Financial Outlook of the OIC Member Countries 2017
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4.2 IMPLEMENTATION OF THE STRATEGY
In line with its objectives and expected outcomes, the COMCEC Strategy brings well-identified
operational instruments, i.e. the Working Groups and the COMCEC Project Cycle Management
(PCM).
4.2.1 COMCEC FINANCIAL COOPERATION WORKING GROUP
The COMCEC Financial Cooperation Working Group aims to bring the relevant finance experts
from the OIC Member States regularly together and to serve as a regular platform for the
Member Country experts to discuss their common issues in finance sector and share their
knowledge, experiences and best practices, for disseminating knowledge, developing common
understanding and approximating policies among Member Countries. The Working Group has
held 8 meetings so far.
The First Financial Cooperation Working Group Meeting was held on December 12th, 2013, in
Ankara with the theme of “Enhancing Capital flows in the OIC Member States”. The Second
Meeting was held on March 27th, 2014 with the theme of “Enhancing Financial Inclusion in the
Member States”. The third one was held on October 16th, 2014 in Ankara, Turkey with the
theme of “Risk Management in Islamic Financial Instruments”. The Fourth Meeting of the
COMCEC Financial Cooperation Working Group was held on 19th March, 2015 in Ankara with
the theme of “Improving Banking Supervisory Mechanisms in the OIC Member Countries”. The
fifth Meeting of the Financial Cooperation Working Group was held on October 15th, 2015, in
Ankara with the theme of “Retail Payment Systems in the OIC Member Countries”.
The sixth Meeting of the Financial Cooperation Working Group was held on 17-18 March 2016,
in Ankara with theme of the “Developing Islamic Finance Strategies in the OIC Member
Countries.” In line with the relevant resolution of the 31st Session of the COMCEC, the 6th
Meeting of the Financial Cooperation Working Group also served as the preparatory event for
the Exchange of Views Session of the 32nd COMCEC Ministerial Meeting. The Seventh Meeting
of the COMCEC Financial Cooperation Working Group was held on October 20th, 2016 in
Ankara, Turkey.
The Eight Meeting of the COMCEC Financial Cooperation Working Group was held on March
30th, 2017 in Ankara, Turkey with the theme of “Improving Public Debt Management in the
OIC Member Countries”. The Representatives of the Member States have shared their
experiences, achievements and challenges in public debt management in their respective
countries. The Meeting has considered the Study “Improving Public Debt Management in the
OIC Member Countries” commissioned by the COMCEC Coordination Office and the “COMCEC
Financial Outlook 2016” prepared by the COMCEC Coordination Office.
The participants discussed some crucial policy issues in light of the main findings of the
research report prepared specifically for the Meeting and the responses of the member
Countries to the policy questions sent to the Member States. Accordingly, the working group
has come up with the following crucial policy recommendations for the Member Countries:
 Strengthening/Setting up an independent Public Debt Management Unit with well-
defined functions and a dedicated debt management strategy,
 Developing/improving domestic debt market,
 Broadening and diversifying the creditor base,