Abstract
Guatemala has managed to keep infections and deaths moderate during the pandemic. The economic impact of COVID-19 has been mild given an early reopening of the economy, unprecedented policy support, and resilient remittances and exports. However, despite large-scale government interventions to support households, poverty and malnutrition have deteriorated following COVID-19 and the two major hurricanes battering Guatemala last November.
Title Page
GUATEMALA
STAFF REPORT FOR THE 2021 ARTICLE IV CONSULTATION—INFORMATIONAL ANNEX
May 19, 2021
Prepared by:
Western Hemisphere Department
Contents
FUND RELATIONS
STATISTICAL ISSUES
Fund Relations
(As of April 30, 2021)
Membership Status: Joined: December 28, 1945, Article VIII
| General Resources Account: | SDR Million | Percentage of Quota |
| Quota | 428.60 | 100.00 |
| Fund holdings of currency | 373.97 | 87.25 |
| Reserve Tranche Position | 54.60 | 12.76 |
| General Resources Account: | SDR Million | Percentage of Quota |
| Quota | 428.60 | 100.00 |
| Fund holdings of currency | 373.97 | 87.25 |
| Reserve Tranche Position | 54.60 | 12.76 |
| SDR Department: | SDR Million | Percentage of Allocation |
| Net cumulative allocation | 200.91 | 100.00 |
| Holdings | 120.08 | 59.77 |
| SDR Department: | SDR Million | Percentage of Allocation |
| Net cumulative allocation | 200.91 | 100.00 |
| Holdings | 120.08 | 59.77 |
Outstanding Purchases and Loans:
None
Latest Financial Commitments: Arrangements:
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
| Stand-By | 04/22/09 | 10/21/10 | 630.60 | 0.00 |
| Stand-By | 06/18/03 | 03/15/04 | 84.00 | 0.00 |
| Stand-By | 04/01/02 | 03/31/03 | 84.00 | 0.00 |
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
| Stand-By | 04/22/09 | 10/21/10 | 630.60 | 0.00 |
| Stand-By | 06/18/03 | 03/15/04 | 84.00 | 0.00 |
| Stand-By | 04/01/02 | 03/31/03 | 84.00 | 0.00 |
Outright Loans:
| Type | Date of Commitment | Date Drawn | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
| RFI | 06/10/20 | NA | 428.60 | 0.00 |
| Type | Date of Commitment | Date Drawn | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
| RFI | 06/10/20 | NA | 428.60 | 0.00 |
Projected Payments to Fund1
(SDR Million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | 2024 | 2025 | |
| Principal | |||||
| Charges/Interest | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 |
| Total | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | 2024 | 2025 | |
| Principal | |||||
| Charges/Interest | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 |
| Total | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 |
Safeguards Assessment. Under the Fund’s safeguards assessment policy, the Bank of Guatemala wa s s ub ject to a n a s s es s ment with res pect to the Sta nd -By Arrangement approved on April 22, 2009 (IMF Country Report No: 09/143). The assessment, which was completed in September 2009, found that the Bank of Guatemala has strengthened safeguards in the areas of transparency of financial reporting and the management of foreign exchange reserves. Recommendations were made to further strengthen the bank’s governance and independence.
Exchange Rate Arrangement. Since March 1994, Guatemala has had an arrangement based on an interbank foreign exchange market in which authorized financial institutions buy and sell foreign exchange at market-determined rates. Financial institutions authorized to operate in the foreign exchange market include commercial banks, finance companies, and exchange houses. Guatemala has a de jure floating exchange rate arrangement, although the Bank of Guatemala (Banguat) may intervene to limit volatility in the nominal exchange rate without affecting its trend. Banguat intervenes through foreign exchange auctions based on a symmetric and public rule that limits daily volatility. Effective January 1st, 2021, the fluctuation margin (added to or subtracted from the five-day moving average of the exchange rate) that determines whether Banguat may intervene was increased to 0.85 percent (previously 0.8 percent) as part of Banguat’s commitment to increase exchange rate flexibility. Banguat may also intervene outside the scope of this rule whenever the nominal exchange rate shows unusual volatility. After a period of stability since September 2018, the exchange rate depreciated against the U.S. dollar in the aftermath of the Covid-19 shock up until the start of 2021, when it reversed to an appreciating trend. Banguat’s net purchases to avoid further appreciation amounted to US$2,010 million in 2020, a sizable increase compared to US$1,329 million in 2019. Therefore, the de facto exchange rate arrangement remains classified as “stabilized” (it was reclassified to “stabilized” from “crawl-like” in September 26, 2018). As of April 30, 2021, the reference exchange rate was Q7.71 per U.S. dollar. Guatemala has accepted the obligations of Article VIII, Sections 2, 3 and 4, and its exchange system is free of restrictions on the making of payments and transfers for current transactions.
