Paraguay: Report on the Observance of Standards and Codes (ROSC)—Data Module Volume II

International Monetary Fund. Statistics Dept.

doi:10.5089/9781484315781.002.A002

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Paraguay: Report on the Observance of Standards and Codes (ROSC)—Data Module Volume II

Author: International Monetary Fund. Statistics Dept.

Publication Date:: 18 Aug 2014

eISBN:: 9781484315781

ISBN:: 9781484315781

Language:: English

Keywords:: ISCR; CR; information; CBP website; bullet; release date of the producer price index; C. producer price index; date of the producer price index; BOP concept; improved PPI; External sector statistics; release time

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OVERALL ASSESSMENT This Report on the Observance of Standards and Codes (ROSC)—Data Module provides an update of the assessment conducted in February 2006, which was based on the July 2003 version of the IMF’s Data Quality Assessment Framework (DQAF). This ROSC Data Module is the first complete report based on the May 2012 vintage of the DQAF that covers six datasets, namely, national accounts (NA), consumer price index (CPI), producer price index (PPI), government finance statistics (GFS) and public sector debt statistics, monetary statistics, and balance of payments (BOP) and international investment position (IIP) statistics. The agencies that compile and disseminate these statistics are the Central Bank of Paraguay (CBP) for all datasets but GFS, which are compiled and disseminated by the Ministry of Finance (MOF). Following the 2006 ROSC Data Module mission, Paraguay made significant improvements in the compilation and dissemination of macroeconomic statistics, including (i) adequate methodological treatment of the two large binational hydroelectrical enterprises to properly reflect their contribution to Paraguay’s GDP, BOP, and other international accounts; (ii) compilation and dissemination of quarterly national accounts and integrated economic accounts for the total economy up to net lending; (iii) new CPI series (December 2007=100) and PPI series (June 2011=100), with several methodological improvements (introduction of an adequate treatment of seasonal products and use of improved estimation techniques for missing prices), among others. Paraguay participates in the General Data Dissemination System (GDDS) since September 2001, and the metadata for its macroeconomic statistics are posted on the IMF’s Dissemination Standards Bulletin Board (DSBB). Paraguay meets GDDS recommendations for the coverage, periodicity, and timeliness of data, with the following two exceptions: (i) in the financial sector, the depository corporations (DC) survey is compiled on a monthly basis with a one-month lag but is not disseminated; and (ii) in the external sector, the debt service payment schedules for both public and private external debt are not disseminated. Appendix I provides an overview of Paraguay's dissemination practices compared to the GDDS. At the request of the authorities, Paraguay’s current data dissemination practices were also reviewed against the requirements of the Special Data Dissemination Standard (SDDS). A detailed description of Paraguay current practices against the SDDS is presented in Appendix IV of the accompanying detailed assessment document (Volume III).

Abstract

Introduction

The Central Bank of Paraguay (CBP) and the Ministry of Finance (MOF) appreciate the opportunity to provide comments on the ROSC data module. We collaborated closely with the data module ROSC mission and agree with the thrust of the mission’s recommendations. Indeed, some of the mission’s recommendations were addressed during the mission and few others are being implemented. This document presents our comments on the six datasets assessed during the mission.

Cross-Cutting Recommendations

A. High Priority

1. Give higher priority to statistical functions and promote the adoption of a modern Statistics Law that clearly assigns responsibilities among data-producing agencies. The CBP will brief the Economic Team on the necessity and importance of the prioritization of statistical functions and the adoption of a modern law guaranteeing and promoting the coordination of inter-institutional tasks among government agencies with legally established statistical functions.

2. Provide adequate staff resources and other resources to assure the timely and sustainable compilation and dissemination of statistics in accordance with current international standards. The recruitment and training of new human resources will be promoted, as well as the procurement of advanced technological equipment, based on the available budget resources.

3. Improve and institutionalize data sharing and overall coordination between the different agencies collecting source data needed for macroeconomic statistics. Cooperation agreements will be entered into between the CBP, MOF, the National Institute of Cooperatives (INCOOP), and the General Directorate of Statistics, Surveys, and Census (DGEEC) on the sharing of statistical data necessary for the compilation of macroeconomic statistics.

4. Establish regular mechanisms for enhancing intersectoral data consistency. An intersectoral data consistency committee will be organized, reflecting the new structure of the CBP.

B. Other key recommendations

5. Update and maintain current the metadata available in national publications as well as the GDDS metadata posted on the IMF’s Dissemination Standards Bulletin Board (DSBB). The CBP updated the General Data Dissemination System (GDDS) metadata shortly after the ROSC mission. The metadata will also be posted on the CBP website in both Spanish and English.

6. Develop a medium-term plan to subscribe to the Special Data Dissemination Standard (SDDS) by 2017. In light of the recommendations of the ROSC mission on the pending required actions in Paraguayan statistics, progress in the following areas has been made:

(a) In the real sector

Improve the timeliness of monthly PPI statistics. The CBP has shortened the release date of the Producer Price Index (PPI), as can be seen in the Release Calendar on its website.
Improve the timeliness of monthly production indexes. The CBP recently shortened the release time for the monthly index of economic activity (IMAE) and noted this fact in the release calendar on its website. However, improving such timeliness will depend mainly on the provision of the basic statistics supplied by other institutions. The CBP therefore plans to sign inter-institutional agreements clearly stipulating the time and method of submission of basic statistics for the preparation of the national accounts and economic indicators.

(b) In the financial sector

Publish the monthly survey of depository corporations. Since May 2014, the monetary survey has been published in the Statistical Annex of the Monthly Economic Report, which covers the banking system. Once an agreement is signed with INCOOP to ensure the regular and timely submission of data, the monetary survey will be augmented with the data on “Type A” cooperatives, that is, the largest ones.

(c) In the external sector

Monthly dissemination of the international reserves and foreign currency liquidity template with a one-month lag. The international reserves and foreign currency liquidity template has been completed and is in process of internal approval by the authorities. A draft template will be sent to the IMF statistics Department in the near future.

7. Further enhance data and metadata accessibility of all datasets, including adequate formats for data dissemination and sector-specific contact information on the CBP and MOF websites. To facilitate data accessibility, the CBP has been working on the preparation of an interactive online database where users could select time series and frequency. Metadata will be posted on the CBP website in both Spanish and English. The inclusion of sector-specific contact points is being assessed.

8. Strengthen data revision policies and practices and make them known to the public. Data revision policies and practices employed in the compilation of statistical data will be published on the CBP website. This information will be updated as necessary.

