Medium–Term Work Program for 2014
- International Monetary Fund. Statistics Dept.
- Published Date:
- June 2014
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.
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.
(As of December 31, 2013)
Louis Marc Ducharme
IMF, Statistics Department
De Nederlandsche Bank
Australia Bureau of Statistics
Bank of Uganda
State Administration of Foreign Exchange
People’s Republic of China
State Bank of Pakistan
Ministry of Finance, Japan
IMF, Statistics Department
Banque de France
Banco Central do Brasil
Deutsche Bundesbank, Germany
Bank of Japan
Census and Statistics Department
China, Hong Kong SAR
Bureau of Economic Analysis
Reserve Bank of South Africa
Representatives of International Organizations
Bank for International Settlements
European Central Bank
Gulf Cooperation Council Statistics Centre
Sabir Said Al-Harbi
Organization for Economic Cooperation and Development
United Nations Conference on Trade and Development
United Nations Statistics Division
Secretariat (IMF, Statistics Department)
|Balance of Payments and International Investment Position Manual (BPM6)||Implementation of the BPM6||IMF, 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 estimates||IMF 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.|
|Interconnectedness||Report 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.|
|Reserve Assets||IMF 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 CDIS||IMF reports on results from the CDIS exercise.|
|International Trade in Services||Manual 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 topics||Report on long-term research program in consultation with Inter-Secretariat Working Group on National Accounts||Report by UNSD and/or IMF|
|Securities statistics||Handbook 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 discrepancies||Developments in discrepancies in global balance of payments statistics||Report by IMF|
|External Debt||Improve reporting of external debt data||IMF reports on work on improving External Debt data, with reference to the work of the Task Force on Finance Statistics|
|International financial statistics||Developments in banking and related statistics||Report by BIS|
|Other||Other topics, including work in the areas of Remittances, Sovereign Wealth Funds, and/or other areas, if relevant||Report by IMF on progress in various areas|
|2006||2007||2008||2009||2010||2011||2012||Average Imbalance 2006–2012|
|Current account balance||224.2||346.8||260.4||272.6||384.3||408.9||399.2||328.1|
|Primary Income balance||−49.3||−49.1||−71.7||−36.0||−41.2||−74.3||−69.1||−55.8|
|Secondary Income balance||14.3||3.2||6.4||−33.2||−26.3||−42.3||−50.6||−18.4|
|Current account balance as percent of gross current account transactions||0.6||0.8||0.5||0.7||0.8||0.8||0.7||0.7|
|Goods balance as percent of gross goods transactions||0.8||1.0||0.8||1.2||1.3||1.2||1.2||1.1|
|Services balance as percent of gross services transactions||1.3||1.8||1.0||0.9||0.8||1.2||0.9||1.1|
|Primary Income balance as percent of gross primary income transactions||0.8||0.6||0.9||0.6||0.6||1.0||1.0||0.8|
|Secondary Income balance as percent of gross secondary income transactions||0.9||0.2||0.3||1.7||1.3||1.9||2.2||1.2|
|Capital account balance as a percentage of gross capital account transactions||4.7||11.9||0.6||7.4||11.9||2.7||0.6||5.7|
|2006||2007||2008||2009||2010||2011||2012||Average Imbalance 2006–2012|
|Capital account balance||12.0||−24.8||−1.2||−14.7||26.7||6.4||1.3||0.8|
|Financial account balance||143.2||317.5||56.2||166.8||149.0||112.5||202.1||163.9|
|Liabilities minus LCFAR1||2,990.4||2,716.9||236.3||1,595.6||1,527.7||372.3||1,334.1|
|Liabilities including LCFAR||3,511.9||3,640.5||1,116.2||2,320.9||2,438.8||1,075.5||1,932.7|
|LCFAR (in Portfolio investment)||521.4||923.6||879.9||725.3||911.1||703.3||598.6|
|Financial Derivatives (other than reserves) and Employee Stock Options||−70.6||122.8||338.3||−97.1||−93.0||4.7||−36.5||24.1|
|Liabilities minus LCFAR1||3,153.3||5,780.2||−736.5||−1,855.6||1,867.6||1,924.3||114.7|
|Liabilities including LCFAR||3,355.3||5,963.3||−925.9||−1,841.4||1,923.3||2,221.2||195.0|
|LCFAR (in Other Investment)||202.0||183.2||−189.4||14.2||55.7||296.9||80.4|
|Reserves minus LCFAR||128.7||168.7||136.0||298.7||214.9||100.0||−0.6||149.5|
|Net errors and omissions2||−93.0||−4.5||−203.0||−91.1||−262.0||−302.8||−198.5|
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.
|Emerging and Developing Economies||8,732||11,506||12,023||13,884||15,964||17,122||18,649|
|Central and Eastern Europe||602||821||861||909||922||934||1,003|
|Commonwealth of Independent States||902||1,346||1,327||1,409||1,548||1,681||1,839|
|Middle East, North Africa and Pakistan||2,103||2,522||2,561||2,683||2,870||3,087||3,713|
|Emerging and Developing Economies||8,933||11,705||11,017||13,783||16,259||17,113||18,602|
|Central and Eastern Europe||1,254||1,761||1,749||1,943||2,044||1,963||2,212|
|Commonwealth of Independent States||1,007||1,576||1,151||1,396||1,609||1,606||1,783|
|Middle East, North Africa and Pakistan||1,019||1,303||1,437||1,540||1,659||1,692||1,878|
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.
Available at http://www.tffs.org/edsguide.htm.
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.
The PGI website is at http://www.principalglobalindicators.org/default.aspx.
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 http://www.imf.org/external/bopage/arindex/htm.
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.