Namibia represented on IMF committee

THE International Monetary Fund (IMF) has appointed a representative from the Bank of Namibia, Ipumbu Shiimi, to serve on a committee of experts to be known as the Balance of Payments Technical Experts Group (BOPTEG).

Shiimi is the BoN Head of Research and is representing Namibia on the committee. The committee comprises members drawn from selected countries world-wide, and is entrusted with the responsibility of revising the current international Balance of Payments Manual (BPM5, 1993).The BPM5 defines the international standards for the compliation of statistics on transactions between a country’s residents and their non-resident counterparts.The committee will also play an advisory role to the IMF by providing recommendations for review and approval on issues affecting the methodology on the balance of payment and related matters.In a press release, BoN Manager: Corporate Communications, Jerome Mutumba said Namibia’s appointment to this committee was done “in recognition of the country’s commendable progress in adopting the international best practices in the compilation and dissemination of its macroeconomic statistics, particularly in the areas of balance of payments and monetary statistics”.Namibia is currently the only country in SADC which has implemented the latest manual on monetary and financial statistics.”The adoption of international standards enables the country to avail timely and quality macroeconomic statistics is vital for policy making.It further makes the comparison of Namibia macroeconomic statistics with other country’s statistics easier,” said Mutumba.Other countries represented on the committee include Australia, Chile, China, Jordan and the United States.The committee comprises members drawn from selected countries world-wide, and is entrusted with the responsibility of revising the current international Balance of Payments Manual (BPM5, 1993).The BPM5 defines the international standards for the compliation of statistics on transactions between a country’s residents and their non-resident counterparts.The committee will also play an advisory role to the IMF by providing recommendations for review and approval on issues affecting the methodology on the balance of payment and related matters.In a press release, BoN Manager: Corporate Communications, Jerome Mutumba said Namibia’s appointment to this committee was done “in recognition of the country’s commendable progress in adopting the international best practices in the compilation and dissemination of its macroeconomic statistics, particularly in the areas of balance of payments and monetary statistics”.Namibia is currently the only country in SADC which has implemented the latest manual on monetary and financial statistics.”The adoption of international standards enables the country to avail timely and quality macroeconomic statistics is vital for policy making.It further makes the comparison of Namibia macroeconomic statistics with other country’s statistics easier,” said Mutumba.Other countries represented on the committee include Australia, Chile, China, Jordan and the United States.