## d4d-ii-progress-report-and-work-plan

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---

### Overview
- The Data for Decisions Fund (D4D) is the IMF’s flagship multi-donor vehicle for capacity development (CD) in macroeconomic statistics, supporting national statistical systems to drive evidence-based policymaking.
- D4D II completed its first year (FY26) with continued implementation of projects and activities in 49 countries—predominantly in lower and lower middle income countries (LLMICs).
- Key technical assistance and training areas:
  - Rebasing GDP statistics.
  - Launching property price indexes.
  - Widening coverage of fiscal and public debt statistics to encompass the public sector.
  - Rebuilding balance of payments statistics in fragile and conflict-affected states (FCS).
  - Enabling countries to harness innovative technologies to modernize and widen data access.
- Strategic priorities:
  - Integration of CD with IMF surveillance and lending.
  - Expansion of high frequency indicators (HFIs).
  - Incorporation of nontraditional data sources (big data) for timelier macroeconomic statistics.
  - Strengthened partnerships with international organizations and standard-setting bodies.

### Work Plan Implementation Highlights: Delivery for Impact
- Activity implementation and finances:
  - Activity implementation rate: 51 percent.
  - Of 166 CD activities planned for May 2025 to October 2026, 84 (51 percent) were completed by April 2026 across 49 countries.
  - D4D Fund Steering Committee endorsed an 18-month work plan and approved projected spending of $12.2 million through FY27Q2.
  - Actual spending for the first 12 months (to end-FY2026): $4.3 million (35.2 percent).
- Regional and country coverage:
  - Regional distribution of activities: Sub-Saharan Africa 46 percent, Asia-Pacific 14 percent, Middle East and Central Asia 24 percent.
  - 92 percent of activities targeted LLMICs across 45 countries.
  - 29 percent of activities focused on fragile and conflict-affected states (FCS) across 15 countries.
- Workplan adjustments and scaling:
  - The indicative budget for the second work program increased by $16 M compared to $12.2 M for the first work program.
  - Increased activities in data standards and environmental and climate change statistics (ECCS) due to folding two bilateral projects into D4D-II.
  - Scaled-up SDMX migration and implementation support and pilots for change management and data use awareness workshops.

### Improving Economic Monitoring and Early Warning Capacity
- Price statistics and real estate indicators:
  - New or updated Residential Property Price Indices (RPPIs) published in four countries.
  - The Philippines published an updated RPPI incorporating substantially improved hedonic methods.
  - Armenia, Kenya, and Kosovo published their first ever RPPIs.
- Producer and sectoral price improvements:
  - Jordan re-launched an Export and Import Price Index (XMPI).
  - Egypt updated the Producer Price Index (PPI) using weights and samples from the 2022/2023 economic census and developed a new Construction Cost Index (CCI).
  - The Philippines produced its first Services Producer Price Indices (SPPIs) for air transportation and telecommunications.
- High frequency indicators (HFIs) and real-time monitoring:
  - Bolivia: established a fully automated system for compiling rebased quarterly GDP by production.
  - Cabo Verde: improved QNA quality and assessed feasibility of a monthly economic growth indicator.
  - Central African Republic: updated experimental Monthly Index of Economic Growth (MIEG), reduced publication lags, strengthened continuity of releases despite unavailable recent annual GDP estimates.
  - Ghana: supported first-time compilation and dissemination of a monthly Indicator of Economic Growth (MIEG) using VAT sales data.
  - Lebanon: strengthened the coincident indicator produced by its central bank with improved data inputs and alternative analytical frameworks grounded in national accounts concepts.
- Innovations using non-traditional data and advanced analytics:
  - Uganda: developed a big data-based GDP nowcasting framework using text classification techniques and mobile money data.
  - India: supported development of an Index of Service Production by processing Goods and Services Tax data.
  - The Gambia: launched new HFIs through improved data source identification, methodological design, and implementation planning.
- Policy impact:
  - HFIs and timelier statistics enable earlier detection of turning points, improved monitoring of shocks, and more effective policy formulation, crisis response, and financial stability analysis.
  - Country ownership example: letter of thanks from the Governor of the Bangko Sentral ng Pilipinas in July 2025 for RPPI support.

### Case Highlights and Country Impacts
- Kosovo: Strengthening financial stability analysis by introducing a Residential Property Price Index
  - Kosovo Agency of Statistics (KAS) introduced Kosovo’s first RPPI in December 2025 using administrative data from the Kosovo Cadastral Agency with D4D-funded TA.
  - Methodology: hedonic regression, stratification for Pristina and other regions, weights updated annually.
  - Policy use: RPPI included as a structural benchmark under the IMF’s Stand-By Arrangement (SBA) and the Resilience and Sustainability Facility (RSF); used in Article IV mission analysis.
- Angola: Enhancing fiscal transparency and data quality by adopting international statistical standards
  - Major milestone: publication of Angola’s first fiscal statistics fully aligned with GFSM 2014 in October 2025.
  - D4D-supported CD launched in late 2023: staff training, hands-on implementation, reconstruction of historical quarterly data for 2018–2023, resolution of complex oil-sector transactions.
  - By November 2025, authorities completed sectorization of 32 government entities.
  - Impact: improved fiscal management, transparency, and investor credibility; strengthened institutional capacity across statistical, accounting, and debt management functions.
- Liberia: Improved external sector statistics
  - Improved external sector statistics revised external accounts by "0.4 billion USD", effectively removing a long-standing negative bias in the external accounts.
  - Improved statistics are actively used by the IMF’s Liberia country team for surveillance and analytical purposes.
  - Central Bank of Liberia (CBL) strengthened institutional capacity and is increasingly adopting Python-based tools for statistical compilation.

