Memorandum of Understanding on Macroeconomic Convergence 2011

Date Signed

The Member States of the Southern African Development Community (SADC) through the Memorandum of Understanding on Macroeconomic Convergance agree that in order to achieve and maintain macro-economic stability, they need to converge on stability-orientated economic policies implemented through a sound institutional structure and framework.

The MOU confirms that macroeconomic convergence in the region will be monitored using indicators and that Members States will formulate monetary policies that are transparent and consistent. All information and data required for implementation and monitoring of this MOU will be provided by Member States and the same through the Committee of Senior Treasury Officials will be responsible for this implementation.

The Members States also undertook to develop a Protocol on Finance and Investment matters after reviewing of the SADC programme on macroeconomic convergence. A committee of ministers of finance would establish a surveillance procedure to monitor macroeconomic convergence in the region.