## BPM6 Update — Balance of Payments Task Team (BPTT) Inaugural Meeting (June 15, 2020) — Summary of Discussions

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**Canonical URL:** [BPM6 Update — Balance of Payments Task Team (BPTT) Inaugural Meeting (June 15, 2020) — Summary of Discussions](https://www.imf.org/-/media/files/data/statistics/bpm6/bptt/bptt-inaugural-meeting-minutes-june-15-2020.pdf)

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### Introduction
- The inaugural meeting of the Balance of Payments Task Team (BPTT) was conducted via WebEx on June 15, 2020.
- Mr. Carlos Sánchez-Muñoz, Assistant Director of the IMF Statistics Department and Chief of the Balance of Payments Division, chaired the meeting.
- The BPTT has been assigned a key role in the architecture of the update of international statistical standards and will be operational during the entire BPM6 update process and until the publication of the BPM7, which is expected to be released around March 2025.
- The role of the BPTT vis-à-vis the IMF Committee on Balance of Payments Statistics (Committee) is similar to that of the Advisory Expert Group on National Accounts (AEG) vis-à-vis the inter-secretariat working group on national accounts (ISWGNA).

### Topics Presented for Discussion
- The Chair and the Secretariat presented:
  - the architecture of BPM6/2008 SNA update task teams (TTs);
  - the special role of the BPTT;
  - the governance procedure for the review/clearance of guidance notes (GNs);
  - the structure of the GNs;
  - the list of research topics assigned to the BPTT; and
  - a proposed timetable for the preparation of GNs.
- A public website on the update of BPM6 was launched with separate webpages for different TTs including the BPTT.
- The terms of reference (TOR) and the Compendium of Research Issues (CRI) have been posted.
- A separate webpage to post GNs for public consultations, a link to provide feedback on GNs, and a restricted collaboration site for members will be added.

### Summary of Discussions — Key Findings and Positions
- Coordination and cross-TT consultation
  - For BPTT research topics with links to other TTs (e.g., nationality concept), draft GNs could be sent to those TTs on a case by case basis for quick comments or information, as the BPTT decides.
- Reconciliation between flows and stocks (item B.4)
  - The IMF agreed the issue is more analytical and presentational in nature.
  - A complete revamp or structural changes to the BPM6/2008 SNA are not envisaged.
  - The motivation for including this topic is to bring the integrated presentation of flows and stocks to the forefront of BPM7 and make it a central piece of the new manual.
  - This approach could be considered a next step to the enhanced importance given to the international investment position (IIP) in the BPM6.
- Reserve-related liabilities and net international reserves (NIR) (item B.2)
  - The topic is of methodological importance requiring improvements to current guidance on the definition of NIR.
  - The BPTT agreed that developing a standard definition would be useful for surveillance purposes and could be used as a starting point for program negotiations with country authorities.
  - IMF country desks retain full flexibility to negotiate with each country the country-specific definition of NIR to be incorporated in Fund program documents.
- Inclusion of additional CRI topics
  - New items with methodological implications could be considered for inclusion until the end of 2022.
  - The list already benefitted from feedback received from Fund departments.
- Preparation and review of Guidance Notes (GNs)
  - There will be flexibility on the timeline for preparation and review of GNs, considering complexity, need for stakeholder consultations, and members' other priorities.
  - Topics for which GNs are ready will be presented to the Committee meeting in October 2020, especially controversial topics requiring discussion.
  - Other topics could be discussed and resolved via written consultations.
  - Coordinating a gradual preparation is key to ensure a proper and timely review by the BPTT.
- Public consultation approach
  - Public consultation prior to presentation to the Committee will send a strong signal to users that their views will be considered in final GNs.
- Committee meeting logistics
  - It was difficult at that stage to confirm whether there would be a physical meeting of the Committee in October 2020 or whether the meeting would be postponed.
  - The possibility of conducting shorter virtual meetings dedicated to specific topics could be considered.
  - Decisions will depend on how the situation evolves in the next few months; the IMF will inform Committee members and TTs as soon as a decision is taken.
- Member participation and GN authorship
  - Members who had not yet volunteered to prepare GNs could convey their topic of interest to the Secretariat within two days.
  - For each topic, a lead author and contributors will be identified based on members’ willingness and bilateral consultations.
  - The IMF indicated it could contribute and/or pair with BPTT members in the preparation of GNs where IMF work already exists on the topics.
- Sustainable finance and external sector statistics
  - To support measurement of sustainable finance in external sector statistics, a stocktaking survey prepared by the ECB Expert Group on Climate Change and Statistics will be circulated to BPTT members requesting inputs within three weeks.

### Actions Agreed
- BPTT members to:
  - communicate to the BPTT secretariat for which GN on research topics assigned to the BPTT they would like to contribute by cob June 17.
- The BPTT Secretariat to:
  - prepare and circulate a table showing the lead author and contributors for the preparation of GN on each topic, based on the interest expressed by the members; and
  - circulate the “Stocktaking Survey on Existing or Planned Studies and Data Sources Related to Climate Change and Relevant Measures” to BPTT members requesting responses within three weeks (done).

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_Source: https://www.imf.org/-/media/files/data/statistics/bpm6/bptt/bptt-inaugural-meeting-minutes-june-15-2020.pdf_