### Module and Workstream Facts, Challenges, and STA Response
- External sector module facts:
  - "34 planned CD activities from May 2025 to October 2026"
  - "16 (47 percent) were successfully completed by April 2026"
  - Activities covered 15 countries plus one multi-country workshop.
  - Missions geographical distribution: Sub-Saharan Africa ("38 percent"), the Middle East and Central Asia ("31 percent"), the Western Hemisphere ("13 percent"), and Asia and the Pacific ("6 percent").
- Implementation challenges identified:
  - Capacity constraints, persistent data gaps, weak source systems, and coordination challenges slow reform implementation, especially in fragile contexts.
  - Specific constraints: high staff turnover; limited technical skills; weak IT systems; weak interagency coordination; legal barriers to data sharing; fragmented data ecosystems; limited ownership and accountability by authorities.
- STA response measures to reduce risks and improve sustainability:
  - Capacity and continuity: expand digital tools, peer learning, knowledge sharing, simplified workflows, online learning in additional languages; increase mission staffing; blended CD; continuous engagement with structured light-touch support.
  - Coordination and data sharing: embed change management, adaptive leadership, stakeholder engagement; launch innovation pilots on data use; targeted advocacy; sharpen institutional assessments using the IMF’s updated Data Quality Assessment Framework.
  - Ownership and accountability: address at project design stage; require project managers to specify mitigation measures and update risk assessments frequently.
  - CD-surveillance integration: use granular data adequacy assessments and data adequacy “heatmaps”; embed the Data Adequacy Assessment (DAA) rolled out in 2024 into Article IV surveillance.

### Financial Access Survey (FAS): Coverage, Pilots, and Policy Relevance
- Reporting coverage and scope:
  - "165 economies reported (up from 163 in 2024)", bringing total coverage to "193 economies", including first-time reporting by Liechtenstein.
  - Mobile money reporting: "86 economies".
  - Gender-disaggregated data reporting: "91 economies".
  - Mobile and internet banking expanded to "113 economies" in the 2025 round.
- Pilot and variable testing:
  - A second FAS pilot in 2025 tested "324 variables across 95 economies" (following an initial pilot in 2024).
  - Pilot expanded to include usage, pricing, and risk across traditional institutions, fintechs, insurers, and pension funds; introduced more granular insights on individuals and MSMEs including gender and income-disaggregated data.
  - Pilot highlighted definitional gaps and uneven data availability and will inform the planned FAS revamp in 2027.
- G20 DGI-3 engagement:
  - Launch of template and definitions for the G20 Data Gaps Initiative 3 (DGI-3) Recommendation 12.
  - Submissions began in "December 2025"; economies committed to the second target are expected to participate by "2027".
- Use and visibility:
  - FAS ranked "7th among 24 IMF datasets" based on iData downloads (December 2025).
  - At the April 2026 FAS multiregional seminar, "82" participating economies attended; more than half of respondents reported using FAS data for analysis.
- New initiatives and funding:
  - Prototype Financial Access Data Ecosystem to integrate supply- and demand-side datasets.
  - Progress on Financial Health Data Framework (FHDF) to measure financial health and link to macroeconomic outcomes.
  - Two D4D-funded flagship projects (Financial Access Data Ecosystem and FHDF) expected to be completed in "FY27".
  - Gates Foundation support for a four-year FAS project ("January 2026–May 2030") to support new variable development, CD, analysis and reporting, and design/piloting of a digitalized FAS data collection system.
  - Key partners: AFI, IAMTN, CGAP, CCAF, the World Bank, and UNSGSA.
- Mobile money success story:
  - Sub-Saharan Africa regional trend: registered mobile money accounts increased from "about 186 per 100 adults in 2020" to "248 in 2024", a rise of "about 34 percent".
  - Registered mobile money accounts now exceed regular deposit accounts ("about 120 per 100 adults").
  - Country examples (mobile money transactions per adult): Ghana "about 151" to "389"; Benin "81" to "301"; Rwanda "88" to "284"; Senegal "57" to "251"; Zambia "66" to "240".
  - Reporting expansion as of October 2025: number of countries reporting mobile money data reached "86"; Sub-Saharan Africa: "41 of 44 reporters".

### Financial Situation and Fundraising
- Contributors and commitments:
  - Eight contributing partners: China, Japan, Korea, Luxembourg, the Netherlands, Norway, Saudi Arabia, and Switzerland.
  - Signed agreements totaling $23.7 million against an overall fundraising target of $45 million.
  - Received to date: $17.6 million.
  - Remaining funding gap: $21.1 million (after factoring in internal transfers from the first phase).
- Detailed partner entries (selected exact entries preserved as reported):
  - China USD 1,000,000 — 1,000,000 received
  - China USD 2,090,277 — 2,090,277 received
  - Japan USD 2,800,000 — 2,800,000 received; 1,400,000 requested future
  - Korea USD 2,000,000 — 2,000,000 received (two entries of Korea at USD 2,000,000 each)
  - Luxembourg EUR 1,500,000 — 1,648,533 received; 1,680,517 requested
  - Netherlands USD 1,179,245 — 1,179,245 received
  - NORAD Dept for Climate, Nature and the Private Sector USD 5,800,000 — 5,800,000 received; 987,830 received against future request of 4,812,170
  - Saudi Arabia USD 2,896,615 — 2,896,615 received
  - Switzerland CHF 2,000,000 — 2,275,831 received; 2,369,518 requested
  - Partners Total: 23,690,501 (Amount) and 17,604,002 (Received) with future requests 6,212,170
  - Internal Transfers total: 218,867 received
  - Grand Total: 23,909,368 (Amount) and 17,822,869 (Received); Program Document Budget: 45,000,000; Remaining: (21,090,632)
- Cash position and projections:
  - As of end-April 2026, the cash balance stood at $11.3 million.
  - Additional disbursements from China and Luxembourg received since end-April 2026 reported to allow the next 18-month workplan to be comfortably covered.

