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TENTH REVIEW OF THE INTERNATIONAL MONETARY FUND’S DATA STANDARDS INITIATIVES
March 2022
IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The following documents have been released and are included in this package:
A Press Release summarizing the views of the Executive Board as expressed during its February 28, 2022, consideration of the staff report.
The Staff Report, “Tenth Review of the International Monetary Fund’s Data Standards Initiatives,” prepared by IMF staff and completed on January 31, 2022, for the Executive Board’s consideration on February 28, 2022.
The Staff Report, “Tenth Review of the International Monetary Fund’s Data Standards Initiatives—Revised Proposed Decisions,” prepared by IMF staff and completed on February 24, 2022, for the Executive Board’s consideration on February 28, 2022 (Supplement 1).
The IMF’s transparency policy allows for the deletion of market-sensitive information and premature disclosure of the authorities’ policy intentions in published staff reports and other documents.
Electronic copies of IMF Policy Papers are available to the public from http://www.imf.org/external/pp/ppindex.aspx
International Monetary Fund
Washington, D.C.
© 2022 International Monetary Fund
ii Press Release
PR22/76
IMF Executive Board Concludes the Tenth Review of the IMF Data Standards Initiatives
FOR IMMEDIATE RELEASE
The IMF Data Standards Initiatives enhance data transparency as a global public good. Countries’ recent achievements in implementing the standards through voluntary publication of timely macroeconomic and financial data have been remarkable, despite the impact of the pandemic, with the framework continuing to serve the membership well.
The Tenth Review updates the framework, in light of new data priorities, through a parsimonious and principles-based expansion of encouraged data categories covering selected aspects in the areas of public debt, macro-financial indicators, foreign exchange intervention, climate change-related policy, and gender- disaggregated labor market statistics.
The Review also focuses on strengthening the monitoring of the first tier of the Data Standards Initiatives, the enhanced General Data Dissemination System (e-GDDS), and encouraging subscribers of the second tier, the Special Data Dissemination Standard (SDDS), to modernize data publication technology.
Washington, DC – March 16, 2022: On February 28,2022, the Executive Board of the International Monetary Fund (IMF) concluded the Tenth Review of the IMF Data Standards Initiatives. The Review is taking place amid challenges related to the pandemic that have strained countries’ resources. Taking due account of resource constraints, the Review calls for parsimoniously expanding the framework toward selected new policy priorities.
The Review reported on the transformational progress since the 2015 Ninth Review which reformed the first tier in the framework, by enhancing the General Data Dissemination System. Since that time, 68 e-GDDS countries started publishing key data for surveillance while 19 SDDS countries advanced to the highest tier, the SDDS Plus, bringing the number of SDDS Plus countries to 27.
To keep the framework attuned to new demands for data for policy analysis and decision-making , including by markets, the Tenth Review encourages countries to publish more granulardata on publicdebt, focusing on creditor breakdown. Other tier-specific proposals cover macro-financial indicators and data on foreign exchange intervention, climate change-related policy, and the gender disaggregation of the labor force.
The Review has benefited from extensive consultation with members, market participants, and international partners. Such outreach and collaboration will continue, including through workshops to facilitate peer learning and knowledge sharing.
iii Executive Board Assessment1
Executive Directors welcomed the opportunity to review the recent experience underthe IMF Data Standards Initiatives and to consider proposals for parsimoniously updating the framework through a principles-based addition of a few, new encouraged data categories, taking careful account of country capacity and the constraints imposed by the pandemic.
Directors underscored the important role that the Data Standards Initiatives have played since the mid-1990s in promoting data transparency as a global public good by encouraging countries to voluntarily publish key macroeconomic and financial data. They pointed to the heightened importance of disciplined data publication to inform the public, markets, and the international community in a timely manner, thereby facilitating early resolution of macroeconomic imbalances and market disequilibria, and agreed that the framework has served the membership well.
Directors emphasized that with nearly universal voluntary participation by Fund members, the Data Standards Initiatives continue to exemplify strong and fruitful multilateral action. They commended the transformational progress since the Ninth Review in 2015 and remarkable achievements by Fund members in implementing the standards.
Directors welcomed the impetusto data transparency imparted bythe enhancements of the General Data Dissemination System (e-GDDS) introduced in the Ninth Review, which have led to publication of key data by about 70 countries. This expansion has been supported by demand-driven capacity development, which has remained focused on fragile and conflict-affected states, small states, and low-income countries. Directors also stressed the role that strong country ownership has played in the progress thus far.
Directors supported the proposed enhancements to Fund engagement with the e-GDDS countries, including through informal annual consultations and biennial metadata certification. They stressed the importance of addressing key data gaps hindering advancement toward the Special Data Dissemination Standard (SDDS).
