Chapter

4. Fiscal Sector: Data Coverage, Periodicity, and Timeliness

Author(s):
International Monetary Fund
Published Date:
July 2007
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4.1 This chapter provides an overview of data coverage, periodicity, and timeliness for the fiscal sector. This is followed by a discussion of data to be disseminated on general government operations (GGO), central government operations (CGO), and central government debt (CGD).

Overview

4.2 The SDDS prescribes that (a) data on GGO be disseminated on an annual basis within two quarters after the end of the reference period; (b) data on CGO be released to the public at monthly frequency within one month after the reference month; and (c) data on CGD be published on a quarterly basis and released within one quarter. (See also paragraph 2.15.)

4.3 The IMF’s Government Finance Statistics Manual 2001 (GFSM 2001) provides the internationally accepted guidelines for compiling data on the fiscal sector. The concepts and principles set out in the GFSM 2001 are harmonized with the 1993 SNA, the Balance of Payments Manual, fifth edition (BPM5),1 and the Monetary and Financial Statistics Manual 2000 (MFSM). This means that data from the government finance statistics system can be combined with data from other statistical systems to assess general government or public sector developments in relation to the rest of the economy. Similar to corporate financial statements, the GFSM 2001 promotes the compilation of statistics on government operations on an accrual basis, accompanied by a cash flow statement and a balance sheet. (The GFSM 2001 replaces the 1986 Manual on Government Finance Statistics.)

4.4 The SDDS encourages the classification of fiscal data in the GFSM 2001 framework, whether the data are compiled on an accrual or cash basis.

General Government Operations or Public Sector Operations

4.5 The comprehensive statistical framework for the fiscal sector may be either GGO or public sector operations (PSO). GGO covers operations of all governmental units (including social security systems) whether operating at the central level, state/provincial/region level, or local level. PSO covers operations of the general government, nonfinancial public corporations, and financial public institutions (for example, development banks); however, for a picture of financing requirements, the nonfinancial public sector, comprising the general government and nonfinancial public corporations, is the preferred concept (Figure 4.1).

Figure 4.1.Concept of the Public Sector

Source: Figure 2.2 of IMF, Government Finance Statistics Manual 2001 (GFSM 2001).

1 Includes social security funds.

4.6 In countries where the public sector is the focus of analysis and policy—for example, where the public sector borrowing requirement is an important policy variable—PSO should be the comprehensive framework; elsewhere, GGO should be used. The coverage of the chosen concept should be as broad as possible, including units at all levels of GGO and, for PSO, all important public corporations. The SDDS metadata are to describe the institutional units and government activities covered by the data disseminated on the NSDP. Key institutional units and significant government activities and accounts excluded by the data disseminated on the NSDP are also to be disclosed in the metadata.

4.7 As indicated above, the SDDS prescribes that data on GGO (or PSO) be disseminated with an annual periodicity and within two quarters after the end of the reference period. The data disseminated should be actual data or preliminary actual data; data based on projections, such as budget estimates for the upcoming fiscal year, do not conform to the SDDS.

4.8 Where feasible, financing should be disaggregated by domestic and foreign financing, with the domestic and foreign distinctions determined by the residency of the creditor. Domestic financing is to be further disaggregated into financing provided by the depository corporations (banking system) and the nonbank sector (that is, other domestic sectors). Where disaggregation by domestic and foreign financing is not feasible, financing can be classified by (a) maturity and (b) type of instrument or currency of issue (and/or other relevant characteristics—for example, whether the debt is indexed, and the nature of the indexing). The classification of aggregate financing should be consistent with that on CGD.

4.9 For subscribers using the GFSM 2001 methodology, the prescribed GGO components, as well as those that are encouraged, are shown in Tables 4.1a, b, c, and e; prescribed and encouraged components of CGD liabilities are shown in Tables 4.1a and d.2Table 4.1a shows the prescribed and encouraged components for countries that apply the GFSM 2001 classifications under the cash basis, as well as those for countries that apply the framework under the accrual basis. The accrual basis also includes “modified cash” and “modified accrual” data. Table 4.1b shows the statement of sources and uses of cash with various components, including those covering domestic and foreign financing (a second financing breakdown is required). Table 4.1c presents the statement of government operations with various components, including those covering domestic and foreign financing disaggregated by instrument. (See also paragraph 4.8 above for alternative disaggregations of financing data.)

