Update of the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6)
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- Update of the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6)
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Purpose, scope, and timetable
- The IMF Statistics Department launched the update of the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) targeting to publish an updated version of the Manual (BPM7) by March 2025.
- The BPM6 update is being coordinated with the update of the System of National Accounts 2008 (2008 SNA), which was officially launched by the United Nations Statistical Commission (UNSC) with a target release date of March 2025.
- Key elements and the timetable were endorsed by the IMF’s Committee on Balance of Payments Statistics (BOPCOM) at its Thirty-Third Meeting in March 2020.
- The two phases of the update process:
- Phase I (March 2020–March 2022): finalization of the detailed research on the issues identified in the Compendium of Research Issues and discussion of their impact on BPM7.
- Phase II (April 2022–March 2025): finalization of the Annotated Outline and drafting of the chapters/appendixes of BPM7, and extensive consultations about the proposed changes.
Outputs released and available material
- The White Cover (pre-edited) version of the seventh edition of the IMF’s Integrated Balance of Payments and International Investment Position Manual (BPM7) is released.
- The strategy paper for the implementation of BPM7 is available.
- Annotated Outlines for SNA Chapters and for BPM Chapters have been prepared to assist drafting and are being made available for global consultation.
- Outcomes and materials from global consultations and surveys include:
- Global Consultation on Annotated Outlines — First Round (Survey closed January 7, 2023)
- Global Consultation on Annotated Outlines — Second Round (Survey closed March 24, 2023)
- Global Consultation on Annotated Outlines — Third Round (Survey closed May 5, 2023)
- Global Consultation on Annotated Outlines for Annexes — Fourth Round (Survey closed June 2, 2023)
- Global Consultation Survey (available on unstats.un.org)
- Annotated Outlines for SNA Chapters (available on unstats.un.org)
- Annotated Outlines for BPM Chapters
Governance, task teams, and consultation structure
- Task Teams (TTs) and joint TTs established to advise BOPCOM and the Inter‑secretariat Working Group on National Accounts (ISWGNA) include:
- Balance of Payments Task Team (BPTT)
- Current Account Task Team (CATT)
- Direct Investment Task Team (DITT)
- Financial and Payments Systems Task Team (FITT)
- Joint Globalization Task Team (GZTT)
- Informal Economy Task Team (IETT)
- Islamic Finance Task Team (IFTT)
- Joint Communications Task Team (CMTT)
- Additional institutional engagement:
- IMF’s Committee on Balance of Payments Statistics
- Inter-secretariat Working Group on National Accounts
- OECD Working Group on International Investment Statistics
- Collaboration with the UN Statistical Commission processes toward the 2025 SNA
Consultations, surveys, and stakeholder engagement
- Global Consultation on Annotated Outlines for Chapters in the Updated System of National Accounts and Balance of Payments Manual invited review and feedback from users and compilers via Survey links.
- Survey on the Holistic Review of BPM6 Update Priorities:
- Purpose: receive inputs on the costs and benefits of introducing new data breakdowns in connection with the BPM6 update.
- Users of external sector statistics asked to assess benefits of implementing new data breakdowns.
- Compilers asked to assess costs and optionally—if also data users—the benefits.
- Two rounds of regional outreach seminars:
- First round: being held virtually; most events also cover proposed changes in the System of National Accounts, 2025 (2025 SNA).
- Second round: planned to kick off in 2025, after publication of BPM7 and the 2025 SNA, and extend into 2026.
- Second round also introduced new Implementation Planning Tools to guide implementation of the new international macroeconomic statistical standards.
Implementation planning tools and capacity development materials
- Implementation and planning tools introduced include:
- SNA/BPM Implementation Planning Playbook
- Stakeholder and User Engagement Planning Tool
- Statistical Business Process Planning Tool
- DQAF3 BOP/IIP Generic Questionnaire
- DQAF3 SNA Generic Questionnaire
- DQAF4 BOP/IIP Generic Questionnaire
- DQAF4 SNA Generic Questionnaire
- Implementation Timeline Planning Tool
- Resource and Funding Planning Tool
- Communication Planning Tool
- Implementation Dissemination Planning Tool
- Implementation Risk Assessment Planning Tool
Regional outreach and seminar schedule (selected events)
- First-round outreach events (virtual/held in 2023–2024) included collaborations and dates:
- Center for Latin American Monetary Studies (CEMLA)/IMF (BPM Only): May 23-24, 2023 (ENG, SPA)
- Arab Monetary Fund (AMF)/IMF: December 12-14, 2023 (ENG, ARA)
- The Caucasus, Central Asia, and Mongolia Regional Capacity Development Center (CCAMTAC)/IMF: January 23-25, 2024 (ENG, RUS)
- United Nations Economic Commission for Europe (UNECE)/IMF: March 6-7, 2024 (ENG, RUS)
- European Central Bank (ECB)/EUROSTAT/IMF: March 12-15, 2024 (ENG)
- United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP)/IMF: March 26-27 & April 3-4, 2024 (ENG)
- African Union Statistical Institute (STATAFRIC)/UN Economic Commission for Africa (UNECA)/IMF: April 23-25, 2024 (ENG, FRE, POR)
- Second-round outreach events (planned 2025–2026) include:
- The Caucasus, Central Asia, and Mongolia Regional Capacity Development Center (CCAMTAC)/IMF: August 25–27, 2025 (ENG)
- Capacity Development Office in Thailand (CDOT)/IMF: October 22–24, 2025 (ENG)
- Center for Latin American Monetary Studies (CEMLA)/IMF: March 2–4, 2026 (ENG)
- African Union Statistical Institute (STATAFRIC)/UN Economic Commission for Africa (UNECA)/IMF: March 30–April 2, 2026 (ENG)
Participation, feedback channels, and next steps
- Users and compilers are encouraged to review Annotated Outlines and provide feedback through the consultation mechanisms.
- General and specific questions and comments should be sent to STABPM6Update@imf.org.
- The update process includes final drafting of BPM7 chapters and appendixes and extensive consultations through March 2025, followed by implementation outreach into 2026.
Content in this bundle
References