Medium–Term Work Program for 2014

International Monetary Fund. Statistics Dept.
Published Date:
June 2014
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38. The top priorities of the Committee will remain the implementation of BPM6 and the CPIS data enhancements, and a further expansion in the number of countries reporting annual or quarterly IIP. In addition, work on cross-border financial interconnectedness, including identification of, as well as work to fill, data gaps, will be a top priority. The medium–term work program of the Committee is shown in Appendix III.

39. The IMF is examining the possibility of finalizing the definition of, and other key questions pertaining to, foreign exchange market intervention. This is a medium priority in 2014.

Appendix I. Terms of Reference of the IMF Committee on Balance of Payments Statistics

1. The Committee will advise the IMF on methodological and compilation issues in the context of balance of payments and international investment position statistics, and foster greater coordination of data collection among countries.

2. The Committee will advise on the implementation of the Balance of Payments and International Investment Position Manual.

3. The Committee will bring to the attention of the IMF new developments that impact on the compilation of statistics of cross-border transactions or related stocks of financial assets and liabilities, and work with the IMF in determining how these activities should be treated in accordance with the Balance of Payments and International Investment Position Manual.

4. The Committee will advise the IMF on the identification and closing of data gaps in the external sector accounts, especially those arising from the need to support surveillance and analysis of cross-border financial interconnectedness.

5. The Committee will investigate ways in which data collection can be better coordinated among countries, with a view, inter alia, to facilitating the exchange of statistics (e.g., bilateral transactions or stock data). It will also identify related areas for study and determine how work in those areas should be carried forward.

6. Members are invited to join the Committee on a personal basis reflecting an appropriate level of seniority and expertise in the field of external statistics. As part of their membership obligations, Committee members commit to attending the full meetings of the Committee and to actively participate, unless there are exceptional circumstances that prevent such attendance and participation.

7. In carrying forward its work, the Committee will collaborate with other national compilers and with appropriate international organizations.

8. In consultation with the IMF’s Statistics Department, the Committee will determine its work program and will meet under IMF auspices at least once a year.

9. The Committee’s work will be summarized in an annual report to the Managing Director of the IMF.

Appendix II. Membership of the IMF Committee on Balance of Payments Statistics and Representatives of International Organizations

(As of December 31, 2013)


Louis Marc Ducharme

IMF, Statistics Department

Other Members

Pim Claassen

De Nederlandsche Bank

Michael Davies

Australia Bureau of Statistics

Kenneth Egesa

Bank of Uganda

Jian Han

State Administration of Foreign Exchange

People’s Republic of China

Azizullah Khattak

State Bank of Pakistan

Wataru Kikuchi1

Ministry of Finance, Japan

Ralph Kozlow

IMF, Statistics Department

Francois Mouriaux

Banque de France

Patrick O’Hagan

Statistics Canada

Fernando Rocha

Banco Central do Brasil

Almut Steger

Deutsche Bundesbank, Germany

Hidetoshi Takeda

Bank of Japan

Leslie Tang

Census and Statistics Department

China, Hong Kong SAR

Sarahelen Thompson

Bureau of Economic Analysis

United States

Stefaans Walters

Reserve Bank of South Africa

Representatives of International Organizations

Bank for International Settlements

Philip Wooldridge

European Central Bank

Werner Bier

Nuno Silva

European Commission-Eurostat

Silke Stapel

Gulf Cooperation Council Statistics Centre

Sabir Said Al-Harbi

Organization for Economic Cooperation and Development

Nadim Ahmad

United Nations Conference on Trade and Development

Masataka Fujita2

United Nations Statistics Division

Ivo Havinga2

Secretariat (IMF, Statistics Department)