Table 4.1a.Fiscal Sector—SDDS Data Coverage, Periodicity, and Timeliness with Reference to the GFSM 2001 Framework
Prescribed Institutional Coverage (“Encouraged” Coverage as Noted)PeriodicityBasis (Select “Cash” or “Accrual” as Appropriate)PrescribedEncouraged
GGOGeneral government or public sectorACashStatement of sources and uses of cash (CFS) (see also Table 4.1b)Interest as a separate item of expense
(Q encouraged)Accrual1Statement of government operations (SOGO) (see also Table 4.1c)Interest as a separate item of expense. CFS (see also Table 4.1b), statement of other economic flows (SOEF), and balance sheet (see also Table 4.1e)
CGOCentral government budgetary units (excluding extrabudgetary and social security units)MCashCFS (see also Table 4.1b)Interest as a separate item of expense
(Coverage of all central government units, encouraged)Accrual1SOGO (see also Table 4.1c)Interest as a separate item of expense. CFS (see also Table 4.1b)
CGD liabilitiesCentral governmentQSee Table 4.1d
(M encouraged)Non-central-government liabilities guaranteed by the central government
Sources: IMF Statistics Department; Government Finance Statistics Manual 2001 (GFSM 2001).Note: Abbreviations: A, annual; Q, quarterly; M, monthly; GGO, general government operations; CGO, central government operations; CGD, central government debt.
Table 4.1b.GFSM 2001 Framework: Statement of Sources and Uses of Cash
GFS Code
Statement of Sources and Uses of Cash
Cash receipts from operating activities*1
Taxes11
Social contributions12
Grants13
Other receipts14
Cash payments for operating activities*2
Compensation of employees21
Purchases of goods and services22
Interest24
Subsidies25
Grants26
Social benefits27
Other payments28
Net cash inflow from operating activities [1–2]*CIO
Net cash outflow from investments in nonfinancial assets [31.1–31.2]*31
Purchases of nonfinancial assets31.1
Sales of nonfinancial assets31.2
Cash surplus (+) /deficit (–) [1–2–31 = 1–2M]*CSD
Net acquisition of financial assets, excluding cash*32x
Domestic321x
Foreign322x
Monetary gold and SDRs323
Net incurrence of liabilities*33
Domestic331
Foreign332
Net cash inflow, financing activities [–32x + 33]*NFB
Net change in the stock of cash [= 3212 + 3222]*NCB
Statistical discrepancy [CSD–32x + 33–NCB]*CSDz
Memorandum items*
Total cash expenditure [2 + 31]2M
Sources: IMF Statistics Department; GFSM 2001.
Table 4.1c.GFSM 2001 Framework: Statement of Government Operations
GFS Code
Statement of Government Operations Revenue*1
Taxes*11
On income, profits, and capital gains111
On payroll and workforce112
On property113
On goods and services114
On international trade and transactions115
Other taxes116
Social contributions12
Grants13
Other revenue14
Expense*2
Compensation of employees21
Use of goods and services22
Consumption of fixed capital23
Interest* (encouraged)24
Subsidies25
Grants26
Social benefits27
Other expense28
Gross operating balance [1–2 + 23]*GOB
Net operating balance [1–2]*NOB
Net acquisition of nonfinancial assets*31
Net lending (+) /borrowing (–) [1–2–31 = 1–2M]*NLB
Net acquisition of financial assets* (disaggregated below, as relevant)32
Currency and deposits [3212 + 3222]*3202
Securities other than shares [3213 + 3223]*3203
Loans [3214 + 3224]*3204
Shares and other equity [3215 + 3225]*3205
Insurance technical reserves [3216 + 3226]*3206
Financial derivatives [3217 + 3227]*3207
Other accounts receivable [3218 + 3228]*3208
Domestic* (disaggregated below, as relevant)321
Currency and deposits*3212
Securities other than shares*3213
Loans*3214
Shares and other equity*3215
Insurance technical reserves*3216
Financial derivatives*3217
Other accounts receivable*3218
Foreign*(disaggregated below, as relevant)322
Currency and deposits*3222
Securities other than shares*3223
Loans*3224
Shares and other equity*3225
Insurance technical reserves*3226
Financial derivatives*3227
