International Monetary Fund. Independent Evaluation Office
This report examines whether the IMF has effectively leveraged an important asset: data. It finds that in general, the IMF has been able to rely on a large amount of data of acceptable quality, and that data provision from member countries has improved markedly over time. Nonetheless, problems with data or data practices have, at times, adversely affected the IMF’s surveillance and lending activities. The roots of data problems are diverse, ranging from problems due to member countries’ capacity constraints or reluctance to share sensitive data to internal issues such as lack of appropriate staff incentives, institutional rigidities, and long-standing work practices. Efforts to tackle these problems are piecemeal, the report finds, without a clear comprehensive strategy that recognizes data as an institutional strategic asset, not just a consumption good for economists. The report makes a number of recommendations that could promote greater progress in this regard.
This Report on the Observance of Standards and Codes Data Module provides a review of Bulgaria’s data dissemination practices against the IMF’s special data dissemination standard, complemented by an in-depth assessment of the quality of the national accounts, consumer price index, producer price index, government finance, monetary, and balance-of-payments statistics. Bulgaria has adopted a restructuring program, aimed at stabilization and significant improvements in fiscal and monetary statistics. Bulgarian statistics have been relevant, consistent, and available on a timely basis with good frequency.
This paper is a summary assessment of Chile's data dissemination practices against the IMF's Special Data Dissemination Standard (SDDS) complemented by an in-depth assessment of the dimensions of data quality for the national accounts, prices, government finance, monetary, and balance-of-payments statistics. The Chilean agencies that produce these sets of statistics are the National Statistics Institute (INE), the Central Bank of Chile (BCCH), and the Ministry of Finance (MOF). Chilean statistics are generally relevant, timely, and frequent, and otherwise meet users' needs.
International Monetary Fund. External Relations Dept.
In a news brief, the IMF announced that as of June 29, 2000, 41 of the 47 subscribers to the Special Data Dissemination Standard (SDDS) are publishing data on international reserves and foreign currency liquidity according to an internationally agreed template. The information, which is available on the websites of the countries’ central banks or finance ministries, provides comprehensive and timely data on these subscribers’ international reserves and related obligations. In addition, one country that does not subscribe to the SDDS also publishes data according to the template. The countries’ sites are hyperlinked to the IMF’s Dissemination Standards Bulletin Board (DSBB), which is accessible to the public on the IMF’s external website at http://dsbb.imf.org.
Crisis Stalls Globalization: Reshaping the World Economy" examines the multiple facets of the recession-from the impact on individual economies to the effect on the global payments imbalances that were partially at the root of the crisis-and offers a variety of suggestions for supporting a recovery and averting future crises. Several IMF studies shed light on the depth of the crisis-including a survey of the sharp drop in trade finance, along with quantitative findings about the direct and indirect costs of the financial turbulence-and debate what is to be done from several angles, including the redesign of the regulatory framework and ways to plug large data gaps to prevent future crises and aid in the creation of early warning systems. Opinion pieces discuss the shifting boundaries between the state and markets, the agenda for financial sector reform, and the governance of global financial markets. The issue also includes a historical perspective to see when restructuring the global financial architecture actually succeeds. "People in Economics" profiles Nouriel Roubini; "Back to Basics" looks at what makes a recession; and "Data Spotlight" examines Latin America's debt.
Malta’s financial sector has so far weathered the global turmoil relatively unscathed; the real economy has been decelerating since the last quarter of 2008. The staff report for Malta’s 2009 Article IV Consultation underlies economic developments and policies. The fiscal position deteriorated sharply in 2008, owing to one-offs and spending slippages. The current account deficit improved to 5½ percent of GDP. The immediate goal for fiscal policy should be to mitigate the negative spillovers on activity from the global crisis without compromising the already fragile public finances.
This paper focuses on the Fourth Review for Sierra Leone under the Poverty Reduction and Growth Facility. Program performance in the second half of 2008 was mixed. Although economic activity slowed in the last quarter, real GDP grew at an estimated 5.5 percent for the year. A key challenge is to mobilize more domestic revenue by strengthening tax administration and broadening the tax base. The authorities are also moving to make the National Revenue Authority more efficient and raise taxpayer compliance.