Chapter

Article VIII, Section 5

Author(s):
International Monetary Fund. Legal Dept.
Published Date:
August 2017
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Furnishing of Information

Strengthening the Effectiveness of Article VIII, Section 5

1. Pursuant to Article VIII, Section 5, the Fund decides that all members shall provide the information listed in Annex A to this decision, which is necessary for the Fund to discharge its duties effectively. Members shall provide the data specified in Annex A for the periods commencing after December 31, 2004, except as provided in paragraph 1(a). Reviews of Annex A shall be conducted together with reviews of data provision to the Fund for surveillance purposes, and the next review of Annex A and data provision to the Fund for surveillance purposes shall take place no later than April 30, 2013.11

(a) Members shall provide the data specified in paragraph (viii) of Annex A for the periods commencing after December 31, 2008.

2. When a member fails to provide information to the Fund as specified in Article VIII, Section 5 or in a decision of the Fund adopted pursuant to that Article including information listed in Annex A (hereinafter information required under Article VIII, Section 5), the procedural framework set forth in paragraphs 5 through 17 below shall apply. Failure to provide information includes both the nonprovision of information and the provision of inaccurate information.

3. A member has an obligation to provide information required under Article VIII, Section 5 to the best of its ability. Therefore, there is no breach of obligation if the member is unable to provide information required under Article VIII, Section 5 or to provide more accurate information than the information it has provided. However, a member that is unable to provide final data is obligated to provide provisional data to the best of its ability until it is in a position to provide the Fund with final data. When assessing a member’s ability to provide information, the Fund will give the member the benefit of any doubt.

4. In the context of performance criteria associated with the use of the Fund’s general resources, a member may be found in breach of its obligation under Article VIII, Section 5 only if (i) it has re ported that a performance criterion was met when in fact it was not, or that a performance criterion was not observed by a particular margin and it is subsequently discovered that the margin of non-observance was greater than originally reported, and (ii) a purchase was made on the basis of the information provided by the member, or the information was reported to the Executive Board in the context of a review which was subsequently completed or of a decision of the Executive Board to grant a waiver for non-observance of the relevant performance criterion.

Procedures Prior to Report by the Managing Director to the Executive Board

5. Whenever it appears to the Managing Director that a member is not providing information required under Article VIII, Section 5, the Managing Director shall call upon the member to provide the required information; before making a formal representation to the member, the Managing Director shall inform, and enlist the cooperation of, the Executive Director for the member. If the member persists in not providing such information and has not demonstrated to the satisfaction of the Managing Director that it is unable to provide such information, the Managing Director shall notify the member of his intention to make a report to the Executive Board under Rule K-l for breach of obligation unless, within a specified period of not less than a month, such information is provided or the member demonstrates to his satisfaction that it is unable to provide such information.

6. Whenever it appears to the Managing Director that a member has provided inaccurate data on information required under Article VIII, Section 5, the Managing Director shall consult with the member to assess whether the inaccuracy is due to a lack of capacity on the part of the member; provided however, that in de minimis cases, as defined in paragraph 1 of Decision No. 13849, the preliminary communications and consultations with the member may be conducted by the Area Department. If, after the consultation with the member, the Managing Director finds no reason to believe that the inaccuracy is due to a lack of capacity on the part of the member, he shall notify the member of his intention to make a report to the Executive Board for breach of obligation under Rule K-l unless the member demonstrates to his satisfaction within a period of not less than one month that it was unable to provide more accurate information.

7. If the Managing Director concludes that the nonprovision of information or the provision of inaccurate information is due to the member’s inability to provide the required information in a timely and accurate fashion, he may so inform the Executive Board. In that case, the Executive Board may decide to apply the provisions of paragraph 10 below.

Report by the Managing Director

8. After the expiration of the period specified in the Managing Director’s notification to the member, the Managing Director shall make a report to the Executive Board under Rule K-l for breach of obligation, unless the Managing Director is satisfied that the member’s response meets the requirements specified in his notification. The report shall identify the nature of the breach and include the member’s response (if any) to the Managing Director’s notification, and may recommend the type of remedial actions to be taken by the member.

Consideration of the Report

9. Within 90 days of the issuance of the Managing Director’s report, the Executive Board will consider the report with a view to deciding whether the member has breached its obligations. Before reaching a decision, the Executive Board may request from the staff and the authorities additional clarification of the facts respecting the alleged breach of obligation; the Executive Board will specify a deadline for the provision of such clarification.

10. If the Executive Board finds that the member’s failure to provide information required under Article VIII, Section 5 is due to its inability to provide the information in a timely and accurate fashion, the Executive Board may call upon the member to strengthen its capacity to provide the required information and ask the Managing Director to report periodically on progress made by the member in that respect. The member may request technical assistance from the Fund.

11. (a) If the Executive Board finds that the member has breached its obligation, the Executive Board may call upon the member to prevent the recurrence of such a breach in the future and to take specific measures to that effect. Such measures may include the implementation of improvements in the member’s statistical systems or any other measures deemed appropriate in view of the circumstances.

(b) In addition, if the Executive Board finds that the member is still not providing the required information, the Executive Board will call upon the member to provide such information.

(c) The Executive Board will specify a deadline for taking any remedial actions specified under (a) and (b); in principle, the deadline will not exceed 90 days for actions specified under (b). The decision may note the intention of the Managing Director to recommend the issuance of a declaration of censure if the specified actions are not implemented within the specified period. In order to assist the Executive Board in identifying the appropriate actions to address a breach of obligation under Article VIII, Section 5, the member may, before the Board meeting, provide the Executive Board with a statement specifying the remedial actions it intends to take and a proposed timeframe. The member may also request technical assistance from the Fund.

(d) At the expiration of the period specified by the Executive Board, the Managing Director shall report to the Executive Board on the status of the specified actions. If the member has not taken the specified actions within the specified period, and depending on the circumstances of such failure, the Managing Director may recommend and the Executive Board may decide: (1) to extend the period before further steps under the procedural framework are taken; (2) to call upon the member to take additional remedial actions within a specified timeframe; or (3) to issue a declaration of censure against the member.

Declaration of Censure

12. If a member fails to implement the actions specified by the Executive Board before the established deadline, the Managing Director may recommend and the Executive Board may decide to issue a declaration of censure. Before the adoption of a declaration of censure, the Executive Board may issue a statement to the member setting out its concerns and giving the member a specified period to respond.

13. The declaration of censure will identify the breach of obligation under Article VIII, Section 5 and the specified remedial actions the member has failed to take within the specified timeframe. The declaration may specify a new deadline for the implementation by the member of the specified remedial actions; in addition, the declaration may identify further remedial actions for the member to implement before the specified deadline. It will note that the member’s failure to implement any of the actions called for in the declaration within the specified timeframe may result in the issuance of a complaint for ineligibility under Article XXVI(a) and the imposition of this measure. At the expiration of the period specified by the Executive Board, the Managing Director shall report to the Executive Board on the status of the specified actions.

Sanctions under Article XXVI

14. Following the adoption of a declaration of censure, if the Executive Board finds that the member has failed to implement any of the actions called for in the declaration within the specified timeframe, the Managing Director may issue a complaint to the Executive Board and recommend that the Executive Board declare the member ineligible to use the general resources of the Fund for its breach of obligation under Article VIII, Section 5. The Executive Board decision declaring the member ineligible to use the general resources of the Fund will note that the member’s persistence in its failure to fulfill its obligations under Article VIII, Section 5 following the declaration of ineligibility may result in the issuance of a complaint for the suspension of the member’s voting and related rights and in the imposition of this measure.

15. If the member persists in its failure to fulfill its obligations under Article VIII, Section 5 for six months after the declaration of ineligibility, the Managing Director may issue a complaint and recommend that the Fund suspend the member’s voting and related rights. The Executive Board decision suspending the member’s voting and related rights will note that the member’s persistence in its failure to fulfill its obligations under Article VIII, Section 5 following the declaration of suspension of voting and related rights may result in the issuance of a complaint for compulsory withdrawal and in the initiation of the proceedings for the compulsory withdrawal of the member from the Fund.

16. If the member persists in its failure to fulfill its obligation under Article VIII, Section 5 for six months after the suspension of its voting rights, the Managing Director may initiate proceedings for the compulsory withdrawal of the member from the Fund.

17. All the Executive Board decisions arising from a breach of obligation taken under the procedures described above, including a decision to issue the statement of concern referred to in paragraph 12 above, will give rise to a public announcement with prior review of the text by the Executive Board.

18. (a) The following procedures shall apply to cases in which a member provides inaccurate information required under Article VIII, Section 5:

(i) for the purposes of a performance criterion under an arrangement in the General Resources Account, or

(ii) for another purpose in circumstances where the relevant information is reported to the Fund with respect to a performance criterion under an arrangement under a facility of the Poverty Reduction and Growth Trust, or an assessment criterion under a Policy Support Instrument, and understandings have been reached between Fund staff and the relevant member that such reporting shall be made not only for the purposes of the relevant arrangement or instrument but for such other purposes as well, and where the deviation from the relevant performance criterion or assessment criterion, as the case may be, is judged to be de minimis as defined in paragraph 1 of Decision No. 13849.

(b) Whenever the Managing Director considers a deviation described in paragraph 18 (a) to be de minimis in nature:

(i) the consultations and notifications contemplated in paragraph 6 may be made by a representative of the relevant Area Department, and

(ii) the report of the Managing Director contemplated in paragraph 8 shall, wherever possible, be included in a staff report on the relevant member that deals with issues other than the potential breach of Article VIII, Section 5 and, with respect to potential remedial actions for such breach of obligation, shall include a recommendation that no further action by taken by the Fund. In those rare cases in which such a document cannot be issued to the Board promptly after the Managing Director concludes that a breach of obligation under Article VIII, Section 5 has arisen, the Managing Director shall consult Executive Directors and, if deemed appropriate by the Managing Director, a stand-alone report under Rule K-1 will be prepared for consideration by the Executive Board normally on a lapse-of-time basis.

(c) Whenever the Executive Board, under paragraph 1l(a), finds that a breach of obligation under Article VIII, Section 5 has occurred but that the relevant deviation was de minimis in nature as defined in paragraph 1 of Decision No. 13849,

(i) the Executive Board shall decide that no further action be taken by the Fund with respect to the breach, and

(ii) under paragraph 17, the finding of breach of obligation shall not be published by the Fund.

Annex A

The data referred to in paragraph 1 of this decision are the national data on the following matters:

  • (i) reserve, or base money;

  • (ii) broad money;

  • (iii) interest rates, both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds;

  • (iv) revenue, expenditure, balance and composition of financing (i.e., foreign financing and domestic bank and nonbank financing) for the general and central governments respectively1; the stocks of central government and central government-guaranteed debt, including currency and maturity composition and, if the debt data are amenable to classification on the basis of the residency or nonresidency of the holder, the extent to which the debt is held by residents or nonresidents;

  • (v) balance sheet of the central bank;

  • (vi) external current account balance;

  • (vii) exports and imports of goods and services;

  • (viii) for the monetary authorities: international reserve assets (specifying separately any reserve assets that are pledged or otherwise encumbered), reserve liabilities, short-term liabilities linked to a foreign currency but settled by other means, and the notional values of financial derivatives to pay and to receive foreign currency (including those linked to a foreign currency but settled by other means);

  • (ix) gross domestic product, or gross national product;

  • (x) consumer price index;

  • (xi) gross external debt1; and

  • (xii) consolidated balance sheet of the banking system.

Decision No. 13183-(04/10),

January 30, 2004,

as amended by Decision Nos.13814-(06/98), November 15, 2006,

13849-(06/108), December 20, 2006,

14107-(08/38), May 2, 2008, and

14354-(09/79), July 23, 2009,

effective January 7, 2010

Summing Up by the Acting Chair—Review of Data Provision to the Fund for Surveillance Purposes Executive Board Meeting 04/25, March 15, 2004

Executive Directors welcomed the further opportunity to review progress in the provision of data to the Fund by members. Better data not only support strengthened Fund surveillance and crisis prevention, but they also allow members to formulate sounder economic policies. In this context, Directors expressed their appreciation to the staff and country authorities for the substantial progress achieved in recent years in improving data provision to the Fund. They reaffirmed the principles underlying the policy on data provision to the Fund for surveillance purposes, namely: that timely, accurate, and comprehensive data are essential for effective surveillance; that data needs vary according to members’ circumstances; and that data requirements evolve over time with changes in the scope and focus of surveillance.

In taking stock of developments in the coverage and frequency of data provision by members, Directors were encouraged by the finding that a rising share of the membership now provides data that are deemed adequate for Fund surveillance, and that most members—including virtually all countries with market access—now report core statistical indicators on a timely basis. At the same time, Directors recognized that in just under one-third of the Fund’s membership—consisting mostly of countries with small populations or low per capita incomes—severe data deficiencies continue to hamper policy analysis and Fund surveillance. A number of Directors considered that efforts to strengthen data provision, going forward, should focus on these countries. Directors acknowledged that, in many cases, more time will be needed to overcome long-standing statistical capacity constraints, requiring national efforts and international support calibrated to the circumstances of each case.

Directors viewed favorably the current framework for data provision to the Fund, and agreed that it should be essentially preserved. They noted that the core statistical indicators had been replaced by a set of common indicators required for surveillance, following the recent decision adopted by the Executive Board pursuant to Article VIII, Section 5. Directors supported addressing data quality issues in the Statistical Issues Appendix based on available Reports on the Observance of Standards and Codes (ROSCs). Most Directors also agreed that the table of common indicators required for surveillance should include summary assessments of data quality when available from data modules of ROSCs. Some Directors were concerned about the adequacy of data ROSCs for providing assessments of data quality, especially because the quality of the individual common indicators is not directly assessed in the ROSCs, and about the risk that these assessments could be inappropriately viewed as a rating of members’ statistics.