Other accounts receivable*3228
Monetary gold and SDRs*323
Net incurrence of liabilities (disaggregated below, as relevant)33
Currency and deposits [3312 + 3322] *3302
Securities other than shares [3313 + 3323]*3303
Loans [3314 + 3324]*3304
Shares and other equity [3315 + 3325]*3305
Insurance technical reserves [3316 + 3326]*3306
Financial derivatives [3317 + 3327]*3307
Other accounts payable [3318 + 3328]*3308
Domestic* (disaggregated below, as relevant)331
Currency and deposits*3312
Securities other than shares*3313
Loans*3314
Shares and other equity*3315
Insurance technical reserves*3316
Financial derivatives*3317
Other accounts payable*3318
Foreign* (disaggregated below, as relevant)332
Currency and deposits*3322
Securities other than shares*3323
Loans*3324
Shares and other equity*3325
Insurance technical reserves*3326
Financial derivatives*3327
Other accounts payable*3328
Statistical discrepancy [NLB–32 + 33]*NLBz
Memorandum item: Total expenditure [2 + 31]*2M
Sources: IMF Statistics Department; GFSM 2001.
Table 4.1d.Central Government Debt Liabilities by Maturity,* Residency,** and Instrument*** with Reference to the GFSM 2001 Framework
Central government debt liabilities (excluding equity)63A0
Short-term63A01
Long-term63A02
Domestic63A1
Short-term63A11
Currency and deposits63A112
Securities other than shares63A113
Loans63A114
Insurance technical reserves63A116
Financial derivatives (as relevant)63A117
Other accounts payable63A118
Long-term63A12
Currency and deposits63A122
Securities other than shares63A123
Loans63A124
Insurance technical reserves63A126
Financial derivatives (as relevant)63A127
Other accounts payable63A128
Foreign63A2
Short-term63A21
Currency and deposits63A212
Securities other than shares63A213
Loans63A214
Insurance technical reserves63A216
Financial derivatives (as relevant)63A217
Other accounts payable63A218
Long-term63A22
Currency and deposits63A222
Securities other than shares63A223
Loans63A224
Insurance technical reserves63A226
Financial derivatives (as relevant)63A227
Other accounts payable63A228
Sources: IMF Statistics Department; GFSM 2001.Note: *Residual maturity; if not feasible, original maturity;** or by currency;*** or by sector.
Table 4.1e.GFSM 2001 Framework: Statement of Other Economic Flows and Balance Sheet, Financial Assets and Liabilities
Statement of Other Economic FlowsBalance Sheet
Classification of holding gains in assets and liabilitiesClassification of other changes in the volume of assets and liabilitiesClassification of the stocks of assets and liabilities
Financial assets425262
Domestic421521621
Currency and deposits421252126212
Securities other than shares421352136213
Loans421452146214
Shares and other equity421552156215
Insurance technical reserves421652166216
Financial derivatives421752176217
Other accounts receivable421852186218
Foreign422522622
Currency and deposits422252226222
Securities other than shares422352236223
Loans422452246224
Shares and other equity422552256225
Insurance technical reserves422652266226
Financial derivatives422752276227
Other accounts receivable422852286228
Monetary gold and SDRs423523623
Financial liabilities435363
Domestic431531631
Currency and deposits431253126312
Securities other than shares431353136313
Loans431453146314
Shares and other equity (public corporations only)431553156315
Insurance technical reserves (GFS)1431653166316
Financial derivatives431753176317
Other accounts payable431853186318
Foreign432532632
Currency and deposits432253226322
Securities other than shares432353236323
Loans432453246324
Shares and other equity (public corporations only)432553256325
Insurance technical reserves (GFS) 11432653266326
Financial derivatives432753276327
Other accounts payable432853286328
Sources: IMF Statistics Department; GFSM 2001.Note: Numbers shown in the table refer to the GFSM 2001 codes for the different items.

