UN DESA | DPAD | Development Policy Analysis Division
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Capacity Development and Advisory Services
Macroeconomic Advisory Capacity (MAC)
The new initiative on Macroeconomic Advisory Capacity (MAC) was launched in response to demands from Member States seeking alternative advice or a "second opinion" on fiscal, monetary, and exchange rate policies. In the years preceding the current economic crisis
UN-DESA consistently underscored the need for alternative macroeconomic policies for developing countries, including counter-cyclical fiscal measures and greater regulation of capital flows, in order to generate growth and sustainable development. As the Division's analytical work on developmental macroeconomics gained greater recognition in policy circles many developing countries began to see UN-DESA as a credible source of alternative macroeconomic policy advice, not only to recover from the current economic downturn, but also to stimulate sustainable and equitable growth. Against this backdrop, UN-DESA launched the MAC initiative to operationalize its analytical work on fiscal and monetary policy issues at the country level and strengthen the capacities of national policy-makers to design and implement development-oriented macroeconomic policies.
Supporting Finance and Planning Authorities to formulate and implement macroeconomic policies (2011-2013)
- Objectives
- Activities
- Countries
- Outputs
- Partners
- Provide policy advice to participating Member States on how to implement counter-cyclical fiscal policies and broaden the scope of monetary policies in order to steer recovery and generate employment and sustainable growth
- Strengthen the capacities of fiscal and monetary authorities in participating Member States to design, implement and evaluate development-oriented macroeconomic policies in order to generate sustainable growth and employment and build resilience against shocks
- Develop and disseminate country case studies, practical handbooks, and other knowledge products in order to enhance understanding and application of alternative macroeconomic policies
- 11 October 2012-“Technical consultation and feasibility study mission for the High-level Committee for the Macroeconomic Stabilization Fund for Bhutan” to Botswana from 4 - 7 October and Chile from 8-11 October 2012. UN-DESA organized and sponsored the study mission of the High Level Committee, which comprised of the Governor, Royal Monetary Authority (central bank), Secretary, Ministry of Finance, Secretary, Ministry of Economic Affairs, Secretary, Gross National Happiness Commission (the Planning Commission of Bhutan), visited these two countries to learn how to set up a fiscal stabilization fund, as recommended by UNDESA.
- 29 September 2012—The Workshop on “Growth with Equity”, organized by ILO/Institute of International Labour Studies (IILS) and the MAC Initiative of UN-DESA, which is reviewing the impact of growth on employment and equity in Kenya. The two studies on Bangladesh and Kenya are due for publication during the first quarter of 2013. (Nairobi/Kenya)
- 8 - 9 August 2012—The workshop on Studies on “Growth with Equity”, organized by the International Institute for Labour Studies (IILS) of ILO/IILS and the MAC Initiative of UN-DESA. The joint study is examining the effect of growth on employment and equity in Bangladesh. (Dhaka/Bangladesh)
- 4-7 July 2012—Sub-regional Inception Workshop on “Financial Sector Policies and Implications for Employment, Equity and Economic Development: International Experience and Lessons Learnt”, which formally launched the Research and Policy Analysis Programme (RPAP) being jointly implemented by EDD, UNDESA and UNDP-South Africa to analyze the role of the financial sector in overall economic development of South Africa. (Pretoria/South Africa)
- 1-3 July 2012—Scoping mission to Swaziland at the invitation of UNDP-Swaziland and meetings with the UNDP Swaziland and the officials from the Ministry of Economy, Finance and the Central Bank of Swaziland and the Swazi Bank (only domestically owned bank in Swaziland) to address the persistent problem of stagnant economic growth and unemployment. (Mbabane/Swaziland)
- 30 May – 4 June 2012—Consultations with the Bangladesh Bank (central bank), the Ministry of Environment and Forest and the National Planning Commission, assessing the capacity development needs for economic modelling and forecasting and a workshop on macro-micro modelling at the central bank. (Dhaka/Bangaladesh)
- 28-29 May 2012—High-level Economic Forum on “Ensuring a Development-oriented Macroeconomic Policy Framework for the 11th Five Year Plan: Challenges, Opportunities and Policy Options” jointly organized by the Gross National Happiness Commission (GNHC) of the Royal Government of Bhutan, UN Department for Economic and Social Affairs (UN-DESA) and UNDP-Bhutan. The forum featured Prof. Joseph Stiglitz, the winner of the 2001 Nobel Prize in Economic and was attended by the Prime Minister of Bhutan and other cabinet ministers. (Thimpu/Bhutan)
- 30 April – 4 May 2012—A joint scoping mission (along with UN-ESCAP), at the request of H.E. Keat Choan, Hon’ble Deputy Prime Minister, to assess the macroeconomic policy challenges confronting the Government of Cambodia and develop a programme for capacity development of the officials of the Ministry of Economy and Finance and the National Bank of Cambodia. (Phnom Penh/Cambodia)
- 3-13 February 2012—Follow-up advisory mission to support the Gross National Happiness Commission (GNHC) for the formulation of the 11th Five Year Plan, to review the Economic Development Policy (EDP) and develop a financing strategy for EDP, to advise on the management of Rupee Demand and liquidity and support capacity development for macroeconomic modeling. (Thimpu/Bhutan)
- 19-22 December 2011—Regional Training Workshop "Beyond Inflation Targeting: Policy Options and Instruments for Managing Equitable Growth and Human Development". (Dhaka, Bangladesh)
- 11-21 October 2011—Technical scoping mission at the invitation of the UNRC/RR-UNDP and the Government of Tajikistan to review, explore and broaden various policy options – in fiscal, monetary, financial and exchange rate policies – to assist the Government achieve its development objectives. (Dushanbe, Tajikistan)
- 8-16 September 2011— Technical scoping mission to South Africa at the request of Mr. Ebrahim Patel, the Minister for Economic Development. (Johannesburg/South Africa)
- 6-16 July 2011—Technical scoping mission at the invitation of the Gross National Happiness Commission (GNHC - the National Planning Commission), the Royal Government of Bhutan, to review the macroeconomic policy framework and identify the capacity development needs of GNHC and that of other economic entities of the Government of Bhutan. (Thimpu/Bhutan)
- 10 May 2011—High-level Special Event "Macroeconomic Policies for LDCs: From Economic Recovery to Sustainable Development" on the Sidelines of the LDC IV Conference. (Istanbul, Turkey)
- 20–24 March 2011—Technical scoping mission at the invitation of UNDP and the Ministry of Finance and Economic Planning, the Government of Ghana, to address fiscal space and related macroeconomic issues. (Ghana)
During its first year of operation, MAC will provide macroeconomic policy advice and capacity development support on a sustained basis to:
- Bangladesh
- Bhutan
- Ghana
- South Africa
More….
- "Beyond Inflation Targeting: Policy Options and Instruments for Managing Equitable Growth and Human Development" workshop report
- The report on the High-level special event "Macroeconomic policies for LDCs: From Recovery to Sustainable Development" held in Istanbul on 10 May 2011
- A Practical Handbook for UN Resident Coordinators on Alternative Macroeconomic Policies
The MAC initiative engages various Government partners to deliver alternative macroeconomic policy advice, including:
- Bangladesh Bank—the central bank of Bangladesh
- Gross National Happiness Commission of Bhutan—the planning authorities of Bhutan
- Ministry of Finance and Economic Planning—Ghana
- Ministry of Economic Development—South Africa
- National Board of Revenue—Bangladesh
The initiative also operates in collaboration with UNDP-Regional Bureau for Africa, UNCTAD and other UN agencies.