Directors acknowledged the significant progress made by a number of SDDS countries to ad here to the highest standard in data dissemination, the SDDS Plus, and encouraged more countries to make the transition. They supported the proposal to encourage SDDS subscribers to modernize the publication technology underpinning the National Summary Data Page by adopting SDMX technology. This would facilitate the eventual establishment of a network of official websites—using a common technology—to publish data under the three tiers of the Initiatives, as envisaged in the 2018 Overarching Strategy on Data and Statistics at the Fund in the Digital Age.
Directors agreed that the framework has worked well during the pandemic, with differential impact for the three country groups, reflecting preexisting differences in infrastructure and organization. They appreciated that the impact of the pandemic on data publication was contained, recognizing that the resilience of the framework to the pandemic shock demonstrated strong country ownership and the Fund’s early intervention to help many countries ensure business continuity.
At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.orc/extanal/np/sec/misc/qualifiers.htm.
Directors supported the parsimonious and principles-based proposal for encouraging publication of new data categories broadly in line with new data needs for surveillance and policymaking at the national and global levels. They agreed to adding the proposed encouraged data categories under each of the Initiatives to fit the needs of each of the groups, taking careful account of capacity. At the same time, some Directors encouraged staff to be ambitious in the next review by closely considering whether to transition the new encouraged data categories to be required.
Directors agreed that the new encouraged data categories covering aspects related to public debt, macro-financial analysis, foreign exchange intervention, climate change, and gender were broadly appropriate. Some Directors noted the potential market sensitivities in publishing foreign exchange intervention and called for extra caution and flexibility in terms of timeliness and granularity of the data being requested, and before changing it from encouraged to required. On the other hand, a few Directors thought that the proposed data on foreign exchange intervention and debt should have been required for SDDS Plus countries and encouraged for SDDS countries, for the credibility of the initiative and in line with best practices in transparency. Some Directors also suggested exploring in future reviews the addition of other climate indicators subject to the evolution of policy on mitigation and adaptation.
Directors emphasized the importance of continued outreach to members, including provision of tailored capacity development assistance to address challenges and constraints, particularly in e-GDDS subscribers. Adequate transition periods and flexibility will also be important. Directors also stressed the need for continued collaboration with other international organizations.
Directors agreed that the next review of the Fund’s Data Standards Initiatives should take place in about five years broadly in line with the Review of Data Provision to the Fund for Surveillance Purposes or earlier if appropriate. Some Directors, however, urged staff to complete the next review in 2025 in line with the original five-year schedule.
Title page
TENTH REVIEW OF THE INTERNATIONAL MONETARY FUNDS DATA STANDARDS INITIATIVES
January 31, 2022
EXECUTIVE SUMMARY
The Data Standards Initiatives enhance data transparency as a global public good. This policy framework seeks to promote data transparency by encouraging countries’ voluntary publication of key macroeconomic and financial data subject to commitments relating to coverage, periodicity, and timeliness. Disciplined publication—involving a pre-announced release calendar—is intended to inform the public, markets, and the international community in a timely manner, thereby facilitating early resolution of macroeconomic imbalances and market dis equilibria. The three tiers of the framework—the enhanced General Data Dissemination System (e-GDDS), Special Data Dissemination Standard (SDDS), and SDDS Plus—are tailored to countries’ capacity, with the framework periodically evaluated by the IMF Executive Board.
Achievements by Fund members in implementing the standards have been remarkable, and the framework has served the membership well. Nonetheless, the economic context of the Tenth Review is challenging, given the effects of the pandemic, which has in turn intensified calls for greater data transparency, especially in the fiscal area. New policy priorities at the national and global levels require novel data to inform policymaking and multilateral action to enhance economic resilience. At the same time, the pandemic has stretched countries’ resources, calling for a more guarded approach in considering changes to the framework.
Against this backdrop, staff proposes parsimoniously expanding encouraged data categories, without introducing any new requirement, and intends to continue to foster modernization of data publication technology. The new encouraged data categories would cover selected aspects related to public debt, macro-financial analysis, foreign exchange intervention, climate change, and gender. To enhance data sharing across countries and institutions, SDDS countries will be encouraged to modernize dissemination technology by adopting the Statistical Data and Metadata exchange.
Internal and external consultation. With the Fund’s 2018 Overarching Strategy on Data and Statistics calling for a greater integration of the Fund’s data policy frameworks, the proposals in this Review are broadly aligned with those in the forthcoming 2022 Review of Data Provision to the Fund for Surveillance Purposes and the surveillance priorities identified in the 2027 Comprehensive Surveillance Review. The views and proposals in the paper have benefited from extensive consultation with members, market participants, and international partners.