Response by the Central Bank of Paraguay

A. National Accounts

High Priority

9. Update the 1994 base year of the national accounts to obtain an accurate and comprehensive portrait of the current economic situation. Since end-2013, the CBP has been moving forward with a program to update the base year of the System of National Accounts, focused essentially on the supply and use tables and on expanding the system, which will involve the preparation of the integrated economic accounts. Both endeavors will be guided by the recommendations of the 2008 System of National Accounts (2008 SNA). The program for updating and expanding the system also includes increasing the human resources involved in the process, with the aim of ensuring the continuity over time of the technical tasks related to the program. To this end, the CBP recently hired new employees to strengthen the technical capabilities of the National Accounts Division.

10. Develop a plan for implementing the 2008 SNA as soon as possible, with a clear timetable and activities, detailing the tasks to meet new requirements, such as updating classifications and sectorization. Implementation of the 2008 SNA is a key component of the program to update the base year of the national accounts. A timetable was developed for the program, detailing the activities to be carried out in the next 2 ½ years. Of particular note is the progress made with regard to the new system’s classifications, both for economic activities and products, as well as for institutional sectors. Technical assistance from the IMF will be required for the implementation of the 2008 SNA.

11. Develop and implement a program for conducting periodic economic surveys covering manufacture, services, and other relevant activities. As part of the program to update the base year of the national accounts, economic surveys will be carried out covering relevant activities with a high concentration of production. Furthermore, this recommendation will be assessed in a context in which the contribution of the DGEEC to the production of economic statistics will be taken into account.

12. Maintain a regularly updated business register. The CBP has a General Directory of Businesses (DIRGE) prepared by the DGEEC in conjunction with the 2011 National Economic Census, which is to be updated regularly by the DGEEC. In addition to this new business directory, the CBP has a register of businesses provided by the MOF, with data (sales reports and balance sheets) wherein businesses are identified by their respective Single Taxpayer Registration Number (RUC). In that connection, and as part of the program to update the base year, the DIRGE will be used to classify the businesses provided by the MOF, correlating them by RUC. The DIRGE will provide the universe of businesses operating in each economic sector, which will in turn permit monitoring them in the years following the base year update.

Other key recommendations

13. Use available data on prices and values of main inputs and outputs to apply the double deflation/inflation method on annual basis. This methodological recommendation will be implemented as part of the program to update the base year of the national accounts.

14. Expand the coverage of the sample used for collecting tax data from the MOF to improve source data for the national accounts. The CBP is currently working on an update and expansion of the register of businesses received from the MOF, which is based on 2012 and 2013 data. As mentioned, this information will be combined with the data from the DGEEC’s DIRGE.

15. Improve the timeliness of the quarterly national accounts and of the monthly index of economic activity to take full advantage of their potential as inputs for policy-making decisions. The CBP recently shortened the release time for the monthly index of economic activity and noted this fact in the release calendar on its website. However, improving the timeliness of the said indicators will depend chiefly on the provision of the basic statistics supplied by other institutions. The CBP therefore plans to sign inter-institutional agreements clearly stipulating the time and method of submission of the basic data for the preparation of the national accounts and economic indicators.

16. Compile supply and use tables in order to improve the consistency of national accounts estimates, with particular attention on estimates of non-observed activities, household final consumption expenditure, and changes in inventories. These methodological recommendations will be implemented as part of the program to update the base year of the national accounts. The supply and use tables will be made available on an annual basis, with particular attention given to estimates of the other components suggested by the ROSC mission.

17. Assess the use of chain-linked indices for improving volume measures of the national accounts. This methodological recommendation will be implemented as part of the program to update the base year of the national accounts.

B. Consumer Price Index

High Priority

18. Conduct a new Household Budget Survey to update CPI weights. The CBP will plan the next Household Budget Survey (HBS) jointly with the DGEEC, in order to update the Consumer Price Index (CPI) weights. Consideration will be given to expanding the coverage of the current CPI to include the country’s largest cities as well as introducing other methodological improvements based on the suggestions of the ROSC mission.

Other key recommendation

19. Conduct a study in order to investigate whether the inclusion of prices collected in areas not currently covered by the CPI will impact significantly on official inflation rates. This recommendation will be considered in the CPI update program. In addition, consideration should be given to the possibility of conducting some other type of study on the items in the consumer basket, with a view to comparing price growth in the current coverage area and in the country’s largest cities.

C. Producer Price Index

High Priority

20. Remove imports from PPI scope in line with new international methodological standards. Based on this methodological recommendation, imported products will be removed in order to adapt the indicator to the concepts and recommendations contained in the 2004 PPI manual. The PPI of domestic products (concept closer to the new definition) will be renamed as the PPI, and the general index of the previous version will be renamed as a wholesale price index. In keeping with best practices, users will be informed of the proposed changes before they are made.

Other key recommendations

21. Expand gradually the scope of the PPI to include, at first, exports and electricity and water supply and, at a second stage, construction and services. This methodological recommendation will be considered in the PPI update program.

22. Seek expert advice and promote staff training on PPI methodology. The CBP has requested technical advice to the International Monetary Fund (IMF) for a comprehensive revision of the PPI, chiefly for the purpose of aligning it to the international standards. We believe that an improved PPI will also contribute to improvement of the estimates of the national accounts in Paraguay.

D. Monetary Statistics

High Priority

23. Expand the coverage of the other depository corporations (ODC) survey with the inclusion of the largest credit unions, which account for 15 percent of the deposits of the system. In order to attain this objective, the CBP intends to sign an agreement with INCOOP to obtain and include the data on “Type A” cooperatives (i.e., the largest ones) in the monetary survey.

24. Sign a formal agreement with the National Institute of Cooperatives (INCOOP) to establish regular submission of credit union data from the INCOOP to the CBP and to address other data sharing issues. The CBP intends to sign an agreement with INCOOP to ensure the regular and timely submission of data.

25. Disseminate the depository corporations and the ODC surveys compiled by the CBP. Starting May 2014, the monetary survey will be published in the Statistical Annex of the CBP’s Monthly Economic Report, which will cover the banking system and other financial institutions. Once an agreement is signed with INCOOP to ensure the regular and timely submission of data, the monetary survey will be augmented with the data on “Type A” cooperatives.

Other key recommendations

26. Compile and disseminate the other financial corporations (OFC) survey covering data of insurance corporations and other relevant financial intermediaries. The necessary steps will be taken to compile the consolidated accounts of insurance corporations for inclusion in the OFC survey. This will require allocating human resources that will be in charge of working with the data obtained from the Superintendency of Insurance.

27. Improve the procedures for data cross-checking with GFS and BOP statistics. The financial system data compiled for the monetary statistics will be periodically reconciled with the balance of payments (BOP) and international investment position (IIP) data for the resident banking system, as well as with the MOF’s government finance statistics (GFS).

28. Break up the accounts of other nonfinancial corporations from those of households and NPISH. To this end, the chart of accounts of commercial banks and finance companies would need to be modified to reflect. Separating the accounts of other nonfinancial corporations into households and nonprofit institutions serving households (NPISH) involves changing the financial institutions’ plan of accounts. This recommendation will therefore be taken into account when the Superintendency of Banks decides to make a change in the plan of accounts for financial institutions.

