Reproductions of this material, or any parts of it, should refer to the IMF Statistics Department as the source. Financial Institutions Division IMF Statistics Department The Enhanced General Data Dissemination System – e-GDDS Strategy, Standards, and Review Division IMF Statistics Department

Financial Institutions Division IMF Statistics Department Key Takeaways  The Executive Board endorsed in May 2015 the e-GDDS initiative aimed at promoting data transparency.  The Board agreed with new responsibilities for Area Departments (ADs) and STA.  Staff is to leverage the Article IV consultation to elevate statistical issues to the attention of senior policy-makers and direct authorities’ attention to progress on data production and dissemination.  The Board agreed that e-GDDS should focus on the publication of data supplied to the Fund for surveillance purposes.  AD teams—investors and the public at large—to benefit from regular updating of TCIRS data on a National Summary Data Page (NSDP) in user- friendly format, and following a disciplined dissemination schedule including through observance of an Advance Release Calendar (ARC). 2 Strategy, Standards, and Review Division IMF Statistics Department

Financial Institutions Division IMF Statistics Department Context  In 2015, the Executive Board discussed the Ninth Review of the IMF’s Data Standards Initiatives. Directors supported staff’s proposals for enhancing the General Data Dissemination System (GDDS). As a result, the successor Enhanced General Data Dissemination System (e-GDDS) was established.  e-GDDS has superseded the GDDS. The 112 GDDS participants were moved into the e- GDDS framework’s “baseline” by default. 3 Strategy, Standards, and Review Division IMF Statistics Department

Financial Institutions Division IMF Statistics Department Why reforming the GDDS?  Progress to improve and disseminate macro economic and socio- demographic data had stagnated. Since its inception in 1997, only 13 GDDS participants graduated to the Special Data Dissemination Standard (SDDS).  Insufficient links to the surveillance work of the Fund.  Little incentive for countries with data deficiencies to make progress in the production and dissemination of data.  No platform for standardized data dissemination.  Inadequate links to technical assistance. 4 Strategy, Standards, and Review Division IMF Statistics Department

Financial Institutions Division IMF Statistics Department How does the e-GDDS address these challenges?  Designed to steer participants to improve data dissemination practices and advance steadily towards higher data dissemination stages. Progressing through three e-GDDS thresholds and graduating to SDDS, as appropriate.  Focuses on surveillance: participants to disseminate data supplied to AD teams responsible for AIV  15 data categories aligned with the TCIRS.  Introduces robust incentives for improving data dissemination. STA is to monitor countries progress and report to the Executive Board periodically. ADs are to discuss data adequacy and dissemination during Article IV mission. Investors, rating agencies, and the public to foster data accountability.  Introduces standard data dissemination platform based on modern IT infrastructure to facilitate transparent dissemination of comparable data.  Allows specification of priorities for capacity development (TA and training) to fill identified data gaps relevant for surveillance. 5 Strategy, Standards, and Review Division IMF Statistics Department

Financial Institutions Division IMF Statistics Department Main features of the e-GDDS  Focus on data necessary for surveillance: Full alignment with the Data Provision to the Fund for Surveillance Purposes—Operational Guidance Note to raise the profile of statistics with national policy makers, the Executive Board, and country teams; The 15 data categories (covering the real, fiscal, monetary and financial, and external sectors) are aligned with the TCIRS and associated with “good practice” timeliness and periodicity; Financial soundness indicators (FSIs) are introduced—forward- looking dimension, recognizing financial sector surveillance, ahead of next Executive Board review of data provision to the Fund for surveillance purposes (AVIII.5) scheduled in 2017; Target technical assistance and training on identified, specific statistical weaknesses hampering surveillance. 6 Strategy, Standards, and Review Division IMF Statistics Department

Financial Institutions Division IMF Statistics Department Main features of the e-GDDS (cont’d)  Emphasis on publication of data: Standard data dissemination using an NSDP requiring either a cloud- based Open Data Platform or SDMX to help assess countries’ progress; Disciplined publication of data required for surveillance including through observance of an advance release calendar (ARC). 7 IMF IFIs Public; across government agencies; policy makers Data available to the IMF (DSBB) and a wide array of users/partners Data mapping to National Data Portal/NSDP using the ODP or SDMX Country data Strategy, Standards, and Review Division IMF Statistics Department

