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Officials Trained on BOP and International Investment Position Compilation and Analysis

  • October 9, 2022
  • Posted by: admin
  • Category: Financial Sector Management
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Strengthening capacity in the compilation of macroeconomic statistics in line with the latest international reporting standards is one of MEFMI’s core strategic objectives identified in its Phase VI Strategic Plan (2022-2026).  Timely and reliable macroeconomic statistics provide the framework for planning, formulating and monitoring the implementation of evidence-based economic and budgetary policies. The need for countries to produce timely and comprehensive external sector statistics has become paramount as the current global external environment remains uncertain amidst heightened trade tensions and tightening financial conditions. As such, MEFMI continues to conduct capacity building activities aimed at strengthening the reporting and analysis of external sector statistics to inform policy formulation in member countries.

Cognisant of the need to strengthen analytical capacity of external sector vulnerabilities, MEFMI conducted a virtual workshop on Balance of Payments (BOP) and International Investment Position (IIP) for junior to middle level officials of Central Banks, National Statistics Offices and Ministries of Finance and Planning involved in BOP/IIP compilation and analysis from 14 March to 1 April 2022. This comes at a time when MEFMI member countries continue to implement adjustment measures following the deterioration of their fiscal and external buffers in the aftermath of the COVID-19 shock. The workshop was conducted in both English and Portuguese.

The workshop enhanced the knowledge of participants on the conceptual framework governing the reporting of external sector statistics as outlined in the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6). Fifty-six participants drawn from twelve MEFMI countries participated in the workshop. Only Botswana did not participate in the workshop. Of the 56 participants, 30 (54%) were male while 26 (46%) were female.

The workshop was facilitated by three resource persons, Mr. Thiago Vieira, Head of Sub-Unit Department of Statistics at Bank of Brazil, Dr. Kenneth Egesa, Director at Bank of Uganda and Mr. Senei Molapo, a MEFMI Graduate Fellow and MEFMI Programme Manager.

 

Prepared by Senei Molapo