Abstract
The report covers national accounts, prices (consumer and producer prices), government finance, monetary, financial and international accounts (balance-of-payments and international investment position) statistics. Assessment of macroeconomic datasets was conducted using data quality assessment framework (DQAF). With the assistance of the Central Bank of Russian Federation (CBR), users’ survey was conducted. Users are satisfied with the methodological soundness, coverage, timeliness, and accessibility of official statistics, especially monetary and financial and balance of payments statistics. Based on the review, the mission has developed a set of recommendations.
The Ministry of Finance of the Russian Federation (MinFin of Russia), the Federal Treasury, the Central Bank of the Russian Federation (Bank of Russia), and the Federal State Statistics Service (Rosstat) express their gratitude to the International Monetary Fund’s mission for its thorough and largely objective analysis of the state of the Russian statistical system. Comparison of the Reports on the Observance of Standards and Codes (ROSC) prepared by IMF missions in 2003 and in 2010 (hereinafter: “Report”) shows the indisputable progress achieved by Russian statistics on the path to harmonizing the methodological approaches used with the best practices recommended by international organizations.
The development of the indicated processes, in our view, was the result of Russia’s joining the Special Data Dissemination Standard and incorporating the Standard’s provisions into Russian statistical practice.
Please accept our assurances that the relevant ministries and agencies will continue the process of adapting the Russian statistical methodology to current international standards.
At the same time, we consider it necessary to comment on some of the recommendations made by the IMF mission’s specialists in the text of the Report regarding:
1. The description of the standards of fundamental documents establishing cooperation between Rosstat and the Ministry of Economic Development of the Russian Federation, as well as the provisions of Federal Law No. 282-FZ “On Official Statistical Reporting in the System of State Statistics in the Russian Federation,” dated November 29, 2007 (hereinafter: Statistics Law).
2. Assessments of the quality of the Russian Federation’s government finance statistics and monetary statistics.
1. The Statistics Law establishes that “the principles of official statistical reports and the system of state statistics shall be:
Coordination of actions among official statistical reporting entities;
The application of unified standards in using information technologies and Russia-wide classifiers of technical and economical and social information to create and operate the system of state statistics in the interests of making it compatible with other state information systems.”
The Statistics Law also states that “official statistical methodology shall be formed by official statistical reporting entities and approved by them in coordination with federal executive bodies authorized by the Government of the Russian Federation.”
Pursuant to the Regulation on the Federal State Statistics Service (approved by Resolution No. 420 of the Government of the Russian Federation, dated June 2, 2008), as well as the Regulation on the Ministry of Economic Development of the Russian Federation (approved by Resolution No. 437 of the Government of the Russian Federation, dated June 5, 2008), Rosstat and the Ministry of Economic Development of Russia are such authorized bodies. It must be noted that Rosstat has at this time prepared draft administrative rules and forwarded them to the Ministry of Economic Development of Russia for reconciliation. These rules define a procedure for developing, approving, and reconciling the official statistical methodology developed by Rosstat as well as a procedure for reconciling official statistical methodology, the parties responsible for developing which are the official statistical reporting entities.
Adoption of these rules will make it possible to align and delimit the spheres of activity of Rosstat and the Ministry of Economic Development of Russia in matters of reconciling official statistical methodology.
The Report states that the adoption of new methodologies by Rosstat “requires the approval of the Ministry’s technical staff, which undermines the technical independence of Rosstat.” However the Regulation on the Ministry of Economic Development of the Russian Federation states that it “shall reconcile the official statistical methodology that is shaped and approved by official statistical reporting entities;” it does not state that such reconciliation is to be carried out by technical staff. The Federal Law “On Official Statistical Reporting and the System of State Statistics in the Russian Federation” establishes that “official statistical reporting entities shall be federal bodies of state authority and other federal bodies of state involved in shaping official statistical information in an established sphere of activity pursuant to the laws of the Russian Federation.” This means that the official statistical reporting entities in Russia include not only Rosstat but also all the ministries and departments that collect and produce statistical data, for example, the Finance Ministry, Federal Customs Service, and so forth. Coordinating their statistical activities—that is, ensuring the application in Russia of unified classifiers, standards, and methods and thus ensuring the internal consistency and harmonization of statistical data—requires reconciliation of the official statistical methodology that is developed and applied by the various Russian ministries and departments.
