## D4D Fund Work Plan (January 2019)

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### Executive summary: purpose, scope, and early outcomes
- Objective: Putting more and better data in the hands of decision-makers to enhance evidence-based macroeconomic policies and support achievement of the Sustainable Development Goals (SDG).
- Focus: Strengthen national statistical systems, promote transparency and accountability, and offer efficient solutions to capacity development (CD).
- Conceptual foundation: Needs assessment considered (i) demand from countries, (ii) policy relevance, (iii) identification of data gaps and data quality concerns, (iv) complementarity of CD provided out of the IMF’s Regional Capacity Development Centers and bilateral CD projects, and (v) the need for flexibility to react to a country’s capacity and readiness to accept CD.
- Target countries: Mainly low and lower middle-income countries.
- Size of the Fund: US$33 million (including a 7 percent IMF trust fund management fee).
- Early implementation highlights:
  - D4D Fund launched on June 22, 2018.
  - Seven regional workshops with representatives from 56 countries will have taken place by the end of FY 2019 (April 30, 2019).
  - Close to two dozen TA missions have taken place or are lined up.
  - Work on the online learning course on public sector debt statistics (PSDS) was launched.
  - Conceptual work to revise the Financial Access Survey (FAS) was completed to better capture financial innovation and gender-disaggregated data.
- Staffing recruited:
  - A D4D Fund Program Manager.
  - An economist for frontloading the fiscal and debt reporting workstream.
  - Two financial sector experts for the FAS.
- Early lessons:
  - D4D Fund has demonstrated agility and innovation in CD delivery approaches.
  - Complementarity and demarcation with other IMF statistics CD vehicles emerged as an implementation lesson.

### Financial position and partner commitments
- USD$ 18.4 million has already been pledged from partners, representing some 56 percent of the program document budget.
- All partners have finalized their contribution agreements.
- Available resources – including the pledged amounts – are sufficient to enable the Steering Committee to endorse the proposed work plan of US$ 10.1 million.
- Financial report (as of January 8, 2019) highlights (in Millions of US Dollars):
  - Total Net Inflows 2/: 2.5 8.0 0.5 2.8 2.6 1.6 0.5 18.4
  - Total Interest: 0.0 0.1 ----- 0.1
  - Total Expenses: -0.5 2.7 5.4 --- 8.7
  - Account Balance 3/: 2.5 10.0 7.8 5.1 7.6 9.3 9.7
  - Country/partner flows as listed: China-0.5 0.5 ---- 1.0; European Union-1.2-1.2---2.3; Korea-1.7-----1.7; Luxembourg2.5 0.5-0.5 0.5 0.5 0.5 4.8; Netherlands-1.1 1.1 1.1 1.1 -4.5; Switzerland-3.1 0.9--4.0
- Discussions with additional potential partners are proceeding well: two G-20 countries have indicated serious intentions to join the D4D Fund in the near future; interest from other potential partners remains strong.

### Module M1 — Addressing Data Needs and Quality Concerns (structure and priorities)
- Modules and indicative allocations:
  - Module M1: Addressing Data Needs and Quality Concerns — USD 19-21 million.
    - Sub-module Real Sector Statistics (RSS) — USD 6-7 million.
    - Sub-module Fiscal and Debt Reporting (GFS/PSDS) — USD 7 million.
    - Sub-module External Sector Statistics (ESS) — USD 6-7 million.
- Scope: development of robust and consistent statistics in macroeconomic domains where the IMF is considered a global leader:
  - Real sector statistics (RSS)
  - Current and financial accounts of the balance of payments (ESS)
  - Fiscal sector (government finance and public debt statistics, GFS/PSDS)
- Implementation emphasis:
  - Fiscal and debt reporting sub-module is heavily front-loaded due to concerns about rising debt levels in LLMICs.
  - CD activities in real and external sector sub-modules are gradually expanding.
- Objectives:
  - Improve data compilation and dissemination across sub-modules to support policy analysis, early detection and monitoring of economic risk and vulnerabilities.
  - Increase public access to better data to foster transparency and government accountability.
  - Focus scarce CD resources on countries most exposed to macroeconomic risks through cooperation with IMF area departments.