Directors called for strengthened implementation of the framework for data provision to the Fund. In particular, they stressed that Article IV consultation reports should identify data shortcomings, indicate where the analysis of key issues is significantly affected by these shortcomings or where important policy conclusions may be subject to unusual uncertainty due to data weaknesses, and recommend remedial actions where data prove inadequate for effective surveillance. In general, Directors encouraged staff to seek full compliance with existing guidelines on treatment of data issues in staff reports, while noting that coverage of these issues will of course vary from report to report, depending upon the adequacy of data provision to the Fund in each case. Most Directors supported the continued inclusion in Article IV summings up of a paragraph assessing the adequacy of data provision to the Fund, in particular in cases where there are shortcomings.

Directors also called for greater elaboration of remedial strategies in Article IV staff reports for countries where severe and long-standing data deficiencies hamper policy analysis and Fund surveillance. They emphasized that these member countries should be encouraged to participate in the GDDS, which provides a structured framework for statistical improvement. Directors stressed the importance of technical assistance to strengthen these countries’ statistical systems as well as the need for country authorities to demonstrate ownership of these institution-building efforts by committing the necessary local resources. Generally, Directors were of the view that technical assistance priorities in the area of statistics should continue to be guided by identified deficiencies in data provision to the Fund.

Directors had a wide-ranging discussion on how best to meet the data needs of the Fund, as the framework for Fund surveillance evolves and gives rise to new data provision requirements. They focused on the data implications of the work the Fund is doing in four areas to strengthen Fund surveillance, namely, the balance sheet approach, the framework for debt sustainability assessments, liquidity management, and financial soundness indicators for financial sector surveillance. Most Directors agreed that a priority in the period ahead is to improve data availability to conduct balance sheet analysis, as contemplated in these four areas of work. They emphasized the importance of breakdowns of assets and liabilities to gauge currency and maturity mismatches in sectoral balance sheets and the need to address weaknesses in public debt data.

Directors recognized that improving the availability of data needed for balance sheet analysis will involve costs for member countries and the Fund. In this context, some Directors emphasized the need to balance the benefits of improved data against the resource costs involved, including the costs to member countries. Taking account of these considerations, most Directors endorsed a pragmatic action plan to improve data availability to serve the needs of the various balance sheet initiatives. This plan involves (a) the continuation of current efforts to improve external debt data, foreign direct investment data, and compilation of financial soundness indicators; and (b) the seven additional steps outlined in paragraph 43 of the staff report.1 It was suggested that a reduced set of core financial soundness indicators be included within the SDDS.

Directors expressed satisfaction that significantly increased dissemination of macroeconomic data by the Fund has been a vital part of efforts in recent years to strengthen the international financial architecture. To minimize the risk of misperceptions about the accuracy and reliability of Fund data that may arise from the publication of different data series for a given variable, Directors endorsed several approaches. These will include: efforts to strengthen metadata and explain data differences; work to promote common sourcing and better sharing of data across the Fund; and inclusion of a general disclaimer on published staff reports. Directors generally supported the acceleration and extension of the Integrated Monetary Database Project, pointing to the prospective significant medium-term efficiency of such an exercise.

Directors reviewed the resource implications of the measures endorsed in this review and, more broadly, of steps to improve availability of data for policy analysis and Fund surveillance. They noted that many of the steps to strengthen availability of data are compatible with medium-term budget plans, if the current pace of implementation is maintained. Some other steps—particularly the expanded reporting of public domestic debt data, enhanced collection of monetary and financial data, and review of the International Financial Statistics (IFS)—will involve additional costs. The majority of the Board felt that these additional costs should be accommodated within the existing budget envelope. The preferred course of action, for these Directors, is to boost the efficiency of existing data initiatives and to prioritize statistical activities. In this context, it was suggested that the review of the contents of the IFS could be delayed. A number of other Directors, however, were in favor of expanding the resource envelope to accommodate the additional costs, emphasizing the need to protect the effectiveness and high quality of the Fund’s data work while not crowding out other important activities, including data ROSCs.

Directors agreed that the next review of data provision to the Fund should be conducted in about two years’ time.1

BUFF/04/53

March 22, 2004

The Acting Chair’s Summing Up—Review of Data Provision to the Fund for Surveillance Purposes Executive Board Meeting 08/38, May 2, 2008

Executive Directors welcomed the opportunity to review progress in members’ provision of data to the Fund for surveillance purposes, and the expanded data list adopted under the 2004 Decision on Strengthening the Effectiveness of Article VIII, Section 5. Directors stressed that timely and good quality data are crucial to Fund surveillance. Directors agreed with the thrust of the staff paper’s analysis and findings, and broadly endorsed the staff’s recommendations.

Data Provision Trends

Directors welcomed the progress made by members in providing adequate data to the Fund. They noted that significant data challenges remain in developing countries that have yet to attain market access, particularly in low-income or small countries. These challenges will require continued capacity building by the countries themselves, as well as the coordinated support of the international community. In this connection, Directors stressed the importance of targeted Fund technical assistance, within the established budgets, and of promoting dissemination of the core indicators required for surveillance under the General Data Dissemination System. They also encouraged donors to provide more targeted support to strengthening countries’ capacity to produce and disseminate statistics.

Treatment of Data Issues

Directors considered that there is room for improvement in the treatment of data issues in Article IV staff reports, and called for more candid assessments of data adequacy across countries. They agreed that, in cases where shortcomings in data provision significantly hamper surveillance, staff should highlight the implications of these deficiencies for its analysis and policy conclusions. In addition, in cases of severe deficiencies and where staff have had to construct key data based on limited information, staff should discuss with the authorities specific and prioritized remedial measures, and should report on this discussion. Most Directors supported the proposed new classification system for data adequacy as set out in paragraph 19 of the paper. Directors also supported the proposal that Statistical Issues Appendices be more focused and expanded to include financial sector data issues where warranted.

Handling of Potential Breaches of Article VIII, Section 5

Directors stressed that members should abide by their obligation to provide the Fund with data covered under Article VIII, Section 5 to the best of their ability. They encouraged management and staff to address vigorously this responsibility of members, while emphasizing the importance of a cooperative approach and of paying due attention to capacity limitations. Directors noted that the approach followed in recent years has been largely effective in resolving concerns that members may not be sharing data to the best of their ability. They pointed, however, to the wide variance in staff’s handling of such cases as an area for improvement, and stressed that staff must follow up expeditiously in cases where concerns arise. They endorsed the proposal to clarify guidance to staff regarding steps to follow when there is a concern that a member may not be complying with Article VIII, Section 5, to ensure consistent and evenhanded treatment. In cases of non-provision of data, most Directors agreed that there should be no delay in implementing the formal procedures specified under the 2004 Decision—including the “letter stage” where management notifies the member of its intention to inform the Board of a breach of obligation—once the criteria for moving to the letter stage are met, namely where the data are not provided and the member appears to have the capacity to provide the data. However, some Directors emphasized that staff should take care not to move to the letter stage prematurely. In cases where there are concerns that data are being provided late or inaccurately, staff should prepare a plan and timetable for following up on these concerns, including moving to the letter stage when necessary.

Evolving Data Needs

Directors had a wide-ranging discussion on how best to meet the evolving data needs of surveillance to keep pace with the changing global economic environment. Ongoing data initiatives have focused appropriately on positions and exposures across domestic sectors and vis-à-vis the rest of the world. These data are critical in assessing vulnerabilities, and have gained further prominence in light of recent global economic developments. Directors therefore broadly agreed that priority should remain on moving current initiatives forward and adapting them to absorb the new data provision requirements, rather than creating new ones. At the same time, a number of Directors noted the costs of enhanced data initiatives, for both the Fund and member countries, and emphasized that the costs and benefits of additional data collection should be carefully assessed. Many Directors stressed the importance of data on cross-border and intersectoral exposures and risks in advanced economies.

Directors were broadly supportive of the proposed approach to evolving data needs related to Sovereign Wealth Funds (SWFs), Currency Composition of Official Foreign Exchange Reserves (COFER), and assessing financial sector stability. On SWFs, many Directors supported the various data initiatives the Fund is undertaking as part of a wider effort to facilitate and coordinate work on a set of voluntary principles for SWFs, while at the same time, many Directors emphasized that data initiatives should not run ahead of collaborative and voluntary efforts to identify such principles. Noting the importance of COFER data for surveillance over the global economy and reserve currency economies, a number of Directors encouraged members who do not yet report such data to do so. Some Directors stressed that provision of COFER data should remain voluntary and confidential. In view of the increasing importance of data on intersectoral positions and exposures, Directors agreed that high priority should be attached to increasing the number of countries that report monetary and financial data using the Standardized Report Forms (SRFs), expanding the coverage of financial institutions in the monetary and financial statistics, and introducing additional information in SRFs for assessing financial sector stability. Current and planned efforts in the Fund with regard to Financial Soundness Indicators (FSIs) will also support better financial sector surveillance.

Directors endorsed the proposals in paragraph 42 of the paper to clarify and enhance the requirements for data provision to the Fund. Most Directors supported the proposal to incorporate International Investment Position (IIP) data into the Table of Common Indicators Required for Surveillance, although a number of Directors cautioned that close monitoring of reporting of IIP data should be accompanied by continued regard for the capacity constraints many countries face in producing them, and some Directors did not support the proposal on this account. Directors also agreed to expand the coverage of reserve liabilities and derivatives in the Annex of the 2004 Decision to include those linked to a foreign currency but settled in domestic currencies, for closer alignment with the practice in the template for International Reserves and Foreign Currency Liquidity the internationally accepted methodology for reserve reporting.

Directors agreed that with the discussions today, the Board concluded the review of Annex A envisaged under the 2004 Decision, and that future reviews of Annex A should be conducted together with the reviews of data provision to the Fund for surveillance purposes.

The next reviews are expected to be conducted in 2013, unless a need arises earlier.

BUFF/08/57,

May 12, 2008

The Acting Chair’s Summing Up—2012 Review of Data Provision to the Fund for Surveillance Purposes Executive Board Meeting 12/98, November 1, 2012

Executive Directors welcomed the timely review of data provision to the Fund for surveillance purposes. They noted that significant progress has been made since the last review in 2008, and considered that the current data provision framework remains adequate. Nevertheless, Directors agreed that there remains scope for strengthening its implementation within the existing resource envelope, drawing on the conclusions of the 2011 Triennial Surveillance Review and the data gaps revealed by the global financial crisis. To this end, Directors broadly supported the recommendations to further strengthen data provision and encouraged staff to continue to improve the treatment of data issues in surveillance.

Directors saw merit in improving clarity and candor in assessing and communicating the adequacy, quality, and timeliness of data provision to the Fund, along the lines proposed in the staff report. They generally considered that, while a new classification of data adequacy introduced in 2008 has worked relatively well, clearer instructions on how to draw distinction among the different categories would help ensure uniform application. Directors also supported the proposals to identify more prominently in Article IV staff reports the main data deficiencies that hamper surveillance, progress in implementing past recommendations, and data sources. Directors supported efforts to ensure consistency in addressing data deficiencies among Article IV staff reports, the General Data Dissemination System, and Fund technical assistance on statistics.

Directors stressed the importance of financial sector data for both the Fund and the member countries, noting that data limitations may impede financial and external stability assessments. They supported modifying the Statistical Issues Appendix to focus more on data for financial sector surveillance and, where relevant, progress on the G-20/IMFC Data Gaps Initiative and on adherence to the recently approved SDDS Plus for countries that have indicated their intention to adhere to the initiative, while also making further progress in areas where the conceptual statistical framework needs development.

Directors broadly supported further efforts to improve key data sets: International Investment Position, Currency Composition of Foreign Exchange Reserves (COFER), financial soundness indicators, general government debt, and monetary and financial data, including through the adoption of standardized reporting forms. Directors underscored the need for close cooperation and consultation with member countries, mindful of the reporting burden, capacity constraints, and country-specific settings, including institutional arrangements, and with due regard to the confidentiality of information. They welcomed ongoing efforts to broaden country participation in the COFER database and encouraged non-reporters to do so. Some Directors noted that data on foreign exchange intervention could also prove useful for Fund surveillance.

Directors considered that procedures for following up on potential breaches of Article VIII, Section 5, have been broadly effective and that no changes to the framework are necessary at this time. However, they saw merit in drawing lessons from a review of prolonged open cases, with a few seeking scope for shortening the resolution process.

Directors stressed the importance of working closely with other international agencies to fill data gaps while minimizing the reporting burden for countries. In particular, they encouraged staff to continue to cooperate closely with the Financial Stability Board (FSB) in developing a dataset for global systemically important financial institutions (G-SIFIs), with appropriate data sharing procedures among official institutions on a strictly confidential basis. A number of Directors noted that legal challenges remain to be taken into account with respect to the Fund’s access to G-SIFI individual-to-aggregate data, and looked forward to a decision on this issue at the upcoming FSB plenary. Directors also saw a need to liaise more with relevant institutions with expertise to address labor market data deficiencies. Directors looked forward to an updated guidance note on data provision reflecting today’s discussion. They agreed that the next review of data provision should take place in 2017.

