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Uses of Balance of Payments & International Investment Position Statistics

Uses of Balance of Payments & International Investment Position Statistics Course on Balance of Payments and International Investment Position Manual (BPM6) IMF-PFTAC Nadi November 22-December 1 , 2010. DM01. Introduction. Who are the users? What are the uses of BOP/IIP statistics?

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Uses of Balance of Payments & International Investment Position Statistics

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  1. Uses of Balance of Payments & International Investment Position Statistics Course on Balance of Payments and International Investment Position Manual (BPM6) IMF-PFTAC Nadi November 22-December 1, 2010 DM01

  2. Introduction • Who are the users? • What are the uses of BOP/IIP statistics? • Users need quality statistics – what are their requirements? • Educating and communicating with users

  3. Who are the users? • Central government and central bank, i.e. government agencies concerned with economic management of the external sector and the economy as a whole • External resource providers (including IMF) • Direct investors • Portfolio investors • Foreign debt lenders • Aid donors

  4. Who are the users? Cont. • Large domestic enterprises and agencies responsible for industry, including • Large public enterprises, foreign owned enterprises, large exporters, tourism industry, telecommunication and IT industry, government industry agencies, government regulatory and revenue agencies (e.g. Customs) • The economic intelligence community such as tertiary educators, research bodies & press • Community, citizens, educators, investors, aid workers, tourists, etc.

  5. What are the uses of BOP/IIP statistics? • Tool for economic management • Understanding and forecasting the external and domestic sectors of the economies • Setting exchange rate, interest rate, government expenditure and settings, and industry policy • Resource allocation • Monitoring returns on investments and success of policy • Assessing overall economic, social & environment health • Making infrastructure and other investment decisions

  6. What are the uses of BOP/IIP statistics? Cont. • Monitoring and investing in particular sectors • Foreign direct investment • Portfolio investment • Foreign debt • Transportation • Tourism • Income flows from fishing licences, remittances, etc • Foreign aid

  7. What is meant by quality statistics? • Users need statistics that are: • Comprehensive, detailed & easily understood • Expanding their understanding • Timely & frequent • Accurate (strengths and weaknesses explained) • Concepts, classifications, presentation, sources and methods explained • Meet international standards

  8. Educating and communicating with users • BOP compiler has responsibility to explain statistics to users? • Educator ) KISS & honesty • Communicator ) KISS & honesty • The BOP compiler is the expert • Have confidence in what you are doing • Have creditability • Determine what you don’t know and fix it

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