## Process for the Holistic Review of BPM6

## Source details

**Canonical URL:** [Process for the Holistic Review of BPM6](https://www.imf.org/-/media/files/data/statistics/bpm6/ditt/ditt-fourth-meeting-presentatoin-s3-bpm6-update-prioritization-process-december-1-2021.pdf)

## Other formats

- [Markdown version](/-/media/files/data/statistics/bpm6/ditt/ditt-fourth-meeting-presentatoin-s3-bpm6-update-prioritization-process-december-1-2021.pdf.md)
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### Guiding Principles for the Holistic Review
- Assessment of the expected global costs and benefits of implementing the changes.
- Total package of amendments should be ambitious but also needs to be realistic and carefully consider the trade-offs between various initiatives.
- Only introduce new data requirements if a significant number of economies can realistically produce the data.
  - Exceptions for important aspirational goals, for instance full reconciliation between stocks and flows.
- Consider significant variation in implementation capacity.
  - Introduction of supplemental data series (which countries may freely choose only if important for the economy) one way to deal with this issue.

### Proposed Prioritization Process
- Material to facilitate the prioritization discussion at the March 2022 Committee meeting:
  - Summary of all amendments.
  - Preliminary assessment by dividing the amendments into the following buckets:
    - i. Will be included in BPM7
    - ii. Will remain on the Committee’s research agenda for future work (and be mentioned as such in BPM7)
    - iii. Will not be included in BPM7 and will be removed from the research agenda
      - For items in the third bucket, the Committee could ask those responsible for other manuals to consider their inclusion.
  - Amendments to be included in the BPM7 Compilation Guide.

### Summary of Discussion and Actions
- Summary of Discussions:
  - Strong support for the initiative; an extensive paper to be prepared and circulated to members in advance;
  - User needs are important—proposed to be evaluated via a survey;
  - Guiding principles for prioritization and buckets were supported; some suggested distinguishing mandatory from supplementary requirements;
  - Process: hold discussions in a separate ad-hoc meeting after the March 2022 Committee meeting.
- Actions (IMF):
  - Incorporate proposed changes and recirculate to Committee members via written procedure.
  - Launch survey on user needs (questionnaire to be reviewed by Committee members after the March 2022 meeting).
  - Prepare a summary paper with main changes to be incorporated into BPM7 (including main survey results) for decision at the ad-hoc meeting (after the March 2022 Committee meeting).

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_Source: https://www.imf.org/-/media/files/data/statistics/bpm6/ditt/ditt-fourth-meeting-presentatoin-s3-bpm6-update-prioritization-process-december-1-2021.pdf_