Table of comments on the recommendations of the International Monetary Fund mission to the Russian Federation included in the Data Module of the Report on the Observance of Standards and Codes.
Pertaining to assessments of the quality of government finance statistics of the Russian Federation
Pertaining to assessments of the quality of government finance statistics of the Russian Federation
| No. | Item of ROSC report | IMF mission recommendation | Comments on IMF mission recommendation |
|---|---|---|---|
| 1. | 2.1.1 | Post government finance statistics (GFS) that are sent to the IMF on the Treasury website. | Pursuant to the International Monetary Fund’s methodology, reports on the government finance statistics of the Russian Federation have been published on the Federal Treasury’s official website since July 2010, under Order No. 130 of the Federal Treasury, dated June 3, 2010, “On Approving the Content and Intervals for Posting Information on Budget Execution in the Budget System of the Russian Federation on the Official Internet Website of the Federal Treasury” (hereinafter—Order No. 130). |
| 2. | 2.2.1 | Ensure compilation and dissemination of data on budget execution for the consolidated central government. | Pursuant to Order No. 130, information on the execution of the consolidated budget of the central government of the Russian Federation, information on the execution of budgets of the budgetary system of the Russian Federation by government sector transaction codes (hereinafter—KOSGU codes), discrete information on the execution of budgets of the budgetary system of the Russian Federation by KOSGU codes, and its publication on the official website of the Federal Treasury are provided on a monthly basis beginning with the reports as of July 2010. |
| 3. | 2.2.1 | Ensure dissemination of monthly and quarterly budget execution data individually (not in running totals). | |
| 4. | 2.2.1 | Ensure publication of a table of monthly data on expenditures on a cash basis according to economic classification. | |
| 5. | 2.3.1 | Ensure compilation and dissemination of monthly consolidated reports and tables of GFS, itemized pursuant to the 2001 classifications, for transactions of the central government, constituent entities of the RF, local governing bodies, and the government sector. | |
| 6. | 3.3.2 | Use the approach of the GFSM 2001 when performing consolidation. | For purposes of supporting the procedure of consolidating budget reporting indicators among the government sectors of the Russian Federation, and pursuant to the Instruction on State Finance Statistics of 2001, corresponding amendments have been made to legal regulatory acts of the Russian Federation in the area of budget reports and are to become effective as of January 1, 2011. |
| 7. | 4.2.3 | Ensure regular reconciliation of macroeconomic datasets not only at the source data level, but the output data level as well. | Work on comparing fiscal data of various compilers (Rosstat, Central Bank of the Russian Federation, Federal Treasury) has been carried out in the Russian Federation since 2010. |
| 8. | 5.1.1 | Ensure publication of summary tables and graphs to make it easier for users to interpret changes in budget statistics. | The Federal Treasury plans to publish analytical tables and graphs on the official website in 2011, to provide information on budget execution in the budgetary system of the Russian Federation. |
| 9. | 5.1.1 | Increase the volume of budget execution data disseminated in English. | Pursuant to Order No. 130, the Federal Treasury is publishing information on budget execution in the budgetary system of the Russian Federation in English, with indicators sufficiently detailed for purposes of a general analysis of the fiscal policy of the Russian Federation. For purposes of placing information on the budget execution of the budgetary system of the Russian Federation on the official site of the Federal Treasury in English, a separate section has been set up on the website’s home page since July 1, 2010: “The information on execution of budgets (English version)”, with corresponding subsections: “The information on execution of budgets of budgetary system of the Russian Federation” and “Government finance statistics reporting of the Russian Federation.” |
| 10. | 5.1.2 | Make the websites of the Treasury and Finance Ministry more user-friendly. Users should find it easy to enter the websites and download data from it. | The experience of external users in working with information posted on the Federal Treasury’s official site indicates no difficulties on their part, which is corroborated by the absence of corresponding remarks or suggestions. |
| 11. | 5.1.5 | Ensure the publication of information on data that are not disseminated, and information on the procedure for submitting requests to obtain such data. | Available non-confidential information is published on the Federal Treasury’s official site. When necessary and upon request by external users, additional analytical information is provided on budget reporting indicators. The procedure for the submission of requests by individuals and organizations has been established by the following legal regulatory acts, published in the section of the Federal Treasury’s official site entitled “Requests by individuals and organizations:”
|
