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In line with the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, regarding the continuous improvement in government data management, the National Taskforce for Information and Population convened a national workshop in collaboration with the International Monetary Fund (IMF) on external sector statistics.
The workshop focused on the IMF requirements for disseminating external sector statistics and balance of payments data. Hosted at the Ministry of Finance and National Economy headquarters, the workshop gathered approximately 60 representatives from various government entities involved in the compilation and dissemination of macroeconomic and financial data. The workshop explained the significance of the balance of payments as a comprehensive account of the economic relations between a country and the rest of world.
During the workshop, the IMF expert led in-depth discussions on the components of external sector statistics, while highlighting the kingdom’s commitment to upgrade its tier in the IMF data standards framework in preparation for the subscription to the Special Data Dissemination Standard (SDDS). The IMF expert noted that SDDS promotes the publication of comprehensive and transparent data on all components of the external sector, fostering greater confidence amongst economies and attracting foreign investments.
The workshop underscored the commitment of the National Taskforce for Information and Population to adopting the best international standards and practices in data publication and dissemination. It aims to ensure that the kingdom’s economic and social progress is accurately reflected in global reports and databases, further elevating its regional and global standing.
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