## BPTT Third Meeting (April 13, 2021)—Summary of Discussions

## Source details

**Canonical URL:** [BPTT Third Meeting (April 13, 2021)—Summary of Discussions](https://www.imf.org/-/media/files/data/statistics/bpm6/bptt/bptt-third-meeting-minutes-april-13-2021.pdf)

## Other formats

- [Markdown version](/-/media/files/data/statistics/bpm6/bptt/bptt-third-meeting-minutes-april-13-2021.pdf.md)
- [Structured JSON version](/-/media/files/data/statistics/bpm6/bptt/bptt-third-meeting-minutes-april-13-2021.pdf.json)

---

### Introduction
- Event: Balance of Payments Task Team (BPTT) Third Meeting held virtually on April 13, 2021.
- Chair: Mr. Carlos Sánchez-Muñoz, Assistant Director of the IMF Statistics Department and Chief of the Balance of Payments Division.
- Objective stated by the Chair:
  - Present outcomes of the IMF’s Committee on Balance of Payments Statistics (BOPCOM) meeting (February 22–25, 2021).
  - Agree on the BPTT work plan for the coming months.
- Secretariat change: Ms. Padma Hurree-Gobin introduced as new BPTT co-secretariat.

### Topics presented and summary discussions
- Secretariat presentations:
  - Summary of Discussions (SOD) of the BOPCOM Thirty-Fifth Meeting (February 22–25, 2021).
  - Proposed timeline for preparation/review of BPTT’s guidance notes (GNs) and review of GNs from other Task Teams (TTs).
- IMF/UNSD input:
  - Brief summary of preliminary outcomes of the fifteenth meeting of the Advisory Expert Group on National Accounts (AEG) (April 6–8, 2021).
- Guidance notes and papers presented to the Committee:
  - Nine GNs and one paper were presented for discussion at the Committee meeting.
  - Eight GNs were approved (BPTT–1, CATT–2, DITT–5, and FITT–1 among them).
  - GN F.10 The Treatment of Cash Collateral: FITT to propose a way forward based on Committee and AEG guidance.
  - Approved GNs will be part of the proposed annotated outline of BPM7, with suggested modifications and, in some cases, after final Committee review.
  - Paper: Sustainable Finance: Developing Guidance for Data to Address Climate Change. Committee supported continuing work with preparation of GN B.6 Sustainable Finance for discussion at the October 2021 Committee meeting and provided suggestions on issues to be covered.
- Timeline and review process for GNs:
  - BPTT timeline overview for June 2021 Committee meeting:
    - BPTT will have no more than two weeks to review its respective GNs.
    - For GNs from other TTs, a one-week review will be scheduled.
    - BPTT review exercise of all GNs expected to be completed by the end of April.
    - Public consultation to occur during May for the usual four-week duration.
    - Committee secretariat to circulate GNs together with each respective summary of the outcome of the public consultation to Committee members by June 15.
  - To ease review process, GNs agreed to be discussed via written procedure will be circulated to members by mid-May.
    - Currently earmarked for written consultation:
      - Three BPTT GNs: B.2, B.3, and B.12.
      - Two DITT GNs: D.11 and D.18.
      - One CATT GN: C.5.2.
    - Rationale for written consultation:
      - Recommendations are straightforward/non-controversial or do not require changes in current standards.
      - Topics are technical, difficult to discuss face to face, and of significant importance for IMF surveillance, requiring prior consultation with Fund Departments.
- Scope of GNs under review:
  - For this round, BPTT will review approximately 19 GNs:
    - Five from BPTT.
    - 14 from other TTs.
  - At time of meeting, BPTT had already reviewed four GNs coming from CATT, FITT, and GZTT.
  - For the October 2021 meeting, 16 GNs are expected:
    - Three BPTT GNs.
    - 13 from other TTs.
  - Note: Numbers exclude additional GNs that could be received from CMTT, DZTT, GZTT, IETT, and IFTT in coming weeks/months.
- AEG discussion points reported by IMF/UNSD:
  - Topics discussed: SNA update program, Consistency issues, Communication, Digitalization, Globalization, Well-being and Sustainability, and Financial and Payment Systems.
  - SNA update program outcome: GNs should clearly indicate whether recommendations will have any impact on the core/central framework of the SNA.
  - SNA consistency issues: Inconsistent wordings/terminology in the 2008 SNA and clarification notes issued through SNA News and Notes; acknowledged inconsistencies between BPM6 and the 2008 SNA that need fixing in the ongoing update.
  - Public consultation status:
    - Two GZTT GNs cleared for public consultation: G.2 Treatment of MNE and Intra-MNE Flows and G.4 Treatment of Special Purpose Entities and Residency.
    - One GN posted for public consultation: G.1 Valuation of Imports and Exports of Goods in International Standards CIF to FOB Adjustment.
  - AEG members asked to provide written comments on FITT GNs F.3 and F.10 (Reverse Transactions and Treatment of Cash Collateral).
- UNSD concerns and procedural clarification:
  - Concern that some GNs have been received by members multiple times in their capacity as members of different TTs (example cited: CATT GN C.6 Trade in Services Classification circulated to AEG, DZTT, and GZTT).
  - Recommended practice:
    - When a GN is circulated multiple times, any changes to the version circulated earlier should be clearly specified to help reviewers focus on relevant parts.
    - If the same version is circulated among different TTs, members may point out prior comments or reiterate the same comments.

### Actions
- Action assigned to the BPTT Secretariat:
  - Circulate GNs B.8, F.16, and D.11 before the end of this week.

### Attendees
- IMF: Carlos Sánchez-Muñoz (Chair), Padma Hurree-Gobin and Venkat Josyula (Secretariat), Gustavo Adler, Marcelo Dinenzon, Hector Hernandez, Jennifer Ribarsky, and Niamh Sheridan
- ECB: Olga Monteiro
- Eurostat: Lena Frej-Ohlsson and Philippe de Rougemont
- UNSD: Herman Smith
- Country representatives: Amanda Seneviratne (Australia), Eric Boulay (Canada), Hu Hong (China), Jens Walter (Germany), Robert Pupynin (Russia), Paul Farello (USA), and Wilson Phiri (Zambia)

---


_Source: https://www.imf.org/-/media/files/data/statistics/bpm6/bptt/bptt-third-meeting-minutes-april-13-2021.pdf_