Representatives from twelve Central Banks from Member States have been trained in “Modelling Expected Credit Losses Under International Financial Reporting Standard – (IFRS9)”. The training was organised by the COMESA Monetary Institute (CMI) in Nairobi, Kenya from 26th to 30th August, 2019.

CMI Director Mr Ibrahim Zeidy underscored the importance for Central Banks in the COMESA region to keep up pace with requirements of important international standards that have important  implications on the operations of institutions in the region. 

Key objectives of the training were to equip participants with practical knowledge on financial modeling, quantitative risk assessment and management, financial stability analysis, and enable participants to independently model Expected

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Some of the activities during the training  included model-building using forward-looking scenarios, estimation, validation (both quantitative and qualitative), implementation, and governance. The workshop also provided a platform for sharing knowledge and experience on modeling expected credit losses under IFRS9.

Governors from Central Banks in COMESA have in the past noted that IFRS9 requires that financial reporting take into account historic, current and forward-looking information (including macro-economic data), in credit risk management, marking a shift from previous approach based on incurred losses. IFRS9 emphasizes on early recognition of credit losses as it will no longer be appropriate for entities to wait for an incurred loss event to have occurred before credit losses are recognized.

The training was attended by delegates from twelve (12) Central Banks of COMESA Member States namely: Burundi, D R Congo, Egypt, Eswatini, Kenya, Malawi, Mauritius, Rwanda, Sudan, Uganda, Zambia, and Zimbabwe.