Africa Regional Technical Assistance Center South (AFRITAC South) held a workshop on "Improving Cash Management in Developing Countries" in Mauritius, during April 21-25, 2014.
Twenty eight officials from finance ministries and central banks representing twelve AFRITAC South member countries (Botswana, Comoros, Lesotho, Madagascar, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Zambia, and Zimbabwe) attended the seminar.
IMF staff and experts explored with participants how effective cash management systems and practices can contribute to the smooth implementation of general government transactions, and achievement of the operational targets of fiscal policy, public debt management strategy, and monetary policy.
The exchanges allowed participants to discuss regional perspectives and good practices in strengthening cash management.
Addressing the participants, Mr. Dev Manraj, the Financial Secretary of the Mauritius Ministry of Finance and Economic Development, noted that cash management is an area that has been gaining greater prominence among policy makers in the region, as poor cash management exerts a cost on public finances and on monetary policy.
He emphasized the importance of an effective cash management for ensuring that adequate cash is available to pay for expenditures when they are due; for minimizing net government borrowing costs; and for facilitating monetary policy implementation.
At the conclusion of the workshop, Mr. Jean Luc Helis and Mr. McCarthy Phiri, AFRITAC South public financial management resident advisors, said that the seminar presented a good opportunity to engage officials from the AFRITAC South member countries in the peer-to-peer exchange of ideas on how to make cash management more efficient.
The seminar also provided useful inputs into the on-going AFRITAC South technical assistance projects on cash management to its member counties.