The Central Statistical Office (CSO) of the Ministry of Finance and Energy will be hosting a Balance of Payment (BOP) workshop in collaboration with the Caribbean Regional Technical Assistance Centre (CARTAC) and the Eastern Caribbean Central Bank (ECCB) from the 24 to 26 February 2015 at the Hospitality Centre at the National Stadium.
The objective of the training is to provide participants with:
- An understanding of the improvements made in the New Balance of Payment Manual
- To explain the new Balance of Payments questionnaire
- To give participants an opportunity to ask questions relating to the compilation of the Balance of Payments questionnaire.
This has become necessary as the International Monetary Fund (IMF) has revised its manual that guides the compilation of Balance of Payments (BOP) statistics globally. The Balance of Payments is a statistical statement that summarises, for a specific time period, the economic transactions of an economy (residents) with the rest of the world (non-residents). This information is important as it assists countries in measuring economic flows occurring between its residents and the rest of the world, in international trade in goods, services, income and financial transactions. The revised Balance of Payments and International Investment Position (IIP) Manual, Sixth Edition (BPM6), will place greater prominence on the compilation of statistics on international investment positions (IIP).
The training is broken down into five sessions which are approximately three hours duration. The training targets compilers of Balance of Payments. These include:
- The Central Statistical Office,
- Private establishments
- Government department and agencies
- Statutory bodies
- Non-profit organisations
- Foreign embassies and consulate
- Regional and international funding agencies
The above mentioned institutions are expected to complete the Balance of Payment questionnaire post the training. The Central Statistical Office is looking forward to the usual support from all Balance of Payment compilers in accurately completing the questionnaires in a timely manner so that Grenada’s economic position as it relates to international statistics can be accurately reflected.
Central Statistical Office
Ministry of Finance and Energy