### FY27–FY28Q2 Workplan: Priorities, Activities, and Budget
- Overall plan:
  - Revised workplan proposes 185 activities—including TA missions and workshops—across the five modules of D4D-II.
  - Total proposed budget: $16 million (including program management governance and evaluation and the trust fund management fee).
- Major module budget shares and selected figures:
  - Module 1: Addressing Data Needs and Quality Concerns — 7,812,108 (49 percent)
    - Submodule Real Sector Statistics — 4,047,216 (25 percent)
    - Submodule External Sector Statistics — 2,038,594 (13 percent)
    - Submodule Fiscal and Public Debt Statistics — 1,726,299 (11 percent)
  - Module 2: Financial Access Survey — 1,070,637 (7 percent)
  - Module 3: Online Learning — 1,410,814 (9 percent)
  - Module 4: Data Dissemination and Use — 1,604,337 (10 percent)
    - Submodule Data Standards — 786,289 (5 percent)
    - Submodule SDMX — 465,054 (3 percent)
    - Submodule Data Use — 352,994
  - Module 5: Environment and Climate Change Statistics — 2,666,294 (17 percent)
  - SUB TOTAL — 14,564,190 (91 percent)
  - Program Management — 380,506 (2 percent)
  - Governance and Evaluation — 25,000 (0 percent)
  - TF Management Fee (7%) — 1,047,879 (7 percent)
  - TOTAL — 16,017,574 (100 percent)
- Key planned activities relevant to big data and HFIs:
  - Module I (Real Sector Statistics and HFIs): 15 HFI activities planned over FY27–FY28Q2 (8 country engagements, 1 regional workshop, and 6 placeholders).
  - National Accounts Benchmarking and Rebasing: 27 activities planned (20 country engagements, 2 regional workshops, and 5 placeholders) with emphasis on rebasing and SNA 2025 alignment.
  - Module IV (Data Dissemination and Use): increased support for SDMX migration and pilot change management and data use awareness workshops.
  - Module V (Environment and Climate Change Statistics): 20 planned activities including 15 TA missions, an opening workshop (September 2026), two regional workshops, global expert forums, and development of a new e-learning course on Natural Resources Accounting.

### Capacity Building in Big Data and Peer Learning
- Big Data for Macroeconomic Statistics workshop (May 2025, Mauritius):
  - Delivered by the IMF Big Data Center with the African Development Bank’s Data Innovation Lab.
  - 33 participants from national statistical offices, central banks, and regional institutions.
  - Focused on hands-on development of HFIs and nowcasts using satellite imagery, AIS shipping data, and web-scraped/barcode data.
  - Participant outcomes: assessment scores rose from 29 percent pre-course to 88 percent post-course; satisfaction rating 4.8 out of 5.
  - Strong demand for follow-up TA and development of country-level projects; pipeline of proposals in collaboration with IMF Big Data Center and AfDB.
- Online learning and language accessibility:
  - Online learning curriculum expanded, including translation of key courses into Arabic, French, and Spanish.
  - Module III FY27–FY28Q2 priorities: develop two new courses ("IRSx" and "SOE Debt and Fiscal Risks"), updates to "CPIx" and "NASx", and translation of RPPIx, QNAx, DSIx, BOP-IIPx into Arabic, French, and Spanish.

### Governance, Operational Flexibility, and Safeguards
- Governance proposal:
  - Steering Committee invited to endorse the updated 18-month D4D-II workplan and budget covering FY27 through the first half of FY28.
  - Proposal to introduce flexibility allowing in-module modifications to the endorsed workplan within the same region without requiring additional Steering Committee endorsement.
- Scope and safeguards for flexibility:
  - Permissible adjustments: reallocating or substituting single-country activities within the same geographic region that do not alter overall strategic objectives, budget envelope, or results framework.
  - Changes involving shifts across regions, changes in strategic direction, or material reallocation of resources will continue to require formal endorsement through a lapse of time (LOT) process and subsequent Steering Committee approval.
- Rationale:
  - Enhance operational responsiveness and implementation efficiency.
  - Enable timely adaptation to evolving country demand, logistical constraints, and emerging CD priorities.
  - Reduce administrative delays for minor intra-regional changes.

*Data for Decisions Fund—FY26 Steering Committee Report, Executive Summary.*

### Executive Summary ......................................................................................................

### d4d-ii-progress-report-and-work-plan - Executive Summary

### Overview
- The Data for Decisions Fund (D4D) is the IMF’s flagship multi-donor vehicle for capacity development (CD) in macroeconomic statistics, supporting national statistical systems to drive evidence-based policymaking.
- D4D II completed its first year (FY26) with continued implementation of projects and activities in 49 countries—predominantly in lower and lower middle income countries (LLMICs).
- Key areas of technical assistance and training included:
  - Rebasing GDP statistics.
  - Launching property price indexes.
  - Widening coverage of fiscal and public debt statistics to encompass the public sector.
  - Rebuilding balance of payments statistics in fragile and conflict-affected states (FCS).
  - Enabling countries to harness innovative technologies to modernize and widen data access.
- The work program emphasizes integration of CD with IMF surveillance and lending, expansion of high frequency indicators (HFIs), and incorporation of nontraditional data sources (big data) for timelier macroeconomic statistics.
- Strategic partnerships and coordination with international organizations and standard-setting bodies strengthened program reach and policy relevance.

### Work Plan Implementation Highlights: Delivery for Impact
- Activity implementation and finances:
  - Activity implementation rate: 51 percent.
  - Of 166 CD activities planned for May 2025 to October 2026, 84 (51 percent) were completed by April 2026 across 49 countries.
  - D4D Fund Steering Committee endorsed an 18-month work plan and approved projected spending of $12.2 million through FY27Q2.
  - Actual spending for the first 12 months (to end-FY2026): $4.3 million (35.2 percent).
- Regional and country coverage:
  - Regional distribution of activities: Sub-Saharan Africa 46 percent, Asia-Pacific 14 percent, Middle East and Central Asia 24 percent.
  - 92 percent of activities targeted LLMICs across 45 countries.
  - 29 percent of activities focused on fragile and conflict-affected states (FCS) across 15 countries.
- Financial Access Survey and learning:
  - Financial Access Survey (FAS) reporting increased from 163 to 165 economies.
  - Online learning curriculum expanded in reach and content, including translation of key online courses into Arabic for MENAP region accessibility.
- Workplan adjustments and scaling:
  - The indicative budget for the second work program increased by $16 M compared to $12.2 M for the first work program.
  - Increased activities in data standards and environmental and climate change statistics (ECCS) due to folding two bilateral projects into D4D-II.
  - Scaled-up SDMX migration and implementation support and pilots for change management and data use awareness workshops.

