## Balance of Payments Task Team: Terms of Reference ## Source details **Canonical URL:** [Balance of Payments Task Team: Terms of Reference](https://www.imf.org/-/media/files/data/statistics/bpm6/bptt/bptt.pdf) ## Other formats - [Markdown version](/-/media/files/data/statistics/bpm6/bptt/bptt.pdf.md) - [Structured JSON version](/-/media/files/data/statistics/bpm6/bptt/bptt.pdf.json) --- ### I. Mandate and operations - Mandate: - The Balance of Payments Task Team (BPTT) will advise the IMF’s Committee on Balance of Payments Statistics (the Committee) in the process of revising the IMF’s Balance of Payments and International Investment Position Manual, sixth edition (BPM6). - BPTT will deal with general principles, structural and cross-cutting issues, review and coordinate specialized topics covered by the other Task Teams (TTs), and liaise with joint TTs and TTs under the Advisory Expert Group on National Accounts (AEG). - BPTT will ensure overall consistency of proposals before presentation to the Committee and avoid duplication of work. - BPTT will provide advice to the Committee on the Annotated Outline (AO) to be prepared by STA and thereafter on the draft chapters of the new manual. - BPTT will consult with and be consulted by the AEG on relevant overlapping matters. - Timeline: - The BPM6 update process has a five-year timeline, ending in March 2025. BPTT will be operational during this time. - Key milestones are presented in Annex III. - Operational framework: - Composition: IMF chairs and provides secretariat to BPTT. BPTT comprises a limited number of members, mainly Committee members from selected IMF member countries and international organizations, national accounts experts, and user representatives from IMF Departments; composition will consider depth of expertise and geographical balance. - Members work on a voluntary basis; no remuneration is provided by the IMF. - Communication: working language is English without translation or interpretation. Primary work through electronic means, including video conferences; the chair may call one or more physical meetings as necessary. - The IMF will facilitate electronic communication, organize videoconferences, and manage document flow. An IMF-hosted dedicated BPTT webpage will post BPTT materials; the BPTT Secretariat manages webpage content. ### II. Scope - Primary deliverables and schedule: - By December 2021, make recommendations to the Committee on issues for the revision of BPM6—clearly indicating how the recommendations would impact the BPM—including those identified in the agreed areas of research and those emerging from other TTs and/or the AEG TTs. - During the first quarter of 2022, review the draft AO to be drafted by IMF Staff. The draft AO is to be subject to worldwide public consultation and to be endorsed by the Committee by end-June 2022 to facilitate the formal start of drafting BPM7. - Thereafter, review and comment on draft chapters of BPM7 prepared by STA before worldwide public consultation and Committee endorsement. ### III. Guidance notes, working procedures, and reporting - Scope of issues: - BPTT may consider other issues raised by members and other TTs relevant for the BPM update. - Research issues labeled high priority should be the core of the group’s work. - No new issues will be considered for inclusion in the new manual after June 2022 (i.e., the deadline for worldwide review of the AO). - Guidance Notes: - Each item/concept will be documented in a Guidance Note comprising two sections: the first detailing the issue; the second explaining recommendations—presented in the standard format in Annex II. - Guidance Notes will be discussed via written consultations or videoconferencing. - Once decisions are taken, recommendations will be summarized in the Guidance Note’s second section, prepared by the BPTT secretariat. - Draft Guidance Notes will be made publicly available for wider consultation, including with national compilers to test practicality. - Final papers will be presented to the Committee for endorsement after consulting the AEG on items that may impact the SNA. - Working procedures: - BPTT will strive to take decisions by consensus. - If full consensus is not achievable, minority dissenting opinions will be properly documented in the Guidance Notes (for instance, via footnotes). - Decisions on acceptance of BPTT recommendations reside with the Committee, in close consultation with the Inter-secretariat Working Group on National Accounts (ISWGNA) for recommendations that impact the SNA. - Reporting: - BPTT, through its Chair, will submit periodic reports to the Committee and the ISWGNA. - Key reports include progress reports to the Committee’s annual meeting (usually in October) and inputs to the ISWGNA’s report to the United Nations Statistics Commission’s March meeting. - Reporting will include outcomes/recommendations from Guidance Notes. ### Life cycle and approval processes (high-level) - Oversight and review roles: - BPTT reviews primarily for overall consistency of proposals and conducts first reviews for Guidance Notes impacting the SNA as required. - BPTT and other BPM TTs send to ISWGNA only those Guidance Notes that impact the SNA; joint TTs send their Guidance Notes to both the Committee and the ISWGNA. - For Guidance Notes of joint TTs, Chairs of both the Committee and ISWGNA make the request; the Committee may use this option if it has reservations. - Approval workflow (summary of Table 1 logic): - TT drafts and agrees