- November 14, 2022
- Posted by: admin
- Category: Current News
One of the key strategic initiatives in MEFMI Phase VI (2022 – 2026) is to increase modular courses that meet the varying needs of member countries. In that vein, MEFMI has designed a multi-module training programme on external sector statistics (ESS) compilation, reporting and analysis for 2022. The first introductory and generic module was conducted as an e-learning course on Balance of Payments and International Investment Position (BOP/IIP) Compilation and Analysis from 14 March to 1 April 2022. A second module focusing on Secondary Income (current transfers) was conducted through a joint course with WAIFEM and IMF Statistics from 19 to 23 September 2022 with a particular focus on remittance statistics.
International remittance flows are important to developing economies in terms of both macroeconomic stability and economic development, given their impact on financial inclusion and poverty reduction. Despite the prevailing unfavourable global economic environment, remittance flows have shown resilience and declined by less than anticipated margins as compared to capital flows. The relatively strong performance of remittance flows during the COVID-19 crisis affirms their growing significance as a source of external financing. This necessitates the need for better collection of data on remittances, in terms of frequency, timely reporting, and understanding of the remittance corridors and channels. Currently, estimating remittances in the MEFMI region is a challenging task, particularly with respect to flows through unregulated channels, which by their very nature, are difficult to record.
The course was designed for officials responsible for the collection and compilation of ESS, mainly BOP. It aimed to provide participants with a thorough understanding of the conceptual statistical framework of compiling remittance statistics and provide practical guidance on collection, compilation and estimation methods. Participants had an opportunity to share country experiences and discuss areas for further development.
A total of 69 officials from respective MEFMI (37) and WAIFEM (32) member countries attended the course. Of the 37 participants from the MEFMI region, 59 percent (or 22) were male while 41 percent (or 15) were female. The course was facilitated by a team of five (5) resource persons, namely Ms. Evrim Bese Goksu – Senior Economist IMF Statistics; Mr. Yves Martin Djoufack – Senior Economist IMF Statistics; Mr. Malik Bani Hani – Senior Economist IMF Statistics; Mr. John Owusu-Afriyie – Programme Manager – WAIFEM; and Mr. Senei Molapo, MEFMI Programme Manager.