International Monetary Fund. Statistics Dept.
Published Date:
August 2004
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Appendix 1: IMF Committee on Balance of Payments Statistics: Composition as of December 31, 2003


Carol S. Carson

  • IMF, Statistics Department


Zia Abbasi

  • Australian Bureau of Statistics

Abdulrahman Al-Hamidy1

  • Saudi Arabian Monetary Agency

Michael Atingi-Ego

  • Bank of Uganda

Stuart Brown

  • Office for National Statistics, United Kingdom

Teresa Cornejo

  • Banco Central de Chile

Robert Heath

  • IMF, Statistics Department

Teruhide Kanada

  • Ministry of Finance, Japan

Ralph Kozlow

  • U.S. Department of Commerce

Philippe Mesny

  • Banque de France

Lily Ou-Yang Fong

  • Census and Statistics Department, Hong Kong SAR

Michael Debabrata Patra

  • Reserve Bank of India

Neil Patterson

  • IMF, Statistics Department

Art Ridgeway

  • Statistics Canada

Eduardo Rodriguez-Tenés

  • Bank of Spain

Sergei Shcherbakov2

  • Central Bank of Russia

Hidetoshi Takeda

  • Bank of Japan

Ernest van der Merwe

  • Reserve Bank of South Africa

Representatives of International Organizations

Ayse Bertrand

  • Organisation for Economic Co-operation and Development

William Cave

  • Organisation for Economic Co-operation and Development

Ivo C. Havinga

  • United Nations Statistical Division

Jean-Marc Israël

  • European Central Bank

Markus van Wersch

  • Statistical Office of the European Communities

Rainer Widera

  • Bank for International Settlements


Margaret Fitzgibbon

  • IMF, Statistics Department

John Joisce

  • IMF, Statistics Department

Manik Shrestha

  • IMF, Statistics Department

Appendix 2: Terms of Reference of the IMF Committee on Balance of Payments Statistics

  • 1. The Committee will oversee the implementation of the recommendations presented in the Report on the Measurement of International Capital Flows and in the Report on the World Current Account Discrepancy, 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 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 BPM5.
  • 3. 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 among countries (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.
  • 4. In carrying forward its work, the Committee will collaborate with other national compilers and with appropriate international organizations.
  • 5. 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.
  • 6. The Committee will prepare an annual report for presentation to the Managing Director of the IMF.

Appendix 3

Medium-Term Work Program of the IMF Committee on Balance of Payments Statistics: End-December 2003
Top Priority
Updating BPM5Prepare and disseminate Annotated Outline, draft several chapters of the new manual, and prepare methodological documents for consideration by the Committee and technical expert groupsPapers by IMF staff and technical expert groups
Direct investmentPossible coordinated survey on direct investment positions Survey of Implementation of Methodological Standards for Direct InvestmentProgress report by IMF staff on feasibility study Progress report by IMF staff on the 2003 survey
Data qualityFollow up on IMF staff paper on revisions policy for official statistics Quantitative indicators for assessing data qualityCommittee members to provide comments Committee members to provide comments on ECB’s paper to 2003 Committee meeting
High Priority
Portfolio investment2002 and 2003 Coordinated Portfolio Investment Survey Third party holdings: Consultation with potential respondents Development of central securities databaseReport by IMF staff Progress report by technical group Report by ECB
Investment vehiclesFollow up on paper by United StatesCommittee members to provide comments
Reverse transactionsPractical aspects of treatment of reverse transactions, following up on U.S. systems to identify reverse transactions Conceptual paper on treatment of reverse transactions as both collateralized loans and transactions in the security, with examplesPaper by working group on reverse transactions Paper by working group on reverse transactions
Heavily indebted poor countriesTreatment of HIPCs in balance of payments and the IIPJoint paper by IMF staff and Uganda
Medium Priority
Global imbalancesIndication of imbalances in global balance of payments statisticsPaper by IMF staff
Central clearing housesInvestigation of nature of operationsPaper by working group on reverse transactions
Implementation of BPM5Update on implementation and practical difficulties in implementing BPM5Paper by IMF staff on BPM5 reporting to the IMF’s Statistics Department
International trade in servicesImplementation of Manual on Statistics of International Trade in ServicesPaper by IMF staff on activities of the Task Force on Statistics of International Trade in Services
External debt and IIPImprove reporting of external debt data within the IIP frameworkPaper by IMF staff on developments at Inter-Agency Task Force on Finance Statistics
International financial statisticsUse and improvement of international financial statisticsPaper by BIS
Reporting systemsChanges in manner in which data on balance of payments statistics are reportedPapers by Japan and France
Data processingReengineering of systems for economic statisticsPaper by Australia
Financial derivativesNew collection system for international transactions and positions in financial derivativesPaper by United States
Low Priority
Portfolio investmentStatistical treatment of short positionsPaper by IMF staff
1Final Report of the Working Party on the Statistical Discrepancy in World Current Account Balances (the so-called Esteva Report), IMF, Washington, D.C., 1987, and Final Report of the Working Party on the Measurement of International Capital Flows (the so-called Godeaux Report), IMF, Washington, D.C., 1992.
2The information used to make these adjustments is derived from a confidential survey of the instrument composition of reserve assets in the major reserve-holding countries, which the IMF began to conduct in response to a recommendation of the Godeaux Report. The data compiled from the survey information are used only at the global level. Estimates are made for some reserve-holding countries that do not report this information.
3See Coordinated Portfolio Investment Survey Guide, second edition, IMF, Washington, D.C., 2001.
4The Committee recognized that, for practical reasons related to data sources or institutional arrangements, the recommendations may not be easily followed in some countries.
5Copies of this publication were distributed to members of the Committee in early November 2003.
6Summary metadata prepared in consultation with the countries and cross-country comparison tables organized by statistical issue have also been posted on the IMF’s website, see
1Mr. AI-Hamidy was accompanied by Mr. Jamal AI Kamees at the 2003 Committee meeting
2Mr. Shcherbakov was unable to attend the 2003 Committee meeting.

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