E. Balance of Payments Statistics

High priority

29. Develop a comprehensive plan to migrate the balance of payments and IIP statistics to BPM6, identifying actions and key target dates. Working procedures are being developed to complete the implementation of the sixth edition of the Balance of Payments and international Investment Position Manual (BPM6) in 2014. Technical assistance from the IMF has been requested to ensure attainment of the objective. The CBP intends to finalize the current account in July, while the financial account will be completed in November of this year. The BPM6 version of the balance of payments and IIP is intended for publication in the 2014 Preliminary Economic Report of the CBP. The CBP will publish a technical note explaining the BPM6 migration process to inform the general public.

30. Supplement direct investment survey data with the information collected from the balance sheets and income statements to cover no response. Prepare and maintain a register of direct investment enterprises in Paraguay. Joint efforts have been undertaken with the Tax Authority on the use of data submitted for tax purposes by businesses, and it is expected that an inter-institutional agreement will be signed to that effect. Continuous processes of monitoring and improving the collection of foreign investment data are under way, subject to the general recommendations on available technical personnel and the legal framework for statistical compilation.

31. Improve the adjustments in the estimation of data on foreign trade, revising the process to estimate goods leaving commercial free zones (“re-exports”) based on data provided by the Directorate General of Customs. Joint efforts are under way with the National Customs Directorate to use administrative records of import data subject to the tourism regime, which provide more favorable conditions for the resale of imported goods abroad. It is expected that the current estimation system based on potential consumption will be replaced by administrative records in 2014, in conjunction with the implementation of BPM6. The use of the new data series is subject to inter-sectoral coordination with the other statistics-producing agencies of the CBP.

Other key recommendations

32. Conduct regular meetings (at least twice a year) with the MOF, to discuss issues of common interest, coordinate the submission of external debt data to the World Bank (QEDS), and ensure the consistency of fiscal and external sector statistics. Regular meetings have been initiated with officials of the Directorate of Public Credit and the Debt Directorate of the MOF for the purpose of assigning dissemination functions. The MOF is responsible for publishing data on the external debt of the National Treasury, based on UNCTAD’s Debt Management and Financial System (SIGADE), which is currently sent to the World Bank databases. The CBP is responsible for compiling and disseminating total external debt using the data provided by the Directorate of Public Credit regarding the National Treasury, as well as other sources, to compile total external debt. The CBP and the MOF will take the necessary steps to assure consistency of fiscal and external sector statistics, including external debt and IIP data.

33. Disseminate balance of payments and IIP statistics with sectoral breakdown, in accordance with international standards. Publication of the institutional breakdown of data is part of the migration from BPM5 to BPM6 planned for this year.

34. Obtain information of the currency of denomination of financial assets and liabilities in order to improve treatment of exchange rate changes when balance of payments transactions are estimated from positions data. The improvements in the prioritization of statistical functions, the reform of the legal framework, and the allocation of human and financial resources will allow increasing the detail and the quality of the data.

Response by the Ministry of Finance

A. Government Finance Statistics

The Ministry of Finance expresses its appreciation to the ROSC mission from the IMF’s Statistics Department for its assessment of the country’s fiscal statistics and the recommendations made for their improvement. The MOF is fully aware of the challenges that it faces in this area, and of the vital importance of government finance statistics in the design, monitoring, and evaluation of the government’s fiscal policy.

In this context, we endorse the mission’s recommendation to implement the Government Finance Statistics Manual 2001 methodology, and express our need for IMF assistance to evaluate the resources currently available, as well as the requirements of the new methodology in terms of basis of recording, coverage, valuation, integration of flows and stocks, and the collection of data on nonfinancial assets.

Action Plan

Based on the data ROSC’s recommendations, and in collaboration with the mission, we have designed an action plan to further increase the analytical usefulness of Paraguay’s macroeconomic statistics. The detailed action plan presented below includes cross-cutting actions as well as measures specific to each data set compiled by the CBP. It should be noted that not all actions included in this plan have the same importance or priority, and that at times they are conditional upon the allocation of resources, funding, training, and/or technical assistance.

A. Cross-cutting Actions

DQAF Code	Planned Actions	Timing
High Priority
0.1.1	Actively promote the adoption of a modern Statistics Law that clearly identifies responsibilities among data-producing agencies.	Medium term
0.2.1	Give higher priority to statistical functions and provide adequate staffing and other resources to assure timely and sustainable production of quality macroeconomic data.	Medium term
0.1.2	Establish data sharing agreements among different agencies collecting data needed for macroeconomic statistics.	Short term
4.2.3	Conduct periodic meetings between data-producing agencies for improving inter-sectoral data consistency.	Short term
Other Actions
2.2.1	Gradual adoption of the new methodological standards for national accounts, government finance statistics, and external sector statistics.	Medium term
4.1.1 4.1.2	Full compliance with the General Data Dissemination System (GDDS).	Short term
4.1.1 4.1.2	Develop a medium-term plan to subscribe to the Special Data Dissemination Standard (SDDS).	Medium term
4.3.1	Better communicate data revision and data dissemination practices to the public.	Short term
5.2.1	Keep current the GDDS metadata posted on the IMF website and improve the metadata available in our national publications.	Medium term
5.1.2	Enhance data accessibility by producing a user-friendly mechanism to provide electronic access to selected databases.	Short term

DQAF Code	Planned Actions	Timing
High Priority
0.1.1	Actively promote the adoption of a modern Statistics Law that clearly identifies responsibilities among data-producing agencies.	Medium term
0.2.1	Give higher priority to statistical functions and provide adequate staffing and other resources to assure timely and sustainable production of quality macroeconomic data.	Medium term
0.1.2	Establish data sharing agreements among different agencies collecting data needed for macroeconomic statistics.	Short term
4.2.3	Conduct periodic meetings between data-producing agencies for improving inter-sectoral data consistency.	Short term
Other Actions
2.2.1	Gradual adoption of the new methodological standards for national accounts, government finance statistics, and external sector statistics.	Medium term
4.1.1 4.1.2	Full compliance with the General Data Dissemination System (GDDS).	Short term
4.1.1 4.1.2	Develop a medium-term plan to subscribe to the Special Data Dissemination Standard (SDDS).	Medium term
4.3.1	Better communicate data revision and data dissemination practices to the public.	Short term
5.2.1	Keep current the GDDS metadata posted on the IMF website and improve the metadata available in our national publications.	Medium term
5.1.2	Enhance data accessibility by producing a user-friendly mechanism to provide electronic access to selected databases.	Short term

