## Technical Assistance Report — Argentina: External Sector Statistics (April 17–28, 2017)

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**Canonical URL:** [Technical Assistance Report — Argentina: External Sector Statistics (April 17–28, 2017)](https://www.imf.org/-/media/files/publications/cr/2019/cr1918-argentina-ta-april2017.pdf)

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### Executive summary: mission scope, objectives, and achievements
- Mission: technical assistance on external sector statistics (ESS) in Buenos Aires during April 17–28, 2017, at the request of the National Statistics and Census Institute (INDEC).
- Follow-up to November 2016 mission to:
  - improve quality;
  - adapt ESS production to the Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6);
  - support quarterly compilation and dissemination of the International Investment Position (IIP) in accordance with the Special Data Dissemination Standards (SDDS).
- Key activities:
  - reviewed implementation status of the November 2016 action plan;
  - assisted compilers in preparing quarterly ESS in accordance with BPM6 guidelines for the next quarterly publication;
  - provided practical methodological advice.
- Key achievements (benchmarks):
  - Benchmark 1 — Information exchange and reconciliation with BCRA: Completed. BCRA provides INDEC DNCI with detailed MULC transactions and private sector external debt and direct investment (DI) surveys; DNCI and BCRA began comparing statistics to be released from July 2017 onward; agreed schedule for reconciliation, release, and revision; transmittal to STA of Argentina’s CDIS contribution consistent with IIP beginning with 2016 data (transmission beginning fall 2017); BCRA to begin collecting quarterly DI data in early 2018, starting with data for December 2017.
  - Benchmark 2 — Compile 2010–2016 financial account and quarterly IIP under BPM6: Completed. DNCI plans publication schedule: July 2017 (quarterly BoP data adapted to BPM6 for 2006–2016 and Q1 2017); first half of July 2017 (annual IIP 2006–2015 and quarterly data for 2016 and Q1 2017); beginning in September 2017 disseminate both statistics simultaneously on a quarterly basis with a maximum lag of 90 days.
  - Benchmark 3 — Update information on external assets of nonfinancial private sector: AFIP tax amnesty identified US$93.3 billion in undeclared foreign assets; AFIP offered to provide INDEC with detailed information on foreign assets declared on regular tax returns (available June 2017).
- Capacity building and staffing: DNCI expanded training on IT tools for large databases; increased directorate staff by one, another in hiring process, and a temporary data processing expert hired; personnel training continued.

### Action plan: benchmark actions and timelines
- Three benchmark actions agreed:
  - (1) Disseminate quarterly balance of payments data (2006–2016 and Q1 2017) and quarterly IIP data (2016 and Q1 2017) in July and August 2017, adapted to BPM6.
  - (2) Maintain consistency between ESS and private sector debt and DI data disseminated by the BCRA (Timeframe: Ongoing).
  - (3) Obtain AFIP data on foreign investment by resident corporations and individuals at the highest available level of detail (Timeframe: July/August 2017).
- Selected action items and timeframes (verbatim where provided):
  - Disseminate quarterly balance of payments data (2006–2017 and first quarter 2017) and quarterly IIP data (2016 and first quarter 2017) in accordance with the BPM6 methodology. Timeframe: July 2017 (balance of payments); August 2017 (IIP).
  - Maintain consistency between private sector debt and direct investment (DI) data released by the BCRA and the ESS. Timeframe: Ongoing.
  - Obtain the most detailed data available from the AFIP on foreign investment by resident corporations and individuals. Timeframe: August 2017.
  - Include passenger sea and land transport companies in the survey of transport companies. Timeframe: December 2017.
  - Include information on travel income and expenditure, calculated under the new procedure for allocation of International Tourism Survey (ETI) expenditure, chaining the historical series. Timeframe: June 2017.
  - Establish a quarterly procedure to obtain DI data as part of the BCRA survey. Timeframe: December 2017.
  - Begin defining a new procedure for compiling information on foreign assets and liabilities of the private sector to replace current surveys in the medium term (with BCRA). Timeframe: December 2017.
  - Include information on foreign assets of insurance companies (including technical reserves) and mutual funds in the ESS separately from remaining ORSs. Timeframe: June 2017.
  - Identify financial liabilities (loans) of other financial corporations (OFCs) once BCRA changes are implemented to adapt the debt survey to BPM6. Timeframe: December 2017.
  - Finish reconciling DI data (including rents) with the BCRA so CDIS contribution, balance of payments, and IIP are consistent beginning with December 2016 data. Timeframe: July 20177.
  - Study possibility of using alternative estimates of the stock of DI liabilities considering price changes and capitalization of DI companies listed on the stock exchange. Timeframe: December 2017.
  - Identify loans by nonresident DI companies to their resident direct investors and loans by largest resident DI companies to nonresident direct investors. Timeframe: December 2017.
  - Classify transactions involving purchase or sale of securities issued by Argentine residents in foreign liabilities of the securities issuing sector. Timeframe: June 2017.
  - Investigate potential information on financial derivatives transactions with nonresidents in DTC accounting data and Rosario derivatives market. Timeframe: June 2017.
  - Continue discussions on inclusion of average import and export collection and payment times; study feasibility in context of importer/exporter surveys. Timeframe: December 2017.
  - In BCRA-provided BoP information, include reserves transactions broken down by instrument consistent with the IIP. Timeframe: June 2017.
  - Redefine ESS revision policy to adapt to new information sources and procedures. Timeframe: June 2017.
  - Strengthen personnel training in management of complex databases. Timeframe: December 2017.
  - Prepare and disseminate ESS metadata including changes introduced in adaptation of ESS to BPM6. Timeframe: July 2017.

### Current and capital accounts: findings and methodological changes
- Historical compilation:
  - DNCI compiled historical series for balance of payments current and capital accounts in accordance with BPM6 for 1990–2016, but published BPM6-compliant series in July 2017 will begin with 2006 because information on financial liabilities and rents prior to 2006 has yet to be validated by the National Public Credit Office.
- Combined current and capital accounts:
  - Changes from BPM6 migration do not entail differences in the combined result of current and capital accounts (see Appendix III), though July 2017 data may include revisions independent of BPM6 adaptation (for example, travel data).
- Goods:
  - BPM6-compliant data include goods purchases and sales using MULC information.
  - Manufacturing services on physical inputs owned by others and maintenance and repair services were reclassified into corresponding services headings.
  - Customs information allows identification and exclusion of migrants’ personal effects from the goods account.
  - In late 2016 DNCI received trade transactions broken down by taxpayer identification number (CUIT), facilitating more detailed analysis.
- Services:
  - Reclassifications include goods-related service items; expense of use of intellectual property reclassified; insurance services calculated as premiums less claims paid; FISIM included in services and offset against investment income.
  - Estimated income tax (impuesto a las ganancias) is no longer included in services payments, reducing service debits and credits in the secondary income account with no net effect on combined current and capital balances.
  - Pilot and recommendation: include passenger sea and land transport companies in the transport companies survey (pilot to be conducted; final inclusion depends on pilot and budget). Recommendation timeframe: December 2017.

### Travel and tourism statistics
- Imputation procedure:
  - The procedure of imputing expenses from the International Tourism Survey (ETI) was revised for 2016 to produce more robust results.
  - The new procedure increases estimates of travel-related income and expenditure, with the larger increase seen in expenditure (roughly US$350 million in 2016).
  - The imputation procedure was revised only for the 2016 results; the historical series for prior years will need to be chained.
- Recommendation:
  - Include information on travel income and expenditure, calculated under the new procedure for imputation of expenses from the ETI, and chain the historical series. Timeframe: July 2017.

### Primary and secondary income
- FISIM and other changes:
  - DNCI has calculated the amount of FISIM to be included in BPM6-aligned data; this will reduce net investment income and increase net income from services by approximately US$16 million.
  - Estimated income tax withheld from payments for services is no longer included in the balance of payments data; effect neutralized in both accounts.
  - Possible inclusion of passenger land and sea transport companies in the transport companies survey will update wages and salaries paid to temporary employees (currently estimated based on other transportation companies).

### Financial account and IIP: overview and data work
- DNCI prepared consistent quarterly series for the financial account, investment income, and the IIP using BPM6 methodology for 2006–2016.
- BPM6-compliant IIP data to be published in July 2017 will include annual information for 2006–2015 and quarterly information for 2016 and first quarter 2017; dissemination of the complete quarterly series for 2006 and later will follow necessary testing.
- Adaptation to BPM6 did not substantially change estimated transactions or total values of foreign assets and liabilities, but improved classification by instrument and institutional sector (notably redistribution of ORSs’ foreign assets between investment portfolio and other investments).

### Private sector foreign assets — AFIP amnesty findings and implications
- Amnesty summary:
  - Tax amnesty process concluded in March 2017; main findings published April 2017.
  - A total of US$116.8 billion was declared under the process (of which US$93.3 billion in assets held abroad).
- Comparisons AFIP amnesty vs IIP estimates:
  - Foreign banknotes: AFIP US$7 billion vs IIP US$115 billion.
  - Foreign real property: AFIP roughly US$11 billion vs IIP US$11.5 billion.
  - Foreign accounts and deposits: AFIP US$31 billion vs IIP US$35.5 billion.
  - Investments: AFIP US$66 billion vs IIP US$48 billion (uncertainty whether AFIP investments include holdings classified as DI in the IIP).
- Implication: Any decision to revise ESS estimates requires additional detailed AFIP information. AFIP indicated willingness to provide additional details for data reported on regular tax returns; data for December 20016 (first to include disclosed assets) will be available in June 2017.
- For corporations: amnesty declarations not significant (4 percent of declarations filed by corporations); DNCI will request detailed corporate data immediately.
- Recommendation:
  - Obtain data from the AFIP on resident corporations and individuals’ foreign investment at the greatest available level of detail. Timeframe: June 2017 / August 2017 (action plan entries).

### Data exchange, reconciliation, and survey revisions (INDEC and BCRA)
- Information exchange and timetable:
  - INDEC and BCRA began exchanging detailed information on foreign asset and liability transactions and balances pursuant to a November 2016 agreement.
  - Detailed timetable for exchange, revision, reconciliation, release, and revision of detailed DI and private external debt data and aggregates agreed and ratified during the mission.
  - Argentina’s CDIS contribution to be consistent with the IIP for the first time with submission of December 2016 data in fall 2017.
- BCRA survey changes:
  - BCRA revising DI and private external debt questionnaires to adapt to BPM6; quarterly data collection to begin in first quarter 2018 for December 2017 data.
  - With changes: companies with DI holdings in excess of US$100 million would submit quarterly; those with DI holdings between US$50 million and US$100 million would report annually.
- Recommendations:
  - Establish a quarterly procedure to obtain DI data as part of the BCRA survey. Timeframe: December 2017.
  - In cooperation with the BCRA, begin defining a new procedure for compiling information on foreign assets and liabilities of the private sector to replace current surveys of private debt, DI, and the MULC in the medium term. Timeframe: December 2017.

