Timely, accurate & comprehensive reporting of debt mgt activities is cornerstone for sustainable devt – WAIFEM Boss

The Director-General of the West African Institute for Financial and Economic Management (WAIFEM), Baba Yusuf Musa has said that the escalating global public debt in the last ten years arising from global uncertainties, the fast-evolving landscape of global creditors and new lending practices, and the introduction of complex debt-financing instruments necessitate vigilant public debt monitoring and strengthening transparency.

He explained that transparent debt management empowers policymakers, fosters responsible lending and borrowing, and shields economies from shocks.

Hence, timely, accurate, and comprehensive reporting of debt management activities is not merely a matter of fiscal responsibility; it’s a cornerstone for sustainable development if countries are to avoid risks of debt distress.

This comprehensive training on reporting, monitoring, and transparency covers a wide range of topics, from grasping and analysing complex public debt data to understanding the critical role of the Back Office in debt management through engaging case studies and hands-on exercises. The course aims to enhance participants’ analytical and practical skills to assess financing choices effectively and negotiate suitable loan terms while embracing sound practices in public debt transparency.

He said at the opening ceremony of the World Bank/WAIFEM regional training on debt monitoring/reporting and debt transparency and regional course on international financial reporting standards (IFRS).

In the area of International Financial Reporting Standards (IFRS) Mr Musa explained that in today’s era marked by globalisation, the significance of universal accounting standards cannot be overstated.

Adopting IFRS by countries and institutions is a beacon of financial and accounting harmonisation in our sub-region and worldwide. This course has been meticulously designed to equip participants with the necessary knowledge and skills to successfully implement IFRS provisions, particularly in the ongoing WAMZ programme.

“Understanding vital concepts such as revenue recognition, financial instruments, and implications for transitioning to IFRS is crucial for policy-making and critical management decisions in our deeply interconnected economies. By the end of the course, participants will have a strong understanding of IFRS and its practical application in financial reporting, enabling them to make informed financial and accounting decisions in their jurisdictions,” he said.

Source:3News.com