TAILIEUCHUNG - IMF COMMITTEE ON BALANCE OF PAYMENTS STATISTICS RESERVE ASSETS TECHNICAL EXPERT GROUP (RESTEG)

Like other GCC countries, Saudi Arabia, as the world’s largest producer and exporter of oil, has benefitted from increasing oil revenues in recent years. Although Saudi Arabia has not formally established a SWF, its central bank holds a significant amount of international investments outside of traditional foreign reserves, and thus is not reflected on the previous chart. Separately, the Saudi central bank controls an estimated $320 billion in foreign assets, with “additional reserves that are not made public for national security reasons.”24 In December 2007, Saudi Arabia announced plans to establish a sovereign wealth fund likely to be the world’s largest. According to the. | IMF COMMITTEE ON BALANCE OF PAYMENTS STATISTICS RESERVE ASSETS TECHNICAL EXPERT GROUP RESTEG ISSUES PAPER RESTEG 5 Investment Funds Prepared by Antonio Galicia-Escotto IMF Statistics Department December 2005 The views expressed in this paper are those of the author s only and the presence of it or of links to it on the IMF website does not imply that the IMF its Executive Board or its management endorses or shares the views expressed in the papers. Balance of Payments Technical Expert Group issues Paper RESTEG 5 investment funds 1. The continued accumulation of international reserves in some countries has renewed country interest in the creation of long-term investment funds in their different modalities similar to those created by oil producing countries in last decades for stabilization and or intergenerational wealth purposes or such like. The issue has arisen over the classification of foreign assets that are part of a long-term investment fund specifically whether these should be included in reserve assets or not. 2. When the authorities create a long-term investment fund the perception is that the objective is oriented to return over the longer term rather than liquidity for balance of payments needs. The core issues regarding classification of assets within reserve assets remains the same as with any other asset does the monetary authorities have effective control over the foreign assets of the investment funds so they can be readily available to meet a balance of payments financing need. I. Current international standards for the statistical treatment of the issue 3. The fifth edition of the Balance of Payments Manual BPM5 and the International Reserves and Foreign Currency Liquidity Guidelines for a Data Template Guidelines do not discuss such funds. However key issues that help determine if foreign assets can be considered international assets are a Do they meet the criteria as stated in paragraphs 65 of the Guidelines Reserve assets are first and .

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