### Direct investment (DI): reconciliation and alternative estimates
- Reconciliation and quality:
  - BCRA modifications to forms and survey frequency (implementation in 2018) will improve adherence to BPM6 and data quality; reconciliation of BCRA and INDEC results will improve consistency beginning with December 2016 data.
  - Analysis revealed substantial DI differences for 2010–2014 reflecting peso devaluation and high inflation; possible correction of companies’ values for price changes could largely offset differences.
- Recommendation:
  - Conclude reconciliation of DI data (including rents) with the BCRA so Argentina’s CDIS contribution, the balance of payments, and the IIP are consistent beginning with December 2016 data. Timeframe: July 2017.
  - Consider using and disseminating alternative estimates of the stock of DI liabilities that take into account change in price of companies’ assets and capitalization of DI companies listed on the stock exchange. Timeframe: December 2017.
  - In the BCRA debt survey, identify loans by nonresident DI companies to their resident direct investors and loans by the largest resident DI companies to their nonresident direct investors. Timeframe: December 2017.

### Portfolio investment and other instrument-specific items
- CSD inclusion and arrears:
  - Inclusion of Caja de Valores, S.A. (CSD) information on nonresidents’ holdings of locally issued private sector securities is included in portfolio investments.
  - DNCI obtained arrears data broken down by instrument for reclassification under BPM6; BoP and IIP data to be released in July and August 2017 will classify arrears as memorandum items in positions.
- ORS reclassification:
  - External assets in the investment portfolio per BPM6 will include estimates of securities held by ORSs (currently included in other investments with currency and deposits); estimates may be revised following AFIP information in June 2017.
- Securities transactions:
  - Transactions in secondary market between residents and nonresidents involving purchase/sale of securities issued by Argentine residents have been allocated to sector executing the transaction; data disseminated in June 2017 will classify these as changes in issuing sector liabilities per BPM6.
- Recommendation:
  - Classify transactions between residents and nonresidents involving the purchase or sale of securities issued by Argentine residents in the foreign liabilities of the securities issuing sector. Timeframe: June 2017.

### Financial derivatives
- Data availability:
  - Review of BCRA chart of accounts for DTCs did not yield direct identification of resident vs nonresident counterparties for derivatives; BCRA may have other sources.
  - Recommendation:
    - Review available data from the BCRA and the Rosario derivatives market to identify any information on transactions with nonresidents involving financial derivatives. Timeframe: June 2017.

### Other investment (banknotes, deposits, trade credits)
- AFIP impact:
  - Information on private sector foreign assets in form of banknotes, deposits, and trade credits and advances may be revised in light of AFIP information in June 2017.
- Trade credits and collection times:
  - Recommendation to include a survey question on average collection times for exports to estimate assets and liabilities with the rest of the world; DNSE agreed to consider the proposal.
- Recommendation:
  - Continue discussions with the DNSE on possible inclusion of information required to estimate average import and export collection and payment times. Timeframe: December 2017.

### Reserves: transactions and reconciliation
- DNCI receives quarterly reserves position information from the BCRA, including detailed information by currency and instrument used to obtain transaction data, except valuation differences.
- Compiled transactions by instrument are not fully consistent with positions; mission assisted in preparing a spreadsheet for BCRA to provide transaction information fully consistent with positions by including price information.
- Recommendation:
  - In the balance of payments, include data on transactions in reserves, broken down by instrument and consistent with the IIP, using data provided by the BCRA. Timeframe: June 2017.

### Dissemination policy and revision practices
- November 2016 recommendation: discontinue revising the entire historical series with each release and define an ESS revision policy considering compilation processes and user needs.
- DNCI proposal:
  - Each quarterly release of data from June 2017 onward will include a revision of the previous quarter’s data.
  - When data for a full year is released, the previous year will be revised as well (i.e., the revised four quarters for the preceding year will be included).
- Recommendation:
  - Redefine the ESS revision policy to adapt it to information sources and compilation procedures to be implemented this year. Timeframe: June 2017.

### Staffing, training, and IT tools
- Staffing changes and needs:
  - DNCI added one staff member following November 2016 recommendations; another is in contracting process; a database expert contracted on temporary basis to promote use of microdata.
  - Mission recommends consolidating staffing: 12 employees hired prior to November plus three additional staff members (total referenced as 15).
  - Action-plan priority: strengthen personnel training in management of complex databases and increase staffing by at least three persons. Quantifiable indicator: staffing increased and training improved. Timeframe: March 2017. Status: Completed, but effort should continue.
- Training activities:
  - DNCI staff have attended six international courses, four national courses, and seven online courses.
- IT adoption:
  - DNCI has begun using SAS and other IT tools to exploit detailed information from the BCRA and DNSE.
  - Recommendation: provide further training for staff in managing complex databases. Timeframe: December 2017.
- Metadata:
  - DNCI launched preparation of metadata adapted to BPM6 migration and intends to release metadata on the INDEC website together with revised data.
  - Recommendation: prepare and disseminate ESS metadata incorporating changes introduced for BPM6. Timeframe: July 2017.

### Agreement between BCRA and INDEC: workflows and publication schedules
- Workflow summary for debt and DI surveys (timing relative to quarter/annual releases):
  - INDEC closes first version at T1+90 with estimated data; BCRA closes first version at approximately T1+120 and sends results and microdata to INDEC; INDEC revises at T1+180 and releases initial T2 while revising T1; BCRA releases T2 and revises T1 at T1+210 making T1 consistent.
  - DI survey workflow: INDEC first version T1+90; BCRA first version approximately T1+120 (companies reporting quarterly); INDEC adds agreed results at T1+180; BCRA releases and revises at T1+210; annual DI survey closes at A1+180 and BCRA releases DI report and CDIS data at A1+270 with INDEC revisions aligning end-year IIP and reports.
- Publication rules:
  - Versioning: 1 (V1) versions are different; 2 (V2) versions are consistent; 3 (V3) versions are consistent and include annual FDI data.
  - Each quarter the estimate for the previous quarter is revised; data from annual FDI survey expected for revising the year.

### Appendix highlights — Reserves form (Appendix VI)
- International reserves measured at end of quarter:
  - 12/31/2016: 38,771.63
  - 3/31/2017: 50,522.34
- Total (breakdown of changes): Transactions 11,534.71 and Other changes 216.00 producing end-3/31/2017 total 50,522.34.
- Selected components (12/31/2016 vs 3/31/2017):
  - Securities: 3,889.57 -> 2,273.82
  - Total currency and deposits: 28,990.94 -> 43,114.95
  - IMF reserve position: 360.01 -> 363.41
  - SDRs: 2,401.10 -> 2,423.86
  - Gold: 2,101.75 -> 2,202.13
  - Financial derivatives: 320.15 -> 255.30
  - Loans to nonbanks nonresidents: 682.60 -> 398.87
  - Others: 25.51 -> 0.60
- Classification note: short-term = one year or less; long-term = more than one year (determined by conditions of issue). Reconciliation guidance printed on the form.

### Appendix highlights — IIP (Appendix VII selected sequences)
- Net international investment position (sequence, quarterly): -27,529 11,631 31,897 27,175 29,548 39,607 46,917 49,716 55,982 48,272 47,560 41,637 46,359 40,042 27,125 24,334 29,012
- Assets (sequence, total): 146,590 206,092 210,710 223,778 238,405 254,522 263,988 261,634 268,009 272,312 277,840 275,565 272,506 277,816 281,581 283,604 291,657
  - Direct investment — Equity and investment fund shares (sequence): 25,897 27,543 28,789 29,536 30,328 31,891 32,919 34,517 36,180 37,168 37,384 37,636 37,843 38,107 38,334 38,545 38,814
  - Portfolio investment — Equity and investment fund shares (sequence): 17,707 20,306 12,301 16,108 19,154 19,248 20,420 25,983 28,170 28,495 28,120 25,439 26,851 27,305 27,703 28,209 29,654
  - Reserve assets (sequence): 1,115 46,168 46,386 47,967 52,190 46,376 43,290 30,600 31,408 31,490 33,851 33,257 25,563 29,572 30,507 29,902 38,772
- Liabilities (sequence, total): 174,119 194,461 178,812 196,603 208,857 214,915 217,071 211,918 212,027 224,040 230,280 233,928 226,148 237,774 254,456 259,270 262,645
  - Direct investment — total (sequence): 60,253 67,574 77,066 79,871 88,455 93,199 100,821 91,557 82,399 86,165 89,653 92,321 85,128 77,640 86,986 86,349 88,222
  - Portfolio investment — total (sequence): 46,410 49,018 18,005 29,497 43,161 34,043 32,167 37,034 47,819 52,778 51,994 49,518 47,963 63,533 82,074 89,746 95,858
  - Other investment — total (sequence): 62,133 73,228 82,563 84,952 70,572 82,868 81,396 79,739 79,038 81,672 85,395 89,022 89,465 93,290 82,273 80,140 75,584

*Source: EXECUTIVE SUMMARY and selected chapters and appendices — cr1918-argentina-ta-april2017*

### Executive Summary ......................................................................................................

### Executive Summary

### Mission scope and objectives
- A technical assistance mission on external sector statistics (ESS) visited Buenos Aires during April 17–28, 2017, at the request of the National Statistics and Census Institute (INDEC).
- Follow-up to the November 2016 mission that evaluated ESS methodology, information sources, and dissemination policy and made recommendations to:
  - improve quality;
  - adapt ESS production to the Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6);
  - support quarterly compilation and dissemination of the International Investment Position (IIP) in accordance with the Special Data Dissemination Standards (SDDS).
- Mission activities:
  - reviewed implementation status of the November 2016 action plan;
  - assisted compilers in preparing quarterly ESS in accordance with BPM6 guidelines for the next quarterly publication;
  - provided practical methodological advice.

