## Direct Investment Task Team: Terms of Reference

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**Canonical URL:** [Direct Investment Task Team: Terms of Reference](https://www.imf.org/-/media/files/data/statistics/bpm6/ditt/ditt.pdf)

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### Mandate and operations
- The Direct Investment Task Team (DITT) is one of the four Task Teams (TTs) established by the IMF’s Committee on Balance of Payments Statistics to contribute to the revision of the Balance of Payments and International Investment Position Manual, sixth edition (BPM6).
- DITT will provide technical inputs and make recommendations on the methodology of direct investment statistics within the framework of the BPM6 revision.
- DITT will coordinate closely with the OECD Working Group on International Investment Statistics (WGIIS) because DITT outcomes are expected to inform the update of the OECD Benchmark Definition of Foreign Direct Investment, fourth edition (BD4).
- DITT will work closely with the Balance of Payments Task Team (BPTT), which is responsible for sending DITT’s Guidance Notes to the Committee for final endorsement and for ensuring coordination with ongoing work in other statistical domains, notably National Accounts.
- The BPM6 update process has a five-year timeline—split into two phases—ending in March 2025.
- DITT’s mandate spans mostly Phase I of the update process, which is from March 2020 to March 2022, during which DITT is expected to:
  - undertake thorough research on issues drawn from the Committee’s research agenda;
  - discuss and reach conclusions; and
  - present proposals for endorsement by the Committee.
- Additions to the list of research issues will be considered by DITT on a case-by-case basis.
- After June 2022 no new issues are intended to be considered for inclusion in the new manual to accommodate the review and consultation process before finalization by the end of 2024.

### Operational framework and communications
- Composition and support:
  - The IMF and the OECD will co-chair DITT, with both agencies providing secretarial support.
  - DITT will comprise representatives from IMF member countries and international organizations, selected to balance conceptual/practical expertise and geographical representation.
  - Members serve on a voluntary basis and are not remunerated by the IMF.
- Working language and modalities:
  - The working language of DITT is English; no translation or interpretation will be provided for meetings and videoconferences.
  - DITT will work primarily through electronic means, including video conferences; the co-chairs may convene one or more physical meetings as necessary and possibly jointly with WGIIS meetings.
  - The IMF will facilitate virtual meetings, provide technologies for document flow and management, host a dedicated DITT webpage, and DITT secretariat will manage webpage content.

### Guidance Notes: format, review, and lifecycle
- Purpose and priority:
  - DITT’s core documentation will be a “Guidance Note” for each item/concept; high-priority research issues should be the core of DITT’s work.
- Structure and content:
  - Guidance Notes comprise two sections: the first detailing the issue, and the second explaining the recommendations, following a standard format (Annex II).
  - Additional background documentation may be attached.
- Review and consultation process:
  - Guidance Notes will be discussed via written consultations or videoconferencing.
  - Once conclusions are reached, recommendations will be summarized in Section II and sent to BPTT and WGIIS for initial review; Guidance Notes that may impact the 2008 System of National Accounts (2008 SNA) will also be sent to the AEG for initial review.
  - The draft Guidance Note is made publicly available for wider consultation, including national compilers for practical testing.
  - Revised Guidance Notes undergo a second round review by BPTT and WGIIS only if there are significant changes; those impacting the 2008 SNA are also resent to the AEG for a second review.
  - Final endorsement of recommendations on the BPM6 Update resides with the Committee, with close consultation with the ISWGNA on issues impacting the SNA; divergence of views and minority opinions are to be transparently documented.
- Lifecycle governance highlights (summary of Figure 1 / Table 1 content):
  - Draft GN sent to AEG if topic impacts the SNA.
  - Draft GN sent to BPTT (and to AEG if topic impacts the SNA); for DITT-produced GNs, WGIIS is also involved.
  - GN posted for public comment; TT finalizes GN taking account of public comments.
  - Revised GN sent for second-round review if changes are significant.
  - BPTT transmits to Committee (and AEG sends to ISWGNA if it impacts the SNA); for joint TTs, both Committee and ISWGNA endorsement processes apply.
  - If decision is to change/update guidance for BPM7, the change is reflected in the annotated outline and the issue is closed.
- Decision-making principles:
  - DITT will strive for consensus; if full consensus is unattainable, minority dissenting opinions will be documented in Guidance Notes (for instance, via footnotes).
  - Final endorsement authority for BPM6 Update recommendations lies with the Committee, with consideration of editors’ views when divergent opinions arise.

