ANNEX2 MACROECONOMIC CONVERGENCE PREAMBLE The High Contracting Parties: RECALLING the provisions of Chapter Three of the Protocol which requires co-operation on macroeconomic convergence; RECOGNISING the need to accelerate growth, investment and employment in the SADC Region through increased co-operation and co-ordination in respect of macroeconomic policies; CONVINCED that regional economic integration and macroeconomic stability are preconditions to sustainable economic growth and for the creation of a monetary union in the Region; DETERMINED to maximise co-operation and co-ordination in the implementation and management of sustainable macroeconomic policies and to reduce the divergence in macroeconomic aggregates among State Parties; COMMITTED to the establishment of a dynamic, sustainable and credible regional economic entity; DEDICATED to good governance, accountable and transparent public resource management, HEREBY AGREE as follows: ARTICLE 1 DEFINITIONS 1. In this Annex, terms and expressions defined in Article 1 of the Protocol shall bear the same meaning unless the context otherwise requires. 2. In this Annex, unless the context otherwise requires: "budget deficit" means the extent to which the government of that State Party's expenditure and net lending exceeds receipts from revenue and grants; "current account" means the record of transactions in goods, services, income and current transfers between residents of that State Party and non-residents; 37