The SADC Third Peer Review Panel meeting of Ministers of Finance and Central Bank Governors has commenced in Bulawayo, Republic of Zimbabwe to deliberate on key aspects relating to Macro-economic Convergence and financial sector integration for the SADC region. The meeting was preceded by a Session of Senior Officials which took place on 1st and 2nd August 2015.
Official opening of the Meeting was done by Hon. Patrick Chinamasa, Minister of Finance of the Republic of Zimbabwe [Opening Remarks by the Minister] and one of the co-chairs of the Meeting. In his remarks, he stated that sustaining high levels of resources necessary for the regional industrialization requires that we attend to following, among others: strengthening and deepening our financial and monetary reforms; deepening capital markets through developing innovative financing vehicles; linking closely SADC stock exchanges with the objective of creating a regional stock exchange; and encouraging private equity firms and public private partnerships arrangement in order to leverage domestic resources, among others. He concluded his remarks by emphasizing that the Committee of Ministers and Central Bank Governors meeting is expected to play a pivotal role in ensuring that the objective of the development agenda as directed by our Heads of State and Government becomes a reality.
H.E Dr. Stergomena Tax in her opening remarks [Opening Remarks by SADC Executive Secretary] urged Member States to take the agenda of the meeting seriously for the well-being of the region. She stated that Good economic governance and macroeconomic stability are critical elements, and prerequisites for economic integration and development. She stated further that, according to the revised RISDP 2015-2020, industrialization and market integration are among the priorities of the SADC region, which must be placed at the centre stage in the short to medium term. She that their role as Ministers of Finance and Governors in spearheading the Industrialization and Market Integration priority pillar is very essential, in particular, by stimulating and deepening financial market integration, creating a conducive environment, and advancing cooperation and harmonization in the financial and investment sectors. She also commended the government of Zimbabwe for ratifying the Protocol on Finance and Investment, bringing the number of Member States in this category to eleven (11), and called the remaining Member States to take similar steps.