Press Release: IMF and Central Bank of Tanzania hold workshop on improved financial systems in Africa

IMF News, March 4, 2016

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Canonical URL: Press Release: IMF and Central Bank of Tanzania hold workshop on improved financial systems in Africa

Event: Regional workshop on improving the tools of analysis for assessing the health and soundness of financial systems across sub-Saharan Africa.
Hosts and location: International Monetary Fund (IMF) and Bank of Tanzania (BoT) at the BoT Conference Center in Dar es Salaam.
Dates: March 3–4.
Press release date: March 4, 2016.
Press Release No.: 16/89.

Timing and relevance:
- The workshop timing was described as pertinent because most countries in the region were in the early stages of developing frameworks and tools for analyzing their financial systems due to the 2007-08 global financial crisis.
Policy conclusions:
- Tools that can be used to limit systemic risk and reduce the frequency and severity of financial crises were judged relevant and pertinent by participants.
- Participants emphasized that macroprudential policies cannot deliver financial stability on their own.
- Consensus view: macroprudential policy should not substitute other policies, but complement them.
Focus areas discussed:
- Common macroeconomic shocks.
- Systemic risks.
- Policy coordination.
- Implementation experiences with macroprudential policies.

Opening and closing:
- Workshop opened by Benno Ndulu, Governor of BoT.
- IMF Deputy Managing Director Carla Grasso attended the closing.
Participant composition:
- Senior and mid-level officials from financial stability supervision and financial regulation departments of the following Central Banks:
- Botswana
- Kenya
- Madagascar
- Malawi
- Mauritius
- Nigeria
- Seychelles
- Uganda
- Central African Economic and Monetary Community representing Gabon, Cameroon, the Central African Republic, Chad, the Republic of the Congo, and Equatorial Guinea
- Representatives of the West African Economic and Monetary Union representing Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Senegal, and Togo.
- Senior level staff from the Africa Department and the Monetary and Capital Markets Department of the IMF were also in attendance.

The workshop was informed by the Staff Guidance Note on Macroprudential Policy for Low Income Countries prepared by the Monetary and Capital Markets Department at the IMF in November 2014.
The workshop also drew on the Detailed Guidance on Instruments produced by the same department.

IMF Press Release No. 16/89, March 4, 2016.