Chapter

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

Author(s):
International Monetary Fund. Statistics Dept.
Published Date:
December 2013
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5.1 This chapter first provides an overview of the data coverage, periodicity, and timeliness of the fiscal sector. This is followed by discussions on the recommended and encouraged data to be disseminated on general government operations (GGO), central government operations (CGO), and central government debt (CGD).

Overview

5.2 The GDDS encourages countries to disseminate data on general government cash flow (statement of sources and uses of cash) and/or operations on an annual basis within 6–9 months after the end of the reference year. The GDDS also recommends that data on the central government cash flow and/or operations be released to the public on a quarterly basis within one quarter after the end of the reference quarter. The GDDS further encourages countries to disseminate monthly CGO data within one month after the end of the reference month. The GDDS recommends also that CGD be published on a quarterly basis and released within 1–2 quarters. The GDDS further encourages countries to disseminate quarterly data on government guarantees within one quarter after the end of the reference quarter.

5.3 The GDDS recommends the classification of fiscal data using the Government Finance Statistics Manual 2001 (GFSM 2001) for government finance statistics (GFS), whether the data are compiled on an accrual or cash basis.

General Government Cash Flow/Operations

5.4 The comprehensive statistical framework for the fiscal sector can be either the general government cash flow/operations or the public sector cash flow/operations (PSO). The GGO covers operations of all governmental units (including social security funds) whether operating at the central level, state/provincial/regional level, or local level. The PSO institutional unit covers operations of the general government, public nonfinancial corporations, and public financial corporations (e.g., development banks); however, for a picture of financing requirements, the public nonfinancial sector, comprising the general government and public nonfinancial corporations, is the preferred concept.

5.5 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—the PSO could be the comprehensive framework; in others, the GGO could be used. The institutional 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 GDDS metadata are to describe the institutional units and the legal and economic nature of government activities covered by the data. Key institutional units and significant government activities and accounts excluded by the data should be disclosed in the metadata.

5.6 As indicated earlier, the GDDS encourages countries to disseminate data on GGO or PSO with an annual periodicity and within 6–9 months after the end of the reference period. The data disseminated should be actual data or preliminary actual data, and not data based on projections.

5.7 For participants following the methodology of the Manual on Government Finance Statistics 1986 (GFSM 1986), the GDDS encourages the dissemination of the following components of the GGO:

  • Revenue

  • Expenditure

  • Deficit/surplus (balance)

  • Aggregate financing with appropriate disaggregated components (described later).

5.8 Where feasible, financing could be disaggregated by domestic and foreign financing, with the domestic and foreign distinctions determined by the residency of the creditor. Domestic financing could be further disaggregated into financing provided by the banking system (the depository corporations) and the nonbank sector (i.e., other domestic sectors). If disaggregation by domestic and foreign financing is not feasible, the GDDS recommends that financing be classified by (i) maturity and (ii) either instrument or currency of issue.

5.9 Based on the GFSM 2001 framework,1 the encouraged GGO components are shown in Tables 2, 3, and 4.2 Table 2 shows the encouraged components for countries that apply the classifications on a cash basis, as well as those for countries that apply the framework under the accrual basis. The operation statement uses either accrual basis, cash basis adjusted for some accrual transactions, or accrual basis with some exceptions for transactions available only on a cash basis. Table 3 shows the statement of sources and uses of cash with various components, including ones covering domestic and foreign acquisition of assets or incurrence of liabilities disaggregated by instrument. Table 4 presents the statement of government operations with various components, including ones covering domestic and foreign acquisition of assets or incurrence of liabilities disaggregated by instrument.

5.10 Participants that use the latest available GFS framework to present their cash-based data are encouraged to disseminate the statement of sources and uses of cash as shown in Table 3 on an annual basis. Countries that use the GFS framework to present their data that are compiled on an accrual basis (as defined earlier) are encouraged to disseminate the statement of government operations as shown in Table 4 on an annual basis. Countries are also encouraged to disseminate, on an annual basis, the statement of sources and uses of cash, the statement of other economic flows, and the financial balance sheet (see Table 6).

5.11 The GDDS 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.

Central Government Cash Flow/Operations

5.12 CGO data serve as a tracking category, providing a more frequent and timely indicator of the fiscal stance than is usual with GGO/PSO. CGO data should cover, in addition to budgetary accounts, as wide a range of central government units as feasible (i.e., social security and extrabudgetary units and accounts). The GDDS metadata should describe the institutional units covered by the CGO data disseminated.