### Key achievements and progress
- Benchmark 1 — Information exchange and reconciliation with BCRA:
  - Completed: BCRA provides INDEC National Directorate of International Accounts (DNCI) with detailed MULC transactions and private sector external debt and direct investment (DI) surveys.
  - DNCI and BCRA began comparing statistics to be released from July 2017 onward.
  - Agreed schedule for reconciliation, release, and revision of statistics.
  - Schedule provides, beginning in the fall of 2017 with respect to 2016 data, for transmittal to the IMF Statistics Department (STA) of Argentina’s contribution to the Coordinated Direct Investment Survey (CDIS) consistent with the IIP data.
  - BCRA confirmed revision of external private debt and DI surveys to adapt to BPM6, and announced it would begin collecting quarterly DI data in early 2018, starting with data for December 2017.
- Benchmark 2 — Compile 2010–2016 financial account and quarterly IIP under BPM6:
  - Completed: mission reviewed results, principal modifications to current and capital accounts, classification of transactions and financial asset and liability positions, and consistency of quarterly balance of payments transactions with corresponding IIP balances.
  - DNCI plans publication schedule:
    - July 2017: publish quarterly balance of payments data adapted to BPM6 for 2006–2016 and first quarter 2017.
    - First half of July 2017: disseminate annual IIP data for 2006–2015 and quarterly data for 2016 and first quarter 2017.
    - Beginning in September 2017: disseminate both statistics simultaneously on a quarterly basis with a maximum lag of 90 days, as prescribed by the SDDS.
- Benchmark 3 — Update information on external assets of nonfinancial private sector:
  - AFIP tax amnesty (sinceramiento fiscal) identified US$93.3 billion in undeclared foreign assets.
  - Current estimated value of resident private sector deposits and real property held abroad is slightly higher than the tax data but within the same range.
  - Holdings of foreign banknotes in the IIP are far higher than the amount declared to the AFIP.
  - AFIP offered to provide INDEC with detailed information on foreign assets declared on regular tax returns (required beginning December 2016); that information will be available in June 2017.
- Capacity building and staffing:
  - DNCI expanded training focusing on IT tools for large databases.
  - Increased directorate staff by one, with another staff member in the process of being hired, and a data processing expert hired under a temporary contract.
  - Personnel training continued through internal and external courses.

### Action plan: benchmark actions and timelines
- Three benchmark actions agreed to evaluate future progress:
  - (1) Disseminate quarterly balance of payments data (2006–2016 and first quarter 2017) and quarterly IIP data (2016 and first quarter 2017) in July and August 2017, respectively, adapted to BPM6.
  - (2) Maintain consistency between ESS and private sector debt and DI data disseminated by the BCRA.
  - (3) Obtain AFIP data on foreign investment by resident corporations and individuals at the highest available level of detail (July 2017).
- Selected action-plan items and timeframes (verbatim where provided):
  - Disseminate quarterly balance of payments data (2006–2017 and first quarter 2017) and quarterly IIP data (2016 and first quarter 2017) in accordance with the BPM6 methodology (benchmark action). Timeframe: July 2017 (balance of payments); August 2017 (IIP).
  - Maintain consistency between private sector debt and direct investment (DI) data released by the BCRA and the ESS (benchmark action). Timeframe: Ongoing.
  - Obtain the most detailed data available from the AFIP on foreign investment by resident corporations and individuals (benchmark action). Timeframe: August 2017.
  - Include passenger sea and land transport companies in the survey of transport companies. Timeframe: December 2017.
  - Include information on travel income and expenditure, calculated under the new procedure for allocation of International Tourism Survey (ETI) expenditure, chaining the historical series. Timeframe: June 2017.
  - Establish a quarterly procedure to obtain DI data as part of the BCRA survey. Timeframe: December 2017.
  - In cooperation with the BCRA, begin defining a new procedure for compiling information on foreign assets and liabilities of the private sector to replace current surveys in the medium term. Timeframe: December 2017.
  - Include information on foreign assets of insurance companies (including technical reserves) and mutual funds in the ESS separately from remaining ORSs. Timeframe: June 2017.
  - Identify financial liabilities (loans) of other financial corporations (OFCs) once BCRA changes are implemented to adapt the debt survey to BPM6 methodology. Timeframe: December 2017.
  - Finish reconciling DI data (including rents) with the BCRA so CDIS contribution, balance of payments, and IIP are consistent beginning with December 2016 data. Timeframe: July 20177.
  - Study possibility of using alternative estimates of the stock of DI liabilities considering price changes and capitalization of DI companies listed on the stock exchange. Timeframe: December 2017.
  - Identify loans by nonresident DI companies to their resident direct investors and loans by largest resident DI companies to nonresident direct investors. Timeframe: December 2017.
  - Classify transactions involving purchase or sale of securities issued by Argentine residents in foreign liabilities of the securities issuing sector. Timeframe: June 2017.
  - Investigate potential information on financial derivatives transactions with nonresidents in DTC accounting data and Rosario derivatives market. Timeframe: June 2017.
  - Continue discussions with DNSE on possible inclusion of average import and export collection and payment times; study feasibility in context of importer/exporter surveys. Timeframe: December 2017.
  - In the BCRA-provided balance of payments information, include reserves transactions broken down by instrument consistent with the IIP. Timeframe: June 2017.
  - Redefine ESS revision policy to adapt to new information sources and procedures. Timeframe: June 2017.
  - Strengthen personnel training in management of complex databases. Timeframe: December 2017.
  - Prepare and disseminate ESS metadata including changes introduced in adaptation of ESS to BPM6. Timeframe: July 2017.

### Current Account and Capital Account — findings and methodological changes
- DNCI compiled historical series for balance of payments current and capital accounts in accordance with BPM6 for 1990–2016, but published BPM6-compliant series in July 2017 will begin with 2006 because information on financial liabilities and rents prior to 2006 has yet to be validated by the National Public Credit Office.
- Changes from BPM6 migration do not entail differences in the combined result of current and capital accounts (see Appendix III), though July 2017 data may include revisions independent of BPM6 adaptation (for example, travel data).
- Goods:
  - BPM6-compliant data include goods purchases and sales using MULC information.
  - Manufacturing services on physical inputs owned by others and maintenance and repair services were reclassified into corresponding services headings.
  - Customs information allows identification and exclusion of migrants’ personal effects from the goods account as recommended.
  - In late 2016 DNCI received trade transactions broken down by taxpayer identification number (CUIT), facilitating more detailed analysis.
- Services:
  - Reclassifications include goods-related service items and manufacturing services on physical inputs owned by others and maintenance and repair services.
  - Expense of use of intellectual property reclassified; insurance services calculated as premiums less claims paid; financial intermediation services indirectly measured (FISIM) included in services and offset against investment income.
  - Estimated income tax (impuesto a las ganancias) is no longer included in services payments, reducing service debits and credits in the secondary income account with no net effect on combined current and capital balances.
  - DNSE prepared a form to include passenger sea and land transport companies in the transport companies survey; a pilot survey will be conducted. Final decision and inclusion depend on pilot results and budget appropriation.
  - Recommendation: Include passenger sea and land transport companies in the survey of transport companies (December 2017).

*Source: EXECUTIVE SUMMARY — cr1918-argentina-ta-april2017*

### 11.        With respect to travel, the November 2016 mission recommended improving the

### cr1918-argentina-ta-april2017 - 11. With respect to travel, the November 2016 mission recommended improving the

### Travel and tourism statistics
- The procedure of imputing expenses from the International Tourism Survey (ETI) was revised for 2016 to produce more robust results.
- The new procedure increases estimates of travel-related income and expenditure, with the larger increase seen in expenditure (roughly US$350 million in 2016).
- The imputation procedure was revised only for the 2016 results; the historical series for prior years will need to be chained.
- Recommendation:
  - Include information on travel income and expenditure, calculated under the new procedure for imputation of expenses from the International Tourism Survey (ETI), and chain the historical series (July 2017).

### Primary and secondary income
- The DNCI has calculated the amount of FISIM to be included in BPM6-aligned data; this will reduce net investment income and increase net income from services by approximately US$16 million.
- Possible inclusion of passenger land and sea transport companies in the transport companies survey will provide updated information on wages and salaries paid to temporary employees (currently estimated based on other transportation companies).
- Estimated income tax withheld from payments for services is no longer included in the balance of payments data; the effect of this change with respect to services is neutralized in both accounts.

### Financial account and international investment position (IIP) — overview and data work
- Since November 2016, the DNCI has been implementing recommendations for migration of ESS to BPM6 and has begun publishing the IIP quarterly.
- The DNCI prepared consistent quarterly series for the financial account, investment income, and the IIP using BPM6 methodology for 2006–2016.
- BPM6-compliant IIP data to be published in July 2017 will include annual information for 2006–2015 and quarterly information for 2016 and first quarter 2017; dissemination of the complete quarterly series for 2006 and later will follow necessary testing.
- Adaptation to BPM6 did not substantially change estimated transactions or total values of foreign assets and liabilities, but improved classification by instrument and institutional sector (notably redistribution of ORSs’ foreign assets between investment portfolio and other investments).

### Private sector foreign assets — AFIP amnesty findings and implications
- A tax amnesty process concluded in March 2017; main findings published April 2017.
- A total of US$116.8 billion was declared under the process (of which US$93.3 billion in assets held abroad).
- Comparisons of AFIP amnesty and IIP estimates:
  - Foreign banknotes: AFIP US$7 billion vs IIP US$115 billion (amnesty disclosures assumed well below actual amount).
  - Foreign real property: AFIP roughly US$11 billion vs IIP US$11.5 billion (suggests IIP may need upward adjustment).
  - Foreign accounts and deposits: AFIP US$31 billion vs IIP US$35.5 billion.
  - Investments: AFIP US$66 billion vs IIP US$48 billion (uncertainty whether AFIP investments include holdings classified as DI in the IIP).
- Any decision to revise ESS estimates requires additional detailed AFIP information.
- AFIP indicated willingness to provide additional details for data reported on regular tax returns (to include assets previously reported and assets disclosed under the amnesty); data for December 20016 (first to include disclosed assets) will be available in June 2017.
- For corporations, amnesty declarations were not significant (4 percent of declarations were filed by corporations); DNCI will request detailed corporate data immediately without waiting until June 2017.
- Recommendation:
  - Obtain data from the AFIP on resident corporations and individuals’ foreign investment at the greatest available level of detail (June 2017).