### M1 — Real Sector Statistics (RSS): RPPI, HFIs, source data, and SPPIs
- Residential Property Price Indexes (RPPIs)
  - Purpose: Strengthen compilation and dissemination of RPPIs to inform macro-prudential and monetary policies.
  - Progress: Three TA activities identified RPPI needs—Vietnam, Mongolia, Indonesia.
  - Country rationales:
    - Vietnam: insufficient data on the real estate market; RPPI would inform policy analysis when market risks overheating.
    - Mongolia: downturn since 2013, high vacancy rates, rising non-performing loans; enhanced RPPI could serve as an early-warning indicator.
    - Indonesia: disseminates an RPPI under the G-20 data gaps initiative; central bank requested IMF TA to improve RPPI.
  - Main challenges: limited source data, administrative under-reporting, limited property characteristics, survey coverage and appraisal bias.
  - Work moving forward:
    - Follow-up TA to Vietnam in April 2019; Mongolia remote assistance and two missions planned for FY 2020-21; Indonesia follow-up to finalize new RPPI prior to publication in early 2020.
    - AFR and MCD workshops to develop basic RPPI work plans; identified countries for FY 2020–21 RPPI TA: Bolivia, Bangladesh, India, Morocco.
- High-frequency Indicators (HFIs)
  - Purpose: Provide policymakers with cyclical insights; implement systems for compilation, validation, analysis, and dissemination.
  - Targets:
    - (i) At least 10 LLMICs currently not producing an HFI will compile and disseminate such an indicator.
    - (ii) At least 15 additional countries will strengthen their HFI compilation.
  - Progress and pilots:
    - Pilot mission to Indonesia explored Big Data; collaboration with Statistics Netherlands on retail scanner data produced experimental indicators correlating well with official statistics.
    - Two diagnostic workshops with anglophone AFR and APD countries in Q4 FY 2019 finalized.
  - Work moving forward: TA missions scheduled in Q4 FY 2019 for Jordan, Uganda, Vietnam; pilots and workshops to select further countries for FY 2020–21 (initial priorities Lao P.D.R., Mongolia, Sri Lanka).
- Improved Source Data and Intermediate Statistics
  - Purpose: Develop source data to compile annual and quarterly GDP and services producer price indices (SPPIs); improve national accounts coverage and accuracy.
  - Near-term focus: integrated macroeconomic statistics, improved surveys, SPPIs; administrative data work to be scaled up in FY 2021.
  - Context: about one-third of IMF member countries have not rebased national accounts for more than 10 years.
- Service Producer Price Indices (SPPIs)
  - Survey of PPI compilation practices conducted for 94 countries where data was available.
  - Among the 41 LLMICs in this sample, Bhutan, Nigeria, Senegal, Sri Lanka, Tanzania, and Uganda are already compiling a producer price index with at least one service component.
  - In these countries, services represent up to 60 percent of activities in the economy.
  - Thematic workshop planned for FY 2020 to provide training and develop work plans; pilot country selection under way.

### M1 — External Sector Statistics (ESS): objectives, findings, and planned TA
- Submodule aim: address data gaps to detect and address external risks and vulnerabilities from globalization and digitalization.
- Progress achieved:
  - TA missions in Kenya and Uzbekistan found ESS weaknesses hampered policy analysis; compilation errors in critical BOP components were several percentage points of GDP.
  - Root causes: inefficient interagency cooperation, weak legal settings, lack of suitable data sources, weak compilation techniques, limited resources.
  - November 2018 ESS workshop in Morocco engaged 23 representatives from central banks and NSOs from 13 LLMICs and prepared country-specific draft work plans.
- Country groupings and planned TA (subject to endorsement):
  - Lower-capacity group: Uzbekistan, Kenya, Madagascar, Afghanistan.
  - More advanced compilers: Morocco, Tunisia, Jordan.
  - Philippines: assessment of remittances reporting via mobile money surveys.
- Workshops and coordination:
  - Follow-up ESS workshop planned for FY 2020 to provide hands-on training.
  - Integration with FSSF activities will be coordinated to avoid overlap; RBM log frames may attribute outcomes to multiple multi-partner vehicles where warranted.