Approved By
J.R. Rosales
Prepared by a staff team of the Strategy, Standards, and Review Division of the Statistics Department, consisting of Jesus Gonzalez-Garcia (project leader), Daniel Rodriguez Delgado, Malika Pant, and Xinyuan Johnny Yin, with contribution from Jeff Danforth, Niall O’Hanlon, Nabila Akhazzan (all STA), Julianne Ams, Francisca Fernando, and Robin Sykes (LEG), Peter Lindner (MCM), and Meg Fletcher and Fabio Bolzan (CSF). Geraldine Cruz (STA) provided excellent administrative support. The work has been performed under the leadership of Lusine Lusinyan and the supervision of Patrizia Tumbarello.
Contents
Glossary
INTRODUCTION AND MAIN MESSAGES
DATA STANDARDS INITIATIVES: 25 YEARS OF MULTILATERAL ACTION
TRANSFORMATIONAL PROGRESS AND ACHIEVEMENTS SINCE THE NINTH REVIEW
A Data Dissemination Through the e-GDDS
B. Performance Under the SDDS
C. Achievements Under the SDDS Plus
IMPACT OF THE PANDEMIC
PROPOSALS FOR NEW ENCOURAGED DATA CATEGORIES
RESOURCE IMPLICATIONS
REFLECTIONS ON THE FUTURE OF THE DATA STANDARDS INITIATIVES
ISSUES FOR DISCUSSION
References
BOXES
1. The 2018 Overarching Strategy on Data and Statistics, Data Standards Initiatives, and Synergies with Other Frameworks
2. Data Standards Initiatives and Sovereign External Borrowing Costs
3. Data Transparency and Governance
4. Implementing the Data Standards Initiatives in Fragile and Conflict-Affected States and Small States
5. Transitioning from the e-GDDS to the SDDS: Lessons Learnt
6. Implementation of SDDS Plus Commitments Under Transition Plans
7. Agility of the Data Standards Initiatives: Panama and New Zealand
FIGURES
1. Evolution of IMF Data Standards Initiatives
2. IMF Data Standards Initiatives: Milestones and Achievements
3. IMF Data Standards Initiatives: Key Features
4. e-GDDS Framework
5. e-GDDS Implementation Since the Ninth Review
6. Timeliness of e-GDDS Data Dissemination for Selected Data Categories, 2019–21
7. Statistics CD Delivery to e-GDDS Countries by Country Group
8. Statistics CD Delivery to e-GDDS Countries by Area
9. Evolution of SDDS Membership
10. Countries Adhering to the SDDS Plus
11. e-GDDS Countries: Average Timeliness Rate
12. SDDS and SDDS Plus Countries: Data Dissemination Temporary Delays During the Pandemic
13. Emerging Data Needs
14. Options for New Encouraged Data Categories and Data Availability
15. Public Debt Coverage Under the Current Data Standards Initiatives
TABLES
1. Achievements Since the 2015 Ninth Review
2. Membership of the IMF Data Standards Initiatives: Accomplishments Since the 2015 Ninth Review
3. e-GDDS Data Coverage, Timeliness, and Periodicity: Country Commitments and Practices
4. Flexibility Options for Timeliness and Periodicity Used by SDDS Subscribers
5. Subscription to Key IMF Databases to Assess Readiness Toward the SDDS Plus
6. SDDS Plus Adherents
7. Proposed Encouraged Data Categories Under the Tenth Review
ANNEXES
I. Background Tables
II. Stakeholder Engagement with Membership
III. SDMX and Data Standards Initiatives
IV. Introduction of New Data Categories Under Previous Reviews
V. Data Users’ Reliance on the Data Standards Initiatives
Glossary
| AfDB | African Development Bank |
| BIS | Bank for International Settlements |
| CD | Capacity Development |
| CDIS | Coordinated Direct Investment Survey |
| CG | Central Government |
| CPIS | Coordinated Portfolio Investment Survey |
| CSR | Comprehensive Surveillance Review |
| DPF | Data Provision to the Fund for Surveillance Purposes |
| DSBB | |
| DGI | Data Gaps Initiative |
| ECB | European Central Bank |
| e-GDDS | Enhanced General Data Dissemination System |
| EMDEs | Emerging Market and Developing Economies |
| FCS | Fragile and Conflict-Affected States |
| FSAP | Financial Sector Assessment Program |
| FSB | Financial Stability Board |
| FSIs | Financial Soundness Indicators |
| FX | Foreign Exchange |
| FXI | Foreign Exchange Intervention |
| GG | General Government |
| G20 | Group of Twenty |
| IEO | Independent Evaluation Office |
| IIP | International Investment Position |
| LICs | Low-Income Countries |
| NSO | National Statistical Office |
| NSDP | National Summary Data Page |
| OECD | Organization for Economic Co-Operation and Development |
| ODP | Open Data Platform |
| SDDS | Special Data Dissemination Standard |
| SDMX | Statistical Data and Metadata eXchange |
| SEEA-CF | System of Environmental-Economic Accounting – Central Framework |
| SIFS | Systemically Important Financial Sectors |
| TCIRS | Table of Common Indicators Required for Surveillance |