### Data exchange, reconciliation, and survey revisions (INDEC and BCRA)
- INDEC and BCRA began exchanging detailed information on foreign asset and liability transactions and balances pursuant to a November 2016 agreement.
- A detailed timetable for exchange, revision, reconciliation, release, and revision of detailed ID and private external debt data and aggregates was agreed and ratified during the mission. Initial BCRA quarterly debt and ID releases may diverge, but subsequent revisions will achieve consistency.
- Argentina’s contribution to the CDIS will be consistent with the IIP for the first time with submission of December 2016 data in fall 2017.
- BCRA is revising ID and private external debt questionnaires to adapt to BPM6; quarterly data collection will begin in first quarter 2018 for December 2017 data.
  - With changes: companies with ID holdings in excess of US$100 million would submit information quarterly, and those with ID holdings between US$50 million and US$100 million would report annually.
- Recommendations:
  - Establish a quarterly procedure to obtain DI data as part of the BCRA survey (December 2017).
  - In cooperation with the BCRA, begin defining a new procedure for compiling information on foreign assets and liabilities of the private sector, to replace current surveys of private debt, DI, and the MULC in the medium term (December 2017).

### Direct investment (DI) — reconciliation and alternative estimates
- BCRA modifications to forms and survey frequency (implementation in 2018) will improve adherence to BPM6 and data quality; reconciliation of BCRA and INDEC results will improve consistency beginning with December 2016 data.
- Analysis revealed substantial DI differences for 2010–2014 reflecting peso devaluation and high inflation; possible correction of companies’ values for price changes could largely offset differences.
- Mission recommends considering alternative estimates of the stock of DI to help analysts identify effects of changes in companies’ asset prices.
- Recommendations:
  - Conclude reconciliation of DI data (including rents) with the BCRA so Argentina’s CDIS contribution, the balance of payments, and the IIP are consistent beginning with December 2016 data (July 2017).
  - In cooperation with the BCRA and information users, consider using and disseminating alternative estimates of the stock of DI liabilities that take into account change in price of companies’ assets and capitalization of DI companies listed on the stock exchange (December 2017).
- BCRA will identify loans from nonresident DI companies to their Argentine direct investors and implement questionnaire changes to identify resident DI loans to nonresident parents/affiliates, equity interests under 10 percent held by affiliates, indirect holdings, exceptional income, and tax treatment.
- Recommendation:
  - In the BCRA debt survey, identify loans by nonresident DI companies to their resident direct investors and loans by the largest resident DI companies to their nonresident direct investors (December 2017).

### Portfolio investment
- Inclusion of Caja de Valores, S.A. (CSD) information on nonresidents’ holdings of locally issued private sector securities was recommended in November 2016; DNCI confirmed this information is already included in the BCRA debt survey.
- DNCI obtained arrears data broken down by instrument for reclassification under BPM6; balance of payments and IIP data to be released in July and August 2017 will classify arrears as memorandum items in positions.
- External assets in the investment portfolio per BPM6 will include estimates of securities held by ORSs (currently included in other investments with currency and deposits); estimates may be revised following AFIP information in June 2017.
- Transactions in secondary market between residents and nonresidents involving purchase/sale of securities issued by Argentine residents have been allocated to the sector executing the transaction; data disseminated in June 2017 will classify these as changes in issuing sector liabilities per BPM6.
- Recommendation:
  - Classify transactions between residents and nonresidents involving the purchase or sale of securities issued by Argentine residents in the foreign liabilities of the securities issuing sector (June 2017).

### Financial derivatives
- Review of BCRA chart of accounts for DTCs did not yield direct identification of resident vs nonresident counterparties for derivatives; BCRA may have other sources.
- November 2016 mission recommended investigating Rosario derivatives market for information on nonresidents’ derivatives transactions.
- Recommendation:
  - Review available data from the BCRA and the Rosario derivatives market to identify any information on transactions with nonresidents involving financial derivatives (June 2017). Obtain such information for all sectors in Argentina that execute derivatives transactions with nonresidents.

### Other investment (banknotes, deposits, trade credits)
- Information on private sector foreign assets in the form of banknotes, deposits, and trade credits and advances may be revised in light of AFIP information in June 2017.
- For trade credits and advances, November 2016 mission recommended including a survey question on average collection times for exports to estimate assets and liabilities with the rest of the world; DNSE agreed in November 2016 to consider the proposal.
- BCRA confirmed that revised debt survey will include identified modifications and compilation procedure changes starting at the end of the year.
- Recommendation:
  - Continue discussions with the DNSE on possible inclusion of information required to estimate average import and export collection and payment times (December 2017).

### Reserves
- DNCI receives quarterly reserves position information from the BCRA, including detailed information by currency and instrument used to obtain transaction data, except valuation differences.
- Compiled transactions by instrument are not fully consistent with positions; mission assisted in preparing a spreadsheet for BCRA to provide transaction information fully consistent with positions by including price information.
- Recommendation:
  - In the balance of payments, include data on transactions in reserves, broken down by instrument and consistent with the IIP, using data provided by the BCRA (June 2017).

### Dissemination policy and revision practices
- November 2016 mission recommended discontinuing practice of revising the entire historical series with each release and defining an ESS revision policy considering compilation processes and user needs.
- DNCI will propose a new ESS dissemination policy that accounts for information exchanges with the BCRA, need to maintain consistency with private external debt and ID statistics, revision of other INDEC statistics, and stability in released data.
- Under the proposal:
  - Each quarterly release of data from June 2017 onward will include a revision of the previous quarter’s data.
  - When data for a full year is released, the previous year will be revised as well (i.e., the revised four quarters for the preceding year will be included).
- Recommendation:
  - Redefine the ESS revision policy to adapt it to information sources and compilation procedures to be implemented this year (June 2017).

*Source: cr1918-argentina-ta-april2017 - IMF*

### 38.      Following the November 2016 mission recommendations, the DNCI subsequently

### cr1918-argentina-ta-april2017 - 38.      Following the November 2016 mission recommendations, the DNCI subsequently

### Staffing, training, and capacity building
- DNCI staffing changes and needs:
  - The DNCI added one staff member following the November 2016 mission recommendations, and another is in the contracting process.
  - A database expert has been contracted on a temporary basis to promote the use of microdata in preparing the ESS.
  - The mission recommends consolidating current staffing: the 12 employees hired prior to November plus the three additional staff members (total referenced as 15).
  - Mission view: it is essential to maintain adequate staffing to perform tasks delegated to the DNCI.
- Training activities since the previous mission:
  - DNCI staff have attended six international courses, four national courses, and seven online courses.
- Action-plan priority and performance indicator:
  - Section III A: Strengthen personnel training in management of complex databases, and increase staffing by at least three persons.
  - Quantifiable performance indicator: The staffing is increased and training in database management is improved.
  - Timeframe: March 2017.
  - Status: Completed, but the effort should continue. One new staff member has been hired, another is in the contracting process, and a data processing specialist has been hired on a temporary basis.

### Use of IT tools and microdata
- DNCI IT adoption:
  - The DNCI has begun using SAS and other IT tools to efficiently exploit detailed information received from the BCRA and the DNSE in compiling the ESS.
  - Mission recommendation: Maintain the level of effort to build staff capacities in the use of those tools.
- Explicit recommendation and timeframe:
  - Provide further training for staff in managing complex databases (December 2017).

### Metadata preparation and BPM6 migration
- DNCI actions:
  - The DNCI launched the process of preparing metadata adapted to the changes required to migrate the ESS to the BPM6.
  - Intention to release the metadata on the INDEC website together with the revised data.
- Recommendation:
  - Prepare and disseminate ESS metadata incorporating the changes introduced in order to adapt the ESS to the BPM6.

### Action Plan items and implementation status (selected highlights)
- Exchange of information and reconciliation (Section II A):
  - MULC data and private sector debt and DI surveys are exchanged and statistics disseminated by the two agencies are consistent.
  - Timeframe: March 2017. Status: The information exchange is completed; a new action is included in the April 2017 mission plan. Requires cooperation from the BCRA.
- Compile 2010–2016 financial account and quarterly IIP using BPM6 (Section II A):
  - Quantifiable indicator: Quarterly IIP series data for 2010–2016 are available.
  - Timeframe: March 2017. Status: Completed. Preliminary data for December 2014 and March 2015 were compiled during the mission.
- Update estimated external assets of the nonfinancial private sector (Section II A):
  - New basic data available to run the estimate.
  - Timeframe: June 2017. Status: Activity revised in the April 2017 mission plan.
- Exclude migrants’ personal effects from the goods account (Section II M):
  - Migrants’ personal effects are excluded from the goods account.
  - Timeframe: June 2017. Status: Completed. Information available in customs documents.
- Include passenger sea and land transport companies in DNSE survey (Section II M):
  - Companies are included in external sector survey conducted by DNSE.
  - Timeframe: December 2017. Status: Requires budget appropriation.
- Research average spending by Argentines traveling abroad to estimate travel debits (Section II M):
  - Data collected from counterparty countries; alternative source found.
  - Timeframe: June 2017. Status: Completed.
- Revise insurance services estimate using SSN information (Section II M):
  - New estimates included in balance of payments.
  - Timeframe: March 2017. Status: Completed. SSN agreed to provide detailed information.
- Calculate FISIM (Section II M):
  - FISIM estimates have been provided.
  - Timeframe: December 2017. Status: Completed.
- Discontinue imputing tax withholding to services exports (Section II M):
  - Balance of payments does not include imputations.
  - Timeframe: March 2017. Status: Completed.
- Redefine ESS revision policy to adapt to planned information sources and procedures (Section II A):
  - A new ESS revision policy in place.
  - Timeframe: June 2017. Status: Outstanding.
- Identify OFCs within ORSs and include insurance company foreign assets and mutual funds (Section II A):
  - ORS data detailed in financial account and IIP; technical reserves data included.
  - Timeframe: June 2017. Status: Outstanding.
- Identify loans from nonresident DI companies to resident direct investors and compare DI abroad with BCRA second-level holding survey (Section II M):
  - Separate information for those loans available.
  - Timeframe: December 2017. Status: Outstanding. Requires cooperation from the BCRA; BCRA will include information in revision of private external debt survey.
- Establish quarterly procedure to obtain foreign DI data via BCRA survey or separate process (Section II A):
  - Quarterly survey of data available for principal corporations.
  - Timeframe: December 2017. Status: Outstanding. BCRA plans to collect quarterly information from largest companies starting with December 2017 data.
- Include CSD information on nonresidents’ holdings of locally issued private securities (Section II M):
  - These holdings are included in portfolio investments in Argentina.
  - Timeframe: March 2017. Status: Completed.
- Determine whether arrears information is available by instrument to facilitate BPM6 reclassification (Section II M):
  - Information on arrears is available by instrument.
  - Timeframe: June 2017. Status: Completed.
- Investigate derivatives transactions information in DTC accounting data and Rosario derivatives market (Section II M):
  - Any relevant transactions in financial derivatives are identified.
  - Timeframe: June 2017. Status: Outstanding.
- Continue discussions with DNSE on collecting average import and export collection/payment times (Section II A):
  - Possibility being studied in context of developing surveys of goods and services importers and exporters.
  - Timeframe: December 2017. Status: Outstanding. Requires budget appropriation.