### M1 — Fiscal and Debt Reporting (GFS/PSDS): front-loaded PSDS and GFS approach
- Objective: support countries to address data gaps in compilation and dissemination of GFS and PSDS to inform fiscal policy and reduce debt vulnerabilities.
- Rationale: Many LLMICs saw sharp increases in debt ratios and deterioration in fiscal positions over the last five years; PSDS work front-loaded in response.
- Progress achieved:
  - First regional PSDS diagnostic workshop in October 2018 identified low-hanging fruits and helped develop country work plans.
  - Key findings:
    - Widening sectoral coverage to incorporate SOEs had highest priority; including SOEs would affect fiscal deficits materially (examples: Kenya and Tunisia deficits widen by around 2 percent of GDP if SOEs included; Uganda and Bolivia deficits change by -0.3 and -3.5 percent of GDP respectively).
    - Contingent liabilities, including guarantees and PPP contingencies, flagged as priority.
    - Widening coverage to local governments prioritized in some countries (example: Kenya).
    - Unrecorded arrears for LLMICs estimated around 2 to 5 percent of GDP.
  - TA example: Comoros compiled for the first time fiscal data for the last three years in line with GFSM 2014.
- Work moving forward:
  - By end of FY 2020 it is expected some 60 countries will have benefited from participating in a diagnostic workshop (about three quarters of eligible D4D Fund countries).
  - Follow-up TA will use RCDCs for methodological/basic PSDS issues and D4D-funded missions for others; estimate up to half of targeted workshop countries may need one or more D4D TA missions.
  - Expectation of 18 PSDS TA missions to advance in FY 2020-21(Q1).
  - GFS: five slots reserved for GFS TA missions for FY 2020-21; bar for benefiting from D4D GFS resources set very high, prioritizing macro-criticality.

### Short-run country engagements and examples
- Moldova:
  - First TA mission in December 2018 assisted authorities to set up a workplan.
  - Compilation to start in 2019, including data on microfinance institutions and leasing corporations with assets estimated at more than13 percent of total banking assets.
  - Next TA engagement expected for September 2019 after receipt of nonfinancial sector data; central bank committed to compiling annual estimates for 2015 to 2017 by December 2019.
- Planned integrated macroeconomic statistics engagement: continued support to Moldova; diagnostic TA missions planned for Kosovo and Uganda in FY 2019 Q4 with follow-up FY 2020–21.
- Source data and surveys:
  - TA mission to Honduras arranged for Q4 FY 2019 on economic survey design.
  - Diagnostic workshops focusing on surveys and source data planned during FY 2020 for Asia/Pacific and African countries; administrative data work to begin in FY 2021.
  - Survey work priorities: sampling, questionnaire design, editing procedures, imputations for non-response; better coverage of informal sector (often 50 percent or more of GDP) and digital economy coverage highlighted.

### Module M2 — Financial Access Survey (FAS): role, 2018 results, and planned enhancements
- Purpose: Provide supply-side data on access to and use of financial services with global coverage; supports inclusive growth and SDG Target 8.10 monitoring (ATMs and commercial bank branches).
- Usage: over 36,000 users recorded over the last three years.
- 2018 FAS results and pilots:
  - Reporting broadly stable; gender-data pilot increased authorities reporting gender-disaggregated data to 35 countries.
  - New series added such as “branchless banking.”
  - Between 2010 and 2016 bank branches increased only by 3 percent, while ATMs increased by more than 50 percent worldwide.
  - Mobile money services analysis in the 2018 FAS gained considerable media traction.
  - Boxed highlights: rapid spread of mobile money in Africa and selected Asian countries; Jordan increased mobile money accounts by almost six times; Malaysia almost halved the gender gap in loan accounts per 1000 adults.
- Planned methodological and CD updates (2019–2020):
  - Start collecting data on mobile and internet banking (value and volume).
  - Expand coverage of gender-disaggregated data.
  - Streamline less relevant series for cross-country comparability.
  - Pilots to gather data using non-traditional methods (e.g., scraping banks’ websites for minimum balance and account opening fees).
- Workshops: prototype regional workshop for Asia in September 2018; AFR workshop March 2019; MCD workshop FY 2020; Latin America workshop considered subject to SC assessment.
- CD activity table notes: FY 2019 AFR Workshop (Q4); FY 2020-21 (Q1) MCD Workshop; net change reported: 0.