4.10 Subscribers that use the GFSM 2001 framework to present their cash-based data are to disseminate the statement of sources and uses of cash as shown in Table 4.1b on an annual basis; the dissemination of such data on a quarterly basis is encouraged. In addition, the presentation of interest as a distinct item of expense in this statement is encouraged. Countries that use the GFSM 2001 framework to present their data compiled on an accrual basis (as defined above) are to disseminate the statement of government operations as shown in Table 4.1c on an annual basis; the dissemination of such data on a quarterly basis is encouraged. Countries are also encouraged to disseminate, on an annual or quarterly basis, the statement of sources and uses of cash, the statement of other economic flows, and the financial balance sheet (see Table 4.1e). In addition, presenting interest as a distinct item of expense in these statements is encouraged.

4.11 For subscribers following the methodology of the 1986 Manual on Government Finance Statistics, the SDDS prescribes dissemination of the following components of the GGO:

  • Revenue;

  • Expenditure;

  • Deficit/surplus (balance); and

  • Aggregate financing with appropriate disaggregated components (as described in paragraph 4.8 above).

4.12 For subscribers selecting PSO coverage, data on the above components covering GGO should be disseminated separately on the NSDP from those for the public enterprises.

4.13 The SDDS encourages the dissemination of the total interest payments, as a distinct component of expenditure.

4.14 The SDDS metadata should specify the concepts, definitions, and classifications used in the data compilation; the metadata should highlight any differences between national practices and international or regional guidelines.

4.15 Subscribers may take a flexibility option for the periodicity and/or timeliness of GGO/PSO data.

4.16 To promote the dissemination of quarterly GGO data on an accrual basis, a “targeted” timeliness flexibility option has been added in the SDDS for data on CGO (whether on a cash, accrual, or modified cash/accrual basis).3 If a subscribing country disseminates quarterly GGO data, with no more than a one-quarter lag, in line with the GFSM 2001 or an equivalent accrual-based standard, this flexibility option would be available for monthly CGO data. It allows the dissemination of CGO data for the last month of the fiscal year with a lag of up to three months (rather than one month) and data for the first month of a new fiscal year with a lag of up to two months (rather than one month). To use this flexibility option, a subscriber should begin disseminating accrual-based quarterly GGO data for at least the last quarter of the fiscal year in which the option is exercised.4

Central Government Operations

4.17 CGO data serve as a tracking category, providing more frequent and timely information on the fiscal stance than GGO/PSO. CGO data should cover, in addition to budgetary accounts, as wide a range of central government units as feasible (that is, social security and extrabudgetary units and accounts). The SDDS metadata should describe the institutional units covered by the CGO data disseminated on the NSDP.

4.18 The SDDS prescribes the dissemination of monthly data on CGO within one month after the end of the reference month. The data disseminated should be actual data or preliminary actual data; data based on projections, such as budget estimates for the upcoming fiscal year, do not conform to the Standard.

4.19 Similar to data on GGO, where feasible, CGO financing should be disaggregated by domestic and foreign financing, with the domestic and foreign distinctions determined by the residency of the creditor. Domestic financing is to be further disaggregated into financing provided by the depository corporations (banking system) and the nonbank sector (that is, other domestic sectors). Where the disaggregation by domestic and foreign financing is not feasible, financing can be classified by (a) maturity and (b) type of instrument or currency of issue (and/or other relevant characteristics—for example, whether the debt is indexed, and the nature of the indexing). The classification of aggregate financing should be consistent with that on CGD.

4.20 For subscribers using the GFSM 2001 methodology, the prescribed GGO components, as well as encouraged ones, are shown in Tables 4.1a, b, and c.5Table 4.1a shows the prescribed and encouraged components for countries that apply the GFSM 2001 classifications under the cash basis, as well as those for countries that apply the framework under the accrual basis. The accrual basis covers all non-cash bases including modified cash and modified accrual bases. Table 4.1b shows the statement of sources and uses of cash with various components, including those covering domestic and foreign financing disaggregated by instrument. Table 4.1c presents the statement of government operations with various components, including ones covering domestic and foreign financing (a second financing breakdown is required). (See also paragraph 4.19 above for alternative disaggregations of financing data.)

4.21 Countries that use the GFSM 2001 framework to present their cash-based data are to disseminate the statement of sources and uses of cash as shown in Table 4.1b on a monthly basis covering central government budgetary units;6 the dissemination of such a statement covering all central government units7 on a monthly basis is encouraged. In addition, the presentation of interest as a distinct item of expense in this statement is encouraged. Countries that use the GFSM 2001 framework to present their data that are compiled on an accrual basis (as defined above) are to disseminate the statement of government operations as shown in Table 4.1c on a monthly basis covering central government budgetary units; the dissemination of such statement covering all central government units on a monthly basis is encouraged. Also encouraged is the dissemination of the statement of sources and uses of cash on a monthly basis. In addition, the presentation of interest as a distinct item of expense in this statement is encouraged.

4.22 Since a country’s implementation of the GFSM 2001 may progress in stages, the use of the GFSM 2001 framework for disseminating GGO statements on an accrual basis does not preclude countries from using the framework to disseminate the CGO statements on a cash basis.

4.23 For subscribers following the methodology of the 1986 Manual on Government Finance Statistics, the SDDS prescribes the dissemination of the following components:

  • Revenue;

  • Expenditure;

  • Deficit/surplus (balance); and

  • Aggregate financing with appropriate disaggregations (described in paragraph 4.19 above).