5.13 The GDDS recommends the dissemination of quarterly data on CGO within one quarter after the end of the reference quarter. The data disseminated should be actual data or preliminary actual data and not data based on projections. The dissemination of monthly CGO data within one month of the reference month is encouraged.

5.14 For participants following the methodology of the GFSM 1986, the GDDS recommends the dissemination of the following components:

  • Revenue

  • Expenditure

  • Deficit/surplus (balance)

  • Aggregate financing with appropriate disaggregations (described ahead).

5.15 The GDDS encourages the dissemination of the total interest payments as a separate component of expenditure.

5.16 Where feasible, financing could be disaggregated by domestic and foreign financing, with these distinctions determined by the residency of the creditor. Domestic financing can further be disaggregated into financing provided by the banking system (depository corporations) 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 maturity and either by type of instrument or by currency of issue (and/or other relevant characteristics—e.g., by whether the debt is indexed and the nature of the indexing). The classification of aggregate financing should be consistent with that on CGD.

5.17 Based on the GFSM 2001 framework, the recommended CGO components, as well as encouraged ones, are shown in Tables 2, 3, and 4.3 Table 2 shows the recommended and encouraged components for countries that apply the GFS classifications under the cash basis, as well as those for countries that apply the framework under the accrual basis. The accrual basis covers all full accrual, cash basis adjusted for some accrual transactions, or accrual basis with some exceptions for transactions available only on a cash basis. Table 3 shows the statement of sources and uses of cash with various components, including ones covering domestic and foreign acquisition of assets or incurrence of liabilities disaggregated by instrument. Table 4 presents the statement of government operations with various components, including ones covering domestic and foreign acquisition of assets or incurrence of liabilities disaggregated by instrument.

5.18 Participants that use the latest GFS framework to present their cash-based data are recommended to disseminate the statement of sources and uses of cash as shown in Table 3 on a monthly basis covering central government units. In addition, the presentation of interest as a distinct item of expense in this statement is encouraged. Participants that use the GFS framework to present their data that are compiled on an accrual basis (as defined earlier) are recommended to disseminate the statement of government operations as shown in Table 4 on a quarterly basis covering the budgetary central government units. The dissemination of such statements covering all central government units on a quarterly basis is encouraged.4

5.19 Also encouraged on a monthly basis is the dissemination of the statement of sources and uses of cash with a lag of one month. In addition, presenting interest as a distinct item of expense in this statement is encouraged.

5.20 The GDDS 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.

Central Government Debt

5.21 The GDDS recommends the dissemination of quarterly data on CGD within 1–2 quarters after the end of the reference quarter.

5.22 Broad institutional coverage is encouraged for the CGD, including obligations incurred by the central government as a result of its bearing the ultimate risks of operations of public-private partnerships. The GDDS metadata should indicate whether the coverage of CGD is identical to that of CGO and, if applicable, how the coverage differs. The GDDS metadata should also describe any exclusion of liabilities of central government units and any special characteristics of debt instruments.

5.23 The CGD recommends that total gross outstanding debt of the central government be classified as short and long term. “Short term” is defined as original maturity within one year; “long term” is defined as original maturity over one year that is disaggregated into “payment due within one year” and “payment due over one year.”

5.24 Furthermore, where feasible, the CGD can be disaggregated by foreign and domestic components according to the residency of the creditor; this is normally 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 is recommended, such as classification by instrument, by currency of issue, or by other characteristics (e.g., by indexing).

5.25 All gross debt guaranteed by the government is encouraged.

5.26 For participants using the Public Sector Debt Statistics Guide for Compilers and Users (PSDSG), the recommended components for central government gross debt are shown in Tables 2 and 5. Note that the GFSM 2001 methodology uses the concept “liabilities,” which covers gross debt, shares and other equity, and financial derivatives liabilities. Consistent with the concept of government gross debt, Table 5 shows components of liabilities, excluding shares and other equity and financial derivatives liabilities.