FSAP Participation. An FSAP Update was carried out during March 18-April 1, 2014, and the Financial System Stability Assessment was discussed by the Executive Board on September 12, 2014, at the time of the 2014 Article IV consultation.
Article IV Consultation. The last Article IV consultation was concluded by the Executive Board on June 10, 2019.
Resident Representative. Mr. Metodij Hadzi-Vaskov is the Regional Resident Representative for Central America, Panama, and the Dominican Republic, and is based in Guatemala.
Technical Assistance 2011–21 (updated May 2021)
Technical Assistance 2011–21 (updated May 2021)
| Department | Date of Delivery | Purpose |
|---|---|---|
| FAD, CAPTAC | 2021 | Budget: Economic Forecasts; Budget: Medium Term Fiscal Framework; Treasury Management; Fiscal Risks: Specific Risks |
| 2021 | Implementing a new model for controlling special procedures operations; Post clearance audit program; Defining of a Customs Digitalization action plan | |
| 2020 | Improving cargo and clearance processes; Strategic Planning: Business Continuity Plan for Customs | |
| 2020 | Modernizing Treasury Management | |
| 2020 | Designing and implementing a comprehensive Business Continuity Plan | |
| 2020 | Strengthening the administration and control of special regimes based on risk management | |
| 2020 | Budget – Financial Programming | |
| 2019 | Strengthening Risk Management | |
| 2019 | Implementing the Integral Load Control Plan; Strengthening post clearance audits | |
| 2019 | Analyzing the design and implementation of risk management; Managing compliance risks for VAT refunds | |
| 2019 | Workshop: improving SAT’s governance through close monitoring of results, and a focus on priority actions | |
| 2019 | Accounting- Account consolidation; Fiscal Risk; Treasury – Payment Policy; Budget; Strengthening tax administration management; Post Clearance Audit (special Procedures); Improving Customs Process | |
| 2018 | Fees and License Rights; Risk-Based Trade Operators; Improving Main Customs Processes; Load Control Plan; Strengthening Management of Tax Administration; Taxpayer Service; Audit Area; Accounting Consolidation; Cash Planning; System Requirements; Financial Programming; Macroeconomic Risks | |
| 2018, 2017 | Trade Operators Based on Risk; Integral Load Control Plan; Customs Administration Process; VAT Credit Control; Cash Planning in Treasury | |
| 2017 | System Requirements in Treasury; Fiscal Risks; Treasury Single Account | |
| 2016 | Improving Collection with Equity and Efficiency (tax policy mission) | |
| 2016 | Revenue administration mission. Defining define short- and medium-term strategy to reform tax and customs administration | |
| 2016 | Fiscal Transparency Evaluation | |
| 2015, 2014 | Supporting the tax control strategy with emphasis on mass control | |
| 2014 | Establishing tax payers’ profiles and data to measure effectiveness of actions | |
| 2015, 2014, 2013, 2012, 2011 | Revenue administration (multiple missions) | |
| 2014 | Integrated control on VAT Credit; Tax and Customs Compliance Improvement Program; Information based Integrated Control Model | |
| 2013, 2012, 2011 | Treasury single account (multiple missions) | |
| 2013, 2012, 2011 | Customs administration (multiple missions) | |
| 2012 | Control of budgetary execution | |
| 2011 | Debt management strategy | |
| 2011 | Revenue forecasting | |
| 2011 | Government cash flow and financial planning |
Technical Assistance 2011–21 (updated May 2021)
| Department | Date of Delivery | Purpose |
|---|---|---|
| FAD, CAPTAC | 2021 | Budget: Economic Forecasts; Budget: Medium Term Fiscal Framework; Treasury Management; Fiscal Risks: Specific Risks |
| 2021 | Implementing a new model for controlling special procedures operations; Post clearance audit program; Defining of a Customs Digitalization action plan | |
| 2020 | Improving cargo and clearance processes; Strategic Planning: Business Continuity Plan for Customs | |
| 2020 | Modernizing Treasury Management | |
| 2020 | Designing and implementing a comprehensive Business Continuity Plan | |
| 2020 | Strengthening the administration and control of special regimes based on risk management | |
| 2020 | Budget – Financial Programming | |
| 2019 | Strengthening Risk Management | |
| 2019 | Implementing the Integral Load Control Plan; Strengthening post clearance audits | |
| 2019 | Analyzing the design and implementation of risk management; Managing compliance risks for VAT refunds | |
| 2019 | Workshop: improving SAT’s governance through close monitoring of results, and a focus on priority actions | |
| 2019 | Accounting- Account consolidation; Fiscal Risk; Treasury – Payment Policy; Budget; Strengthening tax administration management; Post Clearance Audit (special Procedures); Improving Customs Process | |