B. National Accounts Statistics

DQAF Code	Planned Actions	Timing
	Prerequisite of Quality
0.1.2	Enhance coordination with other statistical agencies through official agreements to define detailed data requirements. Establish inter-institutional working groups or committees by subject matter to coordinate statistical work.	Short term Short term
0.2.1	Develop and implement a long-term strategy for strengthening human resources in the National Accounts Division in order to expand and sustain the production of national accounts.	Short term
0.2.2	Develop a strategy to promote and retain highly skilled staff and better control turnover within the institution.	Short term
0.3.1	Initiate regular consultations with users, including through fostering users’ groups and establishing an advisory committee to improve the usefulness of statistics.	Medium term
	Methodological Soundness
2.2.1	Develop a plan to implement the 2008 SNA with detailed activities and clear timetable in the context of the ongoing project to change the 1994 base year. Enhance the compilation of the sequence of accounts including the rest of the world accounts according to the 2008 SNA. Formulate a project to compile institutional sector accounts. Resume the compilation of supply and use tables.	Short-term Medium term Medium term Medium term
2.3.1	Update current classifications to ISIC Rev. 4 and CPC Ver. 2, and adopt Classification of Individual Consumption According to Purpose (COICOP) and Classification of Functions of Government (COFOG) when changing the base year of the national accounts.	Medium term
2.4.2	Initiate close coordination with the MOF to derive suitable adjustments to convert government expenditure data onto an accrual basis. Evaluate the correct assignation of work-in-progress on a cost basis along the crops’ cycle period.	Short term Short term
	Accuracy and Reliability
3.1.1	Develop a long-term project to conduct a program of structural surveys to cover/supplement activities/components of the national accounts. Include in these surveys minimum information requirements such as output (including secondary production), revenues, input details and costs, gross fixed capital formation, employment, and inventories by concept. Maintain current the business register regularly by using income and value added tax records and economic census data. Coordinate with the DGEEC a plan to conduct a new HIES, and establish a schedule to conduct these surveys every five years. Develop a strategy to exploit available information contained in the balance sheets reported to the international department. Evaluate the possibility of conducting quarterly surveys on production for manufacturing, sales of services, and inventories of inputs and finished and resale products.	Short term Short term Short term Short term Short term
3.1.3	Conduct meetings with the Balance of Payments Division to assess the possibility of improving timeliness of trade data.	Short term
3.2.1	Design and establish a regular process of assessment of the coverage of samples used to obtain administrative data.	Short term
3.3.2	Abandon the single indicator approach for the estimation of volume figures in the annual national accounts. Reinforce the capacity for developing independent estimates of the accounts in current values. Resume the use of supply and use tables as a compilation tool for the national accounts. Assess the possibility of compiling directly the changes in inventories from available balance sheets. Derive independent estimates for final household consumption expenditure (exploiting alternative data sources such value added tax records). Move to chained indices for the compilation of volume measures from the new base year.	Medium term Short term Medium term Short term Medium term Medium term
	Serviceability
4.2.2	Reconstruct and disseminate historical series as far back as possible for the main national accounts aggregates. Make methodologies applied available to the public.	Medium term
4.3.3	Incorporate the revision analysis within the regular compilation tasks and include a suitable paragraph in published documents.	Short term
	Accessibility
5.1.2	Conduct a feasibility study to assess the development of a flexible user-friendly database that optimizes data management on an interactive way.	Short term
5.2.2	Include detailed methodologies within the available documents on the CBP website as to provide more information regarding detailed compilation procedures to more specialized users.	Short term
5.3.1	Provide users with a specific contact point for national accounts.	Short term

DQAF Code	Planned Actions	Timing
	Prerequisite of Quality
0.1.2	Enhance coordination with other statistical agencies through official agreements to define detailed data requirements. Establish inter-institutional working groups or committees by subject matter to coordinate statistical work.	Short term Short term
0.2.1	Develop and implement a long-term strategy for strengthening human resources in the National Accounts Division in order to expand and sustain the production of national accounts.	Short term
0.2.2	Develop a strategy to promote and retain highly skilled staff and better control turnover within the institution.	Short term
0.3.1	Initiate regular consultations with users, including through fostering users’ groups and establishing an advisory committee to improve the usefulness of statistics.	Medium term
	Methodological Soundness
2.2.1	Develop a plan to implement the 2008 SNA with detailed activities and clear timetable in the context of the ongoing project to change the 1994 base year. Enhance the compilation of the sequence of accounts including the rest of the world accounts according to the 2008 SNA. Formulate a project to compile institutional sector accounts. Resume the compilation of supply and use tables.	Short-term Medium term Medium term Medium term
2.3.1	Update current classifications to ISIC Rev. 4 and CPC Ver. 2, and adopt Classification of Individual Consumption According to Purpose (COICOP) and Classification of Functions of Government (COFOG) when changing the base year of the national accounts.	Medium term
2.4.2	Initiate close coordination with the MOF to derive suitable adjustments to convert government expenditure data onto an accrual basis. Evaluate the correct assignation of work-in-progress on a cost basis along the crops’ cycle period.	Short term Short term
	Accuracy and Reliability
3.1.1	Develop a long-term project to conduct a program of structural surveys to cover/supplement activities/components of the national accounts. Include in these surveys minimum information requirements such as output (including secondary production), revenues, input details and costs, gross fixed capital formation, employment, and inventories by concept. Maintain current the business register regularly by using income and value added tax records and economic census data. Coordinate with the DGEEC a plan to conduct a new HIES, and establish a schedule to conduct these surveys every five years. Develop a strategy to exploit available information contained in the balance sheets reported to the international department. Evaluate the possibility of conducting quarterly surveys on production for manufacturing, sales of services, and inventories of inputs and finished and resale products.	Short term Short term Short term Short term Short term
3.1.3	Conduct meetings with the Balance of Payments Division to assess the possibility of improving timeliness of trade data.	Short term
3.2.1	Design and establish a regular process of assessment of the coverage of samples used to obtain administrative data.	Short term
3.3.2	Abandon the single indicator approach for the estimation of volume figures in the annual national accounts. Reinforce the capacity for developing independent estimates of the accounts in current values. Resume the use of supply and use tables as a compilation tool for the national accounts. Assess the possibility of compiling directly the changes in inventories from available balance sheets. Derive independent estimates for final household consumption expenditure (exploiting alternative data sources such value added tax records). Move to chained indices for the compilation of volume measures from the new base year.	Medium term Short term Medium term Short term Medium term Medium term
	Serviceability
4.2.2	Reconstruct and disseminate historical series as far back as possible for the main national accounts aggregates. Make methodologies applied available to the public.	Medium term
4.3.3	Incorporate the revision analysis within the regular compilation tasks and include a suitable paragraph in published documents.	Short term
	Accessibility
5.1.2	Conduct a feasibility study to assess the development of a flexible user-friendly database that optimizes data management on an interactive way.	Short term
5.2.2	Include detailed methodologies within the available documents on the CBP website as to provide more information regarding detailed compilation procedures to more specialized users.	Short term
5.3.1	Provide users with a specific contact point for national accounts.	Short term