Table 5.1Fiscal Sector: GDDS Data Coverage, Periodicity, and Timeliness
Prescribed Institutional Coverage (“encouraged” coverage as noted)PeriodicityBasis of Recording1RecommendedEncouraged
GGOGeneral government or public sectorAnnual
CGOCentral government unitsQuarterly (Monthly encouraged)CashStatement of sources and uses of cash (CFS) (see also Table 3)Interest as a separate item of expense (see also Table 3)
Central government budgetary units (central government units, including extrabudgetary units and social security funds, are encouraged)Accrual*Statement of government operations (see also Table 4)Interest as a separate item of expense. CFS (see also Table 4)
Central government debtCentral government (central or general government)QuarterlyFace (Nominal value** or current market value are encouraged)See Table 5Debt guaranteed by the central government
Sources: IMF Statistics Department; GFSM 2001.
Table 5.2Statement of Sources and Uses of Cash
GFS Code
Cash receipts from operating activities1
Cash payments for operating activities2
Interest (encouraged)24
Net cash inflow from operating activities [1–2]CIO
Net cash outflow from investments in nonfinancial assets31
Cash surplus (+) /deficit (−) [1−2−31 = CSD]CSD
Net acquisition of financial assets, excl. cash32x
Domestic321x
Foreign322x
Monetary gold and SDRs323
Net incurrence of financial liabilities33
Domestic331
Currency and deposits3312
Securities other than shares3313
Loans3314
Shares and other equity3315
Insurance technical reserves3316
Financial derivatives3317
Other accounts payable3318
Foreign332
Currency and deposits3322
Securities other than shares3323
Loans3324
Shares and other equity3325
Insurance technical reserves3326
Financial derivatives3327
Other accounts payable3328
Net cash inflow, financing activities [-32x+33]NFB
Net change in the stock of cash [=3212+3222]NCB
Statistical discrepancy [CSD-32x+3−NCB]CSDz
Sources: IMF Statistics Department; GFSM 2001.
Table 5.3Statement of Government Operations
GFS Code
Revenue1
Expense2
Interest (encouraged)24
Net operating balance [1–2]NOB
Gross operating balance [1–2+23]GOB
Net acquisition of nonfinancial assets31
Net lending (+) /borrowing (–) [1–2+31]NLB
Net acquisition of financial assets32
Domestic321
Foreign322
Monetary gold and SDRs323
Net incurrence of financial liabilities33
Domestic331
Currency and deposits3312
Securities other than shares3313
Loans3314
Shares and other equity3315
Insurance technical reserves3316
Financial derivatives3317
Other accounts payable3318
Foreign332
Currency and deposits3322
Securities other than shares3323
Loans3324
Shares and other equity3325
Insurance technical reserves3326
Financial derivatives3327
Other accounts payable3328
Statistical discrepancy [NLB-32+33]NLBz
Sources: IMF Statistics Department; GFSM 2001.
Table 5.4Government Gross Debt by Maturity,* by Residency,** and by Instrument***
63A0Government gross debt (liabilities excluding shares and other equity)
63A01Short term
63A02Long term
Payment due in one year
Payment due over one year
63A1Domestic
63A11Short term
63A112Currency and deposits
63A113Securities other than shares
63A114Loans
63A116Insurance technical reserves
63A118Other accounts payable
63A12Long term
63A122Currency and deposits
63A123Securities other than shares
63A124Loans
63A126Insurance technical reserves
63A128Other accounts payable
63A2Foreign
63A21Short term
63A212Currency and deposits
63A213Securities other than shares
63A214Loans
63A216Insurance technical reserves
63A218Other accounts payable
63A22Long term
63A222Currency and deposits
63A223Securities other than shares
63A224Loans
63A226Insurance technical reserves
63A228Other accounts payable
Sources: IMF Statistics Department; GFSM 2001 and PSDSG.
Table 5.5Statement of Other Economic Flows and Balance Sheet1
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
Liabilities435363
Domestic431531631
Currency and deposits431253126312
Securities other than shares431353136313
Loans431453146314
Shares and other equity (public corporations only)2431553156315
Insurance technical reserves3431653166316
Financial derivatives2431753176317
Other accounts payable431853186318
Foreign432532632
Currency and deposits432253226322
Securities other than shares432353236323
Loans432453246324
Shares and other equity (public corporations only)432553256325
Insurance technical reserves3432653266326
Financial derivatives2432753276327
Other accounts payable432853286328
Sources: IMF Statistics Department; GFSM 2001.

For countries that follow the European System of Accounts 1995 (1995 ESA) or more up-to-date versions, these guidelines also apply.

For countries that follow the 1995 ESA or more up-to-date versions, these guidelines also apply.

Including extrabudgetary units and social security funds as relevant.

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