Expert Meeting on Capacity Building
in the Area of FDI
UNCTAD
December 12–14, 2005
Revision of the IMF Balance of Payments Manual: The
Direct Investment Functional Category
Recommendations of the Direct Investment Technical
Expert Group and Decisions of the IMF Committee on
Balance of Payments Statistics
Neil Patterson
Statistics Department
International Monetary Fund
Disclaimer: This note should not be reported as representing the views of the IMF. The views
expressed in this note are those of the author and do not necessarily represent those of the IMF or
IMF policy.
REVISION OF THE IMF BALANCE OF PAYMENTS MANUAL: THE DIRECT
INVESTMENT FUNCTIONAL CATEGORY
RECOMMENDATIONS OF THE DIRECT INVESTMENT TECHNICAL
EXPERT GROUP AND DECISIONS OF THE IMF COMMITTEE ON
BALANCE OF PAYMENTS STATISTICS
1. Most existing international statistical guidelines for the compilation of
macroeconomic statistics were introduced in the early 1990s. In the light of changing
economic conditions and user needs since that time, the international statistical community,
represented by various high level groups, decided that a harmonized review of the various
guidelines was required.
2. The System of National Accounts, 1993 (1993 SNA), the IMF Balance of Payments
Manual, fifth edition (BPM5), the OECD Benchmark Definition of Foreign Direct
Investment (Benchmark Definition), and various other guidelines are being revised in
coordination, and with the objective of complete consistency.
3. An IMF/OECD Direct Investment Technical Expert Group (DITEG) was established
to make recommendations on the methodology of direct investment statistics for the
harmonized revisions of the BPM5 and Benchmark Definition.1 DITEG submitted its
recommendations for consideration by the IMF Committee on Balance of Payments Statistics
(Committee) and the OECD Workshop on International Investment Statistics (WIIS). Details
of the working arrangements are set out in Box 1. T