### Improving Economic Monitoring and Early Warning Capacity
- Price statistics and real estate indicators:
  - New or updated Residential Property Price Indices (RPPIs) published in four countries.
  - The Philippines published an updated RPPI incorporating substantially improved hedonic methods.
  - Armenia, Kenya, and Kosovo published their first ever RPPIs.
- Producer and sectoral price improvements:
  - Jordan re-launched an Export and Import Price Index (XMPI).
  - Egypt updated the Producer Price Index (PPI) using weights and samples from the 2022/2023 economic census and developed a new Construction Cost Index (CCI).
  - The Philippines produced its first Services Producer Price Indices (SPPIs) for air transportation and telecommunications.
- High frequency indicators (HFIs) and real-time monitoring:
  - Bolivia: established a fully automated system for compiling rebased quarterly GDP by production.
  - Cabo Verde: improved QNA quality and assessed feasibility of a monthly economic growth indicator.
  - Central African Republic: updated experimental Monthly Index of Economic Growth (MIEG), reduced publication lags, strengthened continuity of releases despite unavailable recent annual GDP estimates.
  - Ghana: supported first-time compilation and dissemination of a monthly Indicator of Economic Growth (MIEG) using VAT sales data.
  - Lebanon: strengthened the coincident indicator produced by its central bank with improved data inputs and alternative analytical frameworks grounded in national accounts concepts.
- Innovations using non-traditional data and advanced analytics:
  - Uganda: developed a big data-based GDP nowcasting framework using text classification techniques and mobile money data.
  - India: supported development of an Index of Service Production by processing Goods and Services Tax data.
  - The Gambia: launched new HFIs through improved data source identification, methodological design, and implementation planning.
- Policy impact:
  - HFIs and timelier statistics are enabling earlier detection of turning points, improved monitoring of shocks, and more effective policy formulation, crisis response, and financial stability analysis.
  - Country ownership exemplified by a letter of thanks from the Governor of the Bangko Sentral ng Pilipinas in July 2025 for RPPI support.

### Financial Situation and Fundraising
- Contributors and commitments:
  - Eight contributing partners: China, Japan, Korea, Luxembourg, the Netherlands, Norway, Saudi Arabia, and Switzerland.
  - Signed agreements totaling $23.7 million against an overall fundraising target of $45 million.
  - Received to date: $17.6 million.
  - Remaining funding gap: $21.1 million (after factoring in internal transfers from the first phase).
- Governance proposal:
  - IMF seeks Steering Committee endorsement of the D4D II second work program and budget and proposes introducing flexibility to allow country adjustments (in module and in same region) to the endorsed workplan without requiring additional Steering Committee endorsement.

*Source: Data for Decisions Fund—FY26 Steering Committee Report, Executive Summary.*

### BOX 1. Kosovo: Strengthening Financial Stability Analysis by

### BOX 1. Kosovo: Strengthening Financial Stability Analysis by Introducing a Residential Property Price Index

### Overview and institutional actors
- The Kosovo Agency of Statistics (KAS) introduced Kosovo’s first Residential Property Price Index (RPPI) in December 2025.
- The RPPI leverages administrative data from the Kosovo Cadastral Agency.
- Development was supported by sustained D4D-funded technical assistance (TA) in data cleaning, methodological design, and capacity building.
- The RPPI was included as a structural benchmark under the IMF’s Stand-By Arrangement (SBA) and the Resilience and Sustainability Facility (RSF).
- An IMF Article IV mission used the RPPI and related indicators as part of a focused analysis of the real estate sector.

### Methodology and features
- Hedonic regression methodology is employed to ensure robust quality adjustment and timely reflection of market trends.
- Stratification enables separate analysis for Pristina (capital city) and other regions to provide more granular insights.
- Weights are updated annually to capture evolving market dynamics.

### Policy relevance and uses
- The RPPI provides timely and accurate indicators of property market dynamics, essential for financial stability analysis and policy formulation.
- The RPPI is a key input into IMF surveillance and lending activity.
- Prior to the TA support, Kosovo lacked an official government-published RPPI, limiting authorities’ ability to monitor real estate price trends and assess related financial risks.

*Data for Decisions Fund—FY26 Steering Committee Report*

### BOX 6. Angola: Enhancing Fiscal Transparency and Data Quality by

### BOX 6. Angola: Enhancing Fiscal Transparency and Data Quality by Adopting International Statistical Standards

### Background and reform drivers
- Angola faced longstanding challenges in producing comprehensive and internationally comparable fiscal statistics, including:
  - Fiscal data coverage largely limited to the budgetary central government.
  - Significant above- and below-the-line inconsistencies from mixed use of cash and accrual accounting.
  - Persistent reporting delays.
  - Public sector debt statistics (PSDS) recorded on a face-value basis, understating the true economic cost and complexity of government liabilities and associated fiscal risks.
- The IMF Article IV Consultation (2024) highlighted the need to accelerate adoption of the Government Finance Statistics Manual 2014 (GFSM 2014) to improve data transparency, comprehensiveness, timeliness, and reliability.