BUFF/12/113

November 6, 2012

Summing Up by the Acting Chairman—Standards for the Dissemination of Economic and Financial Statistics to the Public by Member Countries and Implementation of the SDDS Executive Board Meeting 96/36, April 12, 1996

Executive Directors noted that the Interim Committee, in its communiqué of October 8, 1995, had endorsed the establishment by the Fund of standards to guide members in the publication of their economic and financial data. Those standards would consist of two tiers: a general standard, and a more demanding standard, now designated as the Special Data Dissemination Standard (SDDS). They recalled that the Interim Committee had requested that Fund members have the opportunity to subscribe to the SDDS by the time of the April 1996 Interim Committee meeting and were gratified that this objective would be achieved. Directors also appreciated the speedy staff work that had gone into the data dissemination initiative and the widespread consultation with users and producers of statistics, national authorities, and other international organizations that had been undertaken in preparation of the specific staff proposals.

Directors recalled their earlier approval, at the meeting of March 29, 1996, of the SDDS and of its immediate opening for subscription on a voluntary basis. They recognized that the establishment of the SDDS was an important step for the Fund and for its membership. Directors emphasized that in the initial phase the approach to its implementation would inevitably need to be both flexible and evolutionary.

Directors discussed the elaborations proposed by the staff regarding the timeliness of foreign trade data, the periodicity of foreign reserves data, some flexibility for release calendars, and procedures in case of possible non-observance of the SDDS. In light of the above considerations, the Executive Board approved those elaborations to the SDDS, whose scope and operational characteristics are set forth in the Annex to this summing up.

Executive Directors took note that a significant number of member countries had provided indications of their intention to subscribe to the SDDS and agreed that the electronic Data Standards Bulletin Board (DSBB) should be open to the public by the end of August 1996. Directors also welcomed the preparation by the staff of an operations manual that would soon become available.

Directors observed that the SDDS was ambitious. At the same time, they welcomed the several aspects of flexibility built into the standard. They also noted that reviews of the operation of, and experience with, the SDDS would provide the opportunity to make adjustments that might be called for as experience accumulated through the transition period that would end at the close of 1998.

Directors agreed that invitations for subscription should be sent by the Managing Director as soon as possible. The package of materials would comprise a communication from the Managing Director, and, to be sent separately, this summing up with its Annex, and a paper entitled the Special Data Dissemination Standard (SM/96/83, Sup. 2, 4/15/96, to be circulated).

Directors called for work to continue on the elaboration of the general data dissemination standard for Board consideration before the end of 1996. They also called for a review of the operation of the special and general data dissemination standards by the end of 1997, and another review before the completion of the transition period at the end of 1998.

BUFF/96/50

April 15, 1996

Annex1

The Special Data Dissemination Standard

I. Purpose and Framework

The purpose of the Special Data Dissemination Standard (SDDS) is to guide member countries in the dissemination of comprehensive, timely, accessible, and reliable economic and financial statistical data in the context of increasing economic and financial integration. The SDDS not only prescribes that subscribers disseminate certain data categories, but also prescribes that subscribers disseminate the relevant metadata to promote public knowledge and understanding of their compilation practices with respect to the required data categories. The SDDS comprises four dimensions: (a) coverage, periodicity, and timeliness of data; (b) access by the public; (c) integrity of the disseminated data; and (d) quality of the disseminated data. For each of the four dimensions, the SDDS prescribes good practices that can be observed, or monitored, by users of statistics.

The Fund has established the SDDS as an initiative that serves the Fund’s members who decide to voluntarily subscribe to the SDDS. The SDDS subscribers are bound by the SDDS legal framework as set forth in this decision, which may be amended from time to time.

II. Dimensions of the SDDS

1. Coverage, periodicity, and timeliness of data

Comprehensive economic and financial statistical data, disseminated on a timely basis, are essential to the transparency of macroeconomic performance and policy.

(A) Definitions and general considerations

(i) Coverage

In respect of coverage, the SDDS focuses on basic data that are most important in shedding light on economic performance and policy in four sectors across the economy—real, fiscal, financial, and external. The SDDS focuses on the minimum coverage necessary, but countries are encouraged to disseminate other data that may increase the transparency of economic performance and policy in general and for their own economic and financial situations in particular. For example, subscribers may take advantage of the possibility to provide—on a strictly voluntary basis—additional metadata to promote public knowledge and understanding of their practices with respect to measuring core inflation, forward-looking indicators, sectoral balance sheets, general government gross debt, interest rates used as operating targets, financial soundness indicators, and gross outstanding external debt by remaining maturity. SDDS subscribers are encouraged to adopt the latest internationally accepted methodologies in their compilation and dissemination practices.

For each of the four sectors, the SDDS provides:

(a) a comprehensive statistical framework—national accounts for the real sector, government operations for fiscal data, depository corporations survey for financial data, and balance of payments accounts for external transactions;

(b) data that permit tracking of the principal measures in the comprehensive frameworks; and

(c) other data relevant to the sector. These other data are often in the form of a price, including interest rates and exchange rates.

The comprehensive frameworks and tracking categories are indicated in the attached Table 1.

Table 1.The Special Data Dissemination Standard: Coverage, Periodicity, and Timeliness
CoveragePeriodicity1Timeliness1
PrescribedEncouraged categories and/or Components
Category2Components
Real sector
GDP: nominal, real, and associated prices or price indices*GDP in current prices and GDP volume by production approach, with disaggregated components; or GDP in current prices and GDP volume by expenditure category, with disaggregated components.Saving; Gross national income.QQ
Production index/ indices**Industrial, primary commodity, or sector, coverage as relevant.M (as relevant)6W (as relevant) (M encouraged)
Sectoral balance sheets: Sectoral balance sheets, for financial assets and liabilities with a focus on the sub-sector details of the financial corporations, and standard 2008 SNA instrument classification.QQ
Forward-looking indicator(s), for example, industrial production or investment (such as the Purchasing Managers. Index—PMI—as measure of business confidence), retail sales (as a measure of consumer confidence), and inflationary expectations.M or QM or Q
Labor marketEmployment, as relevant; Unemployment, as relevant; and Wages/earnings, as relevant.Q (as relevant)Q (as relevant)
Price indicesConsumer prices; and Producer or wholesale prices.MM
Fiscal sector
General government operations (or public sector operations, as relevant)*For subscribers using the Manual on Government Finance Statistics 1986 (GFSM 1986) framework:
  • revenue; expenditure; balance (deficit/surplus); aggregate financing, disaggregated by:

    • domestic financing (bank, nonbank), foreign financing;

If disaggregation by domestic (bank, nonbank) and foreign financing is not feasible, disaggregated by:
  • maturity, and either

  • instrument, or currency of issue

For subscribers using the GFSM 1986 framework: Interest payments, indicated separately as a component of expenditure. Financing of public enterprises separately identified.A (Q encouraged)2Q (Q encouraged)
General government Operations (or public sector operations, as relevant)*For subscribers using the GFSM 2001 framework, see Tables 4.1a, 4.1b, and 4.1c of The Special Data Dissemination Standard: Guide for Subscribers and Users.
Central government operations**For subscribers using the GFSM 1986 framework:
  • revenue; expenditure; balance (deficit/surplus); aggregate financing, disaggregate by: domestic financing (bank, non-bank), foreign financing;

If disaggregation by domestic (bank, nonbank) and foreign financing is not feasible, disaggregated by:
  • maturity, and either instrument, or currency of issue

For subscribers using the GFSM 1986 framework: Interest payments, indicated separately as a component of expenditure.

Financing of public enterprises separately identified.
MM
Central government operations**For subscribers using the GFSM 2001 framework, see Tables 4.1a, 4.1b, and 4.1c of The Special Data Dissemination Standard: Guide for Subscribers and Users.MM
Central government debtTotal, with disaggregated components:
  • by maturity; and by residency (domestic, foreign); or by instrument; or by currency of issue.

Non-central-government debt guaranteed by central government, as relevant.
Debt service projections:

Projected interest and amortization payments on medium-and long-term debt, provided quarterly for the coming four quarters, and annually thereafter; and

Quarterly data on projected repayments of short-term debt.
QQ
Central government debtFor subscribers using the GFSM 2001 framework, see Tables 4.1a and 4.1d of The Special Data Dissemination Standard: Guide for Subscribers and Users.QQ
General government gross debt at nominal value, classified by debt instrument, currency of denomination, and residence of the creditor; and for memorandum items, general government debt securities and loans classified by remaining maturity, and total debt securities at market value.Q4M
Financial sector
Depository corporations survey* (formerly called Analytical accounts of banking sector)Broad money (for example, M3); Domestic claims, disaggregated into:
  • (1a) net claims on general government (covering central, state, and local governments), or (1b) claims on nonfinancial public sector (if public sector operations represent the comprehensive framework for the fiscal sector); and (2) claims on other resident sectors;

Net foreign assets.

or

Total foreign assets.

Total foreign liabilities.
Narrower (lower-ordered) monetary aggregates (such as M1 and M2);

Claims on other resident sectors, disaggregated into:

(1) Other financial corporations;

(2) Public nonfinancial corporations (not applicable if claims on nonfinancial public sector are disseminated);

(3) Other nonfinancial corporations; and

(4) Other resident sectors.
MM
Central bank survey** (formerly called Analytical accounts of the central bank)Monetary base;

Domestic claims, disaggregated into:
  • (1a) net claims on general government (covering central, state, and local governments), or (1b) claims on nonfinancial public sector (if public sector operations represent the comprehensive framework for the fiscal sector); and (2) claims on all other resident sectors;

Net foreign assets

or

Total foreign assets.

Total foreign liabilities.
Claims on other resident sectors, disaggregated into:

Other financial corporations;

Public nonfinancial corporations (not applicable if claims on nonfinancial public sector are disseminated); Other nonfinancial corporations; and Other resident sectors.
M (W encouraged)2W (W encouraged)
Interest ratesShort-term and long-term government security rates; and Policy-oriented rate (for example, central bank lending rate).Range of representative deposit and lending ratesD3
Financial soundness indicators (FSIs):

Regulatory Tier I capital to risk-weighted assets

Regulatory Tier I capital to assets

Nonperforming loans net of provisions to capital

Nonperforming loans to total gross loans

Return on assets

Liquid assets to short-term liabilities

Net open position in foreign exchange to capital
QQ
Stock marketShare price index, as relevantD3
External sector***
Balance of payments(*)(***)Current account, disaggregated by:
  • (1) Goods: exports;

  • (2) Goods: imports;

  • (3) Services: credit;

  • (4) Services: debit;

  • (5) Income: credit;

  • (6) Income: debit;

  • (7) Current transfers: credit; and

  • (8) Current transfers: debit.

Capital account, disaggregated by:
  • (1) capital account: credit; and

  • (2) capital account: debit.

Disaggregation according to the standard components of internationally accepted statistical methodologies.QQ
Balance of payments(*)(***)Financial account, disaggregated by:
  • (1) direct investment abroad;

  • (2) direct investment in reporting economy;

  • (3) portfolio investment, assets;

  • (4) portfolio investment, liabilities;

  • (5) other investment, assets;

  • (6) other investment, liabilities; and

  • (7) reserve assets.

Net errors and omissions.
Under financial account, separately report data on financial derivatives; assets and liabilities.QQ
Official reserve assets**Total amount of official reserve assets, disaggregated into:

(1) foreign currency reserves;

(2) IMF reserve position;

(3) SDRs;

(4) Gold; and

(5) other reserve assets.
M (W encouraged)W
Template on International Reserves and Foreign Currency Liquidity**See Table 2.See the Pro Memoria component in Section III, item 5 of Table 2.M (W encouraged)M (W encouraged)
Merchandise trade**Trade balance, disaggregated into:
  • (1) merchandise imports; and

  • (2) merchandise exports.

Disaggregation by major components, with longer time lapse.M8W (4-6W encouraged)
International investment position***Assets, disaggregated by:

direct investment abroad;

portfolio investment, disaggregated by:
  • (1) equity securities;

  • (2) debt securities;

other investment;

and

reserve assets.
Disaggregation of assets and liabilities according to the standard components of internationally accepted statistical methodologies.

Under assets and liabilities, separately report data on financial derivatives.4
A (Q encouraged); effective September 2014, Q prescribed3Q (Q encouraged); effective September 2014, Q prescribed
International investment position***Liabilities, disaggregated by:

direct investment in reporting economy; portfolio investment, disaggregated by:
  • (1) equity securities;

  • (2) debt securities; and

other investment.
A (Q encouraged); effective September 2014, Q prescribed3Q (Q encouraged); effective September 2014, Q prescribed
External debt***See Table 3.See Tables 6.2b and 6.2c of The Special Data Dissemination Standard: Guide for Subscribers and Users. Principal and interest payments due in one year or less, by sector (see Table 4)QQ
Exchange ratesSpot rates; and three- and six-month forward market rates, as relevant.D3
Addendum: PopulationKey distributions, for example, by age and sex.A5
Source: IMF Statistics Department

(ii) Periodicity and timeliness

Periodicity refers to the frequency of compilation of the data. Timeliness refers to the speed of dissemination of the data; that is, the lapse of time between a reference date (or close of a reference period) and dissemination of the data. Dissemination of statistics may take several forms, including: formal publications (including news releases); making data available upon request (but not necessarily without charge), including through electronic databases; diskettes, tapes, or CD-ROM of a formal publication or a database; and recorded telephone messages and facsimile services.