| 2018 | Fees and License Rights; Risk-Based Trade Operators; Improving Main Customs Processes; Load Control Plan; Strengthening Management of Tax Administration; Taxpayer Service; Audit Area; Accounting Consolidation; Cash Planning; System Requirements; Financial Programming; Macroeconomic Risks | |
| 2018, 2017 | Trade Operators Based on Risk; Integral Load Control Plan; Customs Administration Process; VAT Credit Control; Cash Planning in Treasury | |
| 2017 | System Requirements in Treasury; Fiscal Risks; Treasury Single Account | |
| 2016 | Improving Collection with Equity and Efficiency (tax policy mission) | |
| 2016 | Revenue administration mission. Defining define short- and medium-term strategy to reform tax and customs administration | |
| 2016 | Fiscal Transparency Evaluation | |
| 2015, 2014 | Supporting the tax control strategy with emphasis on mass control | |
| 2014 | Establishing tax payers’ profiles and data to measure effectiveness of actions | |
| 2015, 2014, 2013, 2012, 2011 | Revenue administration (multiple missions) | |
| 2014 | Integrated control on VAT Credit; Tax and Customs Compliance Improvement Program; Information based Integrated Control Model | |
| 2013, 2012, 2011 | Treasury single account (multiple missions) | |
| 2013, 2012, 2011 | Customs administration (multiple missions) | |
| 2012 | Control of budgetary execution | |
| 2011 | Debt management strategy | |
| 2011 | Revenue forecasting | |
| 2011 | Government cash flow and financial planning |
| Department | Date of Delivery | Purpose |
|---|---|---|
| MCM, CAPTAC | 2021 | Data governance |
| 2020 | Financial groups regulation | |
| 2020 | Cybersecurity Risk Supervision | |
| 2019 | Strengthen regulatory framework on supervision of financial groups | |
| 2019 | Credit risk regulation; Insurance Catastrophic Risk | |
| 2018 | Market Risk Regulation; Supervisory Reporting; Insurance Catastrophic Risks; Operational Risk Supervision | |
| 2018 | Equilibrium Real Exchange Rate Model | |
| 2017 | Operational Risk Data Base; Market Risk Regulation; Supervisory Reporting; Insurance Catastrophic Risk; Operational Risk Supervision | |
| 2017 | International Financial Reporting Standards (IFRS); Central Bank´s Capacities for Financial Stability Analysis | |
| 2016 | Central Securities Depository for Government Securities | |
| 2016, 2015, 2014 | Strengthening the central bank’s structural model with financial sector frictions Developing a yield curve of public financial instruments Improving the structural liquidity forecast Developing a model to quantify the monetary policy transmission mechanism |
|
| 2015 | Debt Management | |
| 2014 | Enhancing monetary operations Extending and reviewing the Central Bank macroeconomic structural model Strengthening Central Bank macro-modeling including for fiscal sustainability analysis Stress testing model for banking supervision as well as monetary stability purposes |
|
| 2014 | Development of supervision credit risk models | |
| 2014 | Recommendations for market risk regulatory framework | |
| 2013, 2012, 2011 | Risk-based bank supervision (multiple missions) | |
| 2013, 2012, 2011 | Monetary operations, forecasting and liquidity administration (multiple missions) | |
| 2011 | Capital market development (multiple missions); Application of international financial reporting standards in the banking system | |
| STA, CAPTAC | 2021 | General Government GFS and PSDS Data Expansion |
| 2020 | National Accounts: Sources and methods to include the COVID-19 impact in quarterly NA | |
| 2020 | Applied Sampling Techniques | |
| 2020 | Data dissemination e-GDDS | |
| 2019 | GFS broadening institutional coverage | |
| 2019 | Assessment for the Consumer Price Index update | |
| 2019 | Public Sector Debt Statistics, Consumer Price Index, Producer Price Index | |
| 2018 | Sectorization of the Public Sector and Disclosure of Fiscal Data; Surveys; Government Finance Statistics Implementation Strategy | |
| 2017, 2016, 2015, 2014, 2013, 2012, 2011 | National accounts statistics (multiple missions) | |
| 2019, 2016, 2015, 2014, 2013, 2012 | Producer price index (multiple missions) | |
| 2016, 2015, 2014, 2013, 2012, 2011 | Export and import price indices (multiple missions) | |
| 2016, 2015, 2014, 2013, 2012, 2011 | Balance of Payments Statistics and IIP | |
| 2015 | Training and CD: Financial Accounts | |
| 2014 | Coordinated FDI and Portfolio Surveys | |
| 2014 | Regional National Accounts | |
| 2013, 2012, 2011 | Monthly Index of Economic Activity | |
| 2013 | Training: Balance of Payments Statistics | |
| 2013 | Balance of Payments Statistics |
