Press Release: The Dominican Republic Formally Begins Participation in the IMF's General Data Dissemination System
November 28, 2005
The Dominican Republic has begun participating in the International Monetary Fund's General Data Dissemination System (GDDS), marking a major step forward in the development of the country's statistical system. Comprehensive information on its statistical production and dissemination practices was published on the IMF's Dissemination Standards Bulletin Board (DSBB) (http://dsbb.imf.org/Applications/web/gdds/gddshome/) starting on November 22, 2005.
"The Dominican Republic has reached a milestone that should allow the country to take full advantage of the GDDS as a framework for the development of national systems for the production and dissemination of economic, financial, and socio-demographic data," Mr. Rob Edwards, Director of the Statistics Department, said.
The Governor of the Central Bank of the Dominican Republic, Héctor Valdez Albizu, stated that the country was "rapidly advancing the process of developing and improving the economic and financial statistics with a view to making them consistent with international codes and standards, and in this context it was fitting to use the General Data Dissemination System as a reference framework." He added that "this decision would enable economic agents to obtain information on progress achieved in these statistics, and could lead in the medium term to the availability of more reliable and timely statistics, which would in turn help the Dominican Republic make sound resource allocation decisions."
The GDDS, established by the IMF in 1997, provides a framework to assist IMF member countries develop their statistical systems with the objective of producing comprehensive and accurate statistics for policymaking and analysis. It addresses the quality and the dissemination of data. In addition, the IMF's web site shows the Dominican Republic's plans for improvement in its statistics and related technical assistance needs. This information provides the international community with a useful framework to develop and coordinate technical cooperation projects in the Dominican Republic.