## BPTT Fifth Meeting (January 24, 2024)—Summary of Discussions

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**Canonical URL:** [BPTT Fifth Meeting (January 24, 2024)—Summary of Discussions](https://www.imf.org/-/media/files/data/statistics/bpm6/bptt/bptt-fifth-meeting-minutes-january-24-2024.pdf)

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### Introduction
- The fifth meeting of the Balance of Payments Task Team (BPTT) was conducted virtually on January 24, 2024.
- Mr. Carlos Sánchez-Muñoz, Assistant Director of the IMF Statistics Department and Chief of the Balance of Payments Division, chaired the meeting.
- The Chair welcomed two new members to the BPTT—Ms. Robert Leisch, Eurostat, and David Bailey, IMF Statistics Department.
- The Chair noted that reports by the editors on how BPTT members’ comments were addressed have been prepared and shared to increase transparency and accountability in the preparation of draft chapters.

### Topics Presented and Summary Discussions
- The Secretariat and IMF staff made three presentations covering:
  - (i) BPM7 drafting: Review process, timetable, and updates from the October 2023 BOPCOM meeting;
  - (ii) treatment of negative equity positions—updates on consultation process and the next steps;
  - (iii) treatment of emission permits—updates on consultation process, workshop, and the next steps.
- Key discussion points and member feedback:
  - Members appreciated the updates on BPM7 drafting and clarifications on the review process.
  - One member requested developing a dashboard for members to better track the status of drafting of BPM7 Chapters; the Secretariat agreed to consider options including more frequently circulating updated timelines highlighting the status of main milestones for different chapters.
  - On the new task team on global asymmetries (TT-GA), one member suggested launching TT-GA work after the BPM7 drafting process due to resource constraints; the Chair indicated the initial focus will be on developing a plan and that the work may not pose much burden during this year by building on work already done.
  - On the review role of BPTT: members are expected to comment on the most important issues before chapters go for global consultation, not to provide detailed comments given limited review time, though more detailed comments remain welcome.
- Treatment of negative equity:
  - One member suggested discussing the Issue Note on negative equity at the next AEG/BOPCOM meeting instead of circulating it for written consultation to help reach a common understanding given implications for both external sector statistics and national accounts.
  - The topic was discussed in October 2023 separately by AEG and BOPCOM, with different conclusions.
  - The member suggested the Issue Note should cover in detail how the numbers would square for both assets and liabilities and consider different combinations of shareholder composition (of cross-border – FDI and non-FDI – and domestic – public and private – participations).
  - The Chair clarified that inclusion of the topic in the next AEG/BOPCOM meeting agenda will be decided in consultation with the UNSD.
- Treatment of emission permits:
  - Members appreciated updates on outcomes of the workshop, global consultation, and proposed way forward.
  - Regarding Eurostat (GFS) proposal for treatment in the EU context (a multicounty scheme) presented at the workshop, the ECB representative clarified that Eurostat’s (GFS) proposal was presented as a possible option but had not been pre-discussed or endorsed by either ECB’s or Eurostat’s BOP and NA representatives.
  - There was a suggestion to circulate the updated Note for GFSAC review given GFS implications.
  - The Chair noted that, considering the hard deadline for finalizing recommendations on this issue, the note would be circulated to the IMF GFS team for possible feedback.

### Actions
- Secretariat will regularly inform the BPTT/BOPCOM members on the status of the drafting of BPM7 chapters/annexes.
- BPM editors will prepare the document on the key changes from BPM6 by the end-February.

### Attendees
- IMF: Carlos Sánchez-Muñoz (Chair), Venkat Josyula and Evrim Bese Goksu (Secretariat), Kristy Howell, Jannick Damgaard, Sagé de Clerck, David Bailey, Niamh Sheridan, Cyril Rebillard, Jennifer Ribarsky
- Olga Monteiro (ECB), Annabelle Mourougane (OECD), Herman Smith (UN), Fernando Rocha (Brazil), Eric Boulay (Canada), Hu Hong (China), Ursula Schipper (Germany), Fabienne Fortanier (Netherlands), Paul Farello (USA)

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_Source: https://www.imf.org/-/media/files/data/statistics/bpm6/bptt/bptt-fifth-meeting-minutes-january-24-2024.pdf_