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Lucie Laliberté Statistics Department International Monetary Fund

Update of Balance of Payments Manual, BPM5 OECD National Accounts Experts meeting, Paris October, 2003. Lucie Laliberté Statistics Department International Monetary Fund. Main factors underlying the updating of BPM5.

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Lucie Laliberté Statistics Department International Monetary Fund

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  1. Update of Balance of Payments Manual, BPM5OECD National Accounts Experts meeting, ParisOctober, 2003 Lucie Laliberté Statistics Department International Monetary Fund

  2. Main factors underlying the updating of BPM5 • Major economic developments that have occurred in the past ten years, especially • in trade in international services and • in financial markets • Conducted at the same time as the update of 1993 SNA to ensure synchronization and coordination in the update of the two systems • A period of 15 years will have elapsed by 2008, about the same as for the update of BPM5

  3. Calendar of the update of BPM5 • 1999: possibility of updating BPM5 raised at the IMF BOP Committee • 2000 to 2002: list of issues discussed at the IMF BOP Committee • 2003: Draft Annotated Outline circulated to ISWGNA and other interagency fora for comments by November 2003 • 2003: Annotated Outline discussed at the IMF BOP Committee for agreements on final form • 2004 (early): Annotated Outline circulated and leading to a process of position papers extensively discussed at BOP Committee, technical review group and ISWGNA and other interested groups • 2006 (december): First Draft Manual circulated • 2007 (december): Second Draft Manual circulated • 2008 (december): Final Manual (remaining issues placed on research agenda) subject only to editing.

  4. Structure of the Annotated Outline • Viewed as a discussion document • Povides the structure in terms of chapters and description of the new manual • Each chapter covers the subjects to be covered, identifies issues and indicates various options for discussions • Each chapter ends with relevant references (e.g. other standards), changes from BPM5, and glossary.

  5. Main features of the new Balance of Payments Manual • No major changes from BPM5 • International Investment Position given a more central role and fully linked to transactions and other flows • Clarification of BPM5 areas such as direct investment/services and use/sale of asset. • Impact of financial innovation in terms of financial services and financial assets and liabilities • Addition on uses of BOP and IIP • Incorporation of relevant developments of update of 1993 SNA and other international standards

  6. Questions and comments: to be addressed to bpm5update@imf.org

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