C. Consumer Price Statistics

DQAF Code	Planned Actions	Timing
	Prerequisite of Quality
0.2.1	Hire additional price collectors and provide training to reinforce the capabilities of the staff to carry out additional planned tasks, including the update of the CPI basket and its weights. Move from paper to electronic (tablet PCs) price collection.	Short term Short term
	Methodological Soundness
2.2.1	Carry out a study to assess whether the 2001 finding supporting the idea that the Greater Asuncion Area and National CPIs had similar price behavior remains valid by using prices collected in cities not covered by the present index (e.g., Ciudad del Este). Produce a new CPI aggregate with a broader share of consumption expenditure by including the owner-occupied housing component using the rental equivalence approach.	Medium term Medium term
	Accuracy and Reliability
3.1.1	Coordinate the next HBS with the DGEEC. Define, jointly with the DGEEC, a calendar to conduct a HBS every five years. Update the CPI basket and weights using information derived from the next HBS. Conduct a new HBS at least every 5 years.	Short term Medium term Medium term
3.2.1	Conduct a study to help optimizing the sample sizes of the next CPI.	Medium term
3.5.1	Conduct a revision study to evaluate the size of the substitution bias associated to the current CPI in the next revision exercise, which will combine the new weights in the compilation of past figures.	Medium term
	Serviceability
4.3.1	Establish a calendar for updating the basket and weights of the CPI every five years, in line with best international practices.	Medium term
	Accessibility
5.2.1	Update the GDDS metadata when CPI weights are refreshed and/or there are significant methodological changes.	Medium term
5.3.1	Include a contact point, specific to the CPI, in the Informe de Inflación and in other dissemination formats with CPI figures (e.g., in data files available on the CBP website).	Short term
5.3.2	Enhance the presentation of CPI data on the CBP website.	Medium term

DQAF Code	Planned Actions	Timing
	Prerequisite of Quality
0.2.1	Hire additional price collectors and provide training to reinforce the capabilities of the staff to carry out additional planned tasks, including the update of the CPI basket and its weights. Move from paper to electronic (tablet PCs) price collection.	Short term Short term
	Methodological Soundness
2.2.1	Carry out a study to assess whether the 2001 finding supporting the idea that the Greater Asuncion Area and National CPIs had similar price behavior remains valid by using prices collected in cities not covered by the present index (e.g., Ciudad del Este). Produce a new CPI aggregate with a broader share of consumption expenditure by including the owner-occupied housing component using the rental equivalence approach.	Medium term Medium term
	Accuracy and Reliability
3.1.1	Coordinate the next HBS with the DGEEC. Define, jointly with the DGEEC, a calendar to conduct a HBS every five years. Update the CPI basket and weights using information derived from the next HBS. Conduct a new HBS at least every 5 years.	Short term Medium term Medium term
3.2.1	Conduct a study to help optimizing the sample sizes of the next CPI.	Medium term
3.5.1	Conduct a revision study to evaluate the size of the substitution bias associated to the current CPI in the next revision exercise, which will combine the new weights in the compilation of past figures.	Medium term
	Serviceability
4.3.1	Establish a calendar for updating the basket and weights of the CPI every five years, in line with best international practices.	Medium term
	Accessibility
5.2.1	Update the GDDS metadata when CPI weights are refreshed and/or there are significant methodological changes.	Medium term
5.3.1	Include a contact point, specific to the CPI, in the Informe de Inflación and in other dissemination formats with CPI figures (e.g., in data files available on the CBP website).	Short term
5.3.2	Enhance the presentation of CPI data on the CBP website.	Medium term

D. Producer Price Statistics

DQAF Code	Planned Actions	Timing
	Prerequisite of Quality
0.2.1	Hire additional price collectors and ensure the formation of price collection teams specialized in the PPI. Training and external technical assistance on PPI methodology. Move from paper to electronic (tablet PC’s) price collection.	Short term Short term Short term
	Methodological Soundness
2.1.1	Separate imports from the conceptual framework of the PPI, as they do not represent domestic production and are out of the scope of this indicator.	Short term
2.2.1	Expand the scope of the PPI in order to include, at a first stage, electricity and water supply and exports and, at a later stage, construction and services. Develop a system of producer and wholesale price indexes to be fully implemented in the next PPI revision, which will serve as the basis for the future expansion of the scope of the PPI.	Medium term Medium Term
	Accuracy and Reliability
3.1.1	Secure the revision of the current PPI (2011) and the release of a new PPI for 2016. Regular update of the directory of establishments through the use of the information taken from the 2011 National Economic Census and other administrative sources.	Short term Short term
3.2.1	Conduct a study aiming to help optimizing the sample sizes of the next PPI.	Medium term
3.5.1	Conduct a revision study to evaluate the size of the substitution bias associated to the current PPI in the next revision exercise, which will combine new weights in the compilation of past figures.	Medium term
	Serviceability
4.1.2	Produce a separate press release for the PPI and anticipate the dissemination of the results of this indicator.	Short term
4.3.1	Establish a calendar for the update of the PPI every five years.	Medium term
	Accessibility
5.1.3	Include a separate line for the PPI in the current preannounced schedule that is available at the CBP website.	Short term
5.2.1	Update the GDDS metadata whenever PPI weights are refreshed and/or there are changes in PPI methodology.	Short term
5.3.1	Create a specific PPI contact point in dissemination formats that include figures on this statistics.	Short term
5.3.2	Enhance the presentation of PPI data on the CBP website.	Medium term

DQAF Code	Planned Actions	Timing
	Prerequisite of Quality
0.2.1	Hire additional price collectors and ensure the formation of price collection teams specialized in the PPI. Training and external technical assistance on PPI methodology. Move from paper to electronic (tablet PC’s) price collection.	Short term Short term Short term
	Methodological Soundness
2.1.1	Separate imports from the conceptual framework of the PPI, as they do not represent domestic production and are out of the scope of this indicator.	Short term
2.2.1	Expand the scope of the PPI in order to include, at a first stage, electricity and water supply and exports and, at a later stage, construction and services. Develop a system of producer and wholesale price indexes to be fully implemented in the next PPI revision, which will serve as the basis for the future expansion of the scope of the PPI.	Medium term Medium Term
	Accuracy and Reliability
3.1.1	Secure the revision of the current PPI (2011) and the release of a new PPI for 2016. Regular update of the directory of establishments through the use of the information taken from the 2011 National Economic Census and other administrative sources.	Short term Short term
3.2.1	Conduct a study aiming to help optimizing the sample sizes of the next PPI.	Medium term
3.5.1	Conduct a revision study to evaluate the size of the substitution bias associated to the current PPI in the next revision exercise, which will combine new weights in the compilation of past figures.	Medium term
	Serviceability
4.1.2	Produce a separate press release for the PPI and anticipate the dissemination of the results of this indicator.	Short term
4.3.1	Establish a calendar for the update of the PPI every five years.	Medium term
	Accessibility
5.1.3	Include a separate line for the PPI in the current preannounced schedule that is available at the CBP website.	Short term
5.2.1	Update the GDDS metadata whenever PPI weights are refreshed and/or there are changes in PPI methodology.	Short term
5.3.1	Create a specific PPI contact point in dissemination formats that include figures on this statistics.	Short term
5.3.2	Enhance the presentation of PPI data on the CBP website.	Medium term

