By Olimatou Coker
The West African Institute For Financial and Economic Management (WAIFEM) in collaboration with IMF and Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) commences a five days regional course on cross border position statistics in The Gambia. The event opens at the Bakadaji Hotel on Monday.
Speaking on behalf of the governor of the Central Bank of The Gambia, director of research Sheriff Touray said the timing and theme of the training could not be more appropriate when the global financial system is evolving at an unprecedented pace, capital moving rapidly across borders and financial instruments growing in complexity, and economies becoming more interconnected than ever before. “These dynamics bring tremendous opportunities but also significant risks. To navigate this landscape effectively, policymakers need accurate, timely, and comprehensive information.” He explained that cross-border position statistics play a vital role by providing a picture of a country’s financial linkages with the rest of the world, empowering authorities to design policies that safeguard financial stability and support sustainable growth. “Our economies are integrated with global markets through trade, remittances, and investment flows. External shocks, from commodity price swings to exchange rate movements or geopolitical tensions, can quickly reverberate through our economies,” Touray warned.
Bedri Zymeri, senior economist, statistics department IMF, said this course will not only strengthen participants’ understanding of current BOP and IIP compilation practices, but also emerging guidance introduced by BPM7. He added that the IMF is committed to working closely with countries to support implementation through training, technical assistance, and collaboration to make sure the BPM7 transition strengthens statistical systems, rather than overburdens them.
Dr Sehliselo Mpofu, director of the macroeconomic management program at MEFMI, calls on participants to make best use of the training.
