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