### Reporting
- DITT will submit periodic reports to the Committee through its Chair, including progress reports to the Committee’s annual meeting (usually in October) summarizing outcomes and recommendations from Guidance Notes.
- DITT will share these reports with the OECD WGIIS for information.
- Final decisions on endorsing DITT’s conclusions and proposals reside with the Committee, in close consultation with the ISWGNA on issues of common interest.

### Composition and membership
- Co-Chairs: Ms. Maria Borga (IMF STA) and Mr. Krzysztof Makowski (OECD nominee from National Bank of Poland).
- Secretariat: Ms. Rita Mesias (IMF STA) and Ms. Francesca Spinelli (OECD).
- Member countries and organizations include (selected listing as presented):
  - Australia: Mr. Michael Abbondante
  - Brazil: Mr. Fernando Lemos
  - Canada: Mr. Éric Simard
  - China: Ms. Yang Can
  - France: Mr. Bertrand Pluyaud
  - Germany: Mr. Mirco Lattwein
  - Indonesia: Ms. Mei Ling Tjung
  - Italy: Mr. Stefano Federico
  - Japan: Ms. Sakiko Ohtsuka
  - Luxembourg: Mr. Paul Feuvrier
  - Russia: Mr. Fedor Kharlashin
  - Spain: Mr. Fernando Nieto
  - United Kingdom: Mr. Lee Mallet
  - United States: Ms. Jessica Hanson
  - South Africa: Mr. Piet Swart
  - Zambia: Mr. Wilson Phiri
  - ECB: Ms. Carmen Picón Aguilar
  - Eurostat: Ms. Irene Madsen and Mr. Phillippe de Rougemont
  - OECD: Ms. Emilie Kothe
  - UNCTAD: Mr. Astrit Sulstarova
  - IMF: Mr. Artak Harutyunyan (STA Balance of Payments), Ms. Emma Angulo (STA Balance of Payments), Mr. Thomas Elkjaer (STA Balance of Payments), Ms. Fadhila Alfaraj (STA Balance of Payments), Mr. Bruno Rocha (STA Government Finance)
- Notable membership notes:
  - The DITT was established and launched under the chairmanship of Mr. Artak Harutyunyan (co-chair until July 13, 2020).
  - Ms. Padma Hurree-Gobin served as DITT Secretariat representing the IMF until March 2021.
  - Mr. Raymond (Ray) Mataloni from the U.S. Bureau of Economic Analysis (BEA) was a DITT member until May 2021.

### Standard framework for Guidance Notes (Annex II)
- Title/name of the topic to be addressed.
- SECTION I: THE ISSUE
  - Background (not exceeding two pages) to include:
    - 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 (on practical as well as methodological grounds).
  - Issues for Discussion (not exceeding two pages, excluding annexes) to include:
    - Possible alternative treatments/options (clearly distinguishing between those which would require a change in the core framework/concepts from those which would be developed outside the framework).
    - Questions/points for discussion.
  - Supplementary Information (in annexes) including references to other documentation.
- SECTION II: OUTCOMES (not exceeding two pages) to include:
  - 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, setting out reasons for rejection.
  - Identify changes required to the current statistical standards.
  - If relevant, identify in an annex all chapters/paragraphs in the current statistical standards which would need to be updated (with suggested text) to introduce/retain/ensure consistency across statistical domains.

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_Source: https://www.imf.org/-/media/files/data/statistics/bpm6/ditt/ditt.pdf_