### Key milestones and implementation support
- Major milestone: publication of Angola’s first fiscal statistics fully aligned with GFSM 2014 in October 2025.
  - Marks a decisive shift away from a legacy framework dating back to the 1980s.
- D4D Fund–supported capacity development (CD) program:
  - Launched in late 2023 as a sequenced program of CD.
  - Combined targeted staff training with hands-on implementation support.
  - Included reconstruction of historical quarterly data for 2018–2023.
  - Resolved complex oil-sector transactions.
  - Developed institutional coverage frameworks to ensure long-term sustainability.
- By November 2025, authorities had completed sectorization of 32 government entities, creating a foundation to expand coverage beyond the budgetary central government.

### Impacts on fiscal management and transparency
- Transition to GFSM 2014 strengthened the fiscal management framework by:
  - Providing policymakers with a coherent and internationally comparable breakdown of oil and non-oil revenues and expenditures.
  - Supporting more effective fiscal policy formulation and monitoring under the Fiscal Sustainability Law.
- Improved transparency and comparability of fiscal data have reinforced Angola’s credibility with investors and development partners.
- Strengthened institutional capacity within the Ministry of Finance across statistical, accounting, and debt management functions is sustaining these gains.

### Ongoing work and next steps
- Continued D4D Fund support will:
  - Further enhance quarterly fiscal reporting.
  - Advance PSDS work.
  - Support Angola’s progress toward the IMF’s Special Data Dissemination Standard—helping to strengthen transparency and sustain reforms.

*Data for Decisions Fund—FY26 Steering Committee Report*

### 0.4 billion USD, effectively removing a long-standing negative bias in the external

### d4d-ii-progress-report-and-work-plan - 0.4 billion USD, effectively removing a long-standing negative bias in the external

### Key results and immediate impacts
- Improved external sector statistics revised external accounts by "0.4 billion USD", effectively removing a long-standing negative bias in the external accounts.
- The improved statistics are actively used by the IMF’s Liberia country team for surveillance and analytical purposes, enhancing the reliability of external sector assessments.
- The mission strengthened institutional capacity at the Central Bank of Liberia (CBL), which is increasingly adopting Python-based tools for statistical compilation and signaling a shift toward modern, automated data production systems.

### Module / Workstream facts and objectives
- Module objective: Access to better and more data to empower decision-making and enhance public transparency and accountability.
- Workstream objectives:
  - (i) Strengthen compilation and dissemination of balance of payments and international investment position statistics (BOP/IIP).
  - (ii) Strengthen compilation and dissemination of reserve data template.
  - (iii) Strengthen compilation and dissemination of external debt statistics.
  - (iv) Strengthen coordinated direct investment survey.
  - (v) Strengthen coordinated portfolio investment survey.
- Key topics: External debt sustainability analysis; measurement of trade in goods and services; accuracy of cross-border financial flows and external positions.
- Activities planned vs undertaken:
  - "34 planned CD activities from May 2025 to October 2026"
  - "16 (47 percent) were successfully completed by April 2026"
  - Activities covered 15 countries plus one multi-country workshop.
  - Missions geographical distribution: Sub-Saharan Africa ("38 percent"), the Middle East and Central Asia ("31 percent"), the Western Hemisphere ("13 percent"), and Asia and the Pacific ("6 percent").

### Implementation challenges identified
- Capacity constraints, persistent data gaps, weak source systems, and coordination challenges slow reform implementation, especially in fragile contexts.
- Specific constraints:
  - High staff turnover and limited technical skills in national statistical offices.
  - Weak IT systems and competing priorities limiting sustainability of reforms.
  - Weak interagency coordination, legal barriers to data sharing, unclear mandates, and differing institutional incentives.
  - Fragmented data ecosystems that limit access to source data needed for macroeconomic and financial statistics.
  - Limited ownership and accountability by authorities affecting transformational reforms.

### STA response: measures to reduce implementation risks and improve sustainability
- Capacity and continuity:
  - Expand use of digital tools, peer learning, knowledge sharing, simplified workflows, and online learning in additional languages.
  - Increase mission staffing strength to support joint D4D-RCDC activities and blended CD (combined TA and training missions) where necessary.
  - Step up continuous engagement providing structured, light-touch support between in-country TA missions.
- Coordination and data sharing:
  - Embed change management, adaptive leadership, and stakeholder engagement into CD delivery to strengthen coordination and ownership.
  - Launch innovation pilots on data use to improve data accessibility and usability.
  - Conduct targeted advocacy with government stakeholders and sharpen institutional assessments using the IMF’s recently updated Data Quality Assessment Framework.
- Ownership and accountability:
  - Address ownership and accountability explicitly at project design stage; assess and mitigate capacity and institutional risks (including political buy-in).
  - Require project managers to specify mitigation measures for key risks and to revisit and update risk assessments frequently during implementation.
- CD-surveillance integration:
  - Use more granular data adequacy assessments and detailed data adequacy “heatmaps” to identify sectors and issues where data gaps constrain macroeconomic analysis and policy advice.
  - Embed the Data Adequacy Assessment (DAA)—rolled out in 2024—into the IMF’s core Article IV surveillance process to make data evaluation more structured and transparent.
  - Strengthen linkage of DAA assessments to CD planning and dialogue.

