The Commonwealth Secretariat and South Africa's National Treasury on 9 October 2013 signed a memorandum of understanding to boost the capacity of member states to manage their debts.
Commonwealth Secretary-General Kamalesh Sharma signed for the Secretariat, while Pravin Gordhan, the Finance Minister, did so on behalf of National Treasury.
The ceremony took place during the annual meeting of Commonwealth Finance Ministers held at the International Monetary Fund headquarters in Washington DC.
The initiative, the first of its kind within the 53 member organisation, will see South Africa's Treasury host regional debt management advisers from the Commonwealth Secretariat and member states. These advisers will provide technical and analytical support to member countries, while at the same availing them the opportunity to learn, share best practices and relevant exposure. Under the arrangement, the National Treasury will also second debt management experts to the Commonwealth Secretariat, availing their services to member states that need them most.
Both the Commonwealth Secretary-General Kamalesh Sharma and South Africa's finance Minister Pravin Gordhan hailed the move as an excellent demonstration of the practical and unique opportunities within and across the Commonwealth family.