| Department | Date of Delivery | Purpose |
|---|---|---|
| MCM, CAPTAC | 2021 | Data governance |
| 2020 | Financial groups regulation | |
| 2020 | Cybersecurity Risk Supervision | |
| 2019 | Strengthen regulatory framework on supervision of financial groups | |
| 2019 | Credit risk regulation; Insurance Catastrophic Risk | |
| 2018 | Market Risk Regulation; Supervisory Reporting; Insurance Catastrophic Risks; Operational Risk Supervision | |
| 2018 | Equilibrium Real Exchange Rate Model | |
| 2017 | Operational Risk Data Base; Market Risk Regulation; Supervisory Reporting; Insurance Catastrophic Risk; Operational Risk Supervision | |
| 2017 | International Financial Reporting Standards (IFRS); Central Bank´s Capacities for Financial Stability Analysis | |
| 2016 | Central Securities Depository for Government Securities | |
| 2016, 2015, 2014 | Strengthening the central bank’s structural model with financial sector frictions Developing a yield curve of public financial instruments Improving the structural liquidity forecast Developing a model to quantify the monetary policy transmission mechanism |
|
| 2015 | Debt Management | |
| 2014 | Enhancing monetary operations Extending and reviewing the Central Bank macroeconomic structural model Strengthening Central Bank macro-modeling including for fiscal sustainability analysis Stress testing model for banking supervision as well as monetary stability purposes |
|
| 2014 | Development of supervision credit risk models | |
| 2014 | Recommendations for market risk regulatory framework | |
| 2013, 2012, 2011 | Risk-based bank supervision (multiple missions) | |
| 2013, 2012, 2011 | Monetary operations, forecasting and liquidity administration (multiple missions) | |
| 2011 | Capital market development (multiple missions); Application of international financial reporting standards in the banking system | |
| STA, CAPTAC | 2021 | General Government GFS and PSDS Data Expansion |
| 2020 | National Accounts: Sources and methods to include the COVID-19 impact in quarterly NA | |
| 2020 | Applied Sampling Techniques | |
| 2020 | Data dissemination e-GDDS | |
| 2019 | GFS broadening institutional coverage | |
| 2019 | Assessment for the Consumer Price Index update | |
| 2019 | Public Sector Debt Statistics, Consumer Price Index, Producer Price Index | |
| 2018 | Sectorization of the Public Sector and Disclosure of Fiscal Data; Surveys; Government Finance Statistics Implementation Strategy | |
| 2017, 2016, 2015, 2014, 2013, 2012, 2011 | National accounts statistics (multiple missions) | |
| 2019, 2016, 2015, 2014, 2013, 2012 | Producer price index (multiple missions) | |
| 2016, 2015, 2014, 2013, 2012, 2011 | Export and import price indices (multiple missions) | |
| 2016, 2015, 2014, 2013, 2012, 2011 | Balance of Payments Statistics and IIP | |
| 2015 | Training and CD: Financial Accounts | |
| 2014 | Coordinated FDI and Portfolio Surveys | |
| 2014 | Regional National Accounts | |
| 2013, 2012, 2011 | Monthly Index of Economic Activity | |
| 2013 | Training: Balance of Payments Statistics | |
| 2013 | Balance of Payments Statistics |
Statistical Issues
(As of May 10, 2021)
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. | |
| National accounts: The Bank of Guatemala (Banguat) publishes annual and quarterly national accounts consistent with the System of National Accounts 2008 (2008 SNA), with 2013 as the base year. The annual compilation of GDP is elaborated by the three approaches of production, expenditure and income. The supply and use tables are prepared for 143 economic activities, and 217 products defined in the product nomenclature for Guatemala in current values and chained- linked volume measures reference year 2013. The compilation of the quarterly national accounts (QNA) is performed by the production and spending approaches. In addition, a monthly index of economic activity consistent with the quarterly and annual accounts is disseminated on a regular basis. | |
| Consumer prices and unemployment: The National Statistics Institute (INE) prepares and disseminates monthly the consumer price index (CPI), using weights from 2009–10, based on the National Household Income and Expenditure Survey (ENIGFAM), conducted between July 2009 and July 2010. The CPI is compiled at national level and for eight regions. A producer price index (PPI) is currently not disseminated and technical assistance to improve the compilation method is being provided. Unemployment is estimated only on a biannual basis. | |