Financial Institutions Division IMF Statistics Department Main features of the e-GDDS (cont’d)  Participants expected to implement the e-GDDS framework and progress through three stages/thresholds towards graduation to the SDDS, where appropriate: Threshold one. Disseminate the 15 encouraged data categories according to coverage, periodicity, and timeliness set in countries’ metadata, at least some of which falls short of the e ‑ GDDS recommendations; the NSDP updated at least quarterly; Threshold two. Disseminate the 15 encouraged data categories according to coverage, periodicity, and timeliness recommended under the e ‑ GDDS, with monthly updating of the NSDP, or more often if warranted; and Threshold three. Disseminate the 15 encouraged data categories according to coverage, periodicity, and timeliness equal or better than recommended under the e ‑ GDDS, while maintaining an up-to-date NSDP and ARC.  Implementation period will go through Strategy, Standards, and Review Division IMF Statistics Department

Financial Institutions Division IMF Statistics Department e-GDDS Thresholds for Promoting Readiness to the SDDS 9 GDDSThreshold 1 (IMF quarterly monitoring) Threshold 2 (IMF quarterly monitoring) Threshold 3 (IMF quarterly monitoring)  Disseminate metadata and plans for improvement.  Disseminate TCIRS data according to coverage, periodicity, and timeliness set in metadata, at least some of which falls short of E-GDDS framework.  Maintain a National Summary Data Page (NSDP) with quarterly updating, or more often if warranted.  Disseminate metadata and plans for improvement.  Disseminate TCIRS data according to coverage, periodicity, and timeliness recommended under the E-GDDS framework.  Maintain a National Summary Data Page with monthly updating, or more often if warranted.  Disseminate metadata and plans for improvement.  Disseminate TCIRS data according to coverage, periodicity, and timeliness equal or better than recommended by the E-GDDS.  Maintain an up-to- date National Summary Data Page.  Observe an advance release calendar covering all TCIRS data. SDDS (IMF monthly monitoring)  Disseminate metadata. Disseminate TCIRS data plus production index, labor statistics, producer price index, and the reserves template, according to coverage, periodicity, and timeliness required under the SDDS, which are generally more demanding than under the E- GDDS.  Maintain a National Summary Data Page, with updating consistent with commitments.  Observe an advance release calendar covering all required data. Strategy, Standards, and Review Division IMF Statistics Department

Financial Institutions Division IMF Statistics Department Incentives for improvement in data publication and dissemination  STA to assess countries’ implementation of e-GDDS framework 10 STA Preliminary Assessment Matrix (excludes ODP/NSDP/ARC) Baseline 1:Countries that disseminate less than 10 of the 15 data categories. Baseline 2:Countries that disseminate between 10–14 of the 15 data categories. Threshold 1: Countries that disseminate all the 15 data categories but fall short of at least one e-GDDS recommendations for timeliness and periodicity. Threshold 2: Countries that disseminate all the 15 data categories and meet all e-GDDS recommendations for timeliness and periodicity. Threshold 3:Countries that disseminate all the 15 data categories, meet all the e-GDDS recommendations for timeliness and periodicity, and exceed timeliness or periodicity for at least one data category. Strategy, Standards, and Review Division IMF Statistics Department

Financial Institutions Division IMF Statistics Department Incentives for improvement in data publication and dissemination  Using ODP/SDMX-compatible NSDP, STA to monitor and report on progress: 11 Annual report and semi-annual update (circulated to the Board for information and posted on the Fund’s website and DSBB). Three reporting thresholds: (1) Ability to disseminate required data according to periodicity/timeliness reported in countries’ metadata (2) Ability to disseminate required data according to periodicity/timeliness recommended under the e- GDDS (3) Ability to disseminate required data according to, or better than, the periodicity/timeliness recommended under the e-GDDS, and according to an ARC Strategy, Standards, and Review Division IMF Statistics Department

Financial Institutions Division IMF Statistics Department Incentives for improvement in data publication and dissemination (cont’d)  Country team to discuss data adequacy and dissemination during Article IV mission 12 New requirement under the e-GDDS Strategy, Standards, and Review Division IMF Statistics Department

Financial Institutions Division IMF Statistics Department What are the benefits?  Improved data transparency and governance through publication of data for the analysis of macroeconomic conditions and policies.  Foster discipline in publication including an ARC.  Markets, investors, and the public at large (domestic and international) will benefit from better data dissemination.  Regular monitoring and reporting by staff will stimulate peer competition and beneficial pressure from stakeholders.  Better assessment of technical assistance needs, and enhanced donor cooperation.  Create global platform for dissemination of other data sets—social demographic data, SDGs, etc. 13 Strategy, Standards, and Review Division IMF Statistics Department