Wednesday, May 04, 2005

Gibraltar hosts IMF Workshop

International Monetary Fund is holding a seminar in Gibraltar funded by the Government of Japan.

Delegates from eleven countries and territories are participating in the workshop namely: Aruba, Bahamas, Barbados, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Guernsey, Isle of Man, Jersey, and the Netherlands Antilles.

Speaking to the Chronicle, senior economist John Joisce explained that Japan provided funding for the access by developing countries to these kind of seminars on a disinterested basis. He said that although the participating territories did not fall into this category, the IMF had approached Japan who had agreed to finance this seminar in Gibraltar. An IMF spokesman said:

“The IMF is holding its annual workshop on the Co-ordinated Portfolio Investment Survey (CPIS) for Small Economies with International Financial Centres in Gibraltar from Tuesday 3 to Thursday 5 May 2005.

The seminar is entirely funded by the Government of Japan. The workshop was last held in Guernsey on 25-27 May 2004, where Gibraltar participated for the first time.

In previous years it has been held in the Cayman Islands, Bermuda (twice) and Jersey.

The IMF compiles and publishes global balance of payments statistics showing flows of funds between countries. In recent years, this exercise has included collecting data on portfolio investment, which has been growing in size and importance in the world economy. Initially these surveys covered only the major economies, but the IMF concluded that a more accurate and complete picture could only be achieved by including the Small Economies with International Financial Centres.

From 2001 onwards, SEIFiCs were invited to submit data on an annual basis. The objective of the survey is to collect information on the level of investment by each country or territory in equity and short- and long-term debt securities issued by unrelated nonresidents.”

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