Relations between MoF/Treasury and the Central Bank Group 2 Relations between MoF/Treasury and the Central Bank Countries: Аzerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Russia Moscow, April 5, 2017

MoF/CB coordination mechanisms re. policy implementation and operational approaches Coordination mechanisms Azerbaijan Belarus Kazakhstan Kyrgyzstan Russia Joint MoF/CB committees (councils, groups etc.) + Agreements between MoF and CB on information exchange etc. Settlements support agreements A “road map” describing cooperation Legislative and regulatory framework

2. Challenges and Suggested Solutions 1.Challenge: Development and implementation of new CM tools Solution: Joint meetings with presentations of mutual benefits from CM tools 2. C: Dominating position of CB in some areas of cooperation S: Escalating up (government, parliament, president). Joint exposure to international experience. 3. C: MoF and CB pursue different goals and objectives S: Concerted action by MoF and CB. Setting up supervisory bodies (Russia’s experience). Engage civil society. Lean on advice from IFIs. 4. C: Risk management (placing funds with credit institutions, using IT etc.) S: Establishing SLA with CB assistance. Collaboration with CB in capacity development/training.

Suggestions to Improve Cash Management Implementation of KPIs and effectiveness indicators Financial and non-financial incentives for the Treasury staff Separating project vs. process management in the course of implementing new cash management tools (Russia’s experience) DEVELOP AN SLA DRAFT/TEMPLATE – a PEMPAL knowledge product