E. Monetary Statistics

DQAF Code	Planned Actions	Timing
	Prerequisite of Quality
0.1.2	Sign an agreement with the National Institute of Cooperatives (INCOOP) establishing regular data sharing with the CBP.	Short term
0.1.2	Implement regular transmission of insurance corporations data from the Superintendence of Insurance to the Monetary Statistics Division.	Short term
0.2.1	Assign additional staff to further improve the compilation of monetary and financial statistics.	Short term
0.3.1	Establish a system of regular consultation on data users’ views on the relevance and practical utility of monetary data.	Medium term
0.4.2	Introduce regular procedures for monetary data revisions.	Short term
	Assurance of Integrity
1.2.4	Preannounce any major changes in the compilation of monetary statistics (e.g., the expansion of the coverage to include deposit-taking cooperatives).	Short term
	Methodological Soundness
2.2.1	Include the accounts of credit unions in monetary statistics disseminated by the CBP.	Short term
	Obtain quarterly data for the entire cooperative sector to verify monthly estimates. Assess the possibility of compiling and disseminating the OFC survey covering data of insurance corporations and other relevant financial intermediaries. Review the current financial soundness indicators (FSIs) and identify additional FSIs.	Medium term Medium term Medium term
2.3.1	Reclassify the national component of the binational enterprises (Itaipú and Yacyretá) from nonresident to resident nonfinancial public corporations. Split the accounts of “Other resident sectors” into “Other nonfinancial corporations”, “Households,” and “NPISHs.” Sectorize accrued interest of ODC and report it together with the underlying instruments.	Short term Medium term Medium term
	Accuracy and Reliability
3.2.1	Obtain—in an electronic format—monthly data for individual commercial banks from the Superintendence of Banks (SB). This would allow verification of the quality of the source data of individual institutions.	Short term
3.4.1	Introduce systematic validation procedures for monetary data: (i) ODC’s position with the CBP against CBP’s records; (ii) interbank positions at the level of the individual institution; (iii) ODC’s reporting of government securities holdings against CBP’s debt registry; (iv) banking sector records on credit to government and government deposits against fiscal data; and (v) monetary data on international reserves and foreign assets against external sector data (already performed).	Short term
3.4.3	Keep systematic records of detected problems in monetary data to help improve the statistical process.	Short term
	Serviceability
4.1.2	Include tables with the DC and ODC surveys in CBP publications.	Short term
4.2.3	Reconcile monetary statistics with fiscal data.	Short term
	Accessibility
5.1.3	Publish an advance release calendar for monetary statistics.	Short term
5.3.1	Provide detailed contact information for users of monetary statistics.	Short term

DQAF Code	Planned Actions	Timing
	Prerequisite of Quality
0.1.2	Sign an agreement with the National Institute of Cooperatives (INCOOP) establishing regular data sharing with the CBP.	Short term
0.1.2	Implement regular transmission of insurance corporations data from the Superintendence of Insurance to the Monetary Statistics Division.	Short term
0.2.1	Assign additional staff to further improve the compilation of monetary and financial statistics.	Short term
0.3.1	Establish a system of regular consultation on data users’ views on the relevance and practical utility of monetary data.	Medium term
0.4.2	Introduce regular procedures for monetary data revisions.	Short term
	Assurance of Integrity
1.2.4	Preannounce any major changes in the compilation of monetary statistics (e.g., the expansion of the coverage to include deposit-taking cooperatives).	Short term
	Methodological Soundness
2.2.1	Include the accounts of credit unions in monetary statistics disseminated by the CBP.	Short term
	Obtain quarterly data for the entire cooperative sector to verify monthly estimates. Assess the possibility of compiling and disseminating the OFC survey covering data of insurance corporations and other relevant financial intermediaries. Review the current financial soundness indicators (FSIs) and identify additional FSIs.	Medium term Medium term Medium term
2.3.1	Reclassify the national component of the binational enterprises (Itaipú and Yacyretá) from nonresident to resident nonfinancial public corporations. Split the accounts of “Other resident sectors” into “Other nonfinancial corporations”, “Households,” and “NPISHs.” Sectorize accrued interest of ODC and report it together with the underlying instruments.	Short term Medium term Medium term
	Accuracy and Reliability
3.2.1	Obtain—in an electronic format—monthly data for individual commercial banks from the Superintendence of Banks (SB). This would allow verification of the quality of the source data of individual institutions.	Short term
3.4.1	Introduce systematic validation procedures for monetary data: (i) ODC’s position with the CBP against CBP’s records; (ii) interbank positions at the level of the individual institution; (iii) ODC’s reporting of government securities holdings against CBP’s debt registry; (iv) banking sector records on credit to government and government deposits against fiscal data; and (v) monetary data on international reserves and foreign assets against external sector data (already performed).	Short term
3.4.3	Keep systematic records of detected problems in monetary data to help improve the statistical process.	Short term
	Serviceability
4.1.2	Include tables with the DC and ODC surveys in CBP publications.	Short term
4.2.3	Reconcile monetary statistics with fiscal data.	Short term
	Accessibility
5.1.3	Publish an advance release calendar for monetary statistics.	Short term
5.3.1	Provide detailed contact information for users of monetary statistics.	Short term