| 12. | 5.2.1 | Publish methodological noteson the websites of the Minfin and Treasury, indicating the concepts, sources, and methods used in compiling data on budget execution and GFS. | Legal regulatory acts in the area of the budgetary accounting, budget reporting, and budgetary classification of the Russian Federation are published on the official site of the Ministry of Finance of the Russian Federation. A link to the 2001 Instruction on State Finance Statistics, published on the official site of the International Monetary Fund, is found on the official website of the Federal Treasury in the section on “State Finance Statistics of the Russian Federation.” In the interests of increasing the accessibility of information published on the official website of the Federal Treasury, methodological explanations are currently being developed and will be published in 2011. They are geared toward external users with a minimal level of fluency in the terminology used in shaping and analyzing reports on budget execution within the budgetary system of the Russian Federation. |
| 13. | 5.3.1 | Publish the name of a contact person and their contact information for users wishing to send requests for budget execution information. | A distinct section entitled “Requests by Individuals and Organizations” has been included on the Federal Treasury’s official site for individuals to forward requests for information on budget execution within the budgetary system of the Russian Federation. In this section there is contact information available on officials responsible for handling requests from individuals and organizations. |
| 14. | 5.3.2 | Disseminate a list of statistical products and services provided by the Ministry of Finance and Treasury. | For purposes of summarizing information on published information, since August 1, 2010 the Federal Treasury’s official website has included a section entitled “List of published information on budget execution in the budgetary system of the Russian Federation”, within which a complete list of available information is provided (catalog of statistical services). |
Pertaining to assessments of the quality of government finance statistics of the Russian Federation
| No. | Item of ROSC report | IMF mission recommendation | Comments on IMF mission recommendation |
|---|---|---|---|
| 1. | 2.1.1 | Post government finance statistics (GFS) that are sent to the IMF on the Treasury website. | Pursuant to the International Monetary Fund’s methodology, reports on the government finance statistics of the Russian Federation have been published on the Federal Treasury’s official website since July 2010, under Order No. 130 of the Federal Treasury, dated June 3, 2010, “On Approving the Content and Intervals for Posting Information on Budget Execution in the Budget System of the Russian Federation on the Official Internet Website of the Federal Treasury” (hereinafter—Order No. 130). |
| 2. | 2.2.1 | Ensure compilation and dissemination of data on budget execution for the consolidated central government. | Pursuant to Order No. 130, information on the execution of the consolidated budget of the central government of the Russian Federation, information on the execution of budgets of the budgetary system of the Russian Federation by government sector transaction codes (hereinafter—KOSGU codes), discrete information on the execution of budgets of the budgetary system of the Russian Federation by KOSGU codes, and its publication on the official website of the Federal Treasury are provided on a monthly basis beginning with the reports as of July 2010. |
| 3. | 2.2.1 | Ensure dissemination of monthly and quarterly budget execution data individually (not in running totals). | |
| 4. | 2.2.1 | Ensure publication of a table of monthly data on expenditures on a cash basis according to economic classification. | |
| 5. | 2.3.1 | Ensure compilation and dissemination of monthly consolidated reports and tables of GFS, itemized pursuant to the 2001 classifications, for transactions of the central government, constituent entities of the RF, local governing bodies, and the government sector. | |
| 6. | 3.3.2 | Use the approach of the GFSM 2001 when performing consolidation. | For purposes of supporting the procedure of consolidating budget reporting indicators among the government sectors of the Russian Federation, and pursuant to the Instruction on State Finance Statistics of 2001, corresponding amendments have been made to legal regulatory acts of the Russian Federation in the area of budget reports and are to become effective as of January 1, 2011. |
| 7. | 4.2.3 | Ensure regular reconciliation of macroeconomic datasets not only at the source data level, but the output data level as well. | Work on comparing fiscal data of various compilers (Rosstat, Central Bank of the Russian Federation, Federal Treasury) has been carried out in the Russian Federation since 2010. |
| 8. | 5.1.1 | Ensure publication of summary tables and graphs to make it easier for users to interpret changes in budget statistics. | The Federal Treasury plans to publish analytical tables and graphs on the official website in 2011, to provide information on budget execution in the budgetary system of the Russian Federation. |
| 9. | 5.1.1 | Increase the volume of budget execution data disseminated in English. | Pursuant to Order No. 130, the Federal Treasury is publishing information on budget execution in the budgetary system of the Russian Federation in English, with indicators sufficiently detailed for purposes of a general analysis of the fiscal policy of the Russian Federation. For purposes of placing information on the budget execution of the budgetary system of the Russian Federation on the official site of the Federal Treasury in English, a separate section has been set up on the website’s home page since July 1, 2010: “The information on execution of budgets (English version)”, with corresponding subsections: “The information on execution of budgets of budgetary system of the Russian Federation” and “Government finance statistics reporting of the Russian Federation.” |