### Agreement between the BCRA and the INDEC on exchange of information (April 19, 2017)
- Debt survey data (quarter T1) workflow and timing:
  - INDEC closes first version of balance of payments and IIP at T1+90 with estimated data.
  - BCRA closes first version at approximately T1+120, releases debt report, and sends results and microdata to INDEC (not yet consistent with INDEC T1+90).
  - INDEC reviews BCRA information and engages in discussion to agree results.
  - On T1+180 INDEC releases initial information for T2 and revises T1 including agreed results; data may still be inconsistent with BCRA.
  - On T1+210 BCRA releases T2 and revises T1; T1 information becomes consistent.
  - Estimate from the previous quarter is revised every quarter; to revise a year, annual DI survey data expected in September each year.
- Direct investment (DI) survey workflow:
  - INDEC closes first version at T1+90 with estimates; BCRA closes first version at approximately T1+120 including only companies reporting quarterly and sends microdata.
  - INDEC reviews and discusses to arrive at agreed results; on T1+180 INDEC adds agreed results to balance of payments and IIP, yielding partial consistency.
  - On T1+210 BCRA releases T2 and revises T1; T1 becomes consistent for companies reporting quarterly but totals may differ because INDEC extrapolates to total population.
  - On A1+180 BCRA closes annual DI survey, revises, and forwards results and microdata to INDEC for review and discussion.
  - On A1+270 BCRA releases DI report and CDIS data; INDEC revises balance of payments and IIP for four quarters of A1 so end-year IIP, BCRA report, annual balance of payments, and investment transactions align.
  - Outstanding question: whether BCRA will include quarterly data consistent with annual data; if so, this should be agreed with INDEC.
- Other DI and debt survey issues:
  - BCRA plans to begin collecting new quarterly and annual DI survey information during first quarter 2018 for data relating to December 2017; questionnaires are still being revised and final version will be agreed with INDEC.
  - For 2016, 2015, and prior years, BCRA and INDEC will work to resolve differences and agree annual data to be reflected in BCRA DI report, balance of payments, IIP, and Argentina’s CDIS contribution.
  - Debt survey improvements to be included per November 2016 meetings:
    - Calculation of accrued rents.
    - Application of BPM6 sectorization criteria (separation of subsectors included in other resident sectors).
    - Improvements in imputation and no-response procedures.
    - More detailed identification of liabilities that should be classified as DI.
    - Incorporation of ClaNAE 2010 codification.

### Publication schedules and revision cycles (as summarized)
- General rules and notes:
  - The 1 (V1) versions are different.
  - The 2 (V2) versions are consistent.
  - The 3 (V3) versions are consistent and include the annual FDI data.
  - Each quarter the estimate for the previous quarter is revised. It is expected that data from the annual FDI survey will be available for revising the year.
  - To perform estimates of balance of payments transactions, an additional period previous to the first period being revised is necessary (example: for month 12 one would need updated figure of T1 stock even if not published).

*Source: cr1918-argentina-ta-april2017 - 38. PDF chapter/section.*

### Appendix V. Quarterly Direct Investment Transactions and Holdings Reporting Form

### Appendix V. Quarterly Direct Investment Transactions and Holdings Reporting Form

### Purpose
- Foreign direct investment (FDI) is described as a key element of international economic integration and a means of establishing direct, stable, and long-term connections among economies.
- FDI can serve as:
  - a vehicle for the development of local businesses;
  - a boost to competitiveness through transfer of technology and knowledge;
  - a means for the host economy to promote products in international markets, positively impacting international trade;
  - an important source of capital for economies.
- Reliable, harmonized FDI statistics are essential for policymakers to attract and take maximum advantage of international investment.

### Authority, Penalties, and Confidentiality (Subject to legal advice)
- Authority:
  - Law No. 17.622 authorizes the Central Bank of Argentina, as part of the National Statistical System, to request information for statistical plans.
  - Article 11: “All national, provincial, and municipal agencies and units, individuals and legal entities, public or private, that are located in the country are required to provide to entities that are part of the National Statistical System data and information of statistical interest that may be requested from them.”
- Penalties:
  - Article 15 of Law No. 17.622, as amended by Article 2 of INDEC Regulation No. 278/2012, establishes penalties for failure to provide information in a timely manner, for falsification of information, or for deliberate omission of data.
- Confidentiality:
  - Article 10: Information provided shall be strictly confidential and used only for statistical purposes; data must be published exclusively in aggregate compilations so that individual persons or entities cannot be identified.
  - Article 13: Persons with knowledge of statistical or census data by virtue of their positions must treat these data with the strictest confidence.
  - Article 17: Officials or employees who disclose individual information or willfully misrepresent, omit, or falsify data shall be subject to dismissal and relevant penalties in accordance with the Criminal Code (Vol. II, Title V, Chapter III).

### Burden on the respondent
- The burden on the respondent is estimated at xxx hours per response, including time to review instructions, seek data sources, collect and maintain information, and complete and check the information provided.
- Comments regarding the burden and other aspects may be submitted to XXXX.

### Accounting methods and Base standards
- Generally accepted principles normally used for the compilation of accounting statements should be followed for recording data.
- The survey is based on guidelines, definitions, and recommendations in:
  - International Monetary Fund’s Balance of Payments and International Investment Position Manual, Sixth Edition;
  - 2008 Benchmark Definition of Foreign Direct Investment of the Organisation for Economic Co-operation and Development (OECD).
- In some cases, Technical Resolutions from the Professional Accounting Standards of the Argentine Federation of Professional Councils of Economic Sciences are taken into consideration.

### Basic definitions (as used in the survey)
- Residence:
  - Any individual, corporation, or other institutional units whose center of predominant economic interest or activity is located within the borders of a given country are considered resident.
  - An individual is presumed resident if he remains or intends to remain in the country for one year or more.
  - Corporations and institutional units are resident when they have performed economic activities and transactions in the country on a significant scale for one year or more, or intend to do so.
- Control:
  - Exercised when:
    - a) An investor enterprise holds an interest providing the votes necessary to determine corporate will (more than 50% of possible votes, directly or indirectly);
    - b) An investor holds half or fewer of the votes but, via written agreements with other shareholders, has power to control the majority of voting rights to 1) define and direct operational and financial policies; and 2) appoint and remove the majority of board members.
- Significant influence:
  - Determined to exist if the direct investor owns from 10 to 50 percent of the voting power in the direct investment enterprise (Balance of Payments Manual, Sixth Edition).
- Direct investment relationships:
  - Reflects the objective of establishing a lasting interest by an enterprise resident in one economy (direct investor) in an enterprise resident in another economy.
  - A stake of at least 10% of voting power is indicative of the direct investment category.
  - Direct investment includes initial equity meeting the 10% threshold and all subsequent financial transactions and positions between direct investor and direct investment enterprise, as well as FDI transactions and positions between other affiliates or fellow enterprises, including reinvested earnings and intercompany debt.
- Direct investor:
  - An entity or group of related entities able to exercise control or significant influence over an entity resident in a different economy.
  - Significant influence exists if 10% or more of voting power is held, directly or indirectly (or an equivalent percentage of equity if not a joint-stock company).
- Direct investment enterprise:
  - An entity subject to control or significant influence by a direct investor (10% threshold applies).
- Fellow enterprise:
  - Enterprises under control or influence of the same immediate or indirect investor, where neither controls or influences the other (one holds less than 10% of votes in the other).
- Reverse investment:
  - Occurs when a direct investment enterprise lends funds to or acquires equity in its immediate or indirect direct investor, provided it does not own equity comprising 10 percent or more of the voting power in that direct investor.
- Purchase/sale/transfers of shares or equity:
  - Exists when there is a change in the stake held by more than one investor as a result of purchase, sale, or transfer of shares, participation, or stakes in the enterprise’s equity.

### General instructions
- A) Coverage and exemptions:
  - The survey is mandatory for resident individuals, corporations, and other institutional units in the private sector, with the exception of financial entities, that have a direct investment relationship with a nonresident.
  - This must be reported even if the direct investment relationship begins or ends during the reporting period.
  - Any respondent with direct investment holdings that do not exceed the equivalent of US$50,000,000 at any point in the reporting period is exempt from the requirement to complete the survey.
- B) Periodicity:
  - Quarterly, to be submitted within 45 days from the end of a calendar quarter.
- C) Scope of reporting:
  - Starting with the recognition of a direct investment relationship between a resident and a nonresident, all subsequent financial transactions and positions between the direct investor and direct investment enterprise must be taken into account, as well as transactions and positions between fellow enterprises, including reinvested earnings and intercompany debt.
- D) Calculation of direct investment holdings at the end of the year:
  - Cases 1 and 2: value of holdings = proportional equity value of the nonresident investors (stake in net book equity of the resident enterprise).
  - Cases 3 and 4: value of holdings = proportional equity value in the nonresident enterprises.
  - Case 5: value = outstanding credits to nonresidents.
  - Exchange rate conversion:
    - The exchange rate for conversion into pesos is the reference exchange rate of the Central Bank of Argentina (Communication A 3500) for the last business day of the reporting quarter.
    - For other currencies, the cross-rate published by the Central Bank on its website for the same date is used.
- E) When declaration is required because the threshold is exceeded for any type of direct investment relationship, appropriate forms must be completed for all direct investment relationships the respondent has with a nonresident.
- Multiple relationships:
  - The same respondent may have more than one type of direct investment relationship with nonresidents; in such cases the respondent must complete separate reporting forms according to the type of relationship.

