The NEWS (Monrovia)
Benjamin B. Sworh
5 September 2008
Monrovia — The Director General of the West African Institute for Financial and Economic Management (WAIFEM), Dr. Osi C. Itsede has disclosed that since the establishment of the organization, it has trained 7,800 financial officials from member countries.
He said WAIFEM which was established in July 1996 by the Central Banks of Gambia, Ghana, Liberia, Sierra Leone and Nigeria is a sub-regional training organization mandated to strengthen the capacity for improved macroeconomic and financial management in its member countries.
Dr. Itsede's statement was contained in an opening address delivered on his behalf by Mr. Baba Y. Musa of WAIFEM at the two-week Liberia National Debt Strategy workshop at the Central Bank of Liberia in Monrovia.
Dr. Itsede observed that over the years, the institution has become a veritable platform for knowledge and skills impartation as well as a vehicle for information sharing and dissemination.
According to him, the achievement was predicated on the deployment of multi-purpose delivery interventions including demand assessment and follow-up missions, training programs, consultancy and technical partnerships with leading international organizations.
Dr. Itsede told participants that the workshop is intended to train public sector officials in the methodology of Debt Strategy Analysis (DSA). It would also assist Liberia in the re-assessment of the amount of HIPC relief committed at the decision point vis-à-vis its long-term debt outlook.
The WAIFEM Director General noted that the workshop would also enhance the capacity of key debt management and macroeconomic institutions especially in the methodology of DSA.
The WAIFEM Director-General then assured Liberia will occupy a top priority in the institute's mandate of capacity building in the region.
Deputy Governor of Central Bank of Liberia, Mrs. Ethel Davis who proxy for CBL Governor, Dr. J. Mills Jones lauded the effort of WAIFEM for the capacity building workshop and urged the institute to continue its good work.
She pointed out that the workshop was timely not only that it would assist the government in the re-assessment of the amount of HIPC relief committed at the decision point vis-à-vis its long-term debt outlook, but also that it will articulate the nature of possible exogenous shocks to be faced by the countries at the completion point.
She indicated that the forum would also build the capacity of public sector officials in the methodology of DSA, thereby improving the overall debt management capacity of Liberia. "DAS provides an umbrella that coordinates fiscal and monetary policy necessary for fiscal sustainability," Madam Davies added.
The CBL executive reiterated her bank's commitment to WAIFEM capacity building efforts in the sub-region and lauded the institute for building the capacity of Liberian officials.
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