### Financial Access Survey (FAS): coverage, pilots, and impact
- Reporting coverage and scope:
  - "165 economies reported (up from 163 in 2024)", bringing total coverage to "193 economies", including first-time reporting by Liechtenstein.
  - Increased reporting for mobile money ("86 economies") and gender-disaggregated data ("91 economies").
  - Mobile and internet banking expanded to "113 economies" in the 2025 round.
- Pilot and variable testing:
  - A second FAS pilot in 2025 tested "324 variables across 95 economies" (following an initial pilot in 2024).
  - The pilot expanded scope to include usage, pricing, and risk across traditional institutions, fintechs, insurers, and pension funds, and introduced more granular insights on individuals and MSMEs including gender and income-disaggregated data.
  - The pilot highlighted definitional gaps and uneven data availability across economies and will inform the planned FAS revamp in 2027.
- G20 DGI-3 engagement:
  - Launch of template and definitions for the G20 Data Gaps Initiative 3 (DGI-3) Recommendation 12.
  - Submissions began in "December 2025" from economies committed to the first target; economies committed to the second target are expected to participate by "2027".
- Use and visibility:
  - FAS ranked "7th among 24 IMF datasets" based on iData downloads (December 2025).
  - At the April 2026 FAS multiregional seminar, "82" participating economies attended; more than half of respondents reported using FAS data for analysis.
- New initiatives and partnerships:
  - Development of a prototype Financial Access Data Ecosystem to integrate supply- and demand-side datasets into a unified portal.
  - Progress on the Financial Health Data Framework (FHDF) to measure financial health and link it to macroeconomic outcomes.
  - Two D4D-funded flagship projects (Financial Access Data Ecosystem and FHDF) expected to be completed in "FY27".
  - Starting in FY26, support from the Gates Foundation for a four-year FAS project ("January 2026–May 2030") to support new variable development, CD, enhanced analysis and reporting, and design/piloting of a digitalized FAS data collection system.
  - Key partners included AFI, IAMTN, CGAP, CCAF, the World Bank, and UNSGSA.

### Success story: expanding mobile money reporting and policy relevance
- Regional and cross-country trends:
  - In Sub-Saharan Africa, registered mobile money accounts increased from "about 186 per 100 adults in 2020" to "248 in 2024", a rise of "about 34 percent".
  - Registered mobile money accounts in the region are now more than twice the number of regular deposit accounts ("about 120 per 100 adults").
- Country-level examples (mobile money transactions per adult):
  - Ghana: from "about 151" in 2020 to "389" in 2024.
  - Benin: from "81" to "301".
  - Rwanda: from "88" to "284".
  - Senegal: from "57" to "251".
  - Zambia: from "66" to "240".
- Reporting expansion and coverage as of October 2025:
  - The number of countries reporting mobile money data reached "86".
  - Sub-Saharan Africa: "41 of 44 reporters" in the region provided mobile money data.
- Policy implications:
  - Better mobile money data helps authorities monitor the spread and usage of digital financial services, identify access gaps, and inform digital payments, inclusion strategies, and related risk assessments.
  - Sustained technical engagement, FAS Advisory Group support, regional workshops, and pilot exercises improved reporting and identified practical challenges in data compilation even where national statistical capacity is constrained.

*Source: Data for Decisions Fund—FY26 Steering Committee Report*

### BOX 11. Botswana and Colombia: Strengthening financial inclusion data

### BOX 11. Botswana and Colombia: Strengthening financial inclusion data through better institutional coordination

### Key findings
- Stronger national coordination improves reporting to the FAS and enhances national authorities’ ability to identify gaps in financial access, supporting monitoring of financial inclusion across specific groups and strengthening the evidence base for policy discussions.
- A recurring constraint is that information is often dispersed across multiple institutions or departments within a single authority (central banks, supervisory agencies, telecom regulators, and other public bodies), which limits reporting and the policy and supervisory value of the data without integration.
- During the 2025 pilot data collection:
  - Botswana reported about 60 percent of variables.
  - Colombia reported about 62 percent of variables.
  - Botswana and Colombia were the strongest reporters in their respective regions.
- Both Botswana and Colombia presented at the April 2026 multiregional virtual workshop, sharing challenges and good practices and supporting peer learning.

### Practices implemented (country examples)
- Botswana:
  - Adopted a coordinated model spanning commercial banks, a statutory bank, the Non-Bank Financial Institutions Regulatory Authority, the Communications Regulatory Authority, and the Department for Cooperatives Development.
  - Supported coordination with regular follow-up, clear guidance, institution-level validation, and memoranda of understanding.
- Colombia:
  - Coordinated banking, insurance, and pensions data systems within the Superintendencia Financiera to transform fragmented inputs into more usable supervisory and policy information.

### Results and implications for monitoring, supervision, and policy
- Stronger institutional arrangements can:
  - Improve data availability.
  - Increase the usefulness of financial inclusion data for monitoring, supervision, and policy formulation.
- Coordination models that include multiple data-producing agencies and formalized agreements (guidance, validation, MOUs) enable more comprehensive reporting to the FAS and better identification of access gaps among population groups.
- Peer learning and multiregional engagement (e.g., April 2026 workshop) support dissemination of good practices and capacity building.

### MODULE/WORKSTREAM FACTS
- MODULE OBJECTIVE: Support global financial inclusion policymaking in the face of evolving financial services and needs, by sustaining and improving the FAS database in terms of quality, reporting, coverage and usage
- WORKSTREAM OBJECTIVE: Continue to support global financial inclusion policymaking in the face of evolving financial services and needs, by sustaining and improving the FAS database in terms of quality, reporting, coverage, and usage.
- KEY TOPICS: FAS Expansion and policy applications, country-level use cases, cross-country comparability gains
- WORKSHOPS PLANNED vs WORKSHOPS UNDERTAKEN: 3 planned CD activities from May 2025 to October 2026, 1 (33 percent) was successfully completed by April 2026.

*DATA FOR DECISIONS FUND—FY26 Steering Committee Report*

### BOX 12. Big Data for Macroeconomic Statistics: Building Capacity for

### BOX 12. Big Data for Macroeconomic Statistics: Building Capacity for Real-Time Economic Monitoring in Africa

### Workshop delivery and participants
- The IMF Big Data Center, in partnership with the African Development Bank’s Data Innovation Lab, delivered the second “Big Data for Macroeconomic Statistics” workshop at the African Training Institute in Mauritius in May 2025.
- The workshop brought together 33 participants from national statistical offices, central banks, and regional institutions.