Paul Austin

Cornelia Hammer

Appendix III. Medium–Term Work Program of the IMF Committee on Balance of Payments Statistics for 2014
Top Priorities
Balance of Payments and International Investment Position Manual (BPM6)Implementation of the BPM6IMF, Committee member(s), and/or the BOP-DSD Steering Group report on progress in implementing the new standards. IMF reports on progress in conducting training using the BPM6 CG.
Coordinated Portfolio Investment Survey (CPIS)Enhance the quality and availability of CPIS data.IMF reports on implementation of enhancements to CPIS data. First semiannual CPIS to be conducted for end-June 2013 (data to be released in early 2014).
International Investment Position (IIP)Further development of annual and quarterly IIP estimatesIMF reports on developments and enhancements in IIP estimates, with reference to recommendations in the IMF/FSB Secretariat reports to G-20 Finance Ministers and Central Bank Governors.
InterconnectednessReport on the IMF’s work to improve understanding of cross-border financial interconnectedness, including identification of data gaps.Report by IMF on initiatives in the interconnectedness area.
Medium Priorities
Reserve AssetsIMF provides advice to countries regarding statistical treatment of reserve assets.IMF reports on implementation of the updated Guidelines and on other initiatives in the reserve assets area. IMF to report on results of efforts to broaden the sharing of confidential data (SEFER and INFER) with the consent of the data provider.
IMF conducts inquiries into feasibility of collecting and disseminating additional data on currency intervention activities of monetary authorities.Provided continued high level support is secured, work proceeds on finalizing a statistical definition of currency intervention activities.
Coordinated Direct Investment Survey (CDIS)Results of the CDISIMF reports on results from the CDIS exercise.
International Trade in ServicesManual on Statistics of International Trade in Services (MSITS)Report by OECD on activities of the Task Force on Statistics of International Trade in Services, including progress on preparing a Compilation Guide.
Research topicsReport on long-term research program in consultation with Inter-Secretariat Working Group on National AccountsReport by UNSD and/or IMF
Securities statisticsHandbook on Securities Statistics (HSS), Working Group on Securities Databases and progress on the Centralized Securities Database (CSDB)Report by BIS, ECB, and/or IMF on HSS. Report by ECB on CSDB.
Global discrepanciesDevelopments in discrepancies in global balance of payments statisticsReport by IMF
External DebtImprove reporting of external debt dataIMF reports on work on improving External Debt data, with reference to the work of the Task Force on Finance Statistics
International financial statisticsDevelopments in banking and related statisticsReport by BIS
OtherOther topics, including work in the areas of Remittances, Sovereign Wealth Funds, and/or other areas, if relevantReport by IMF on progress in various areas
Table 1.Global Balances on Current Account, 2006–2012(In billions of U.S. dollars)
2006200720082009201020112012Average Imbalance 2006–2012
Current account balance224.2346.8260.4272.6384.3408.9399.2328.1
Goods balance185.7270.3252.3280.3388.4424.6439.0320.1
Services balance73.4122.573.461.663.5100.980.082.2
Primary Income balance−49.3−49.1−71.7−36.0−41.2−74.3−69.1−55.8
Secondary Income balance14.33.26.4−33.2−26.3−42.3−50.6−18.4
Memorandum items
Current account balance as percent of gross current account transactions0.
Goods balance as percent of gross goods transactions0.
Services balance as percent of gross services transactions1.
Primary Income balance as percent of gross primary income transactions0.
Secondary Income balance as percent of gross secondary income transactions0.
Capital account balance as a percentage of gross capital account transactions4.711.90.67.411.
Source: Balance of Payments Statistics Yearbook: World and Regional Tables, Volume 64, 2013.
Table 2.Global Balances on Capital and Financial Accounts, 2006–2012(In billions of U.S. dollars)
2006200720082009201020112012Average Imbalance 2006–2012
Capital account balance12.0−24.8−1.2−14.726.
Financial account balance143.2317.556.2166.8149.0112.5202.1163.9
Direct investment−83.3152.6171.28.9−112.3−167.4−93.8−17.7
Portfolio investment−160.1−155.4−309.4240.7−162.0−328.965.2−115.7
Liabilities minus LCFAR12,990.42,716.9236.31,595.61,527.7372.31,334.1
Liabilities including LCFAR3,511.93,640.51,116.22,320.92,438.81,075.51,932.7
LCFAR (in Portfolio investment)521.4923.6879.9725.3911.1703.3598.6
Financial Derivatives (other than reserves) and Employee Stock Options−70.6122.8338.3−97.1−93.04.7−36.524.1
Other investment328.528.8−280.0−284.4301.5504.0267.9123.8
Liabilities minus LCFAR13,153.35,780.2−736.5−1,855.61,867.61,924.3114.7
Liabilities including LCFAR3,355.35,963.3−925.9−1,841.41,923.32,221.2195.0
LCFAR (in Other Investment)202.0183.2−189.414.255.7296.980.4
Reserves minus LCFAR128.7168.7136.0298.7214.9100.0−0.6149.5
Net errors and omissions2−93.0−4.5−203.0−91.1−262.0−302.8−198.5
Source: Balance of Payments Statistics Yearbook: World and Regional Tables, Volume 64, 2013.Note: in the financial account balance, a positive sign indicates a net increase in assets and/or a net decrease in liabilities, while a negative sign indicates a net increase in liabilities and/or a net decrease in assets.