(B) Specifications

The SDDS specifications for coverage, periodicity, and timeliness are summarized in the attached Table 1. Further specifications that apply to international reserves and foreign currency liquidity are set out in the attached Table 2; those for external debt are shown in Tables 3 and 4. Within the specifications, some data categories or components are designated “as relevant.” This designation recognizes that the relevance of a specific data category or component to an economy should be taken into account. If a data category or component is considered by Fund staff not relevant to a subscribing country, the subscribing country is deemed to be in observance of the SDDS with respect to the specific category or component even if it does not produce and disseminate data pertaining to that category or component. The “as relevant” provision can be applied in cases where a certain specification called for in the SDDS is inapplicable to an economy or where a certain financial instrument or market does not exist in the economy. However, when the specifications apply, the markets exist, or the financial instruments and arrangements are in use, the “as relevant” provision is not to be invoked. Where the coverage components, periodicity, or timeliness is designated as “encouraged,” that feature would not be binding under the SDDS, but countries are encouraged to develop and disseminate such data categories in the indicated periodicity and timeliness.

Table 2.Data Template on International Reserves and Foreign Currency Liquidity
(Information to be disclosed by the monetary authorities and other central government, excluding social security)1, 2, 3
I. Official reserve assets and other foreign currency assets (approximate market value)4
A. Official reserve assets
(1) Foreign currency reserves (in convertible foreign currencies)
(a) Securities
of which: issuer headquartered in reporting country but located abroad
(b) total currency and deposits with:
(i) other national central banks, BIS and IMF
(ii) banks headquartered in the reporting country of which: located abroad
(iii) banks headquartered outside the reporting country of which: located in the reporting country
(2) IMF reserve position
(3) SDRs
(4) Gold (including gold deposits and, if appropriate, gold swapped)5
—volume in fine troy ounces
(5) Other reserve assets (specify)
—financial derivatives
—loans to nonbank nonresidents
—other
B. Other foreign currency assets (specify)
—securities not included in official reserve assets
—deposits not included in official reserve assets
—loans not included in official reserve assets
—financial derivatives not included in official reserve assets
—gold not included in official reserve assets
—other
II. Predetermined short-term net drains on foreign currency assets (nominal value)
TotalMaturity breakdown (residual maturity)
Up to one monthMore than one month and up to three monthsMore than three months and up to one year
1. Foreign currency loans, securities, and deposits 6
outflows (-)Principal Interest
inflows (+)Principal Interest
2. Aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency (including the forward leg of currency swaps) 7
(a) Short positions (-)
(b) Long positions (+)
3. Other (specify)
outflows related to repos (-)
inflows related to reverse repos (+)
trade credit (-)
trade credit (+)
other accounts payable (-)
other accounts receivable (+)
III. Contingent short-term net drains on foreign currency assets (nominal value)
TotalMaturity breakdown (residual maturity)
Up to one monthMore than one month and up to three monthsMore than three months and up to one year
1. Contingent liabilities in foreign currency
(a) Collateral guarantees on debt falling due within one year
(b) Other contingent liabilities
2. Foreign currency securities issued with embedded options (puttable bonds)8
3. Undrawn, unconditional credit lines9 provided by:
(a) other national monetary authorities, BIS, IMF, and other international organizations
—other national monetary authorities (+)
—BIS (+)
—IMF (+)
—other international organizations (+)
(b) banks and other financial institutions headquartered in the reporting country (+)
(c) banks and other financial institutions headquartered outside the reporting country (+)
4. Undrawn, unconditional credit lines provided to:
(a) other national monetary authorities, BIS, IMF, and other international organizations
—other national monetary authorities (-)
—BIS (-)
—IMF (-)
—other international organizations (-)
(b) banks and other financial institutions headquartered in the reporting country (-)
(c) banks and other financial institutions headquartered outside the reporting country (-)
5. Aggregate short and long positions of options in foreign currencies vis-à-vis the domestic currency 10
(a) Short positions
  • (i) Bought puts

  • (ii) Written calls

(b) Long positions
  • (i) Bought calls

  • (ii) Written puts

PRO MEMORIA: In-the-money options 11
(1) At current exchange rates
(a) Short position
(b) Long position
(2) +5% (depreciation of 5%)
(a) Short position
(b) Long position
(3) −5% (appreciation of 5%)
(a) Short position
(b) Long position
(4) +10% (depreciation of 10%)
(a) Short position
(b) Long position
(5) −10% (appreciation of 10%)
(a) Short position
(b) Long position
(6) Other (specify)
(a) Short position
(b) Long position
IV. Memo items
(1) To be reported with standard periodicity and timeliness:12
(a) short-term domestic currency debt indexed to the exchange rate
(b) financial instruments denominated in foreign currency and settled by other means (for example, in domestic currency)13
—derivatives (forwards, futures, or options contracts)
—short positions
—long positions
—other instruments
(c) pledged assets14
—included in reserve assets
—included in other foreign currency assets
(d) securities lent and on repo15
—lent or repoed and included in Section I
—lent or repoed but not included in Section I
—borrowed or acquired and included in Section I
—borrowed or acquired but not included in Section I
(e) financial derivative assets (net, marked to market)16
—forwards
—futures
—swaps
—options
—other
(f) derivatives (forward, futures, or options contracts) that have a residual maturity of greater than one year.
—aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency (including the forward leg of currency swaps)
(a) short positions (-)
(b) long positions (+)
—aggregate short and long positions of options in foreign currencies vis-à-vis the domestic currency
(a) short positions
  • (i) bought puts

  • (ii) written calls

(b) long positions
  • (i) bought calls

  • (ii) written puts

(2) To be disclosed at least once a year:
(a) currency composition of reserves (by groups of currencies)
—currencies in SDR basket
—currencies not in SDR basket
—by individual currencies (optional)
Notes to Table 2 (subtables I-IV):
Table 3.Gross External Debt Position by Sector****
Gross External Debt PositionEnd Period
General Government
Short-term
Money market instruments
Loans
Trade credits
Other debt liabilities*
Long-term
Bonds and notes
Loans
Trade credits
Other debt liabilities*
Monetary Authorities
Short-term
Money market instruments
Loans
Currency and deposits**
Other debt liabilities*
Long-term
Bonds and notes
Loans
Currency and deposits**
Other debt liabilities*
Banks
Short-term
Money market instruments
Loans
Currency and deposits**
Other debt liabilities*
Long-term
Bonds and notes
Loans
Currency and deposits**
Other debt liabilities*
Other Sectors
Short-term
Money market instruments
Loans
Currency and deposits**
Trade credits
Other debt liabilities*
Long-term
Bonds and notes
Loans
Currency and deposits**
Trade credits
Other debt liabilities*
Direct Investment: Intercompany Lending***
Debt liabilities to affiliated enterprises
Debt liabilities to direct investors
Gross External Debt
Notes to Table 3:
Table 4.Gross Outstanding External Debt*: Principal and Interest Payments Due in One Year or Less(In millions of currency units)
By Sector
General Government
Principal
Interest
Monetary authorities
Principal
Interest
Banks
Principal
Interest
Other Sectors
Principal
Interest
Direct investment–Intercompany lending
Principal
Interest
Total
Principal
Interest

The prescribed comprehensive statistical framework for the real sector is the national accounts, consisting of nominal levels, real (price-adjusted) levels, and associated prices (deflators or price indices). The data category intended to track GDP on a more frequent basis is a single production index or a selection of production indices. For price statistics, consumer price indices and producer or wholesale price indices are prescribed.

For the fiscal sector, the prescribed comprehensive statistical framework covers the general (central plus state or provincial and local) government or the public sector, depending on which coverage is the focus of policy and analysis in a particular country. As more frequent and timely tracking indicators of fiscal stance, central government indicators are prescribed. Data for government debt are prescribed in terms of central government debt.

For the financial sector, the prescribed comprehensive statistical framework is the depository corporations survey (DCS). The DCS is to cover all depository corporations, which include the central bank and all other depository corporations (ODCs). The ODCs, in turn, are to cover resident financial corporations and quasi- corporations that mainly engage in financial intermediation and that issue liabilities included in the national definition of broad money. The data category prescribed to track banking system data on a more timely basis is the central bank survey. Interest rates should include rates on short- and long-term government securities as appropriate to the country. Data on financial soundness indicators with quarterly periodicity and timeliness are encouraged for dissemination, as shown in Table 1.

For the external sector, balance of payments data are the prescribed comprehensive statistical framework. On a more frequent and timely basis, official reserve assets, data on international reserves and foreign currency liquidity, and merchandise trade are called for as tracking categories. The dissemination of monthly official reserve assets (total and key components covering foreign currency reserves, IMF reserve position, SDRs, gold, and other reserve assets) within one week is prescribed. The dissemination of the data template on international reserves and foreign currency liquidity, as shown in the attached Table 2, is prescribed with monthly periodicity and timeliness; weekly periodicity and timeliness are encouraged. Countries that wish to have their data on international reserves and foreign currency liquidity included in the Fund’s database and re-disseminated over the Fund’s external web site should report such data in the format of Table 2.

With respect to the international investment position (IIP), until end-September 2014, annual data (encompassing components consistent with internationally accepted statistical methodologies) are to be disseminated within three quarters after the end of the reference year; quarterly periodicity and timeliness are encouraged. However, quarterly IIP data with quarterly timeliness are prescribed beginning with IIP data observations for the first and second quarters of 2014 (and subsequent periods), for dissemination starting at the end of September 2014. Exchange rates should be disseminated on a daily basis, as should forward exchange rates (three and six month rates) on an “as relevant” basis if a robust forward market exists. There is also a separate data category for external debt, with data covering four sectors: (1) the general government, (2) the monetary authorities, (3) the banking sector, and (4) all other sectors. These data are to be disseminated with quarterly periodicity and timeliness. Data should also be disaggregated by maturity—short- and long-term—on an original maturity basis and by instrument, as set out in the attached Table 3. In addition, a simplified set of data on gross outstanding external debt by remaining maturity (Table 4) is encouraged for dissemination containing principal and interest payments due in one year or less, disaggregated by sector, with quarterly periodicity and quarterly timeliness. The SDDS encourages the dissemination of more detailed supplementary information on future debt service payments on gross outstanding external debt, in which the principal and interest components are separately identified, twice yearly for the first four quarters and the following two semesters ahead, with a lag of one quarter. Finally, the dissemination of external debt data disaggregated by currency (domestic and foreign) with quarterly periodicity and timeliness is encouraged as well.

(C) Flexibility

Under the SDDS, a member that does not produce or disseminate data categories/components designated by Fund staff “as relevant” would nevertheless be deemed to be in observance of the coverage specifications of the specific data categories or components of the SDDS. However, the “as relevant” provision is not to be invoked when the conditions under which the provision was applied no longer exist. In addition, a member may take either or both of two flexibility options in respect of periodicity and timeliness. First, for the national accounts and balance of payments, although the quarterly specification for periodicity must be met, the specified data may be issued on a less timely basis than prescribed in the event that the data category or categories indicated as tracking the principal measures in these comprehensive statistical frameworks are disseminated with the periodicity and timeliness prescribed for the tracking categories. Second, for any other two prescribed data categories, except international reserves and external debt, periodicity may be less frequent and/or the specified data may be issued on a less timely basis than prescribed. The flexibility provided for periodicity and timeliness is not open-ended. The extra allowance for compilation or dissemination under the flexibility options, unless indicated separately for specific data categories or components, is usually not to exceed one reference period, and the data are to be disseminated no later than the next due date.

In addition, subscribers may exercise a targeted flexibility option for the timeliness of monthly central government operations that is available for subscribers disseminating, with a one-quarter lag, quarterly accrual-based general government operations (GGO) data in line with the Fund’s Government Finance Statistics Manual 2001 or an equivalent standard. This targeted flexibility option would be allowed for the last month of the fiscal year (up to three months lag) and the first month of the new fiscal year (up to two months lag). In order to make use of this flexibility option, a subscriber would need to begin disseminating quarterly GGO data for at least the last quarter of the fiscal year in which the option is exercised.

2. Access by the public

Dissemination of official statistics is an essential feature of statistics as a public good and the SDDS is set forth in assisting SDDS subscribers in this regard. Ready and equal access is a principal requirement for the public, including market participants.

To support ready and equal access, the SDDS prescribes:

(a) advance dissemination of release calendars, with flexibility for the distribution of the release dates allowed until end-2017 for up to two data categories; and

(b) simultaneous release to all interested parties.

3. Integrity

To fulfill the purpose of providing the public with information, official statistics must have the confidence of their users. In turn, confidence in the statistics ultimately becomes a matter of confidence in the objectivity and professionalism of the agency producing the statistics.

Transparency of its practices and procedures is a key factor in creating this confidence. To assist users of the data disseminated under the SDDS in assessing the integrity of the data, the SDDS prescribes:

(a) the dissemination of the terms and conditions under which official statistics are produced, including those relating to the confidentiality of individually identifiable information;

(b) the identification of internal government access to data before release;

(c) the identification of ministerial commentary on the occasion of statistical release; and

(d) the provision of information about revision and advance notice of major changes in methodology.

4. Quality

A set of standards that deals with coverage, periodicity, and timeliness of data must also address the quality of statistics. Subscribers are encouraged to adopt and implement internationally accepted statistical methodologies for the data categories covered by the SDDS (a specified list of these methodologies is posted on the Dissemination Standards Bulletin Board (DSBB), see Section III.2). Although quality is difficult to judge, monitorable proxies, designed to focus on information the user needs to judge quality, can be useful. To assist users of the data disseminated under the SDDS in assessing their quality, the SDDS prescribes:

(a) the dissemination of documentation on methodology and sources used in preparing statistics;

(b) the dissemination of component detail, reconciliations with related data, and statistical frameworks that support statistical crosschecks and provide assurance of reasonableness; and

(c) the dissemination of deviations from internationally accepted statistical methodologies in the metadata. The deviations should be specified in the relevant indicators of the metadata (i.e., information describing methodology) posted on the DSBB. In instances where a subscriber has not provided clear metadata on deviations from internationally accepted statistical methodologies, the SDDS non-observance procedures set forth in Section III.4 will apply.

