6.Design procedures for undertaking formal surveillance CMI, IMF, AfDB and member countries March 2012 June 2012 Technical and Financial Assistance to be sought from Cooperating Partners (AfDB, EU, IMF 7.Ministries of Finance of Member Countries before their parliament/ National Assemblies for the approval of the agreed regional convergence criteria commitment that those criteria will guide the country’s convergence programme Member Countries June 2012 July 2012 8.Prepare Memorandum of Understanding for collaboration of AfDB and IMF in the COMESA Multilateral Fiscal Surveillance Process CMI and Legal and Institutional Department of COMESA Secretariat January 2012 January 2012 9.Amendment of the COMESA Treaty for the creation of the Convergence Council Legal and Institutional Department of COMESA January 2012 Dec 2012 10. Endorsement of the creation of the Convergence Council COMESA Policy Organs October 2011 October 2012 11. Preparation of TOR, Rules of Procedures for the Convergence Council COMESA Secretariat and CMI January 2012 March 2012 12 TORs for 3 Separate Committees of Governors of Central Banks, Ministers of Finance and Ministers of Trade for overseeing reform measures in their respective areas of competence COMESA Secretariat and CMI January 2012 January 2012 13. Establishment of the COMESA Fiscal Unit within the Secretariat COMESA Secretariat June 2012 June 2012 14 Preparation of Terms of Reference for the Task Force to undertake a study on COMSWAP Facility CMI and AfDB 2012 March 2012 Technical and Financial Assistance to be sought from Cooperating Partners (AfDB, EU, IMF) 15. .Establishment of a Task Force to undertake a study on COMSWAP Facility COMESA Secretariat CMI and Member countries March 2012 April 2012 Technical and Financial Assistance to be sought from Cooperating Partners (AfDB, EU, IMF 16..Develop Operational Modalities of the COMSWAP Facility CMI, AfDB and Member countries June 2012 September 2012 Technical and Financial Assistance to be sought from Cooperating Partners (AfDB, EU, IMF 17.Develop guidelines to Implement Excessive Slippage Procedures CMI, AfDB and Member countries June 2012 September 2012 Technical and Financial Assistance to be sought from Cooperating
concepts, methodologies and statistical frameworks used in convergence criteria as well as database development Produce a harmonized consumer price index (HCPI) Compile Quarterly GDP Compile Financial Survey Compile Government finance statistics Compile BOP and other external statistics develop statistical systems and a database macroeconomic data consistency, and consistency of the regional programming model Harmonized concepts, methodologies and statistical frameworks April 2011 Dec 2011 CMI, Ministries responsible for Finance and Economic Planning, Bureaus of Statistics Strengthen and integrate the payments systems Refine REPSS Interconnected payments and clearing systems Ongoing Central Banks and COMESA Secretariat, COMESA Clearing House vi. strengthen and harmonize banking and financial supervision and regulation Strengthen activities of the Financial System Development Sub-Committee Sound and stable financial sector Ongoing Financial System Development Monetary and Financial Affairs Committee Observance of the macro-economic and prudential convergence criteria Monitoring and reporting of performance by member states Taking prompt corrective actions to meet set criteria Entrenched and financial stability Ongoing CMI,CCBG, COMESA Secretariat Second (2nd) Stage: 1st January, 2013- 31st December 2014 Task Activity Deliverable Start Date Date Develop an appropriate ERM for COMESA Commission a study on the COMESA ERM Review on ERM report on proposed ERM Jan. 2013 Jul. 2013 Jan. 2014 Jun. 2013 Dec. 2013 Dec.2014 CMI, CBBG Committee,
Operationalise ERM ERM Operationalized ERM of Continued observance of primary and secondary criteria for this phase as indicated in the roadmap Annual assessments of performance of countries as per the set convergence criteria Entrenched and financial stability Annual Reports Ongoing Ongoing 2014 2014 CMI, Monetary and Financial Affairs CCBG CMI, CCBG for the of CCB Preparations for the establishment of CCB Develop legal framework for the COMESA System of Central Banks (CSCB) and CCB and ensure entrenched Central Bank Independence (CBI), particularly with regard to instrument, personnel and financial independence. Informing and mobilizing key Stakeholders and the public on the legislative and administrative changes regarding the CMU Charter, Bill or Protocol of CCB of COMESA System of Central and CCB 2012 2014 CMI, CCBG, Monetary and Exchange Rate Policies Committee of Monetary and Financial Affairs Preparation of institutional, administrative and legal framework for setting up the common Central Bank and single currency of Monetary Union 2012 2014 Vigorous Public education campaigns about the net Make every effort to involve the print and the electronic media as 2013 -2014
benefits of Monetary Union before the launch of the single currency in 2015 and phased withdrawal of national currencies STAGE3: COUNTDOWN PREPARATIONS FOR LAUNCH OF THE SINGLE CURRENCY well as representatives of organisations in order to reach large target audiences such as consumer groups, trade unions, industry federations, organisations of SMEs, chambers of commerce, professional associations, unions, academia, Cabinet and Parliament, private sector, civil society organisations, the bank and nonbank financial sector and community, the informal sector, other stakeholders and the public in general. Annex : II LIST OF DES PARTICIPANTS BURUNDI Mr. Niyonzina Felix, Section Monnaie et Credit, Banque de la Republique du Burundi, B.P 705 Bujumbura, Burundi, Tel. +257 22204149, Fax. +257 22223128, E-mail : . D.R.