The Commonwealth Secretariat and South Africa's National Treasury on 9 October 2013 signed a memorandum of understanding to boost the debt management capacity of member states.
Commonwealth Secretary-General Kamalesh Sharma and South Africa's Finance Minister, Pravin Gordhan, signed this landmark agreement at a ceremony that took place during the annual meeting of Commonwealth Finance Ministers held in Washington DC.
The initiative, the first of its kind within the 53 member organisation, will see South Africa's Treasury host regional debt management advisers from the Commonwealth Secretariat. These advisers will provide technical and analytical support to member countries, sharing best practices.
Under the arrangement, the National Treasury will also second debt management experts to the Commonwealth Secretariat, thereby providing their skills to other member states.
Both the Commonwealth Secretary-General Kamalesh Sharma and South Africa's Finance Minister Pravin Gordhan hailed this unique partnership as an excellent demonstration of facilitating practical south-south collaboration within and across the Commonwealth family.