SDDS subscribers are also encouraged to undertake and publish a data quality assessment, using a recognized data quality assessment tool, such as the Fund’s Data Module of the Report on the Observance of Standards and Codes that uses the Data Quality Assessment Framework, or the Eurostat or European Central Bank data quality monitoring frameworks. Reassessments should take place at no more than seven-to-ten-year intervals. Assessments (and reassessments) could be conducted by Fund staff, or alternatively, a subscriber could request another subscriber or external agency to conduct a peer review exercise.

III. Implementation of the SDDS

1. Subscription to the SDDS

Subscription to the SDDS by members of the Fund is on a voluntary basis. Members that wish to subscribe to the SDDS should first communicate this intention to the Director of the Statistics Department of the Fund, with an undertaking to provide to the staff metadata, a draft national summary data page (NSDP), and an advance release calendar (ARC).

Upon receipt of the necessary metadata from a member, the Fund staff will work with the member to determine where its practices stand with respect to the SDDS as well as to identify any changes in practices that would be needed. Once Fund staff informs the member that its practices after the implementation of the needed changes meet all SDDS requirements, the member may proceed to inform the Secretary of the Fund of its readiness to subscribe to the SDDS. A member becomes a subscriber to the SDDS on the date of posting of its metadata on the DSBB.

2. Dissemination Standards Bulletin Board

As a cornerstone of the implementation of the SDDS and as a service to its members, the Fund has established and maintained an electronic DSBB on the Internet. The DSBB identifies the members subscribing to the SDDS and provides wide and easy access to the members’ respective metadata. The responsibility for the accuracy of the metadata and of the economic and financial statistics underlying the metadata rests with the subscribers.

Subscribers to the SDDS are required to establish an NSDP on the Internet, which is to be linked to the DSBB electronically through “hyperlinks” on the latter. The NSDP is to contain the most recent observation for the prescribed data category and the next most recent observation. The NSDP should also contain hyperlinks to longer time series and more detailed data by end-2012. The NSDP can include additional information as well. Responsibility for the data on the NSDP rests with individual subscribers.

Subscribers are required to certify, on an annual basis, the accuracy of the metadata posted on the DSBB. Under this process, subscribers will notify the Fund staff, within one month after the end of each calendar year, that either: (1) all of the metadata posted on the DSBB are fully accurate; or (2) certain metadata are inaccurate. In the latter case, subscribers would need to provide the corrected metadata together with the annual certification. The date on which the metadata were last certified by the subscriber will be posted on the DSBB. There may be situations where a subscriber, during the period between certification dates for the metadata, makes changes to its practices that affect the accuracy of the metadata posted on the DSBB. In such situations, the subscriber should inform the Fund staff of these changes, and amend the affected metadata expeditiously (within the calendar quarter when those changes have occurred). Pending revision of the metadata on the DSBB, a note may be posted on the DSBB indicating that the metadata in question are in the process of being updated.

3. Automated monitoring arrangements

Subscribers are required to use standardized electronic reporting procedures established from time to time by the Fund staff in consultation with subscribers, which will allow the Fund staff to effectively monitor subscribers’ observance of the SDDS. Specifically, under these procedures, subscribers are required to (1) report advance release calendars to the Fund staff; (2) adopt the formats for the subscribers’ NSDPs that will allow the Fund staff to electronically capture information on such NSDPs, including the date of release and the reference period of the most recently disseminated data for each of the prescribed data categories; (3) certify on an annual basis the accuracy of the metadata posted on the DSBB as prescribed in Section III.2 above; and (4) report updated metadata to the Fund staff.

4. Observance of the SDDS and removal from the DSBB

The SDDS prescribes subscribers’ full compliance with their undertakings under the SDDS in accordance with the framework set forth in this decision as may be amended from time to time, and in particular with the elements of the SDDS four dimensions described in Section II above, to maintain an NSDP, observe the metadata certification requirement in Section III.2 above, and the monitoring requirements set forth in Section III.3 above.

Fund staff will monitor regularly the observance by subscribers of the requirements of the SDDS to determine whether any deviations arise. If deviations arise, Fund staff will assess them and determine the nature and extent of the deviation. A deviation is considered by Fund staff as a “serious deviation” in the following cases: when required data are not publicly disseminated, incomplete data are publicly disseminated, or there are frequent delays in the public dissemination of SDDS required data. In the case of data under the Reserves Template and External Debt categories, any delays relative to the periodicity or timeliness constitute a serious deviation. Serious deviations could also arise when other types of compliance issues are identified but are not resolved through technical discussions within six months.

Deviations from the SDDS undertakings with the elements described in the previous paragraph will be addressed in accordance with the following SDDS nonobservance procedures:

If a deviation is detected, Fund staff will determine whether such deviation constitutes nonobservance, and if so is determined this will be promptly notified to the SDDS coordinator. Technical discussions between staff and the SDDS coordinator will start immediately after a deviation is detected and notified to the SDDS coordinator. Non-serious deviations are expected to be addressed through these technical discussions. The SDDS coordinator will be notified by staff of the initiation of the SDDS nonobservance procedures if a deviation is considered by Fund staff as a serious deviation and it is not resolved through technical discussions mentioned above within three months from the date of notification to the SDDS coordinator for monthly data, or six months from such notification for quarterly and annual data. For other deviations that become serious deviations only after they are not resolved through technical discussions within six months, notification of the SDDS coordinator and initiation of the SDDS observance procedures will begin six months after identification of the compliance issue. In this context, Fund staff will request the SDDS coordinator to undertake the necessary steps to resolve the deviation to Fund staff’s satisfaction. Fund staff will communicate with the subscriber’s Executive Director if the nonobservance remains unresolved after three months following the notification of the SDDS coordinator referred to above. In this communication Fund staff will seek to engage the Executive Director’s assistance to help solve the nonobservance. If after three months following the communication with the subscriber’s Executive Director the nonobservance remains unresolved, the Managing Director will send a letter to the subscriber’s Governor for the Fund. This letter will contain a description of the facts giving rise to the nonobservance and a request for the assistance of the subscriber’s Governor for the Fund to solve the nonobservance in a manner that is satisfactory to Fund staff. If the nonobservance remains unresolved for a period of up to three months following the issue of the letter by the Managing Director referred to above, a note on the nonobservance will be posted on the DSBB. The note will indicate the Fund staff’s determination that the subscriber is not in observance of its undertakings under the SDDS, the type of nonobservance, the period in which the nonobservance has remained unresolved, and the authorities’ reactions and plans, if any, to address the nonobservance issue. If the nonobservance remains unresolved after a period of twelve months from the posting of the note on the bulletin board mentioned above, the Managing Director will promptly bring the nonobservance case to the attention of the Executive Board explaining the facts originating the nonobservance, the procedures followed by Fund staff with the aim to addressing the nonobservance, the response from the subscriber’s authorities, if any, and a proposal to address the nonobservance. This proposal will include a recommendation to delete the subscribers’ metadata from the DSBB, and thus, effectively terminating the subscription of the member from the SDDS. The Executive Board in considering the subscriber’s nonobservance will decide on the means to address such nonobservance, which could include a decision approving the deletion of the subscriber’s metadata from the DSBB. Once a subscriber’s metadata have been deleted from the DSBB and its subscription to the SDDS is effectively terminated, the member can re-apply for subscription to the SDDS by following the procedures set forth in Section III above for new subscribers.

An annual report that assesses each subscriber’s observance of its undertakings under the SDDS will be issued by Fund staff and posted on the DSBB.

5. Transitional arrangements for the observance procedures

Notwithstanding any other provision of this Decision, any case of nonobservance for which the SDDS Coordinator for the relevant member was notified by Fund staff of the initiation of the nonobservance procedures before September 1, 2012 will be dealt with under the procedures set out in Section III.4 in the instrument on the Scope and Operational Characteristics of the Special Data Dissemination Standard annexed to the Summing Up of the Acting Chairman of April 12, 1996 (EBM/96/36, the procedures that were in effect immediately prior to the date of adoption of this Decision).

6. Review, revisions, and withdrawal

Reviews of the SDDS will be conducted by the Fund at intervals determined by the Executive Board of the Fund. At the completion of these reviews, revisions of the SDDS may be adopted. A member may withdraw its subscription to the SDDS at any time by sending a notification to the Managing Director of the Fund. The relevant metadata would be removed immediately from the DSBB. (SM/12/242, 09/11/12)

Establishment of the Special Data Dissemination Standard Plus

The Fund hereby establishes the Special Data Dissemination Standard Plus (SDDS Plus), which is governed by the following rules:

The Special Data Dissemination Standard Plus

I. Purpose and Framework

1. The purpose of the Special Data Dissemination Standard Plus (SDDS Plus) is to reinforce and supplement the Fund’s Data Standards Initiatives and assist Fund members who decide to adhere to the SDDS Plus with regard to the publication of comprehensive, timely, accessible, and reliable economic and financial statistical data in a world of continuing economic and financial integration. The SDDS Plus also requires adherents to disseminate metadata to promote public knowledge and understanding of their compilation practices with respect to the required data categories.

2. The Fund has established the SDDS Plus as a third tier in the Fund’s Data Standards Initiatives that serves the Fund’s members who decide to voluntarily adhere to the SDDS Plus. The SDDS Plus adherents are bound by the SDDS Plus legal framework as set forth in this decision, which may be amended from time to time.

3. In addition to being an SDDS subscriber in full observance of all SDDS requirements, an SDDS Plus adherent must observe additional requirements for nine data categories. These nine data categories are: sectoral balance sheets; quarterly general government operations; general government gross debt; other financial corporations survey; financial soundness indicators; debt securities; participation in the Currency Composition of Foreign Exchange Reserves (COFER) database; participation in the Coordinated Portfolio Investment Survey (CPIS); and participation in the Coordinated Direct Investment Survey (CDIS). The SDDS Plus does not prescribe dissemination of COFER data by SDDS Plus adherents.

II. Dimensions of the SDDS Plus

1. The SDDS Plus comprises four dimensions: (1) coverage, periodicity, and timeliness of data; (2) access by the public; (3) integrity of the disseminated data; and (4) quality of the disseminated data. For each of the four dimensions, the SDDS Plus requires, as in the case of the SDDS, good practices that can be observed and monitored by users of statistics.

1.1 Coverage, periodicity, and timeliness of data

The specifications for coverage, periodicity, and timeliness for the nine SDDS Plus data categories are summarized in Table 1.

Table 1.The Special Data Dissemination Standard Plus: Coverage, Periodicity, and Timeliness
CoveragePeriodicity1Timeliness1
CategoryComponents
Real Sector
Sectoral Balance SheetsSee Table 22QQ
Fiscal sector
General government operations (or public sector operations, as relevant)Table 4.1 Statement of Government Operations in the Government Statistics Manual 2001 (GFSM 2001) at http://www.imf.org/external/pubs/ft/gfs/manual/index.htmQ12M
General government gross debtSee Table 3Q4M
Financial Sector
Other financial corporations surveyNet foreign assets Claims on nonresidents less: Liabilities to nonresidents Domestic claims
  • Net claims on central/general government Claims on central/general government less: Liabilities to central/general government

  • Claims on depository corporations

  • Claims on other sectors

Liabilities to depository corporations

Other domestic liabilities (except those included in Other Items Net)

Shares and other equity

Other items (Net)
Q4M
Financial soundness indicators (FSIs)
  • Regulatory Tier 1 capital to risk-weighted assets

  • Regulatory Tier 1 capital to assets

  • Nonperforming loans net of provisions to capital

  • Nonperforming loans to total gross loans

  • Return on assets

  • Liquid assets to short-term liabilities (or equivalent under the Basel Accords)

  • Residential real estate prices

QQ
Debt Securities3Table 5.2—See Handbook on Securities

http://www.imf.org/external/np/sta/wgsd/pdf/090710.pdf (stocks only)
Q4M
External sector
Coordinated Portfolio Investment Survey (CPIS)Participation in CPIS—IMF certificationA, (SA beginning in June 2015)7M
Coordinated Direct Investment Survey (CDIS)Participation in CDIS—IMF certificationA9M
Currency Composition of Foreign Exchange Reserves (COFER)Participation in COFER—IMF certificationQQ
Source: IMF Statistics Department

Real sector

The SDDS Plus prescribes a minimum set of internationally comparable sectoral financial balance sheets (Table 2) with a set of prescribed sub-sectors of the financial corporations sector derived from the 2008 System of National Accounts (or its successors), and the standard financial asset and liability instrument classification from the 2008 System of National Accounts (or its successors). Quarterly periodicity and timeliness of four months are prescribed for the sectoral balance sheets.

Table 2.Minimum Classifications for Sectors and Financial Instruments for Internationally Comparable Sectoral Accounts
Minimum Classification of Institutional Sectors

Financial Instruments
Non-financial corporations S11Financial corporations S12General government S13Households and NPISHs S14–15Rest of the World S2
Central bank S121Other deposit-taking corporations S122Money-market funds S123Insurance corporations and pension funds S128 and S129Other financial corporations
Assets
F1 Monetary gold and SDRs
F2 Currency and deposits
F3 Debt securities
F4 Loans
F5 Equity and investment fund shares
F6 Insurance, pension and standardized guarantee schemes
F7 Financial derivatives and employee stock options
F8 Other accounts receivable/payable
Liabilities
F1 Monetary gold and SDRs
F2 Currency and deposits
F3 Debt securities
F4 Loans
F5 Equity and investment fund shares
F6 Insurance, pension and standardized guarantee schemes
F7 Financial derivatives and employee stock options
F8 Other accounts receivable/payable

Fiscal sector

The required data categories are general government operations and general government gross debt. General government operations (GGO) data are to be published using the Government Finance Statistics Manual 2001 (GFSM 2001) format (GFSM 2001, Table 4.1) or its successor. The recording basis can be cash, modified accrual, or accrual (full adoption of the GFSM 2001 methodology is not required) and should be clearly identified in the metadata. The dissemination of quarterly GGO data with timeliness of twelve months is required.

