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Quarterly Update on the Special Data Dissemination Standard—First Quarter 2001 April 24, 2001 New Subscriber On March 14, 2001, Brazil became the 48th subscriber to the Special Data Dissemination Standard (SDDS) and the first new subscriber since the end of the transition period in December 1998. This means that Brazil met all SDDS requirements at the time of subscription. Observance Status By the end of the first quarter, 40 of the 48 subscribers met the SDDS specifications for the coverage, periodicity and timeliness of the data and for the dissemination of advance release calendars (ARCs), compared with 35 subscribers at the end of the previous quarter (Table 1).1 A complete list of subscribers indicating those in observance may be accessed on the Fund's Dissemination Standards Bulletin Board (DSBB) at http://dsbb.imf.org/Applications/web/sddscountrylist/.

Table 1: SDDS Indicators Indicator   As stated at Third Review March 29, 2000 As of Dec. 31, 2000 As of Mar. 31, 2001 Number of subscribers   47   47   48 Subscribers in observance1   13   35   40 Countries working with IMF Staff for possible subscription     7     8   7 Subscribers with NSDP web sites   42   47   48 Hyperlinks from the DSBB to the NSDP   19   38   44 Subscribers with summary methodologies posted   38   43   43 Number of summary methodologies posted 167 419 453 Subscribers disclosing data based on the reserves template     7   44   48 1Observance of the externally monitorable elements of the SDDS, i.e., the coverage, periodicity, and timeliness of the data and the use of advance release calendars. Other elements of the SDDS dealing with the integrity and quality of the data are on a self-disclosure basis, with subscribers providing information on which users can make their own judgments. SDDS subscribers that had not yet completed all transition plans were contacted by Fund management and staff to determine what measures they were taking to come into observance of the Standard. Replies to these inquiries, including the time frame for coming into observance, were posted on the DSBB for Austria, Croatia, France, Iceland and Ireland; Fund staff have continued to work actively with the national authorities of these, and other subscribers, in addressing outstanding observance issues. Monitoring Monitoring by Fund staff was facilitated as several subscribers improved their national summary data pages (NSDPs) and hyperlinks from the DSBB to these sites were established. Hyperlinks were opened for an additional six subscribers, (The list of subscribers at http://dsbb.imf.org/Applications/web/sddscountrylist/ shows those with hyperlinks in italics.) also, more subscribers are updating the NSDP on the occasion of each data release. In the first quarter, more subscribers met the timeliness requirements for the dissemination of monthly data (Table 2). Improvements in timeliness were recorded for all data categories except for Central government operations, which remained at the level observed for the previous quarter. The number of countries meeting the timeliness for data on Central government operations continued to be low, while the number of countries meeting the timeliness of the reserves template maintained an upward trend. Table 2. Monitoring of Observance of the SDDS, 3rd Qtr. 2000—1st Qtr. March 2001 Number of Subscribers Disseminating Monthly Data on Time (Quarterly Average) Data Categories Q3/00 Q4/00 Q1/01 Production index 31 33 37 Consumer prices 35 38 41 Producer prices 34 37 40 Central government operations 26 30 30 Analytical accounts of the banking sector 34 36 37 Analytical accounts of the central bank 30 36 38 Official reserves 36 39 40 Reserves template 35 40 43 Merchandise trade 34 35 39 Although all data categories were monitored, the dissemination of lower-frequency data (quarterly and annual) will need to be monitored over a longer time period before a meaningful assessment of observance can be made. DSBB Enhancements A project is underway to enhance the functionality of the DSBB by improving the query and search facility and by providing more rapid and easier access to information. This effort seeks to enhance the value to users of the statistical information (data and metadata) available on the DSBB. In addition, the project aims to leverage cutting edge technology to facilitate the rapid exchange of information between websites, independent of the platform (hardware and software) employed, and, thereby enhance the value to users of the statistical information disseminated by other international organizations and national agencies. A working group is being formed of interested organizations to develop such an open exchange system and language for statistical information on the Internet. Other DSBB Developments Metadata for Euro area financial and external sector aggregates, developed by the European Central Bank (ECB) in close cooperation with the IMF, have been posted on the Dissemination Standards Bulletin Board (DSBB). They can be accessed at http://dsbb.imf.org/Applications/web/euronote/. The metadata refer in aggregate to the twelve Euro area members, ten of whom are subscribers to the SDDS, and provide a useful supplement to the metadata already posted by subscribers on the DSBB. During the first quarter, an additional 34 summary methodology statements were posted on the DSBB, bringing the total number to 453 for 43 subscribers. These statements provide detailed information on the sources and methods used to compile the SDDS data categories. A complete listing of the countries and data categories for which summary methodology statements have been posted can be accessed at http://dsbb.imf.org/summeth.htm, and /or http://dsbb.imf.org/sumdata.html. Reserves template and External debt As of March 31, all 48 SDDS subscribers had begun disseminating the data template on international reserves and foreign currency liquidity approved by the Executive Board in March 1999. With one exception, subscribers have chosen the Internet as the medium of dissemination and their national websites are accessible at http://dsbb.imf.org/Applications/web/reservestemplate/. The draft External Debt Statistics: Guide for Compilers and Users (Guide), produced by a group of international agencies working together under the auspices of the Inter-Agency Task Force on Finance Statistics (TFFS), was disseminated on the IMF's Internet website in February 2001 (http://www.imf.org/external/np/sta/ed/guide.htm). The purpose of the Guide is to provide comprehensive guidance for the measurement and presentation of external debt statistics; it is an update of the External Debt: Definition, Statistical Coverage and Methodology - widely known as the Grey Book - which was published in 1988 by the BIS, IMF, OECD, and World Bank.