F. Balance of Payments Statistics

DQAF Code	Planned Actions	Timing
	Prerequisite of Quality
0.1.4	Enforce reporting from the nonfinancial private sector.	Short term
0.2.1	Increase the number of staff dedicated to external sector statistics compilation to assure the smooth migration to BPM6 Update the IT process to access to the databases managed by the Superintendency of Banks and the Superintendency of Insurance, respectively.	Short term Medium term
0.3.1	Establish procedures to identify the users’ relevance and practical utility of existing data.	Medium term
0.4.2	Undertake regular reviews to identify steps necessary to maintain quality requirements.	Short term
	Assurances of Integrity
1.2.4	Inform users in advance of the introduction of BPM6-basis data.	Short term
	Methodological Soundness
2.1.1	Develop a comprehensive plan that lists actions and key target dates to migrate BOP and IIP statistics to BPM6. Remove the financial derivatives line included under direct investment, in BOP and IIP presentations.	Short term Short term
2.2.1	Develop a plan to compile the BOP and IIP memorandum items included in the standard presentation of BPM6, as relevant.	Medium term
2.3.1	Disseminate the sectoral breakdown in the financial account of the BOP and in the IIP. Implement the classification and sectorization recommended in BPM6 as explained in volume III.	Short term Short term
2.4.1	Revise the value of portfolio investment liabilities in the IIP using the market value at the end of each reporting period. Obtain information on the currency of denomination of financial assets and liabilities to exclude exchange rate changes when transactions are estimated from positions.	Short term Short term
2.4.2	Record interest on external debt, including portfolio investment, on an accrual basis. Record arrears in the original debt instrument (when implementing BPM6) rather than under other short-term debt liabilities, which was the treatment in BPM5.	Medium term Short term
	Accuracy and Reliability
3.1.1	Supplement direct investment survey-data with information collected from the balance sheets and income statements of the direct investment enterprises to improve FDI coverage. Prepare and maintain a register of direct investment enterprises in Paraguay with precise information (e.g., net worth and percentage of foreign ownership) to establish a ranking of these enterprises and assure the inclusion of FDI data and other external sector related data, including services, from the largest direct investment enterprises. Obtain detail data on freight transport and freight insurance with nonresidents from the Directorate General of Customs on a regular basis. In coordination with the banking sector, improve the collection of data on payments and receipts in foreign currency by: (i) including new BOP concepts; (ii) assuring the appropriate classification of each item (above a threshold); and (iii) adding information on the transactors’ residency. Increase banking sector awareness on the need for accurate data for BOP and IIP purposes. Use information posted on the US Federal Reserve website only to verify information from other data sources, because this information, at least partially, is included in the BIS data. Consider the differences in methodology when using data from the Direction of Trade Statistics (DOTS) to estimate BOP transactions.	Short term Short term Short term Medium term Short term Short term Short term
3.3.1	Explore the use of sample techniques to derive grossing-up factors.	Medium term
3.3.2	Revise the estimates of goods leaving the Commercial Free Zones (“re-exports”) using imports data under the Decree 6406 collected by the Directorate General of Customs.	Short term
	Review current estimates on imports of smuggled goods and informal trade with compilers from counterpart economies. Enact an agreement with National Directorate of Civil Airports to obtain transports data for BOP purposes. In coordination with the Ministry of Foreign Affairs, conduct a survey to foreign embassies and consulates to obtain data on government services n.i.e (credits). Apply the residence criteria to include real estate estimates in external sector statistics.	Medium term Medium term Medium term Short term
3.5.1	Strengthen data revision policies and practices.	Short term
	Serviceability
4.1.2	Report quarterly BOP and IIP statistics to the IMF’s Statistics Department with quarterly timeliness.	Short term
4.2.2	Establish a regular process to cross-check the consistency between each component of the income account and the corresponding position recorded in the IIP.	Short term
4.2.3	Conduct regular meetings within the CBP to ensure consistency of macroeconomic statistics. Conduct semiannual meetings with the MOF to discuss issues of common interest, coordinate external debt data submission to the World Bank (QEDS), and ensure the consistency with fiscal data.	Short term Short term
	Accessibility
5.2.1	Prepare comprehensive metadata, describing concepts, data sources, compilation methods, and other methodological aspects. Maintain current the metadata available in national publications as well as the GDDS metadata posted on the IMF’s DSBB. Complete the IMF’s BOP and IIP metadata questionnaires through Integrated Correspondence System (ICS).	Short term Ongoing Short term

DQAF Code	Planned Actions	Timing
	Prerequisite of Quality
0.1.4	Enforce reporting from the nonfinancial private sector.	Short term
0.2.1	Increase the number of staff dedicated to external sector statistics compilation to assure the smooth migration to BPM6 Update the IT process to access to the databases managed by the Superintendency of Banks and the Superintendency of Insurance, respectively.	Short term Medium term
0.3.1	Establish procedures to identify the users’ relevance and practical utility of existing data.	Medium term
0.4.2	Undertake regular reviews to identify steps necessary to maintain quality requirements.	Short term
	Assurances of Integrity
1.2.4	Inform users in advance of the introduction of BPM6-basis data.	Short term
	Methodological Soundness
2.1.1	Develop a comprehensive plan that lists actions and key target dates to migrate BOP and IIP statistics to BPM6. Remove the financial derivatives line included under direct investment, in BOP and IIP presentations.	Short term Short term
2.2.1	Develop a plan to compile the BOP and IIP memorandum items included in the standard presentation of BPM6, as relevant.	Medium term
2.3.1	Disseminate the sectoral breakdown in the financial account of the BOP and in the IIP. Implement the classification and sectorization recommended in BPM6 as explained in volume III.	Short term Short term
2.4.1	Revise the value of portfolio investment liabilities in the IIP using the market value at the end of each reporting period. Obtain information on the currency of denomination of financial assets and liabilities to exclude exchange rate changes when transactions are estimated from positions.	Short term Short term
2.4.2	Record interest on external debt, including portfolio investment, on an accrual basis. Record arrears in the original debt instrument (when implementing BPM6) rather than under other short-term debt liabilities, which was the treatment in BPM5.	Medium term Short term
	Accuracy and Reliability
3.1.1	Supplement direct investment survey-data with information collected from the balance sheets and income statements of the direct investment enterprises to improve FDI coverage. Prepare and maintain a register of direct investment enterprises in Paraguay with precise information (e.g., net worth and percentage of foreign ownership) to establish a ranking of these enterprises and assure the inclusion of FDI data and other external sector related data, including services, from the largest direct investment enterprises. Obtain detail data on freight transport and freight insurance with nonresidents from the Directorate General of Customs on a regular basis. In coordination with the banking sector, improve the collection of data on payments and receipts in foreign currency by: (i) including new BOP concepts; (ii) assuring the appropriate classification of each item (above a threshold); and (iii) adding information on the transactors’ residency. Increase banking sector awareness on the need for accurate data for BOP and IIP purposes. Use information posted on the US Federal Reserve website only to verify information from other data sources, because this information, at least partially, is included in the BIS data. Consider the differences in methodology when using data from the Direction of Trade Statistics (DOTS) to estimate BOP transactions.	Short term Short term Short term Medium term Short term Short term Short term
3.3.1	Explore the use of sample techniques to derive grossing-up factors.	Medium term
3.3.2	Revise the estimates of goods leaving the Commercial Free Zones (“re-exports”) using imports data under the Decree 6406 collected by the Directorate General of Customs.	Short term
	Review current estimates on imports of smuggled goods and informal trade with compilers from counterpart economies. Enact an agreement with National Directorate of Civil Airports to obtain transports data for BOP purposes. In coordination with the Ministry of Foreign Affairs, conduct a survey to foreign embassies and consulates to obtain data on government services n.i.e (credits). Apply the residence criteria to include real estate estimates in external sector statistics.	Medium term Medium term Medium term Short term
3.5.1	Strengthen data revision policies and practices.	Short term
	Serviceability
4.1.2	Report quarterly BOP and IIP statistics to the IMF’s Statistics Department with quarterly timeliness.	Short term
4.2.2	Establish a regular process to cross-check the consistency between each component of the income account and the corresponding position recorded in the IIP.	Short term
4.2.3	Conduct regular meetings within the CBP to ensure consistency of macroeconomic statistics. Conduct semiannual meetings with the MOF to discuss issues of common interest, coordinate external debt data submission to the World Bank (QEDS), and ensure the consistency with fiscal data.	Short term Short term
	Accessibility
5.2.1	Prepare comprehensive metadata, describing concepts, data sources, compilation methods, and other methodological aspects. Maintain current the metadata available in national publications as well as the GDDS metadata posted on the IMF’s DSBB. Complete the IMF’s BOP and IIP metadata questionnaires through Integrated Correspondence System (ICS).	Short term Ongoing Short term