| Government finance statistics: For surveillance purposes, the Ministry of Finance (MINFIN) provides monthly fiscal data (national methodology for policy purposes) with institutional coverage of Budgetary Central Government. Revenue, expenditure, and financing statistics for social security agencies, local governments, and nonfinancial public enterprises are not reported on a monthly basis, hindering the calculation of a consolidated operations statement and balance sheet for the nonfinancial public sector. On a yearly basis (2013-2020) MINFIN publishes detailed statistics for the non-financial public sector. The coverage and periodicity of data on Budgetary central government financing and debt is adequate. With the support of STAGO/CAPTAC-DR, MINFIN has made great strides into publishing monthly budgetary central government fiscal data according to the Government Finance Statistics Manual 2014 (international standard). The publication corresponds to information on incomes, expenses, assets and liabilities, classification of expenditure by functions of government according to divisions and groups, and the statement of operation of the Central Government, which includes the Budgetary and Extrabudgetary entities. MINFIN is advancing towards the compilation of local governments and social security statistics to broaden their GFS to General Government during the course of 2021. Monetary and financial statistics: Monetary and financial statistics are reported on a regular monthly basis to STA using the standardized report forms (SRFs) for the central bank, other depository corporations, and other financial corporations (OFCs). OFCs comprise insurance companies, warehouses, and exchange houses. Monetary data exclude credit card companies, securities dealers, other financial intermediaries, and other financial auxiliaries. Guatemala reports data on some key series and indicators of the Financial Access Survey (FAS), including mobile money and the two indicators adopted by the UN to monitor Target 8.10.1 of the Sustainable Development Goals (SDGs). Financial sector surveillance: The authorities report on monthly basis all twelve core financial soundness indicators (FSIs) and ten (out of thirteen) of the encouraged set for the deposit taking sector. The authorities are working on expanding the FSI coverage of the OFCs sector. |
|
| External sector statistics: Guatemala has made significant progress on the prerequisites for data quality as well as on methodological soundness of concepts and definitions, scope, classification, and basis for recording. The legislation on the obligation of the private sector to provide information to the Bank of Guatemala for statistical purposes is still pending, which affects the response rate to balance of payments surveys and limits the availability of the required information. On dissemination of external sector statistics, Guatemala has successfully: (1) migrated to the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6); (2) disseminated the Reserves Data Template; (3) disseminated comprehensive inward/outward data on the Coordinated Direct Investment Survey (CDIS), and; (4) provided total external debt statistics by sector on the World Bank’s website. Compilers at the Central Bank should be encouraged to participate in the Coordinated Portfolio Investment Survey (CPIS). | |
| II. Data Standards and Quality | |
| Guatemala has implemented the recommendations of the IMF’s Enhanced General Data Dissemination System (e-GDDS) by publishing essential data through the National Summary Data Page (NSDP). Guatemala completed the implementation of the e-GDDS while making remarkable efforts to cope with the effects of the covid-19 pandemic on data dissemination. | |
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. | |
| National accounts: The Bank of Guatemala (Banguat) publishes annual and quarterly national accounts consistent with the System of National Accounts 2008 (2008 SNA), with 2013 as the base year. The annual compilation of GDP is elaborated by the three approaches of production, expenditure and income. The supply and use tables are prepared for 143 economic activities, and 217 products defined in the product nomenclature for Guatemala in current values and chained- linked volume measures reference year 2013. The compilation of the quarterly national accounts (QNA) is performed by the production and spending approaches. In addition, a monthly index of economic activity consistent with the quarterly and annual accounts is disseminated on a regular basis. | |
| Consumer prices and unemployment: The National Statistics Institute (INE) prepares and disseminates monthly the consumer price index (CPI), using weights from 2009–10, based on the National Household Income and Expenditure Survey (ENIGFAM), conducted between July 2009 and July 2010. The CPI is compiled at national level and for eight regions. A producer price index (PPI) is currently not disseminated and technical assistance to improve the compilation method is being provided. Unemployment is estimated only on a biannual basis. | |