### Examples of direct investment relationship types captured (illustrative cases)
- Case 1: Direct investments by nonresidents in resident enterprises
  - Respondent has at least one nonresident investor (Affiliate A) with equity participation giving control equal to or greater than 10% of voting rights (branches of nonresident enterprises included).
  - Subcase 1.i: Reverse investment in nonresident enterprises where the respondent owns a stake of less than 10% in Affiliate A.
- Case 2: Investments of nonresident fellow enterprises
  - Respondent has a nonresident investor with voting stake <10% who is under influence/control of an investor in common with respondent.
- Case 3: Direct investments in nonresident enterprises
  - Respondent owns a stake granting control equal to or greater than 10% of voting rights in at least one nonresident enterprise (Affiliate A).
  - Subcase 3.i: Reverse investment in resident enterprises where respondent has a nonresident investor with stake <10% that is an enterprise in which respondent owns a controlling stake.
- Case 4: Investments in nonresident fellow enterprises
  - Respondent owns a stake <10% in a nonresident enterprise that is under influence/control of a common investor.
- Case 5: Credits to related enterprises (directly through direct investment or fellow enterprises)
  - Respondent is any class of creditor under loans made to a nonresident enterprise (debt securities, trade credit and advances, financial loans), provided either:
    - respondent owns a stake granting control of at least 10% of voting rights in the enterprise; or
    - if stake <10%, that enterprise is a direct investor in the respondent or is under influence/control of an investor in common with respondent.
- Case 6: Real estate investments abroad by the respondent.
- Case 7: Nonresident individuals, corporations, and other institutional units that hold real estate investments in the country.

### Reporting package and forms
- The package consists of the following forms and their applicable cases:
  - Initial data — Cases 1 through 7
  - I General information and contact details — Cases 1 through 7
  - II Information about investors in the respondent enterprise — Cases 1, 2, and 3.i
  - III Balance sheet of the respondent enterprise — Cases 1, 2, and 3.i
  - IV Profit and loss statement of the respondent enterprise — Cases 1, 2, and 3.i
  - V Statement of changes in net equity of the respondent enterprise — Cases 1, 2, and 3.i
  - VI Direct investments abroad by residents — Cases 3, 4, 5, and 1.i
  - VII Real estate investments — Cases 6 and 7
  - VIII Investment plan — Cases 1, 2, and 3.i

*Appendix V. Quarterly Direct Investment Transactions and Holdings Reporting Form (subject to change; to be instituted in December 2017)*

### 1. The respondent has at least one nonresident investor with equity

### 1. The respondent has at least one nonresident investor with equity participation that gives it control equal to or greater than 10% of the voting rights associated with the local corporation’s shares (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company) - Direct investments by nonresidents in resident enterprises.

### Questionnaire items (ownership and related-party assessment)
- Each item is presented with a Drop-down list: Yes or No.
- 1. Direct investments by nonresidents in resident enterprises:
  - The respondent has at least one nonresident investor with equity participation that gives it control equal to or greater than 10% of the voting rights associated with the local corporation’s shares (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company).
- 1.i. Reverse investment in nonresident enterprises:
  - The respondent owns a stake in the votes of a nonresident enterprise that is equal to less than 10%, but this enterprise is a nonresident investor with a stake that gives it control over at least 10% of the voting rights associated with shares in the respondent local corporation (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company).
- 2. Investments of nonresident fellow enterprises:
  - The respondent has at least one nonresident investor with voting participation of less than 10%, but this investor is directly or indirectly under the influence or control of an investor in common with the resident respondent.
- 3. Direct investments in nonresident enterprises:
  - The respondent owns a stake that grants control equal to or greater than 10% of the voting rights associated with the shares of at least one nonresident enterprise (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company).
- 3.i. Reverse investment in resident enterprises:
  - The respondent has a nonresident investor with a stake in the votes equal to less than 10%, but this investor is one of the nonresident enterprises in which the respondent resident enterprise owns a stake that gives it control over at least 10% of the voting rights associated with shares (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company).
- 4. Investments in nonresident fellow enterprises:
  - The respondent owns a stake in the votes of at least one nonresident enterprise that is equal to less than 10%, but this enterprise is directly or indirectly under the influence or control of an investor in common with the respondent.
- 5. Credits to related enterprises - directly through direct investment or fellow enterprises:
  - The respondent is any class of creditor under loans made to a nonresident enterprise (debt securities, trade credit and advances, and financial loans), provided that: the respondent owns a stake that grants it control of at least 10% of the voting rights associated with shares in the enterprise; or, if it owns a stake of less than 10% of the voting rights in the enterprise, that enterprise is a direct investor in the respondent resident enterprise or it is directly or indirectly under the influence or control of an investor in common with the resident respondent.
- 6. The respondent has real estate investments abroad.
- 7. The respondent is a nonresident with real estate investments in the country.

### Instructional note
- Depending on the responses provided on this page, the respondent is instructed and required to complete the different forms.

### Forms overview (structure and required sections)
- Form Contents (modules to be completed depending on responses):
  - I General information and contact details
  - II Information about investors in the respondent enterprise
  - III Balance sheet of the respondent enterprise
  - IV Profit and loss statement of the respondent enterprise
  - V Statement of changes in net equity of the respondent enterprise
  - VI Direct investments abroad by residents
  - VII Real estate investments
  - VIII Investment plan

### Form No. I — GENERAL INFORMATION AND CONTACT DETAILS
- Fields and items noted in the form:
  - Reference date
  - Status of declaration (1) — Status of declaration list
  - Identification number of respondent (2)
  - Name of respondent
  - Country of residence of nonresident respondent
  - Is the respondent enterprise a branch? (3) — Drop-down list: Yes or No
  - Economic activity according to our records / Revised economic activity
  - If sector changed or first declaration, enter appropriate code (4)
  - List of sector codes
  - Contact No. 1 details: Name of contact, Telephone, E-mail
  - Contact No. 2 details: Name of contact, Telephone, E-mail
- Explanatory footnotes and validations:
  - (1) The status of the declaration is predetermined on the basis of our current records. In the event that this status changes during the period in question, it should be indicated here.
  - (2) The respondent’s identification number is the Unique Tax Identification Code/Unique Employment Identification Code (CUIT/CUIL).
  - (3) Section XV of the Law on Corporations considers a branch to be a decentralized unit of a parent company. A branch is governed by the laws of its parent company’s country of origin and is therefore authorized to perform all of the actions that the parent company is allowed to perform. As a result of the relationship established between the parent company and the branch, the former is indirectly responsible for the operations performed by the branch. While there are no restrictions on a branch with regard to owning its own assets, it is not required to maintain a specific amount of equity capital. It is required, however, to keep accounting records that are separate from the parent company and to present its financial statements annually to the Public Trade Registry.
  - (4) An enterprise should select from the National Classification of Economic Activities (CLANAE) the economic activity that best reflects the activity that generates most of its sales or most of its gross operating income.
- Validations in the form:
  - This form is always required.
  - Reference date: the end of each calendar quarter.
  - Status of declaration list:
    - 1 - Initial report
    - 2 - Report resumed
    - 3 - The respondent, or its investments, underwent a merger or reorganization and this is the final declaration
    - 4 - The respondent, or its investments, underwent a sale and this is the final declaration
    - 5 - The respondent, or its investments, underwent liquidation and this is the final declaration
    - 6 - The respondent is exempt because it fell below the declaration thresholds during the period in question
    - 7 - The respondent did not have a change in status during the period in question
  - Identification number of respondent: in cases 1 through 6 this will be the CUIT/CUIL, and there needs to be a valid verification code
  - The field “Country of residence of nonresident respondent”, Field 5, is required in case 7.
  - The country of residence of investors is selected from a list of countries provided by the BCRA.
  - The sector of economic activity is selected from the CLANAE list of sectors of the economy provided by the BCRA.
  - All of the fields must contain data (valid e-mail formats).

### Form No. II — INFORMATION ABOUT INVESTORS
- Section 1 — List of investors of the respondent enterprise (1st tier of ownership)
  - Table fields (as presented): Investor data; Participation; Equity; Votes; Fellow enterprise status (3); Name of investor; No. of investor in 1st tier of ownership (1); Type of investor; Investor’s country of residence; CUIT/CUIL (only resident investors); Participation at end of previous qtr. (%); Participation at end of reporting qtr. (%); Reasons for change (data in percentage points); Participation of respondent enterprise in equity of investor enterprise at end of qtr. (%) (2); Participation at end of reporting qtr. (%); Capitalization of investor’s debt; Capitalization of third-party debt; Other equity contributions by investor; Other equity contributions by third parties; Equity withdrawals by investor; Equity withdrawals by third parties; Other reasons; Purchase/sale/transfer of participation.
  - Key fixed text excerpts present in the template: "YES/NO", "CUIT:", "Company name:", "Reference date:" and numeric column indexing present (columns 1 through 18 visible in the layout).
- Section 2 — List of investors of the 1st tier investors (2nd tier of ownership)
  - Table fields (as presented): 2nd tier of ownership of investors; Purchase or sale of participation; No. of investor in 1st tier of ownership; No. of investor in 2nd tier of ownership; Type of investor; Name; Country; CUIT (only resident investors); Equity participation at end of reporting qtr.; No. of selling investor; No. of buying investor; Percentage transferred; Transaction date; Transaction amount.
  - Numeric column indexing visible (columns 19 through 33 in the layout).

*Source: https://www.imf.org/-/media/files/publications/cr/2019/cr1918-argentina-ta-april2017.pdf*

### 3. Ultimate parent company of the respondent enterprise (4)

### 3. Ultimate parent company of the respondent enterprise (4)

### General specifications for investor reporting
- a. The data on investors must be provided for every type of enterprise. In the case of branches, the parent company is declared with 100% of the equity and votes.
- b. Investors in the first tier of ownership: all of the investors who participate directly in the enterprise’s equity are declared, both residents and nonresidents.
- c. When shares are included in public offerings, in the country or abroad, investors are identified as shareholders in the country’s stock exchanges or shareholders in stock exchanges abroad. If a shareholder is an international organization it must be declared as International organizations and other multilateral organizations. The list of countries has these options "OTHER SHAREHOLDERS IN THE COUNTRY’S STOCK EXCHANGE", " OTHER SHAREHOLDERS IN STOCK EXCHANGES ABROAD," and "INTERNATIONAL ORGANIZATIONS AND OTHERS WITHOUT A DETERMINATION OF RESIDENCE".
- d. Changes in participation are indicated with a (+) sign when there is an increase in participation during the period and with a (-) sign when where is a decrease. The sum of the reasons for change should be equal to the difference between the participation at the end of the reporting year and the participation at the end of the previous year.
- e. For “PURCHASE/SALE/TRANSFER OF PARTICIPATION,” the data on the purchase(s) or sale(s) must be entered, indicating the declared investor making the purchase, the one making the sale, the date on which the change in ownership is completed, and the amount of the transaction (the amount actually paid should be indicated, however if this figure is not known, the equity value of the transaction may be entered).
- f. Investors in the second tier of ownership: all of the investors (both residents and nonresidents) who participate directly in the equity of each of the first-tier investors that are not individuals, shareholders in stock exchanges in the country, shareholders in stock exchanges abroad, international organizations.