Guidance Note sections. - Draft GN is sent to AEG if GN topic impacts the SNA; draft GN from other TTs is sent to BPTT (and to AEG if topic impacts the SNA). - GN is posted for public comment; TT finalizes GN taking public comments into account. - Revised GN is sent to BPTT and AEG if topic impacts the SNA (and to WGIIS for GNs produced by DITT). - BPTT transmits to Committee (and AEG sends to ISWGNA if it impacts the SNA). For joint TTs, BPTT and AEG send to Committee and ISWGNA, respectively. - Committee/ISWGNA agree; where divergence emerges, Chairs request SNA/BPM editors’ views. - Final endorsement of recommendations on the BPM6 Update resides with the Committee; if absence of agreement with ISWGNA, the Committee should carefully consider retaining the status quo (i.e., no change) and placing the issue on a future research agenda. - If decision is to change/update guidance in BPM7, the change is reflected in the annotated outline and the issue is closed. ### Annex I — BPTT membership summary - Chair: Mr. Carlos Sánchez-Muñoz (IMF STA) - Secretariat: Ms. Padma Hurree Gobin and Mr. Venkat Josyula (IMF STA) - Members (20): - Australia Ms. Amanda Seneviratne - Brazil Mr. Fernando Rocha - Canada Mr. Eric Boulay - China Ms. Hu Hong - Germany Ms. Ursula Shipper - Netherlands Ms. Fabienne Fortanier - Russia Mr. Robert Pupynin - United States Mr. Paul Farello - Zambia Mr. Wilson Phiri - ECB Ms. Olga Monteiro - Eurostat Mr. Robert Leisch - Eurostat Mr. Phillippe de Rougemont - OECD Ms. Annabelle Mourougane - UNSD Mr. Herman Smith - IMF Mr. Jannick Damgaard (STA Balance of Payments) - IMF Ms. Jennifer Ribarsky (STA Real Sector) - IMF Mr. Hector Hernandez (STA Government Finance) - IMF Mr. Gustavo Adler (STA Western Hemisphere Department) - IMF Mr. Cyril Rebillard (IMF Research Department) - IMF Ms. Niamh Sheridan (IMF Strategy and Policy Review Department) - IMF Ms. Sage de Clerk (IMF Fiscal Affairs Department) - Membership notes: - Ms. Padma Hurree Gobin replaces Ms. Tamara Razin as from April 2021. - Ms. Annabelle Mourougane replaces Mr. Nadim Ahmad as from October 2021. - Mr. Jannick Damgaard replaces Mr. Marcelo Dinenzon as from August 2021. - Mr. Cyril Rebillard replaces Mr. Gustavo Adler for Research Department as from November 2021. ### Annex II — Standard framework of Guidance Notes (structure) - Title/name of the topic to be addressed - SECTION I: THE ISSUE - Background (not exceeding two pages) - A clear statement of the issue (problem statement); and a quantitative size of the issue if known - Current international standards for the treatment of the issue, including specific references to the manuals and paragraph or page numbers - Concerns/shortcomings of the current treatment, if any (practical and methodological) - Issues for Discussion (not exceeding two pages, excluding annexes) - Possible alternative treatments/options (distinguishing those requiring a change in the core framework from those developed outside the framework) - Questions/points for discussion - Supplementary Information (in Annexes), including references to other documentation - SECTION II: OUTCOMES (not exceeding two pages) - Recommendation: either - (a) to revise: describe the proposed revision, rationale, and practical feasibility; or - (b) not to revise: provide arguments in support of the position - Rejected alternatives, with reasons for rejection - Identify changes required to current statistical standards - If relevant, identify in an annex all chapters/paragraphs in current statistical standards needing update (with suggested text) ### Annex III — BPM6 update timeline (selected milestones and timeframes) - Agree on the process and timetable for the BPM6 Update — The Committee — Q1/2020 - Approve mapping of compendium of issues and composition of TTs; agree on list of common research issues and formation of joint TTs — The Committee, in consultation with the ISWGNA/AEG; The Committee and the ISWGNA/AEG — Q1–Q2/2020 - Review and approve terms of reference for TTs — Committee, in consultation with the ISWGNA/AEG — Q1–Q2/2020 - Convene TTs with balanced regional representation — The Committee and the ISWGNA/AEG — Q2/2020 - Hold discussions, produce Guidance Notes, seek worldwide feedback; findings cleared by BPTT and submitted to the Committee and the ISWGNA/AEG — TTs — Q3/2020–Q4/2021 - Draft annotated outline of the new manual and provide for comments — IMF Staff in consultation with relevant parties including BPTT and the other three TTs — Q4/2021–Q1/2022 - Annotated outline available for worldwide comments — The Committee Secretariat; National compilers, data users, and public — Q2/2022 - BPM7 Drafting Team drafts the new manual and provides for review/comment — BPM7 Drafting Team — Q2/2022–Q4/2023 - Discuss and endorse preliminary draft — The Committee — Q1/2024 - Worldwide review of preliminary draft of the manual — Relevant parties; national compilers, data users, and public — Q2/2024–Q3/2024 - Conduct regional outreach seminars — IMF Staff (in collaboration with regional organizations) — Q2/2024–Q3/2024 - Discuss comments and decide on incorporation — BPM7 Drafting Team; BPTT; The Committee — Q4/2024 - Near-final draft manual to all parties for review — Within IMF, the Committee — Q4/2024 - Formal approval by the IMF’s Chief Statistician — The Committee; IMF — Q1/2025 - Final draft, subject only to editing, available for electronic dissemination — IMF — Q1/2025 --- _Source: https://www.imf.org/-/media/files/data/statistics/bpm6/bptt/bptt.pdf_