| Government finance statistics: For surveillance purposes, the Ministry of Finance (MINFIN) provides monthly fiscal data (national methodology for policy purposes) with institutional coverage of Budgetary Central Government. Revenue, expenditure, and financing statistics for social security agencies, local governments, and nonfinancial public enterprises are not reported on a monthly basis, hindering the calculation of a consolidated operations statement and balance sheet for the nonfinancial public sector. On a yearly basis (2013-2020) MINFIN publishes detailed statistics for the non-financial public sector. The coverage and periodicity of data on Budgetary central government financing and debt is adequate. With the support of STAGO/CAPTAC-DR, MINFIN has made great strides into publishing monthly budgetary central government fiscal data according to the Government Finance Statistics Manual 2014 (international standard). The publication corresponds to information on incomes, expenses, assets and liabilities, classification of expenditure by functions of government according to divisions and groups, and the statement of operation of the Central Government, which includes the Budgetary and Extrabudgetary entities. MINFIN is advancing towards the compilation of local governments and social security statistics to broaden their GFS to General Government during the course of 2021. Monetary and financial statistics: Monetary and financial statistics are reported on a regular monthly basis to STA using the standardized report forms (SRFs) for the central bank, other depository corporations, and other financial corporations (OFCs). OFCs comprise insurance companies, warehouses, and exchange houses. Monetary data exclude credit card companies, securities dealers, other financial intermediaries, and other financial auxiliaries. Guatemala reports data on some key series and indicators of the Financial Access Survey (FAS), including mobile money and the two indicators adopted by the UN to monitor Target 8.10.1 of the Sustainable Development Goals (SDGs). Financial sector surveillance: The authorities report on monthly basis all twelve core financial soundness indicators (FSIs) and ten (out of thirteen) of the encouraged set for the deposit taking sector. The authorities are working on expanding the FSI coverage of the OFCs sector. |
|
| External sector statistics: Guatemala has made significant progress on the prerequisites for data quality as well as on methodological soundness of concepts and definitions, scope, classification, and basis for recording. The legislation on the obligation of the private sector to provide information to the Bank of Guatemala for statistical purposes is still pending, which affects the response rate to balance of payments surveys and limits the availability of the required information. On dissemination of external sector statistics, Guatemala has successfully: (1) migrated to the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6); (2) disseminated the Reserves Data Template; (3) disseminated comprehensive inward/outward data on the Coordinated Direct Investment Survey (CDIS), and; (4) provided total external debt statistics by sector on the World Bank’s website. Compilers at the Central Bank should be encouraged to participate in the Coordinated Portfolio Investment Survey (CPIS). | |
| II. Data Standards and Quality | |
| Guatemala has implemented the recommendations of the IMF’s Enhanced General Data Dissemination System (e-GDDS) by publishing essential data through the National Summary Data Page (NSDP). Guatemala completed the implementation of the e-GDDS while making remarkable efforts to cope with the effects of the covid-19 pandemic on data dissemination. | |
Table of Common Indicators Required for Surveillance
(As of May 10, 2021)
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. Provision of this data is hampered by lack of capacity while ongoing efforts, including the recently requested TA advice from the Fund on fiscal transparency, are made to strengthen it. Certain progress has been made in the following areas: defining an action plan to improve fiscal transparency; taking the decision to implement the GFSM 2014 as part of the fiscal transparency effort and designing an action plan for its implementation; creating the open government data portal (https://datos.minfin.gob.gt/) with data on budget formulation and execution, grants to municipalities; publication of fiscal risks as an appendix of Budgets 2017 and 2018; and working on a national publication of consolidated nonfinancial public sector (on a GFSM 1986 format): www.minfin.gob.gt.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Table of Common Indicators Required for Surveillance
