The COMESA Monetary Institute (CMI) has convened a Task Force meeting to advance the preparation of the COMESA Macroeconomic Convergence Peer Review Mechanism (CMEC-PRM) document. This initiative follows the 29th meeting of the COMESA Committee of Governors of Central Banks, held in November 2025 in Kampala, Uganda, where it was noted that Member States have shown mixed adherence to the COMESA Macroeconomic Convergence (MEC) targets. Persistent challenges—such as repeated failures to meet inflation targets and the continued reliance on Central Bank financing of government deficits—were attributed to structural rigidities, policy inconsistencies, and inadequate coordination between fiscal and monetary authorities.
The Committee expressed concern that ongoing non-compliance with inflation benchmarks undermines macroeconomic stability, erodes purchasing power, and negatively impacts regional competitiveness. Additionally, excessive Central Bank financing of fiscal deficits was noted as a risk to fiscal discipline, monetary stability, and Central Bank credibility.
In response, the Committee directed the CMI, with the involvement of experts from member Central Banks, to develop a robust peer review mechanism (CMEC-PRM) to foster macroeconomic convergence across the region. Recognizing the pivotal role of fiscal discipline in the convergence process, the Committee underscored the need to involve fiscal authorities in the peer review process. The Task Force drew lessons from established mechanisms such as the SADC Macroeconomic Convergence Surveillance Mechanism, the African Peer Review Mechanism, the European Semester of the EU, and the Arab Monetary Fund.
The Task Force meeting, held from 9th to 11th March 2026 in Nairobi, Kenya, brought together experts from the Central Banks of Mauritius (serving as chair), Eswatini, Malawi, Uganda, and Zimbabwe. The primary objective was to prepare and finalize the CMEC-PRM draft document collaboratively developed by the group.
During the three-day session, the Task Force undertook a comprehensive review and revision of the draft CMEC-PRM document to ensure its readiness for presentation at the virtual meeting of the Bureau of the COMESA Committee of Central Bank Governors scheduled for 20 March 2026. The finalized document is expected to be a key agenda item for the upcoming Joint Meeting of the COMESA Ministers of Finance and Central Bank Governors, which will be held on the sidelines of the IMF-World Bank meetings in April 2026 in Washington, D.C.
The development and adoption of the CMEC-PRM is anticipated to enhance macroeconomic policy coordination, promote fiscal and monetary discipline, and strengthen regional economic integration within COMESA.
The meeting was chaired by Mr Feisal Sooklall Chief Economic Analysis and Research Officer from the Bank of Mauritius.