Data on general government total gross debt (GGD) in nominal values, classified by: 1) debt instrument; 2) currency of denomination; 3) residence of the creditor; and 4) memorandum items are prescribed (See Table 3, a subset of the public sector debt statistics template adopted by the Task Force on Finance Statistics (TFFS) and the World Bank-IMF-OECD public sector debt statistics database). Memorandum items include total debt securities at market value and general government debt securities and loans classified by remaining maturity. Data on GGD are to be disseminated with quarterly periodicity and timeliness of four months.

Table 3.General Government Gross Debt in Nominal Values
Total Gross Debt
By type of instrument:
Special Drawing Rights (SDRs)
Currency and deposits
Debt securities
Loans
Insurance, pensions, and standardized guarantee schemes1
Other accounts payable
By currency of denomination:
Domestic currency
Foreign currency
By residence of the creditor:
Domestic creditors
External creditors
Memorandum items:*
Debt securities at market value
Payable within one year or less (residual maturity)
Debt securities
Loans
Loans Payable in more than one year (residual maturity)
Debt securities
Loans

Financial sector

The required data categories are other financial corporations survey (OFCS), financial soundness indicators, and debt securities. The dissemination of the OFCS, which covers a minimum set of assets and liabilities (see Table 1) compatible with the Monetary and Financial Statistics Manual 2000 or its successors, is required with quarterly periodicity and timeliness of four months.

As shown in Table 1, data on the seven financial soundness indicators with quarterly periodicity and timeliness are required for dissemination.

Data on debt securities, stocks only, are required to be disseminated by issuer and holder on a from-whom-to-whom basis, as outlined in Part 2 (Section 5) of the Handbook on Securities Statistics, especially the time series presentation in its Table 5.2. Preferably, debt securities would be presented at market values, but also could be presented at nominal values or both. Countries are required to indicate the valuation method in their metadata. Data on debt securities are to be disseminated with quarterly periodicity and timeliness of four months.

External sector

The SDDS Plus prescribes that adherents participate in the IMF’s CPIS, CDIS, and the COFER database.

Participation in the CPIS requires providing at least the core (mandated) set of data, as set forth in the CPIS Data Template under CPIS documents at http://cpis.imf.org. Semi-annual data, as of end-June and end-December each year, are to be reported to the IMF within seven months after the end of the reference period.

Participation in the CDIS requires providing for inward direct investment, the value of outstanding end-year positions by immediate (first) direct investor, by counterpart economy, for both equity and debt. Annual preliminary data, as of end-December each year, are to be reported to the IMF within nine months after the end of the reference year.

Countries should disseminate CPIS and CDIS data on their National Summary Data Page (NSDP) once the data are disseminated by the IMF or provide a hyperlink on their NSDPs to the data.

The SDDS Plus prescribes that SDDS Plus adherents participate in the IMF’s COFER and disclose such participation. Quarterly COFER data are to be reported to the IMF with one quarter timeliness, but public dissemination of these data is not required.

Flexibility and transition period

No flexibility options are available for any of the nine SDDS Plus data categories. However, an SDDS Plus adherent maintains the right to apply the flexibility options available to it for the SDDS data categories, in accordance with the SDDS legal framework.

A transition period is available for an SDDS Plus adherent that commits to comply with all SDDS Plus requirements within five years of the date of adherence. The transition period allows countries to be considered adherents to the SDDS Plus even if they meet the requirements for only five of the nine additional categories and they have plans in place to meet all the requirements within five years of the date of adherence.

1.2 Access by the public

Dissemination of official statistics is an essential feature of statistics as a public good and the SDDS Plus is set forth in assisting SDDS Plus adherents in this regard. Ready and equal access is a principal requirement for the public, including market participants. To support ready and equal access, the SDDS Plus requires:

(a) advance dissemination of release calendars and the simultaneous release of the data for all the data categories except for COFER, CPIS, and CDIS to all interested parties; and

(b) advance dissemination of release calendars and the simultaneous release of the data for COFER, CPIS, and CDIS are not required since the SDDS Plus does not require publication of said data but rather, only requires participation in the IMF’s COFER database and the CPIS and CDIS, with redissemination of CPIS and CDIS data after dissemination by the Fund.

1.3 Integrity

To assist users of the data disseminated under the SDDS Plus in assessing the data’s integrity, adherents are subject to the same requirements applicable to SDDS subscribers.

1.4 Quality

A set of standards that deals with coverage, periodicity, and timeliness of data must also address the quality of statistics. SDDS Plus adherents are encouraged to adopt and implement the most recent internationally accepted statistical methodologies for the data categories covered by the SDDS Plus, a specified list of which is posted on the Fund’s Dissemination Standards Bulletin Board (DSBB). Although quality is difficult to judge, monitorable proxies, designed to focus on information the user needs to judge quality, can be useful. To assist users of the data disseminated under the SDDS Plus, adherents are subject to the same requirements that are applicable to SDDS subscribers such as:

(a) the dissemination of documentation on methodology and sources used in preparing statistics;

(b) the dissemination of component detail, reconciliations with related data, and statistical frameworks that support statistical cross-checks and provide assurance of reasonableness; and

(c) the dissemination of deviations from internationally accepted statistical methodologies in the metadata. The deviations should be specified in the relevant indicators of the metadata (i.e., information describing methodology) posted on the DSBB.

Adherents are also encouraged to undertake and publish a data quality assessment, using a recognized data quality assessment tool, such as the Fund’s Data Module of the Report on the Observance of Standards and Codes that uses the Data Quality Assessment Framework, or the Eurostat or European Central Bank data quality monitoring frameworks. Reassessments should take place at no more than seven-to-ten-year intervals. Assessments (and reassessments) could be conducted by Fund staff, or alternatively, an adherent could request another adherent or external agency to conduct a peer review exercise.

III. Implementation of the SDDS Plus

1. Adherence to the SDDS Plus

1.1 Adherence to the SDDS Plus is voluntary and open to all SDDS subscribers that are in full observance of SDDS requirements. An SDDS subscriber that wishes to adhere to the SDDS Plus would need to inform the Director of the Statistics Department in writing of its intention. The subscriber should provide Fund staff with the relevant metadata (including transition plans, if needed, for up to four of the nine SDDS Plus data categories indicated in Section II.1.). Once Fund staff is satisfied that the subscriber meets the relevant requirements under the SDDS Plus, staff will inform the country authorities that it can adhere to the SDDS Plus. Based on this determination, the subscriber may proceed to inform the Secretary of the IMF of its readiness to adhere to the SDDS Plus. Once the Secretary of the IMF has been informed, the metadata will be posted on the IMF’s DSBB. A subscriber becomes an adherent to the SDDS Plus on the date of posting of its metadata on the DSBB. In addition, the public may also be informed of a member’s adherence by a press release and the posting of a specific public notice on the DSBB.

2. Dissemination Standards Bulletin Board

2.1 As a cornerstone of the implementation of the SDDS Plus, the Fund established and maintains an electronic DSBB on the Internet as a service to its members. The DSBB identifies the members adhering to the SDDS Plus and provides wide and easy access to the adherents’ respective metadata. The responsibility for the accuracy of the metadata rests with adhering countries.

2.2 An SDDS Plus adherent’s national summary data page (NSDP) should be linked to the DSBB electronically through “hyperlinks” on the latter. The NSDP is to contain the most recent observation for the prescribed data category and the next most recent observation (except for COFER data). The SDDS Plus also prescribes that adherents include hyperlinks on their NSDP that provide users with access to time series for all data categories, except for COFER, for the last five years (or less than five years if the data series was created less than five years from the date of posting the hyperlink). The NSDP can include additional information as well. Responsibility for the data on the NSDP rests with individual adherents.

2.3 Adherents are required to certify, on an annual basis, the accuracy of the metadata posted on the DSBB. Under this process, adherents will notify the Fund staff, within one month after the end of each calendar year, that either: (1) all of the metadata posted on the DSBB are fully accurate; or (2) certain metadata are inaccurate. In the latter case, adherents would need to provide the corrected metadata together with the annual certification. The date on which the metadata were last certified by the adherent will be posted on the DSBB.

2.4 There may be situations where an adherent, during the period between certification dates for the metadata, makes changes to its practices that affect the accuracy of the metadata posted on the DSBB. In such situations, the adherent should inform the Fund staff of these changes, and amend the affected metadata expeditiously within the calendar quarter when those changes have occurred. Pending revision of the metadata on the DSBB, a note may be posted on the DSBB indicating that the metadata in question are in the process of being updated.

3. Automated monitoring arrangements

3.1 SDDS Plus adherents are required to use standardized electronic reporting procedures established by the Fund staff in consultation with adherents, which will allow the Fund staff to effectively monitor adherents’ observance of the SDDS Plus. Specifically, under these procedures, adherents are required to (1) report advance release calendars to the Fund staff (except for COFER, CPIS, and CDIS data); (2) adopt the formats for the adherents’ NSDPs that will allow the Fund staff to electronically capture information on such NSDPs, including the date of release and the reference period of the most recently disseminated data for each of the prescribed data categories (except for COFER data); (3) certify on an annual basis the accuracy of the metadata posted on the DSBB as prescribed in Section III.2.3 above; and (4) report updated metadata to the Fund staff.

4. Observance of the SDDS Plus and removal from the DSBB

4.1 Adherents to the SDDS Plus are expected to observe the elements of its four dimensions described in Section II above, to maintain an NSDP, and to observe the metadata certification and monitoring requirements set forth in Sections III.2.2, III.2.3, III.2.4, and III.3.1, respectively.

4.2 Any deviations from the SDDS Plus undertakings set forth in this decision with regard to the specific areas described in the previous paragraph will be subject to the same nonobservance procedures applicable to SDDS subscribers as set forth in the SDDS decision. If the Executive Board decides to delete the adherent’s metadata from the DSBB in application of the SDDS nonobservance procedures in a case of deviations arising solely from a nonobservance by the adherent of its undertakings under the SDDS Plus, the adherent’s metadata would be removed from the SDDS Plus and be disseminated under the SDDS. The subscriber would, Therefore, no longer be an SDDS Plus adherent, but would still be an SDDS subscriber. However, in a case where the Executive Board decides to delete the metadata of a subscriber that is also an adherent to the SDDS Plus due solely to the nonobservance of its undertakings under the SDDS, the adherent’s metadata would be automatically deleted from both the SDDS and the SDDS Plus, and no longer be an SDDS subscriber nor SDDS Plus adherent.

4.3 An annual report that assesses each adhering member’s observance of its undertakings under the SDDS Plus will be posted on the DSBB.

5. Reviews and revisions

5.1 Reviews of the SDDS Plus will be conducted by the Fund at intervals determined by the Executive Board of the Fund. At the completion of these reviews, revisions of the SDDS Plus may be adopted.

6. Withdrawal

6.1 An adherent may withdraw its adherence to the SDDS Plus at any time by sending a notification to the Managing Director of the Fund. The relevant metadata would be removed immediately from the DSBB.

Decision No. 15257-(12/96),

October 4, 2012,

as amended by Decision Nos. 15564-(14/29), March 27, 2014,

15826-(15/67),

July 1, 2015

Summing Up by the Acting Chairman—General Data Dissemination System Executive Board Meeting 97/125, December 19, 1997

Executive Directors welcomed the report provided in SM/97/275 and the staff proposal for the establishment of the General Data Dissemination System (GDDS). They recognized that the establishment of the GDDS was an important step for all Fund members not only in providing guidance in the provision of data to the public, but also in encouraging improvements in the quality and accessibility of economic, financial, and socio-demographic data.

In light of the above considerations, the Executive Board approved today the establishment of the GDDS, whose scope, operational characteristics, and mode of implementation are set forth in the revised draft Annex V of SM/97/275, Correction 1.

Executive Directors generally agreed with the purposes and orientation of the GDDS. In particular, Directors supported a system that recognized that for many countries improvements in data quality were a necessary precursor to enhanced dissemination of data to the public. The GDDS was seen as a useful framework for development of a broad range of statistics, including major macroeconomic and financial data, as well as socio-demographic indicators.

Directors endorsed the staff’s proposals concerning implementation by countries of the General System. They agreed that participation in the GDDS should be voluntary, and they supported the three elements of participation: commitment to use the GDDS as a framework for statistical development; designation of a country coordinator to work with the Fund; and development of metadata. The metadata were considered important as a means for identifying strengths and weaknesses in existing data systems, developing plans for improving data, and providing users with a means for assessing countries’ practices and developmental plans against the objectives recommended by the General System. As the GDDS was recognized as a long-term exercise for many countries, the metadata were also seen as useful for tracking counties’ improvements over time. The recommendation in the GDDS to focus primarily on a set of core frameworks and indicators, supplemented by encouraged data systems and categories, was viewed as useful, as it made the General System relevant to a very broad range of countries and provided a clear set of links between the GDDS and the SDDS. These links would be particularly helpful to countries that wished to use participation in the GDDS as a step toward subscription to the SDDS.

A few Directors suggested a number of additions to the core data specifications of the GDDS, including in the areas of national accounts, and more fiscal data, including off-budget transactions, and the accounts of local and regional governments. The staff will explore these suggestions and report in the context of the next review of the GDDS.