### Training focus and practical applications
- Training emphasized practical, hands-on development of high-frequency indicators and nowcasts of GDP and trade using non-traditional data sources:
  - Satellite imagery
  - AIS shipping data
  - Web-based information (including web-scraped and barcode data)
- Participants developed concrete, country-relevant use cases:
  - Consumer Price Index (CPI) modernization using web-scraped and barcode data
  - Sentiment analysis of monetary policy communications
  - AIS-based trade monitoring
  - Use of satellite and drone imagery for agricultural statistics

### Learning outcomes, satisfaction, and operationalization
- Assessment scores increased from 29 percent pre-course to 88 percent post-course.
- Overall satisfaction rating was 4.8 out of 5.
- Participants left with practical applications intended to be integrated into national statistical production processes, supporting a shift from experimentation to operational use.
- Strong demand for follow-up technical assistance (TA) and requests for deeper engagement, including country-level projects, were reported.
- A pipeline of project proposals is being developed in collaboration with the IMF Big Data Center and the AfDB.

### Institutional and policy impact
- IMF engagement on Big Data was reported to send a strong signal to senior management, helping build support for adopting new methodologies.
- The initiative is described as enhancing the timeliness, granularity, and relevance of economic data, enabling earlier detection of economic trends and strengthening real-time monitoring and policy decision-making.

### MODULE/WORKSTREAM FACTS (Data Dissemination and Use)
- MODULE OBJECTIVE: Strengthen data transparency, as a public good, by helping countries begin participating in and/or advancing through the three tiers of the IMF Data Standards Initiatives.
- WORKSTREAM OBJECTIVE(S):
  - (i) Data Dissemination: Implement the e-GDDS; Subscribe to SDDS; Adhere to the SDDS Plus.
  - (ii) SDMX and Data Use: Modern dissemination practices and tools provide open access to key macro financial data to ensure these data are discovered, understood, and used by policymakers, researchers, and citizens.
- ACTIVITIES PLANNED vs ACTIVITIES UNDERTAKEN: 6 planned CD activities from May 2025 to October 2026, 5 (83 percent) were successfully completed by April 2026.

### Financial position and contributions for D4D-II
- Eight contributing partners signed agreements totaling $23.7 million against an overall fundraising target of $45 million.
- $17.6 million has been received to date.
- Remaining funding gap: $21.1 million (after factoring in internal transfers from the first phase).
- As of end-April 2026, the cash balance stood at $11.3 million.
- Additional disbursements from China and Luxembourg received since end-April 2026 are reported to allow the next 18-month workplan to be comfortably covered.
- Table summary (as of March 31, 2026) highlights partner contributions and received amounts (selected exact entries preserved):
  - China USD 1,000,000 — 1,000,000 received
  - China USD 2,090,277 — 2,090,277 received
  - Japan USD 2,800,000 — 2,800,000 received; 1,400,000 requested future
  - Korea USD 2,000,000 — 2,000,000 received (two entries of Korea at USD 2,000,000 each)
  - Luxembourg EUR 1,500,000 — 1,648,533 received; 1,680,517 requested
  - Netherlands USD 1,179,245 — 1,179,245 received
  - NORAD Dept for Climate, Nature and the Private Sector USD 5,800,000 — 5,800,000 received; 987,830 received against future request of 4,812,170
  - Saudi Arabia USD 2,896,615 — 2,896,615 received
  - Switzerland CHF 2,000,000 — 2,275,831 received; 2,369,518 requested
  - Partners Total: 23,690,501 (Amount) and 17,604,002 (Received) with future requests 6,212,170
  - Internal Transfers total: 218,867 received
  - Grand Total: 23,909,368 (Amount) and 17,822,869 (Received); Program Document Budget: 45,000,000; Remaining: (21,090,632)

### Proposed FY27–FY28Q2 workplan highlights relevant to big data and HFIs
- An 18-month workplan proposes a $16 M budget for FY27–FY28Q2 within the total D4D-II envelope of $45 million over five years.
- If fully utilized, resource use at the midpoint of the phase will absorb 45 percent of the total envelope, and 86 percent of current contributing partners’ commitments which stand at US$ 23.7 M as of April 30, 2026.
- Key drivers and planned activities that build on the big data workshop outcomes:
  - Module I (Real Sector Statistics and HFIs): Support for HFIs to improve near real-time monitoring using administrative, survey, and alternative data; Over FY27–FY28Q2, 15 HFI activities are planned (8 country engagements, 1 regional workshop, and 6 placeholders).
  - Planned HFI country work includes support for existing HFIs (Bhutan, Bolivia, Lebanon, Sri Lanka) and development of new indicators (The Gambia, Lesotho, Morocco, Sri Lanka).
  - A regional big data workshop is planned to support the use of alternative data sources for official statistics.
  - National Accounts Benchmarking and Rebasing: Over FY27–FY28Q2, 27 activities are planned (20 country engagements, 2 regional workshops, and 5 placeholders) with emphasis on rebasing and SNA 2025 alignment.
  - Module IV (Data Dissemination and Use): Projected increase in activities, including deeper support for SDMX migration and pilot change management and data use awareness workshops.
  - Module V (Environmental and Climate Change Statistics): Scaling up ECCS CD activities and stronger linkage to IMF surveillance and lending, building on SECO-supported pilot lessons.