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Paraguay: Report on the Observance of Standards and Codes (ROSC)—Data Module Volume I

Author: International Monetary Fund. Statistics Dept.

Volume/Issue:: Volume 2014: Issue 248

Publisher:: International Monetary Fund

ISBN:: 9781484315781

ISSN:: 1934-7685

Pages:: 203

DOI:: https://doi.org/10.5089/9781484315781.002

Foresee

DQAF Code	Planned Actions	Timing
	Prerequisite of Quality
0.1.4	Enforce reporting from the nonfinancial private sector.	Short term
0.2.1	Increase the number of staff dedicated to external sector statistics compilation to assure the smooth migration to BPM6 Update the IT process to access to the databases managed by the Superintendency of Banks and the Superintendency of Insurance, respectively.	Short term Medium term
0.3.1	Establish procedures to identify the users’ relevance and practical utility of existing data.	Medium term
0.4.2	Undertake regular reviews to identify steps necessary to maintain quality requirements.	Short term
	Assurances of Integrity
1.2.4	Inform users in advance of the introduction of BPM6-basis data.	Short term
	Methodological Soundness
2.1.1	Develop a comprehensive plan that lists actions and key target dates to migrate BOP and IIP statistics to BPM6. Remove the financial derivatives line included under direct investment, in BOP and IIP presentations.	Short term Short term
2.2.1	Develop a plan to compile the BOP and IIP memorandum items included in the standard presentation of BPM6, as relevant.	Medium term
2.3.1	Disseminate the sectoral breakdown in the financial account of the BOP and in the IIP. Implement the classification and sectorization recommended in BPM6 as explained in volume III.	Short term Short term
2.4.1	Revise the value of portfolio investment liabilities in the IIP using the market value at the end of each reporting period. Obtain information on the currency of denomination of financial assets and liabilities to exclude exchange rate changes when transactions are estimated from positions.	Short term Short term
2.4.2	Record interest on external debt, including portfolio investment, on an accrual basis. Record arrears in the original debt instrument (when implementing BPM6) rather than under other short-term debt liabilities, which was the treatment in BPM5.	Medium term Short term
	Accuracy and Reliability
3.1.1	Supplement direct investment survey-data with information collected from the balance sheets and income statements of the direct investment enterprises to improve FDI coverage. Prepare and maintain a register of direct investment enterprises in Paraguay with precise information (e.g., net worth and percentage of foreign ownership) to establish a ranking of these enterprises and assure the inclusion of FDI data and other external sector related data, including services, from the largest direct investment enterprises. Obtain detail data on freight transport and freight insurance with nonresidents from the Directorate General of Customs on a regular basis. In coordination with the banking sector, improve the collection of data on payments and receipts in foreign currency by: (i) including new BOP concepts; (ii) assuring the appropriate classification of each item (above a threshold); and (iii) adding information on the transactors’ residency. Increase banking sector awareness on the need for accurate data for BOP and IIP purposes. Use information posted on the US Federal Reserve website only to verify information from other data sources, because this information, at least partially, is included in the BIS data. Consider the differences in methodology when using data from the Direction of Trade Statistics (DOTS) to estimate BOP transactions.	Short term Short term Short term Medium term Short term Short term Short term
3.3.1	Explore the use of sample techniques to derive grossing-up factors.	Medium term
3.3.2	Revise the estimates of goods leaving the Commercial Free Zones (“re-exports”) using imports data under the Decree 6406 collected by the Directorate General of Customs.	Short term
	Review current estimates on imports of smuggled goods and informal trade with compilers from counterpart economies. Enact an agreement with National Directorate of Civil Airports to obtain transports data for BOP purposes. In coordination with the Ministry of Foreign Affairs, conduct a survey to foreign embassies and consulates to obtain data on government services n.i.e (credits). Apply the residence criteria to include real estate estimates in external sector statistics.	Medium term Medium term Medium term Short term
3.5.1	Strengthen data revision policies and practices.	Short term
	Serviceability
4.1.2	Report quarterly BOP and IIP statistics to the IMF’s Statistics Department with quarterly timeliness.	Short term
4.2.2	Establish a regular process to cross-check the consistency between each component of the income account and the corresponding position recorded in the IIP.	Short term
4.2.3	Conduct regular meetings within the CBP to ensure consistency of macroeconomic statistics. Conduct semiannual meetings with the MOF to discuss issues of common interest, coordinate external debt data submission to the World Bank (QEDS), and ensure the consistency with fiscal data.	Short term Short term
	Accessibility
5.2.1	Prepare comprehensive metadata, describing concepts, data sources, compilation methods, and other methodological aspects. Maintain current the metadata available in national publications as well as the GDDS metadata posted on the IMF’s DSBB. Complete the IMF’s BOP and IIP metadata questionnaires through Integrated Correspondence System (ICS).	Short term Ongoing Short term

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Abstract

Introduction

Cross-Cutting Recommendations

A. High Priority

B. Other key recommendations

(a) In the real sector

(b) In the financial sector

(c) In the external sector

Response by the Central Bank of Paraguay

A. National Accounts

High Priority

Other key recommendations

B. Consumer Price Index

High Priority

Other key recommendation

C. Producer Price Index

High Priority

Other key recommendations

D. Monetary Statistics

High Priority

Other key recommendations

E. Balance of Payments Statistics

High priority

Other key recommendations

Response by the Ministry of Finance

A. Government Finance Statistics

Action Plan

A. Cross-cutting Actions

B. National Accounts Statistics

C. Consumer Price Statistics

D. Producer Price Statistics

E. Monetary Statistics

F. Balance of Payments Statistics

Same Series

Other IMF Content

Other Publishers

Asian Development Bank

Food and Agriculture Organization

Inter-American Development Bank

International Labour Organization

The World Bank

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Table of Contents

Headings

Metrics

Foresee