4.24 The SDDS encourages the dissemination of the total interest payments as a component of expenditure.

4.25 The SDDS metadata should specify the concepts, definitions, and classifications used in data compilation; the metadata should highlight any differences between national practices and international or regional guidelines.

4.26 Subscribers may take a flexibility option for periodicity and/or timeliness.

4.27 As indicated earlier, subscribers disseminating with a one-quarter lag quarterly GGO data consistent with GFSM 2001 (or an equivalent standard) on an accrual basis may exercise a targeted flexibility option for the timeliness of monthly CGO data. This option allows the subscriber to disseminate CGO data for the last month of the fiscal year with a lag of up to three months and CGO data for the first month of the new fiscal year with a lag of up to two months. The targeted timeliness flexibility option does not diminish the number of regular flexibility options available to a subscriber.

Central Government Debt

4.28 The SDDS prescribes the dissemination of quarterly data on CGD within one quarter after the end of the reference quarter. The data should reflect the comprehensive debt liabilities of the central government and include liabilities comprising securities, loans, and deposits.

4.29 Broad institutional coverage is encouraged for CGD, including obligations incurred by the central government where it ultimately bears the risks of operations of public-private partnerships. The SDDS metadata should indicate whether the coverage is identical to that of CGO and, if applicable, how the coverage differs. The SDDS metadata should also describe any exclusion of liabilities of central government units and any special characteristics of debt instruments.

4.30 The CGD, covering total gross outstanding debt of the central government, is to be classified as short-and long-term by remaining maturity. “Short-term” is defined as one year or less; and “long-term” as longer than one year. Original maturity may be used if data by remaining maturity are not available.

4.31 Further, where feasible, the CGD data are to be disaggregated by foreign and domestic components according to the residency of the creditor; this is usually possible for debt in the form of loans. Where this is not feasible, as in the case of debt in the form of certain securities, other disaggregation of the CGD data is acceptable, including classification by instrument, by currency of issue, or by other characteristics (for example, by indexing).

4.32 Non-central-government debt guaranteed by the central government is to be separately disseminated on the NSDP.

4.33 Dissemination of debt-service projections is encouraged, particularly for countries that borrow in international financial markets. Projected interest and amortization payments on debt are encouraged and should be disseminated quarterly for the coming four quarters and annually thereafter. Dissemination of data on projected repayments of short-term debt on a quarterly basis is encouraged.

4.34 For subscribers using the GFSM 2001 methodology, the prescribed components for CGD liabilities, as well as encouraged ones, are shown in Tables 4.1a and 4.1d. Note that the GFSM 2001 uses the concept “liabilities,” which covers equity and debt liabilities. Consistent with the concept of CGD, Table 4.1d shows components of debt liabilities, excluding equity liabilities. Countries are to disseminate data on debt liabilities of the central government on a quarterly basis; monthly dissemination is encouraged. The data are to show disaggregation of debt liabilities by maturity (short-term and long-term), by residency (domestic and foreign), and by instrument. Where the disaggregation by domestic and foreign sources is not feasible, disaggregation by currency can be used.

4.35 International guidelines on the compilation of government debt are provided in the GFSM 2001 and in External Debt Statistics: Guide for Compilers and Users (2003). The classification of guaranteed debt is described in Appendix 2 of the GFSM 2001 under “debt assumption.” The SDDS metadata should specify the concepts, definitions, and classifications used in data compilation and note any differences between national practices and international or regional guidelines.

4.36 Subscribers may take a flexibility option for the periodicity and timeliness of central government debt.

IMF, Balance of Payments Manual, fifth edition (BPM5)(Washington, 1993). See also footnote 3 in Chapter 3.

For countries that follow the European System of Accounts 1995 (1995 ESA; see footnote 4 of Chapter 3), these guidelines apply when the countries use the GFSM 2001 framework to present their fiscal sector data.

The option is detailed in the Fifth Review of the Fund’s Data Standards Initiatives “Supplement on the Government Finance Statistics Manual 2001—Adjusting the Special Data Dissemination Standard Requirements for the Fiscal Sector,” available at http://www.imf.org/external/np/sta/dsbb/2003/eng/gfs.htm#I.

For example, when the fiscal year is the same as the calendar year, to use the option for monthly CGO data for December 2004 a subscriber would need to disseminate quarterly GGO data for the last quarter of 2004.

For countries that follow the 1995 ESA (see also footnote 4 of Chapter 3), these guidelines apply when the countries use the GFSM 2001 framework in presenting their data on the fiscal sector.

Excluding extrabudgetary units and social security units.

Including extrabudgetary units and social security units.

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