Job Title: Monetary Operations Resident Advisor, (East African Community; based in Kenya), MCMTA (
This is a three-year long-term expert assignment based in Nairobi, Kenya, with the initial appointment being for one year.
In response to request from the EAC (comprised of Burundi, Kenya, Rwanda, Tanzania, and Uganda) Monetary Affairs Committee-comprising the governors of the five central banks, the Monetary and Capital Markets (MCM) and Statistical (STA) Departments of the International Monetary Fund (IMF) have prepared a three-year Technical Assistance (TA) program that is financed by the Japanese government. The program has two components: strengthening the policy, operational, and institutional frameworks in the monetary and financial areas; and development of the regional statistics necessary for the monetary union. It seeks to strengthen the capacity of regional and national officials to address the challenges associated with the regional integration process in the monetary and financial areas.
Work in the area of monetary policy and operations under the program will concentrate on the design and harmonization of monetary policy and operational frameworks in the region. This component of the program will provide strategic advice regionally and to member states on the institutions and processes essential for monetary union, assist the authorities in harmonizing monetary and exchange rate frameworks and operations, and strengthen related capacity.
Tasks of the Monetary Operations Resident Advisor (East African Community)
The long-term expert would act as strategic advisor to the High Level Task Force (or an institution which will be determined following further discussions with the authorities) and the partner states' central banks. The advisor is expected to contribute to work to achieve the goals of the TA program as follows:
Assist the authorities in developing a framework for the appropriate harmonization of the conduct of monetary policy and the associated implementation plan in the EAC. Work in this area would be informed by a suite of papers being prepared in the context of technical assistance to the central banks of the Community.
Work with central bank staff, peripatetic experts and Fund staff to design and implement operational frameworks for:
foreign exchange interventions in the region in the path to monetary union;
harmonization of open market operations in the region in the lead-up to monetary union; and
harmonization of the monetary and foreign exchange operations,
Provide support in reviewing and advising on how to harmonize auction-based repo operations.
Advise and collaborate with the research and financial market departments of the national central banks on the statistics and studies to support monetary and foreign exchange operations.
Assist the authorities in working through the decisions necessary on institutions, instruments in preparation for monetary union.
The advisor should liaise with the authorities of the member states on forming the monetary union, the EAC Secretariat, the IMF managers of technical assistance programs, the monetary operations technical assistance being provided by AFRITAC East, and Fund mission chiefs for the member countries. The work will likely involve interaction with other development partners (the International Growth Center, the African Development Bank, the Bank of England, Sveriges Riksbank, the World Bank, etc.).
The work of the advisor will be supported by IMF missions and short-term expert visits to both regional and national authorities. The number of missions/visits will be adjusted depending on the specific expertise of the long-term/peripatetic advisor and discussions on the work plan with the authorities.
Assistance may also be delivered through regional group training or workshops. For example, workshops/seminars on monetary policy communications, liquidity forecasting, or daily conduct of monetary operations or other topics as demanded by the authorities could help achieve the TA program objectives.
The advisor will need to be proactive in building effective relations with all five central banks, in identifying areas for improvement and in working with both senior and junior technical staff. The work will require travel to (other) EAC countries.
The successful candidate should have:
A minimum of 10 years relevant practical experience in operational work for the conduct of monetary policy and, preferably, in establishing or working in a currency union. Such experience would normally be acquired at a central bank and by delivery of technical assistance (TA) through the IMF or other international financial institutions.
A university degree in Economics, Finance, or a related field.
Knowledge of the technical assistance work, organization, policies, and procedures of the IMF, and the institutional setting of the beneficiary countries.
Ability to work closely with other organizations, senior government officials, and other long-term and short-term experts.
Excellent interpersonal skills, including the ability to deal effectively with senior policymakers in the region and the donor community, and to work as part of a team that would include staff at IMF headquarters.
Strong reporting skills are desirable; and
Strong oral and written communication skills.
How to Apply:
Deadline: 17th July 2012