### Explanations and definition of ultimate parent
- (1) Investor numbers must be unique and consecutive; once assigned, the investor’s number, name, type, and declared country of residence must not be changed. If a change occurs, the removed investor must be reported with final participation equal to zero and reason “Other reasons”; then a new investor is recorded with initial participation zero and final participation equal to the removed investor’s previous final participation, stating “Other reasons.”
- (2) If the respondent’s stake in the investing company is greater than 0% and that company is resident abroad, Form No. VI must be completed.
- (3) Fellow enterprise status arises when the local respondent enterprise and the declared nonresident investor are under the influence or control of the same investor (directly or indirectly), but the equity participation between the local enterprise and the investor is less than 10%.
- (4) According to the 2008 OECD Benchmark Definition of Foreign Direct Investment, the ultimate parent company of a respondent enterprise is the unit that controls (directly or indirectly) the respondent resident enterprise and at the same time is at the top of the chain of ownership, that is, it is not controlled by any other entity (no other entity holds 50% or more of the voting power).

### Validations specific to investor reporting
- Investor numbers may not be repeated.
- Consistency required with previous declarations for fields: name, number of investor, type of investor, and country of residence.
- Investors’ country of residence is selected from the BCRA list, which includes "OTHER SHAREHOLDERS GROUPED IN STOCK EXCHANGES OF THE COUNTRY" and "OTHER SHAREHOLDERS GROUPED IN STOCK EXCHANGES ABROAD".
- CUIT/CUIL: valid verification code.
- The sum of equity participation and votes should be equal to 100% (Fields 6, 7, and 17 for the sum of all declared investors).
- If equity participation of one investor changes during the quarter, the sum of reasons for change (Fields 8 through 15) must equal the difference between participation at end of reporting quarter (Field 7) and participation at end of previous quarter (Field 6).
- For “PURCHASE OR SALE OF PARTICIPATION” changes during the year, purchases and sales producing the reported percentage change must be entered.
- If "Participation of respondent enterprise in equity of investor enterprise at end of reporting quarter" - Field 16 in Form No. II - is greater than 0% and the enterprise is resident abroad (Field 4 <> AR), verify that Form No. V has been completed.
- The fellow enterprise flag (Field 18 in Form No. II) may indicate "YES" only if Field 17 in Form No. II is less than 10% and Field 16 in Form No. II is also less than 10%.
- For every declared first-tier investor that is not an individual, shareholder in stock exchanges (domestic or abroad), or an international organization, there must be declared second-tier investors whose equity participation adds up to 100%.

### Enumerated lists and categorical codes (preserved exactly)
- List of types of investors:
  - 1- Enterprises resident in the country
  - 2- Enterprises resident abroad
  - 3- International organizations and other multilateral organizations
  - 4- Shareholders in stock exchanges of the country
  - 5- Shareholders in stock exchanges abroad
  - 6- Individual

### Summary of related forms (key requirements and validations)
- Form No. III — BALANCE SHEET OF THE RESIDENT DIRECT INVESTMENT ENTERPRISE (At end of reporting period)
  - Total assets: 2+3 (Field 1)
  - Total liabilities: 5+6 (Field 4)
  - Net equity: 1-4 (Field 7)
  - a. Closed and audited balance sheet not required; report data for end of each quarter or best estimate.
  - b. Data entered in local currency, in units without decimal points.
  - Validations: fields highlighted auto-filled; CUIT, company name, reference date required.

- Form No. IV — CONSOLIDATED PROFIT AND LOSS STATEMENT OF THE RESIDENT DIRECT INVESTMENT ENTERPRISE
  - Key line items numbered and calculated as shown (e.g., 3=1+2; 8=9+10; 12=3+4+5+6+7+8+11; 16=12+13+15; 17=18+19; 20=16+17).
  - a. Consolidated when required; otherwise individual statement.
  - b. Statement defined per Chapter IV of Technical Resolution (RT) No. 9; reported data adjusted to comply with this RT.
  - c. Extraordinary profit/loss defined per 2008 OECD Benchmark Definition of FDI (enumerated list of inclusions).
  - e. Closed and audited balance sheet not required; data reported quarterly or best estimate.
  - g. Data in local currency, units without decimal points.
  - h. Profits with plus sign (+); losses/costs with minus sign (-).
  - Profit/loss for estimating the return on DI: (20=17+15+13+12)* participation of direct investors.

- Form No. V — STATEMENT OF CHANGES IN NET EQUITY OF THE RESIDENT DIRECT INVESTMENT ENTERPRISE
  - Separate sections for SUBSIDIARIES (EXCLUDING BRANCHES) and FOR BRANCHES ONLY.
  - Key fields: Balance at beginning (1), Prior-period adjustments (2), Movements (3 = 4+5+6+7), Other (8), Profit/loss (9 Field 17 Form III), Balance at close (10 = 1+2+3+8+9).
  - General specifications: statement per Technical Resolutions; closed and audited balance sheet not required; data in local currency without decimal points; plus/minus signs for increases/decreases in equity.
  - Explanatory notes on timing and recognition of distributions, subscriptions, contributions, and withdrawals (detailed points a–d).
  - Validations: opening balance must equal previous quarter’s closing balance when prior declaration available.
  - Lists (preserved exactly):
    - List of types of distributions:
      - 1- Payables in cash
      - 2- Payables in shares
    - List of types of contributions:
      - 1- Payables in cash
      - 2- Payables in goods or rights (including shares)
      - 3- Write-off of liabilities contracted by the respondent enterprise with the investor
      - 4- Assumption by the investor of a debt owed by the respondent enterprise to third parties
    - List of types of withdrawals:
      - 1- Payables in cash
      - 2- Payables in goods or rights
      - 3- Write-off of credits granted by the respondent enterprise to the investor
      - 4- Assumption by the respondent enterprise of a debt owed by the investor to third parties

- Form No. VI — DIRECT INVESTMENTS ABROAD BY RESIDENTS
  - Two main tables: Rights or shares in nonresident enterprises when there is a direct investment relationship; Credits granted to nonresident related enterprises (debt securities, trade credit and advances, and financial loans).
  - Data on recipient enterprise abroad include: No. of non-resident enterprise, Name, Host country, Sector of activity, Proportional equity value at end of previous qtr. (4), Increase in holdings (5), Decrease in holdings (6), Gain/loss in proportion to participation (7) with (+)/(-), Distribution of profits during period (8) with (-), Proportional equity value at end of reporting qtr. (4), Participation by respondent in equity at end of reporting qtr., Participation by nonresident recipient enterprise in respondent at end of reporting qtr. (9), Fellow enterprise status (10), Ultimate parent company of recipient enterprise abroad (11).
  - General specifications:
    - a. Amounts shown as equivalent in U.S. dollars. Cross-rates are those published by the Central Bank of Argentina for the last business day of the reporting quarter.
    - b. Respondent should fill for each direct investment recipient.
  - Explanations (preserved verbatim for numbered items (1)–(14)).
  - Validations:
    - Enterprise numbers may not be repeated; consistency with previous declarations.
    - Sector of activity selected from BCRA list.
    - Country of residence selected from BCRA list.
    - For each direct investment enterprise abroad, Field 15 (Proportional equity value at end of reporting quarter) must equal Field 5 (Proportional equity value at end of previous quarter) plus sum of changes during the period (Fields 8, 11, 12, and 13).
    - If “Participation by nonresident recipient enterprise in respondent at end of reporting quarter” - Field 17 or 36 of Form VI - is greater than 0%, verify that Forms II through V have been completed.
    - “Fellow enterprise status” Field 18 or 37 can be “Yes” only if respondent’s participation (Field 16 or 35) is less than 10% and nonresident participation in respondent (Field 17 or 36) is less than 10%.
  - Lists (preserved exactly):
    - List of types of increases in holdings:
      - 1- Contributions by investor
      - 2- Purchase of participation
      - 3- Write-off of credits granted to the nonresident enterprise
      - 4- Assumption of a debt owed by the nonresident enterprise to third parties
      - 5- Increase as a result of a change in name or country
      - 6- Other
    - List of types of decreases in holdings:
      - 1- Withdrawals by the investor
      - 2- Sale of participation
      - 3- Write-off of liabilities attributed to the investor by the nonresident enterprise
      - 4- Assumption by the nonresident enterprise of a debt owed by the investor to third parties
      - 5- Decrease as a result of a change in name or country
      - 6- Other
    - List of types of operations:
      - 1- Withdrawals by the investor
      - 2- Sale of participation
      - 3- Write-off of liabilities attributed to the investor by the nonresident enterprise
      - 4- Assumption by the nonresident enterprise of a debt owed by the investor to third parties
      - 5- Decrease as a result of a change in name or country
      - 6- Other
    - List of types of increases in credits:
      - 1- New loan
      - 2- Capitalization of interest
      - 3- Assumption of third-party credit
      - 4- Debt restructuring
      - 5- Other
    - List of types of decreases in credits:
      - 1- Payments
      - 2- Write-offs
      - 3- Debt-for-equity swap
      - 4- Assignment of credit to third parties
      - 5- Debt restructuring
      - 6- Other
    - If previous declaration available: Field 5 (Proportional equity value at end of previous quarter) must equal previous quarter’s Field 15.

- Form No. VII — REAL ESTATE INVESTMENTS
  - Two sections: Real estate investments in Argentina by nonresidents (data in local currency, units without decimal points); Real estate investments abroad held by residents (data in equivalent U.S. dollars).
  - Fields for each: Total market value of real estate (3), Quarterly rent charged, Quarterly expenses incurred, Net purchases for the period.
  - Explanations: market value estimates of real estate not included in company assets should be declared.

