i) COMESA, with assistance from the African Development Bank (AfDB), should organise three sub-regional workshops in the COMESA region to familiarize local officials with the proposed system; (d) The Secretariat should place the issues of innovative means of financing on the Programme for the Tripartite meetings. (j) COMESA should open discussions with SADC and EAC on the proposals contained in the report in the light of the agreement’s harmonization objectives; The Regional Multi-Disciplinary Centre of Excellence (RMCE) 4

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