The International Monetary Fund (IMF) and the African Development Bank (ADB) under the umbrella of the Joint Partnership for Africa (JPA) last week organisedÂ a seminar on financial safeguards at central banks.
The seminar took place in TunisÂ from April 5_9,Â brought together some 30 participants from 27 African countries. The program is designed to enable senior central banks officials from across the continent familiarize themselves with the knowledge and tools required to assess and monitor financial safeguards at their institutions.
It provides participants ample opportunity to share experiences on financial safeguards in their respective banks as well as apply the knowledge the seminar will provide through interactive case studies with tools from the fundâ€™s risk_based monitoring methodology.
Focusing on external audit mechanisms, operational independence, financial reports, internal audits and control systems in central banks, the discussions provided a picture of important questions to be asked while assessing a central bankâ€™s safeguards.
ParticipantsÂ at the seminar shared cross_country experiences in strengthening financial safeguards, provide a central bankersâ€™ network to address common standard issues and to provide a forum to discuss safeguards with the fund (IMF) staff.