*Source: D4D-II Progress Report and Work Plan, Data for Decisions Fund—FY26 Steering Committee Report.*

### introduction of targeted TA alongside workshops. Four activities for FY27–FY28Q2 include one pilot TA

### D4D-II progress report and workplan — introduction of targeted TA alongside workshops

### Overview of planned activities FY27–FY28Q2
- Four activities planned include:
  - One pilot TA (Uzbekistan)
  - Two regional workshops (APD and MCD)
  - One global virtual workshop
- Program objectives:
  - Support methodological consistency
  - Improve reporting practices
  - Increase use of FAS data in policy analysis

### Module III — Online Learning
- Purpose:
  - Provide scalable, self-paced training complementing TA and workshop-based CD
  - Support foundational skills in statistical methodologies and strengthen country readiness for advanced CD engagement
- FY27–FY28Q2 priorities:
  - Development of two new courses: "IRSx" and "SOE Debt and Fiscal Risks"
  - Updates to "CPIx" and "NASx"
  - Translation of key courses (RPPIx, QNAx, DSIx, BOP-IIPx) into Arabic, French, and Spanish
  - Additions: course updates include adding a Module(s) to CPIx and NASx
- Expected enhancements:
  - Improve accessibility, standardization, and alignment with evolving statistical frameworks

### Module IV — Data Dissemination and Use
#### Submodule: Data Standards
- Context:
  - JSA-funded bilateral project ends in December 2026; activities under this submodule will increase under the proposed work program
- Focus:
  - Improve statistical transparency via implementation of e-GDDS/SDDS frameworks
  - Support NSDP development and enhanced coordination across agencies
- Planned activities (ten activities):
  - Three regional workshops
  - NSDP launches (examples: Algeria, Bolivia)
  - SDDS progression (example: Guinea)
  - Country-level support for dissemination improvements (examples: Nigeria, Tunisia, and 2 placeholder countries)

#### Submodule: SDMX
- Focus:
  - Modernization of data dissemination systems and interoperability in partnership with AfDB and other international organizations
  - Emphasis on scalable digital infrastructure and harmonized data exchange standards
- FY27–FY28Q2 activities (eleven activities):
  - Three regional workshops on AI-ready data and implementation of ODP 2.0
  - Eight country-level missions (examples: Bolivia, Ethiopia, Indonesia, Morocco, Papua New Guinea, Sri Lanka, Uganda and one placeholder country)

#### Submodule: Data Use
- Objective:
  - Support analytical capacity, user engagement, and dissemination practices to translate data into actionable policy insights
  - Strengthen institutional readiness for data-informed macroeconomic policymaking by improving integration of official statistics, macroeconomic analytics, and interagency coordination
- Delivery modalities:
  - Simulation-based workshops, coordination exercises, and scenario-based policy design
  - Emphasis on applied learning and cross-institutional engagement with preparatory consultations to identify macroeconomic risks, coordination gaps, and priority datasets
- FY27–FY28Q2 planned activities:
  - Two workshops and one TA mission
- Expected outcomes:
  - Stronger institutional coordination
  - Improved use of macroeconomic data in policymaking
  - Enhanced crisis response capacity
  - Practical recommendations for strengthening statistical coordination frameworks

### Module V — Environmental and Climate Change Statistics
- Strategic shift:
  - Move from diagnostics to scaled implementation of climate-relevant statistics
  - Integrate environmental-economic accounts into macroeconomic frameworks aligned with SNA 2025 and SEEA standards
- Priority areas:
  - Natural resource accounts (land, water, minerals, energy), emissions, climate finance, and climate risk indicators
  - Support surveillance, RST/CPD integration, and climate policy analysis
- FY27–FY28Q2 planned activities (twenty activities):
  - 15 TA missions (examples: The Gambia, Chad, Armenia, Liberia, São Tomé and Príncipe)
  - An opening workshop (September 2026)
  - Two regional workshops (COMESA/WAIFEM and WAEMU)
  - Global expert forums on climate and disaster statistics
  - Development of a new e-learning course on Natural Resources Accounting with international partners

### D4D Fund governance: endorsement requests and indicative budget
- Steering Committee invited to endorse the updated 18-month D4D-II workplan and budget covering FY27 through the first half of FY28
- Revised workplan proposes 185 activities—including TA missions and workshops—across the five modules of D4D-II
- Total proposed budget: $16 million (including program management governance and evaluation and the trust fund management fee)
- Selected budget figures from Table 2 (FY27–FY28Q2 Requested New Workplan Proposed Budget and shares):
  - Module 1: Addressing Data Needs and Quality Concerns — 7,812,108 (49 percent)
    - Submodule Real Sector Statistics — 4,047,216 (25 percent)
    - Submodule External Sector Statistics — 2,038,594 (13 percent)
    - Submodule Fiscal and Public Debt Statistics — 1,726,299 (11 percent)
  - Module 2: Financial Access Survey — 1,070,637 (7 percent)
  - Module 3: Online Learning — 1,410,814 (9 percent)
  - Module 4: Data Dissemination and Use — 1,604,337 (10 percent)
    - Submodule Data Standards — 786,289 (5 percent)
    - Submodule SDMX — 465,054 (3 percent)
    - Submodule Data Use — 352,994
  - Module 5: Environment and Climate Change Statistics — 2,666,294 (17 percent)
  - SUB TOTAL — 14,564,190 (91 percent)
  - Program Management — 380,506 (2 percent)
  - Governance and Evaluation — 25,000 (0 percent)
  - TF Management Fee (7%) — 1,047,879 (7 percent)
  - TOTAL — 16,017,574 (100 percent)
- Note on expenses reporting:
  - Expenses are reported as of end-April 2026 and remain subject to revision pending end-of-fiscal-year reconciliation
- Funding reallocation note:
  - Funding reallocation of 35K from SDMX to Data Standards per LOT approval

### Proposal: Flexibility for intra-regional workplan adjustments
- Proposed operational change:
  - Allow in-module modifications to the endorsed workplan within the same region without requiring additional Steering Committee endorsement
- Scope of permissible adjustments:
  - Reallocating or substituting single-country activities within the same geographic region that do not alter overall strategic objectives, budget envelope, or results framework
- Rationale:
  - Enhance operational responsiveness and implementation efficiency
  - Enable timely adaptation to evolving country demand, logistical constraints, and emerging CD priorities
  - Reduce administrative delays for minor intra-regional changes
- Safeguards:
  - Changes involving shifts across regions, changes in strategic direction, or material reallocation of resources will continue to require formal endorsement through a lapse of time (LOT) process and subsequent Steering Committee approval

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_Source: https://www.imf.org/-/media/files/capacity-developement/d4d/9th-meeting/d4d-ii-progress-report-and-work-plan.pdf_