Most Directors supported inclusion in the GDDS of a set of socio-demographic indicators because of the importance of these data in assessing economic developments in many of the likely participating countries. However, some Directors reiterated that the responsibility for development of social indicators should be left primarily to other international organizations, and some expressed doubts regarding the appropriateness of inclusion of these data in the GDDS. Directors agreed that there should be close cooperation with regional and other international organizations.

Directors acknowledged the importance of the access and integrity dimensions of the GDDS, as aspects of openness and transparency. The principles embodied in these dimensions were not yet standard practice in many countries, and it was therefore considered appropriate that the GDDS focus on the development of these dimensions in the practices of data compiling and disseminating agencies.

Most Directors supported a phased approach to the implementation of the GDDS that focused first on education and training through development of appropriate documentation and presentation of seminars and workshops. It was recognized that the GDDS was a very ambitious project, both for the Fund and for countries that might wish to participate, and many Directors agreed that a longer-term approach to implementation was appropriate in recognition of the substantial resource costs to the Fund and the resource costs to, and absorptive capacity of, participating countries.

Executive Directors agreed with the staff’s proposal to begin the compilation of metadata on participating countries’ statistical practices and plans for improvement. Most Directors endorsed the proposal that the Fund disseminate these metadata to the public through an electronic bulletin board, as the most efficient means. However, Directors agreed not to preclude other means of communication, given the different situations of members. Directors also pointed out the need to clearly distinguish between the bulletin boards for the GDDS and the SDDS.

Annex I. The Enhanced General Data Dissemination System1, 2

I. Purposes and Framework

The purposes of the e-GDDS are (1) to guide member countries in the provision to the public of comprehensive, timely, accessible, and reliable economic, financial, and socio-demographic statistics in a world of increasing economic and financial integration; (2) to provide a framework for evaluating needs for data improvement and dissemination as well as setting capacity development priorities; and (3) to encourage member countries to improve data quality. The e-GDDS framework comprises four dimensions: (a) coverage, periodicity, and timeliness of data; (b) improved access to data by the public; (c) integrity and credibility of the disseminated data; and (d) data quality. For each of the four dimensions, the e-GDDS describes good practices to serve as objectives in the development of national systems of data production and dissemination. Box 1 provides an overview of the four dimensions of the e-GDDS.

II. Dimensions of the e-GDDS

1. Coverage, periodicity, and timeliness of data

Dissemination of reliable, comprehensive, and timely economic, financial and socio-demographic data is essential to the transparency of macroeconomic performance and policy. Thus, the e-GDDS encourages the dissemination of data as described in Table 1.

Table 1.The General Data Dissemination System: Data, Coverage, Periodicity, and Timeliness—Macroeconomic and Financial Sectors and Sociodemographic Data
Data CategoriesComponentsPeriodicityTimeliness
Macroeconomic and Financial Data: Encouraged Data
National accounts (GDP)GDP in current prices and volume by production approach, or by expenditure approachQuarterly1 quarter
Consumer price indexMonthly2 months
General government operationsStatement of government operations

∘ revenue;

∘ expense;

∘ gross operating balance;

∘ net operating balance;

∘ net acquisition of nonfinancial assets;

∘ net lending (+)/net borrowing (-)

∘ net acquisition of financial assets:
  • (1) domestic;

  • (2) foreign;



∘ net incurrence of liabilities:
  • (1) domestic;

  • (2) foreign;



∘ statistical discrepancy
Annual3 quarters
Central government operationsStatement of government operations

∘ revenue;

∘ expense;

∘ gross operating balance;

∘ net operating balance;

∘ net acquisition of nonfinancial assets;

∘ net lending (+)/net borrowing (-)

∘ net acquisition of financial assets:
  • (1) domestic;

  • (2) foreign;



∘ net incurrence of liabilities:
  • (1) domestic;

  • (2) foreign;



∘ statistical discrepancy
Quarterly1 quarter
General government gross debtDomestic and foreign gross debtQuarterly2 quarters
Depository corporations survey
  • Broad money;

  • Domestic claims; and

  • Net foreign assets

Monthly1 quarter
Central bank survey
  • Monetary base

  • Domestic claims, and

  • Net foreign assets

Monthly2 months
Interest ratesShort and long-term government security rates, policy-oriented rateMonthly
Stock market (if applicable)Monthly
Balance of payments
  • Current account

  • Capital account

  • Financial account

  • Net errors and omissions

Quarterly1 quarters
External debt1∘ Public and publicly-guaranteed debt, broken down by maturity/ (short-term and long-term); and

∘ Private external debt not publicly guaranteed, broken down by maturity (short-term and long-term)
Quarterly2 quarters
Official reserve assetsGross official reserve assetsMonthly1 month
Merchandise tradeTotal exports and total importsMonthly12 weeks
International investment positionAssets and liabilities, disaggregated by:
  • direct investment;

  • portfolio investment;

  • other investment; and

  • reserve assets (included only in assets)

Annual3 quarters
Exchange ratesSpot ratesDaily
Macroeconomic and Financial Data: Supplementary Data
Production indexManufacturing or industrial, primary commodity, or sector coverage as relevant.Monthly (as relevant)12 weeks
Labor marketEmployment, unemployment, wages/earnings, as relevantAnnual3 quarters
Producer price indexMonthly2 months
Financial soundness indicators
  • Regulatory Tier 1 capital to risk-weighted assets

  • Regulatory Tier 1 capital to assets

  • Nonperforming loans net of provisions to capital

  • Nonperforming loans to total gross loans

  • Return on assets

  • Liquid assets to short-term liabilities

  • Net open position in foreign exchange to capital

Quarterly1 quarter
Demographic and Selected Socio-Economic Indicators
PopulationPopulation characteristics: sizeAnnual (Census every ten years)3-6 months for annual updates

9-12 months for Census
Selection of socio-demographic indicatorsSustainable development goals and other indicators of the authorities choosing

(A) Definitions and general considerations

(i) Coverage

The focus is on data that are most important in evaluating economic performance in four macroeconomic sectors—real, fiscal, financial, and external—as well as complementary sociodemographic data that shed light on economic development. Table 1 shows the e-GDDS encouraged and supplementary data categories. It also allows a selection of socio-demographic indicators as needed by reporting authorities.

Box 1.The Four Dimensions of the e-GDDS

1. Coverage, periodicity, and timeliness of data: Dissemination of reliable, comprehensive, and timely economic, financial, and socio-demographic data is essential to the transparency of macroeconomic performance and policy. The e-GDDS therefore encourages the dissemination of data as described in Table 1.

2. Access by the public: Dissemination of official statistics is an essential feature of statistics as a public good. Ready and equal access by the public is a principal requirement. The e-GDDS encourages:

• Dissemination through a National Summary Data Page via the Internet.

• Dissemination of advance release calendars.

• Simultaneous release to all parties.

3. Integrity and credibility: To fulfill the purpose of providing the public with credible information, official statistics must have the confidence of users. In turn, confidence in the statistics ultimately becomes a matter of confidence in the objectivity and professionalism of the agency producing the statistics.

Transparency of practices and procedures is a key factor in maintaining this confidence. The e-GDDS therefore encourages:

• Dissemination of the terms and conditions under which official statistics are produced, including those relating to the confidentiality of individually identifiable information.

• Identification of internal government access to data before release.

• Identification of ministerial commentary on the occasion of statistical releases.

• Provision of information about revisions.

• Advance notice of major changes in methodology.

4. Quality: Data quality must have a high priority, and users should be provided with information to assess quality and quality improvements. The e-GDDS encourages:

• Dissemination of documentation on methodology and sources used in preparing statistics.

• Dissemination of component detail, reconciliations with related data, and statistical frameworks that support statistical cross-checks and provide assurance of reasonableness.

(ii) Periodicity and timeliness

The e-GDDS recognizes the importance of production and dissemination of data that are of appropriately high periodicity and timeliness.

Periodicity refers to the frequency of compilation of the data (that is the relevant period covered by a data observation, i.e., annual, quarterly, monthly, weekly, daily). The periodicity of a data category reflects several factors, including the ease of data collection and compilation and the needs of analysis. The e-GDDS should be viewed as encouraging improvements over time in periodicity of data dissemination (that is higher frequency) that are consistent with improvements in data quality.

Timeliness refers to the speed of dissemination of the data—i.e., the time between a reference date (or the close of the reference period) and dissemination of the data. It reflects many factors, including institutional arrangements, such as the preparation of accompanying commentary.

Dissemination of statistics takes several forms, including:

  • formal publications, such as news releases (perhaps presenting only summary statistics), periodicals such as monthly bulletins, or one-time volumes;

  • announcement of availability of statistics on request (but not necessarily without charge), including through electronic databases;

  • internet, diskettes, tapes, or CD-ROM of a formal publication or a database;

  • recorded brief telephone messages, e-mail and fax services, especially in the case of data categories justifying high-frequency distribution.

The intent of the e-GDDS is to encourage improvements over time in the timeliness of data dissemination, consistent with improvements in data quality.

The e-GDDS periodicity and timeliness set out in Table 1 are less stringent than those for the SDDS, except for national accounts and balance of payments, where they are proposed to be the same, given their importance for surveillance.

(B) Specifications

The e-GDDS objectives for coverage, periodicity, and timeliness are summarized in Table 1. Table 1 specifies two groups of macro-economic and financial data: (i) encouraged data; and (ii) supplementary data. Countries are encouraged to develop and disseminate all data categories with the indicated periodicity and timeliness regularly. The e-GDDS encourages the use of internationally accepted statistical methodologies (see http://dsbb.imf.org/Pages/SDDS/StatMethod.aspx) for the compilation of data, and countries are encouraged to indicate deviations from these internationally accepted statistical methodologies in their metadata.

(i) Macroeconomic and Financial Data: Encouraged Data Categories

Real sector

The encouraged comprehensive statistical framework for the real sector is the national accounts, consisting of nominal levels and real (price-adjusted) levels. For price statistics, consumer price indices are encouraged.

Fiscal sector

For the fiscal sector, the encouraged statistical framework covers the general (central plus state or provincial and local) government.1 As more frequent and timely indicators of the fiscal stance, central government indicators are encouraged. Data for government debt are encouraged in terms of central government debt.

Financial sector

For the financial sector, the encouraged statistical framework is the depository corporations survey (DCS). The DCS is to cover all depository corporations, which include the central bank and all other depository corporations (ODCs). The ODCs, in turn, are to cover resident financial corporations and quasi-corporations that mainly engage in financial intermediation and that issue liabilities included in the national definition of broad money. The data category encouraged to track banking system developments on a timelier basis is the central bank survey.

The encouraged interest rates should cover short- and rates on long-term government securities, as appropriate to the country (e.g., three-month Treasury bill rate and ten-year government bond rate) and a policy-oriented rate, such as the central bank lending rate. Where rates are administratively determined, changes in rates should be disseminated as soon as possible. In countries where a stock market exists, the e-GDDS encourages the dissemination of share price indices.

External sector

For the external sector, balance of payments data are the encouraged statistical framework. For more frequent and timely basis, the encouraged data are the official reserve assets and merchandise trade.

The e-GDDS encourages a separate data category for external debt, with the following data components:

(1) public and publicly guaranteed external debt, broken down by maturity; and

(2) private external debt not publicly guaranteed.

With respect to the international investment position (IIP), the e-GDDS encourages the dissemination of annual data (encompassing components consistent with internationally accepted statistical methodologies) within three quarters after the end of the reference year.

The e-GDDS also encourages that spot exchange rates be disseminated to the public on a daily basis. If these are readily available in the media or through online systems, public redissemination may not be needed or may be limited to monthly or preferably weekly, end-period and period average rates.

(ii) Macroeconomic and Financial Data: Supplementary Data

The e-GDDS encourages the dissemination of a single production index or a selection of production indices to track GDP on a more frequent basis. The index or selection of indices that are relevant will depend on a country’s economic structure—manufacturing or industrial production in some countries, and primary commodity production (e.g., petroleum or rice) and/or agriculture production in others. For price statistics, producer price indices are also encouraged as supplementary data.

Labor market data are critically important statistics in industrial countries, but may be less meaningful in others, such as those with large informal or subsistence sectors. Thus, the-GDDS encourages the dissemination of these data recognizing that the coverage of the employment, unemployment, and wages/earnings components may, of necessity, be less than the total economy and that such concepts may not be meaningful in every case. Consistent with efforts to strengthen financial sector surveillance to better detect systemic risks, the e-GDDS encourages the dissemination of data on financial soundness indicators.

(iii) Demographic and Selected Socio-Economic Indicators

Except for population, the e-GDDS makes no specific recommendations concerning which social or demographic indicators should be disseminated. Countries are encouraged to construct indicators to meet their own national needs following good statistical practices.

2. Access by the public

Dissemination of official statistics is an essential feature of statistics as a public good, and equality in access is a principal need of the public, including market participants.

To support ready and equal access, the e-GDDS recommends:

a. Advance release calendars

Advance release calendars (ARC) reflect sound management and transparency of statistical compilation and provide data users with information needed to take a more active and organized approach to acquiring the inputs for their work. The objective may be met, for example, by the dissemination of calendars showing release dates for the current month and for the following three months. Agencies are encouraged to make widely known the name and address of an office or a person who can provide the latest information about the ARC, including release of data for which periodicity and timeliness are irregular, and newly disseminated data.

b. Simultaneous release to all parties

In the interest of equity and recognizing data as a valuable commodity, the e-GDDS encourages the release of data to all interested parties at the same time. Release is not intended to refer to access by government agencies, including those other than the producing agency; pre-release access is governed by conditions set out in the description of integrity (see subsection 3.b below). The act of release may consist of providing summary data to be accompanied, perhaps later, by provision of detail. The objective may be met by providing at least one publicly identified and accessible location where data are available to all on an equal basis once they are released.