| 10. | 5.1.2 | Make the websites of the Treasury and Finance Ministry more user-friendly. Users should find it easy to enter the websites and download data from it. | The experience of external users in working with information posted on the Federal Treasury’s official site indicates no difficulties on their part, which is corroborated by the absence of corresponding remarks or suggestions. |
| 11. | 5.1.5 | Ensure the publication of information on data that are not disseminated, and information on the procedure for submitting requests to obtain such data. | Available non-confidential information is published on the Federal Treasury’s official site. When necessary and upon request by external users, additional analytical information is provided on budget reporting indicators. The procedure for the submission of requests by individuals and organizations has been established by the following legal regulatory acts, published in the section of the Federal Treasury’s official site entitled “Requests by individuals and organizations:”
|
| 12. | 5.2.1 | Publish methodological noteson the websites of the Minfin and Treasury, indicating the concepts, sources, and methods used in compiling data on budget execution and GFS. | Legal regulatory acts in the area of the budgetary accounting, budget reporting, and budgetary classification of the Russian Federation are published on the official site of the Ministry of Finance of the Russian Federation. A link to the 2001 Instruction on State Finance Statistics, published on the official site of the International Monetary Fund, is found on the official website of the Federal Treasury in the section on “State Finance Statistics of the Russian Federation.” In the interests of increasing the accessibility of information published on the official website of the Federal Treasury, methodological explanations are currently being developed and will be published in 2011. They are geared toward external users with a minimal level of fluency in the terminology used in shaping and analyzing reports on budget execution within the budgetary system of the Russian Federation. |
| 13. | 5.3.1 | Publish the name of a contact person and their contact information for users wishing to send requests for budget execution information. | A distinct section entitled “Requests by Individuals and Organizations” has been included on the Federal Treasury’s official site for individuals to forward requests for information on budget execution within the budgetary system of the Russian Federation. In this section there is contact information available on officials responsible for handling requests from individuals and organizations. |
| 14. | 5.3.2 | Disseminate a list of statistical products and services provided by the Ministry of Finance and Treasury. | For purposes of summarizing information on published information, since August 1, 2010 the Federal Treasury’s official website has included a section entitled “List of published information on budget execution in the budgetary system of the Russian Federation”, within which a complete list of available information is provided (catalog of statistical services). |
Pertaining to the assessment of the quality of monetary statistics of the Russian Federation
Pertaining to the assessment of the quality of monetary statistics of the Russian Federation
| No. | Item of ROSC report | IMF mission recommendation | Comments on IMF mission recommendation |
|---|---|---|---|
| 1. | 2.3.1 | Publish data on the fair value of derivative financial instruments among monetary statistical indicators on the central bank and other deposit corporations | At the present time the Bank of Russia is preparing amendments to the accounting rules for the banking system of the Russian Federation, ensuring that derivative financial instruments (derivatives) will be declared at their fair value in the balance sheet of organizations as a distinct financial instrument. This will make it possible to use accounting data on derivatives to compile monetary statistics, and will ensure that the information submitted conforms to the requirements of the Monetary and Financial Statistics Manual (MFSM). |
Pertaining to the assessment of the quality of monetary statistics of the Russian Federation
| No. | Item of ROSC report | IMF mission recommendation | Comments on IMF mission recommendation |
|---|---|---|---|
| 1. | 2.3.1 | Publish data on the fair value of derivative financial instruments among monetary statistical indicators on the central bank and other deposit corporations | At the present time the Bank of Russia is preparing amendments to the accounting rules for the banking system of the Russian Federation, ensuring that derivative financial instruments (derivatives) will be declared at their fair value in the balance sheet of organizations as a distinct financial instrument. This will make it possible to use accounting data on derivatives to compile monetary statistics, and will ensure that the information submitted conforms to the requirements of the Monetary and Financial Statistics Manual (MFSM). |