(As of May 10, 2021)
| Date of latest observation | Date received | Frequency of Data 7/ | Frequency of Reporting 7/ | Frequency of Publication 7/ | |
|---|---|---|---|---|---|
| Exchange Rates | 5/7/2021 | 5/10/2021 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities 1/ | March 2021 | April 2021 | M | M | M |
| Reserve/Base Money | April 2021 | May 2021 | W | W | W |
| Broad Money | Apil 2021 | May 2021 | W | W | W |
| Central Bank Balance Sheet | 5/7/2021 | 5/10/2021 | D | D | D |
| Consolidated Balance Sheet of the Banking System | Mar 2021 | April 2021 | M | M | M |
| Inter est Rates 2/ | April 2021 | May 2021 | W | W | W |
| Consumer Price Index | April 2021 | May 2021 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing 3/- Central Government | Dec. 2020 | Jan. 2021 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing 4/- General Government | N/A | N/A | N/A | ||
| Stocks of Central Government and Central Government-Guaranteed Debt 5/ | Dec. 2020 | Jan. 2021 | M | M | M |
| External Current Account Balance | Q4/2020 | April 2021 | Q | Q | Q |
| Exports and Imports of Goods and Services | Q4/2020 | April 2021 | Q | Q | Q |
| GDP/GNP | Q4/2020 | April 2021 | Q | Q | Q |
| Gross External Debt | Q4/2020 | April 2021 | Q | Q | Q |
| International Investment Position 6/ | Q4/2020 | April 2021 | Q | Q | Q |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. Provision of this data is hampered by lack of capacity while ongoing efforts, including the recently requested TA advice from the Fund on fiscal transparency, are made to strengthen it. Certain progress has been made in the following areas: defining an action plan to improve fiscal transparency; taking the decision to implement the GFSM 2014 as part of the fiscal transparency effort and designing an action plan for its implementation; creating the open government data portal (https://datos.minfin.gob.gt/) with data on budget formulation and execution, grants to municipalities; publication of fiscal risks as an appendix of Budgets 2017 and 2018; and working on a national publication of consolidated nonfinancial public sector (on a GFSM 1986 format): www.minfin.gob.gt.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Table of Common Indicators Required for Surveillance
(As of May 10, 2021)
| Date of latest observation | Date received | Frequency of Data 7/ | Frequency of Reporting 7/ | Frequency of Publication 7/ | |
|---|---|---|---|---|---|
| Exchange Rates | 5/7/2021 | 5/10/2021 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities 1/ | March 2021 | April 2021 | M | M | M |
| Reserve/Base Money | April 2021 | May 2021 | W | W | W |
| Broad Money | Apil 2021 | May 2021 | W | W | W |
| Central Bank Balance Sheet | 5/7/2021 | 5/10/2021 | D | D | D |
| Consolidated Balance Sheet of the Banking System | Mar 2021 | April 2021 | M | M | M |
| Inter est Rates 2/ | April 2021 | May 2021 | W | W | W |
| Consumer Price Index | April 2021 | May 2021 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing 3/- Central Government | Dec. 2020 | Jan. 2021 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing 4/- General Government | N/A | N/A | N/A | ||
| Stocks of Central Government and Central Government-Guaranteed Debt 5/ | Dec. 2020 | Jan. 2021 | M | M | M |
| External Current Account Balance | Q4/2020 | April 2021 | Q | Q | Q |
| Exports and Imports of Goods and Services | Q4/2020 | April 2021 | Q | Q | Q |
| GDP/GNP | Q4/2020 | April 2021 | Q | Q | Q |
| Gross External Debt | Q4/2020 | April 2021 | Q | Q | Q |
| International Investment Position 6/ | Q4/2020 | April 2021 | Q | Q | Q |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. Provision of this data is hampered by lack of capacity while ongoing efforts, including the recently requested TA advice from the Fund on fiscal transparency, are made to strengthen it. Certain progress has been made in the following areas: defining an action plan to improve fiscal transparency; taking the decision to implement the GFSM 2014 as part of the fiscal transparency effort and designing an action plan for its implementation; creating the open government data portal (https://datos.minfin.gob.gt/) with data on budget formulation and execution, grants to municipalities; publication of fiscal risks as an appendix of Budgets 2017 and 2018; and working on a national publication of consolidated nonfinancial public sector (on a GFSM 1986 format): www.minfin.gob.gt.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.