Liabilities constituting foreign authorities’ reserves. The data in liabilities constituting foreign authorities’ reserves were derived from information collected by the IMF from a sample of large reserve-holding countries. These data were used to adjust portfolio and other investment liabilities to align the data better with corresponding asset series.

The sum of recorded transactions with sign reversed.

Table 3.Global IIP—Assets and Liabilities, 2006–2012(In billions of U.S. dollars)
World Total83,846105,893102,686107,141117,343123,121129,194
Advanced Economies75,11494,38790,66393,257101,379105,999110,545
Emerging and Developing Economies8,73211,50612,02313,88415,96417,12218,649
Developing Asia2,5093,5294,0574,7355,6426,3947,017
Central and Eastern Europe6028218619099229341,003
Commonwealth of Independent States9021,3461,3271,4091,5481,6811,839
Middle East, North Africa and Pakistan2,1032,5222,5612,6832,8703,0873,713
Sub-Saharan Africa3484344478221,0401,0861,203
Western Hemisphere2,2682,8532,7693,3253,9413,9413,874
World Total84,870106,858102,987107,016117,089123,279128,736
Advanced Economies75,93795,15291,97093,233100,830106,165110,134
Emerging and Developing Economies8,93311,70511,01713,78316,25917,11318,602
Developing Asia2,1602,6802,8423,6154,5595,3446,076
Central and Eastern Europe1,2541,7611,7491,9432,0441,9632,212
Commonwealth of Independent States1,0071,5761,1511,3961,6091,6061,783
Middle East, North Africa and Pakistan1,0191,3031,4371,5401,6591,6921,878
Sub-Saharan Africa5026065469311,0871,1651,278
Western Hemisphere2,9923,7803,2924,3585,3015,3425,375
Net IIP1(1,024.5)(965.1)(301.4)125.2254.0(157.6)458.9

The balances in IIP assets and liabilities for all economies and international organizations combined should be a net positive figure at the world level, by the value of holdings of gold bullion included in monetary gold.

The Committee’s Terms of Reference was updated in 2011 to more clearly state its roles. The updated Terms of Reference of the Committee is presented in Appendix I.

These figures are based on data provided by the 137 countries that compile an IIP (compared to 184 that compile a balance of payments).

Gold bullion included in monetary gold is recorded as an asset in the IIP accounts, and there is no corresponding liability. Based on data published in the World Tables in International Financial Statistics, holdings of monetary gold were US$ 1.7 trillion at end 2012.

The External Sector Statistics module of the EDDI is a five-year project (2010-2015) financed by the United Kingdom Department of International Development (DFID) to improve macroeconomic statistics in The Gambia, Ghana, Kenya, Mauritius, Mozambique and Nigeria.

The change to semi-annual frequency also pertains to SEFER (Survey of Securities Held as Foreign Exchange Reserves). SEFER is a companion survey to the CPIS. SEFER collects data on securities held in reserve assets, whereas the CPIS collects data on securities held in portfolio investment.

In March 2010, the IMF Executive Board prescribed the dissemination of quarterly (rather than annual) IIP data by SDDS subscribers, with data for the first two quarters of 2014 disseminated by September 2014 and subsequent quarterly IIP data disseminated with a maximum lag of one quarter.

RESTEG consists of three IMF staff plus 19 members from economies in all regions of the world and in different stages of economic development as well as major international financial institutions.

At the January 2013 Committee meeting the IMF proposed a methodology for recording transactions related to distributions of IMF windfall profits from IMF gold sales. While Committee members welcomed both the logic of the proposal—presented in the format of Frequently Asked Questions (FAQs)—and the cross domain consistency, some noted that the underlying premise of the proposal, i.e., that distributions of the profits from gold sales be recorded as superdividends, rested on members having an equity claim on the IMF. However, such classification was not followed by any members in their IIPs, and more importantly, gave rise to the need for guidelines to be used for valuing members’ equity in the IMF.

See the Committee’s 2012 Annual Report, paragraph 28, at

Mr. Hitoshi Hirokawa, Ministry of Finance, Japan, attended in place of Mr. Kikuchi.

Did not attend the meeting of the Committee held in October 2013.

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