With the ongoing global integration and increased reliance on the Internet and electronic data transmission, the e-GDDS encourages the release of data simultaneously to the public through a National Summary Data Page published on the website of one of the statistics agencies (see III. 2).

3. Integrity and credibility

To fulfill the purpose of providing the public with credible information, official statistics must have the confidence of users. In turn, confidence in statistics ultimately becomes a matter of confidence in the objectivity and professionalism of the agency producing the statistics. Transparency of practices and procedures is a key factor in creating this confidence. To assist users of the data disseminated under the e-GDDS in assessing the data’s integrity, the e-GDDS encourages:

a. Dissemination of the terms and conditions under which official statistics are produced, including those relating to the confidentiality of individually identifiable information

This practice, which was embodied in the Fundamental Principles of Official Statistics adopted by the United Nations General Assembly in January 2014 (Resolution 68/261), is indirect, but nevertheless fundamental to fostering confidence in the objectivity and professionalism of official statistics. The terms and conditions under which statistical agencies operate may take various forms, including statistics laws, charters, and codes of conduct. Accordingly, a first step toward this objective would be to put such laws, charters, and codes in place. The terms and conditions incorporated in them may refer to matters such as the relationship of the statistical unit to a larger department or ministry of which it is part (if relevant), the legal authority to collect data, the requirement to publish data it has collected, the terms of reference for the chief statistician/director, and procedures and processes related to confidentiality of individual responses. Dissemination of this information may take a variety of forms, including annual reports of the producer of statistics, abstracts in key publications, and statements of relevant passages referring to confidentiality of survey forms. Statistics producers may find it convenient to use logos and other insignia to remind users of the terms under which statistics carrying the logo are produced. These terms and conditions should be kept up-to-date.

b. Identification of internal government access to data before release

In the interest of transparency about possible undue influence on the data before release, the e-GDDS calls for listing the persons/ positions within the government, but outside the agency producing the data, which have pre-release access. Such identification—that is, statements of who knows what—may take a variety of forms, including brief notices to the public and annual reports of the producer of statistics. This practice is addressed mainly to situations in which the data are sensitive for policy or other reasons, and the objective may be met, at a minimum, by following this practice for the most sensitive data categories and indicators.

c. Identification of ministerial commentary on the occasion of statistical releases

Ministerial commentary is not necessarily expected to maintain the same degree of objectivity or freedom from political judgment as would be expected of good practice for a producer of official statistics. Therefore, a good practice is to identify such commentary so that its source will be transparent to the public. The identification of ministerial commentary on the occasion of statistical release may take several forms including separate statements by the minister (or other policy or political official) or, alternatively, identification of a statistical agency’s material in a release that contains both ministerial commentary and data. The agency’s material may include data, explanatory text (e.g., of an unusual event affecting the data), and objective analysis; the identification of an agency’s material may be made in various ways, including the use of source lines in tables and of the producer’s logos or other insignia. This practice is addressed mainly to situations in which the data are sensitive for policy or other reasons, and the objective may be met, at a minimum, by following this practice for the most sensitive data categories and indicators.

d. Provision of information about revision and advance notice of major changes in methodology

In the interest of transparency about the data producers’ practices, the e-GDDS calls for the provision of information about past revisions and about one of the major prospective sources of revision. Relevant information about revisions in data may include statements about the policy followed (e.g., a policy of revising monthly data when an annual, more comprehensive survey becomes available or a policy of no revision) and data about the size of past revisions; both policies and data on revisions may have to be developed before they can be disseminated. Changes in methodology (e.g., changes in base year, major expansions of sample size, introduction of alternative data sources, reclassification of transactions or industries) are to be expected in developing statistical systems. The advance notices may take a variety of forms, including, at a minimum, a short statement in the last presentation of unrevised data or on a stand-alone basis. These statements would identify the kinds of changes to be made and give a source for additional information, such as a paper available on request or the name and address of a person able to explain the upcoming change. Members are encouraged, as well, to provide easy access to information explaining revisions after they are released (e.g., by access to a person able to answer questions about revisions).

4. Quality

Data users should be provided with information necessary to assess quality and quality improvements. Participants in the e-GDDS are encouraged to implement internationally accepted statistical methodologies for all data categories and to indicate where statistical practices deviate from these methodologies (a specified list of these methodologies is posted on the Dissemination Standards Bulletin Board (DSBB, see Section III.2). Although quality is difficult to judge, proxies may allow users to assess quality. To assist users to assess quality, the e-GDDS encourages:

a. Dissemination of documentation on methodology and sources used in preparing statistics

The availability of documentation on methodology and sources underlying statistics is key to user awareness of the strengths and weaknesses of the data. In addition to information on the DSBB (see Section III.2), the participant’s documentation may take several forms, including summary notes accompanying release of the data, separate publications, and papers available on request from the producers. Participants are encouraged to prepare and disseminate statements about important features of quality (e.g., the kinds of errors to which the data are subject, sources of non-comparability over time, measures of coverage for census data or sample error for survey data).1

b. Dissemination of component detail, reconciliation with related data, and statistical frameworks that support statistical crosschecks and provide assurance of reasonableness

To support and encourage users’ checks and verification of data, e-GDDS participants are encouraged to disseminate components underlying aggregate series, comparisons and reconciliations with related data, and statistical frameworks. Component detail should be at a level that does not conflict with other desirable characteristics such as the confidentiality of individually identifiable information or statistical reliability. Comparisons and reconciliations include those that cut across frameworks, such as exports and imports as part of the national accounts and as part of the balance of payments. Statistical frameworks include accounting identities and statistical relationships, such as matching stocks with flows.

III. Implementation of the e-GDDS

5. Participation in the e-GDDS

Members are encouraged to participate in the e-GDDS on a voluntary basis. Participants should make best efforts to disseminate the data as set out in Table 1, and are encouraged to discuss data and dissemination issues with staff during Article IV consultations. Participation involves: (1) a commitment to use the e-GDDS as a framework for the development of their national systems for the production and dissemination of macroeconomic, financial, and socio-demographic data; (2) designation of a country coordinator to work with IMF staff; and (3) preparation of descriptions (“metadata”) of (a) current statistical production and dissemination practices and (b) plans for short-and longer-term improvements that would be disseminated by the IMF. Participants also are expected to describe recently implemented improvements. The descriptions of current practices and plans would correspond to each of the objectives for the data, coverage, periodicity and timeliness, access, integrity, and quality dimensions (using the IMF’s Data Quality Assessment Framework (DQAF)). The plans would identify the major shortcomings relative to the objectives set out in the e- GDDS; the steps by which the short-comings would be addressed; the resources, including technical assistance, necessary to achieve the improvements; and the time frame during which the improvements would be achieved. In particular, the improvements to be undertaken within the next year and within two to five years would need to be identified.

Participation will depend upon the completion of the three actions set out above and be publicly recognized by the IMF when the metadata are posted on the IMF’s Dissemination Standards Bulletin Board (DSBB). At any time before the completion of such actions, members may indicate their intent to participate by sending an appropriate communication to the IMF, which will provide the basis for work with the member on the actions involved in participation.

A country could opt for participation from the outset, move gradually toward participation, or continue to work with the IMF on the improvement of national systems for the production and dissemination of statistics, as in the past, without participation. Member countries cannot participate in both the e-GDDS and the SDDS at the same time. Although, participation in the e-GDDS is not a prerequisite for subscribing to the SDDS, member countries may well find the e-GDDS framework useful as a stepping stone for subscribing to the SDDS. In this context, e-GDDS plans for improvement should be oriented towards meeting SDDS requirements, where relevant.

6. Dissemination Standards Bulletin Board

The IMF, as a service to its members, has established and maintains an electronic Dissemination Standards Bulletin Board (DSBB) on the Internet, a system to store and disseminate the metadata provided by participants (DSBB). The DSBB identifies the members participating in the e-GDDS and provides easy access to the members’ respective metadata. The responsibility for the accuracy of the metadata and of the economic, financial, and socio-demographic statistics underlying the metadata rests with the member countries. Although, participants are expected to review and update their metadata on either a “best-effort” or “when-merited” basis, participants are expected to update their plans for improvement on an annual basis.

It is recommended that e-GDDS participants establish a NSDP on the Internet, which is linked to the DSBB electronically through “hyperlinks.” The NSDP should be modeled on an information-technology platform using Statistical Data and Metadata Exchange (SDMX) as the enabler. The proposed NSDP would have a relatively simple web layout to reduce cost. Customized to the authorities’ preferences, the NSDP would feature columns indicating the e-GDDS data categories, hyperlinks to the authorities’ dissemination sites (for example, the websites of the national statistical office, central bank, or ministry of finance), and hyperlinks to the electronic SDMX data files. Alternatively, participants in the e-GDDS may also disseminate the encouraged data through an NSDP based on an open-data platform, or ODP. This electronic platform shares similar advantages with an SDMX-based NSDP (e.g., machine-readable, push/pull capabilities; data exchange; enhanced coordination). Furthermore, participants are to disseminate on the Internet an ARC showing the data release dates for the current month and for the following three months (see Section II.2.a).

7. Automated monitoring arrangements

Once e-GDDS participants disseminate data via the NSDP, staff will assess progress against the core data categories, making reference to periodicity and timeliness, in an annual report and a brief semiannual update. For each participant, staff also would make a judgment as to what threshold (see Table 2) the participant meets. A table on the status for each country with an NSDP would be posted on the DSBB, and a short summary on data dissemination issues also would be included in the Statistical Issues Appendix (SIA) accompanying each Article IV consultation staff report. In the context of the Article IV consultations staff will be expected to discuss the constraints to data dissemination and, where discussed with the authorities, report their findings, the authorities’ views, and remedial plans in the Article IV staff report.

Table 2.e-GDDS: Graphical Presentation of Monitoring Thresholds
GDDSe-GDDS (thresholds for promoting graduation to SDDSSDDS
Threshold IThreshold 2Threshold 3
Disseminate metadata and plans for developmentDisseminate metadata and plans for developmentDisseminate metadata and plans for developmentDisseminate metadata and plans for DevelopmentDisseminate metadata
Disseminate encouraged data categories according to coverage, periodicity, and timeliness set in metadata, at least some of which falls short of the e-GDDS framework (Table 1)Disseminate encouraged data categories according to coverage, periodicity, and timeliness recommended under the e-GDDS (Table 1)Disseminate encouraged data categories according to coverage, periodicity, and timeliness equal or better than recommended under the e-GDDS (Table 1)Disseminate encouraged data categories plus additional categories
Maintain an NSDP with monthly updating, or more often if warrantedMaintain an NSDP with monthly updating, or more often if warrantedMaintain an up-to-date NSDPMaintain an up-to-date NSDP consistent with commitments
Observe an ARC covering all encouraged dataObserve an ARC covering all SDDS data
Note: NSDP refers to the National Summery Data Page and ARC to the Advance Release Calendar.

8. Reviews and withdrawal

Reviews of the e-GDDS content and implementation procedures will be conducted by staff at intervals determined by the Executive Board, and will be informed by the views of producers and users of data. At the completion of these reviews, revisions of the e-GDDS framework may be adopted. Reviews of the IMF’s Data Standards Initiatives are available on the DSBB (http://www.imf.org/external/np/sta/dsbb/list.htm).

Members may withdraw participation at any time by sending an appropriate communication to the IMF. Upon withdrawal, relevant data and metadata would be removed promptly from the DSBB.

Ed. Note: Pursuant to Decision No. 13814-(06/98), November 15, 2006, future reviews will be conducted on an “as needed” basis. The expectation going forward is that “as needed” would generally mean a lag of at least five years between any such reviews.

The general government consists of the central government (budgetary funds, extrabudgetary funds, and social security funds) and state and local governments.

Gross external debt is the outstanding amount of those actual current, and not contingent, liabilities that require payment(s) of principal and/or interest by the debtor at some point(s) in the future and that are owed to nonresidents by residents of an economy. (SM/03/386, Sup. 1, 1/23/04).

These additional steps are: development of a standard set of tables to help guide reporting of public debt data to the Fund, including appropriate breakdowns; enhanced collection of monetary and financial sector data, including through development and use of standard reporting forms; promotion of greater coherence of data needs across policy initiatives, such as FSIs and the balance sheet approach; review of the contents of the International Financial Statistics to explore the scope for reflecting data needed for policy initiatives; continued experimentation with the use of nonfinancial corporate data from a variety of sources; continued elaboration of internationally agreed methodologies to incorporate pertinent breakdowns and details; and initiation of consultations on the SDDS prescriptions for public debt in the context of the next review of the Fund’s Data Standards Initiatives.

Ed. Note: Pursuant to Decision No. 13814-(06/98), November 15, 2006, future reviews will be conducted on an “as needed” basis. The expectation going forward is that “as needed” would generally mean a lag of at least five years between any such reviews. Decision No. 14036-(08/1), December 27, 2007, extended the deadline for the next review to end-June 2008.

Ed. Note: As amended by Decision Nos. 14728-(10/85), September 1, 2010, and 15256-(12/96), October 4, 2012.

This Annex incorporates amendments approved by the Executive Board at various reviews of the GDDS/e-GDDS through May 1, 2015.

Ed. Note: This amended Annex is set forth as Annex I in Decision No. 15827-(15/67), July 1, 2015.

Where the statistical framework covers the full public sector, countries are encouraged to disseminate public sector data.

The size of past revisions, which is an important aspect of quality, is included under integrity, drawing on its role as an indicator of the transparency of conditions under which data are produced (see II.3.d).

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