IMF’s New BPM7 Standards: A Catalyst for Enhancing Economic Transparency in Africa’s Financial Landscape
Samuel Mobolaji
The International Monetary Fund (IMF) has released the seventh edition of the Balance of Payments and International Investment Position Manual (BPM7), updating global standards for compiling external sector statistics.
This revision addresses significant changes in the global economy, including increased interconnectedness, digitalization, and financial market innovations since the last update in 2009.
For African nations, BPM7’s implementation is pivotal. Enhanced data accuracy and comparability will enable policymakers to make informed decisions, fostering economic stability and growth across the continent.
The IMF encourages countries to adopt BPM7 by 2029–2030 and offers support through guidance and technical assistance. This initiative aligns with the updated System of National Accounts, 2025 (2025 SNA), aiming to harmonize statistical methodologies globally.
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By embracing BPM7, African nations can enhance economic data transparency, strengthening their positions in the global financial landscape.
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