- Form No. VIII — PLAN FOR INVESTMENTS IN THE COUNTRY
  - Investment plan of a local foreign direct investment enterprise for the next 5 years.
  - Fields: Objective; Amount to be invested (1); Amount by type of financing: Reinvested earnings (3), Contributions by investors (4), External financing (5), Local financing (6); 3+4+5+6.
  - Explanations:
    - (1) An estimate of the amounts to be invested over the next 5 calendar years should be declared.
  - List of types of objectives:
    - 1- Creation of new local enterprises
    - 2- Purchase of new local enterprises
    - 3- Increase in capital
    - 4- Financial restructuring (for example, the reconfiguration of accumulated losses)
    - 5- Other

*Source: cr1918-argentina-ta-april2017 - 3. Ultimate parent company of the respondent enterprise (4)*

### Appendix VI. Form for Use in Reporting Information on Reserve Transactions

### Appendix VI. Form for Use in Reporting Information on Reserve Transactions

### Overview
- Spreadsheet for providing quarterly information on reserves in the Balance of Payments and International Investment Position.
- Data in millions of dollars to at least two decimal places.
- Reporting columns: International reserves measured at end of quarter; Transactions; Other changes; International reserves measured at end of quarter.

### Reserve holdings and transaction summary (selected items)
- International reserves measured at end of quarter:
  - 12/31/2016: 38,771.63
  - 3/31/2017: 50,522.34
- Total (breakdown of changes): 11,534.71 (Transactions) and 216.00 (Other changes) producing the end-3/31/2017 total 50,522.34.
- Securities:
  - 12/31/2016: 3,889.57
  - 3/31/2017: 2,273.82
- Total currency and deposits:
  - 12/31/2016: 28,990.94
  - 3/31/2017: 43,114.95
- IMF reserve position:
  - 12/31/2016: 360.01
  - 3/31/2017: 363.41
- SDRs:
  - 12/31/2016: 2,401.10
  - 3/31/2017: 2,423.86
- Gold:
  - 12/31/2016: 2,101.75
  - 3/31/2017: 2,202.13
- Financial derivatives:
  - 12/31/2016: 320.15
  - 3/31/2017: 255.30
- Loans to nonbanks nonresidents:
  - 12/31/2016: 682.60
  - 3/31/2017: 398.87
- Others:
  - 12/31/2016: 25.51
  - 3/31/2017: 0.60

### Classification note (from form)
- The short-term classification, one year or less, and the long-term classification, more than one year, are determined by the conditions of issue. For example, a 10-year bond issue that is 3 months away from maturity should be included in the long-term group.
- Reconciliation and consistency guidance as printed on the form:
  - "This amount should be the same as the “International Reserves and Foreign Currency Liquidity” submitted to the IMF."
  - "This amount should be the same as the international reserves published for the given date."
  - "This amount should be the same as the Change in International Reserves as a Result of Transactions published in the Foreign Exchange Market."
  - "This amount should be the same as the product of the cross-rate and the valuation published in the Foreign Exchange Market."

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### Appendix VII. International Investment Position for 2006–2016 (Using the BPM6 Methodology)

### Net international investment position (quarterly series shown in table)
- Net international investment position (sequence by quarter shown): -27,529 11,631 31,897 27,175 29,548 39,607 46,917 49,716 55,982 48,272 47,560 41,637 46,359 40,042 27,125 24,334 29,012

### Assets (total and selected components, quarterly series)
- Assets (sequence): 146,590 206,092 210,710 223,778 238,405 254,522 263,988 261,634 268,009 272,312 277,840 275,565 272,506 277,816 281,581 283,604 291,657
- Direct investment — Equity and investment fund shares (sequence): 25,897 27,543 28,789 29,536 30,328 31,891 32,919 34,517 36,180 37,168 37,384 37,636 37,843 38,107 38,334 38,545 38,814
- Portfolio investment — Equity and investment fund shares (sequence): 17,707 20,306 12,301 16,108 19,154 19,248 20,420 25,983 28,170 28,495 28,120 25,439 26,851 27,305 27,703 28,209 29,654
- Portfolio investment — Debt securities (sequence): 15,596 14,316 12,935 14,419 12,967 12,622 12,766 13,502 13,501 13,651 14,219 14,168 14,322 14,332 14,699 14,424 14,377
- Other investment (total sequence): 86,276 97,759 110,298 115,748 123,766 144,385 154,593 157,032 158,751 161,509 164,266 165,064 167,928 168,500 170,338 172,524 170,040
  - Other investment — Other equity (sequence): 1,745 1,877 2,011 2,098 2,388 2,471 2,547 2,569 2,656 2,692 2,720 2,815 2,752 2,731 2,815 2,904 2,905
  - Other investment — Currency and deposits (sequence): 74,282 83,387 95,242 103,238 109,835 128,091 139,055 140,111 144,174 146,695 148,303 149,883 153,309 154,678 156,884 158,636 156,176
  - Other investment — Loans (sequence): 7,009 8,305 9,199 7,031 7,199 7,888 8,230 7,997 8,030 8,107 8,345 8,120 7,948 8,093 7,929 8,275 8,249
- Reserve assets (sequence): 1,115 46,168 46,386 47,967 52,190 46,376 43,290 30,600 31,408 31,490 33,851 33,257 25,563 29,572 30,507 29,902 38,772
  - Monetary gold (sequence): 1,115 1,468 1,524 1,932 2,497 3,127 3,326 2,389 2,355 2,346 2,326 2,214 2,107 2,444 2,617 2,608 2,102
  - Special drawing rights (sequence): 0 509 495 3,172 3,116 3,153 3,156 3,162 2,975 2,832 2,888 2,882 2,845 2,893 2,872 2,492 2,401
  - Reserve position in the IMF (sequence): 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 374 360
  - Other reserve assets (sequence): 0 44,191 44,367 42,863 46,577 40,096 36,808 25,048 26,078 26,311 28,637 28,160 20,611 24,234 25,018 24,428 33,909
    - Other reserve assets — Currency and deposits (sequence): 0 24,520 34,423 40,643 44,832 39,047 35,685 23,923 25,073 25,001 27,427 26,935 20,421 22,743 23,148 23,182 28,991
    - Other reserve assets — Securities (sequence): 0 19,502 9,758 2,174 1,486 878 932 908 865 1,180 1,087 1,106 0 1,304 1,357 1,223 3,890
    - Other reserve assets — Other claims (sequence): 0 169 185 46 0 259 172 191 217 139 130 123 119 190 187 513 23 1,028

### Liabilities (total and selected components, quarterly series)
- Liabilities (sequence): 174,119 194,461 178,812 196,603 208,857 214,915 217,071 211,918 212,027 224,040 230,280 233,928 226,148 237,774 254,456 259,270 262,645
- Direct investment — total (sequence): 60,253 67,574 77,066 79,871 88,455 93,199 100,821 91,557 82,399 86,165 89,653 92,321 85,128 77,640 86,986 86,349 88,222
  - Direct investment — Equity and investment fund shares (sequence): 46,276 50,922 55,586 60,461 65,651 67,663 71,381 63,034 53,905 56,843 59,293 61,518 56,286 49,174 58,889 59,930 62,262
  - Direct investment — Debt instruments (sequence): 13,977 16,652 21,481 19,410 22,804 25,535 29,440 28,523 28,494 29,322 30,361 30,803 28,841 28,467 28,097 26,419 25,960
- Portfolio investment — total (sequence): 46,410 49,018 18,005 29,497 43,161 34,043 32,167 37,034 47,819 52,778 51,994 49,518 47,963 63,533 82,074 89,746 95,858
  - Portfolio investment — Debt securities (sequence): 41,567 42,233 15,495 26,003 36,708 29,994 28,593 31,715 38,148 41,026 41,284 41,733 38,610 55,280 72,760 80,157 85,724
    - Central bank (component of debt securities): 872 2,239 254 1 0 0 0 0 0 0 0 0 0 497 2,130 1,984 703
    - Deposit-taking corporations, except the central bank (component): 2,532 1,859 692 1,259 845 1,155 1,073 1,190 1,146 1,178 1,186 1,168 1,236 1,219 1,297 1,338 1,562
    - General government (component): 28,902 29,804 9,689 19,106 30,547 23,643 23,376 25,264 31,035 33,288 31,974 32,802 29,616 44,598 60,447 66,300 72,783
- Financial derivatives (other than reserves) and employee stock options (liabilities sequence): 5,323 4,641 1,178 2,283 6,669 4,806 2,687 3,589 2,771 3,426 3,237 3,066 3,592 3,311 3,123 3,034 2,981
  - General government (component): 5,323 4,641 1,178 2,283 6,669 4,806 2,687 3,589 2,771 3,426 3,237 3,066 3,592 3,311 3,123 3,034 2,981
- Other investment — total (liabilities sequence): 62,133 73,228 82,563 84,952 70,572 82,868 81,396 79,739 79,038 81,672 85,395 89,022 89,465 93,290 82,273 80,140 75,584
  - Other investment — Currency and deposits (sequence): 495 689 521 376 255 485 489 239 162 194 233 167 165 144 172 243 219
  - Other investment — Loans (sequence): 52,125 59,917 67,797 68,723 52,303 59,871 58,020 55,969 58,427 60,130 62,468 66,148 67,522 72,312 62,207 60,629 56,702
    - Deposit-taking corporations, except the central bank (component): 1,385 1,231 1,327 885 979 1,508 1,039 1,046 1,187 1,330 1,738 1,658 1,638 1,368 1,488 1,638 1,659
    - General government (component): 40,378 45,581 48,718 53,080 38,764 40,859 42,462 44,693 44,437 44,030 44,123 44,512 45,045 50,698 41,825 37,793 36,929
  - Other investment — Trade credit and advances (sequence): 8,447 10,643 12,619 12,402 14,612 19,231 19,975 20,729 17,847 18,844 20,014 20,001 19,063 18,034 17,322 16,609 15,831
- Miscellaneous liabilities (sequence): 1,065 1,978 1,626 3,451 3,402 3,281 2,912 2,801 2,602 2,504 2,681 2,706 2,715 2,801 2,573 2,659 2,832
  - Central bank (component): 0 0 0 2,645 2,599 2,590 2,601 2,598 2,445 2,328 2,373 2,369 2,338 2,377 2,360 2,355 2,268
  - Deposit-taking corporations, except the central bank (component): 1,065 1,978 1,626 806 803 691 310 203 157 176 307 337 377 423 212 304 563

*Source: cr1918-argentina-ta-april2017 - Appendix VI and Appendix VII.*

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_Source: https://www.imf.org/-/media/files/publications/cr/2019/cr1918-argentina-ta-april2017.pdf_