### Module M3 — Online Learning: objectives, course pipeline, and pedagogy
- Objective: Develop and roll out a comprehensive online learning curriculum in statistics to sustain CD interventions and expand reach to statistics compilers, especially in LLMICs.
- Scope and scale:
  - Envisaged eight online learning courses (English and up to five other languages).
  - Cost-efficient translations phased one year after launch.
- Pedagogical features:
  - Use attractive visuals rather than classroom-style expert videos.
  - Interactive activities and peer-to-peer fora with periodic IMF expert participation.
  - Flexible navigation: basic or advanced lessons; continuous availability.
- Production and rollout:
  - Pilot PSDS course slated to be launched in August 2019.
  - GFS course development will have started by the PSDS launch; national accounts course tentatively next.
  - Design applied first to PSDS and adapted for subsequent courses.

### Module M4 — Statistical Information Management: objectives and country engagements
- Objective: Advise on statistical information management practices and technical environments to improve data management, sustain compilation/dissemination progress, and reduce reconciliation errors.
- Country engagements and planned TA:
  - Tunisia: mission approved Dec. 2018; focus on streamlining data exchange nationally and with international players (including NSDP); in-country workshop planned early 2019.
  - Lebanon: Bank of Lebanon requested TA to disseminate data in SDMX; mission tentatively early 2019.
  - Preparatory discussions under way with Nauru and Vietnam; missions planned for FY 2020; placeholder for FY 2021 additional beneficiary.
- Expected externalities: benefits across agencies’ work and for SDG monitoring.

### Budget, spending profile, and module-level indicative allocations (FY 2019–21)
- Overall proposed indicative budget (As of January 8, 2019): Total (A)+(B)+(C): 10,071,600
  - FY19 Budget (A): 2,705,552
  - Expenses FY19 (as of Jan 8, 2019): 523,087
  - FY20 Total Revised Budget (B): 5,449,304
  - FY21 Budget (C): 1,916,744
- Key module totals (Total (A)+(B)+(C)):
  - Module 1 - Addressing Data Needs and Quality Concerns: 5,008,928
    - M1 Real Sector Statistics: 1,713,629
    - M1 External Sector Statistics: 917,475
    - M1 Fiscal and Debt Reporting: 2,377,824
  - Module M2 Financial Access Survey: 1,492,167
  - Module M3 Online Learning: 2,188,578
  - Module M4 Statistical Information Management: 212,277
  - RM Project Manager: 510,761
  - TF Management Fee (7%): 658,890
- Sub total (A)+(B)+(C): 9,412,710
- Issues for information and endorsement (selected budget implications):
  - Module 1, Sub Module Real Sector Statistics: USD 1.71 million
  - Module 1, Sub Module External Sector Statistics: USD 0.92 million
  - Module 1, Sub Module Fiscal and Debt Reporting: USD 2.38 million
  - Module 2: Financial Access Survey: USD 1.49 million
  - Module 3: Online Learning: USD 2.19 million
  - Module 4: Statistical Information Management: USD 0.21 million
  - Program Manager: USD 0.51 million

### Strategic log frame, targets, and impact indicators
- Strategic objective: Assist LLMICs in strengthening national statistical systems to cope with a challenging national and international policy environment, promote transparency and accountability, and offer efficient solutions to capacity development.
- Impact outcome indicators:
  - More and better data are available for decision-makers and analysts to inform economic policies and support monitoring of the SDGs.
  - Improvements in indicators across all macroeconomic and financial statistical domains.
  - Data sources: Dissemination on NSDPs, IMF and/or World Bank databases, and/or country web sites; IMF’s Article IV and program reports; follow-up assessments through IMF CD activities.
- Module-specific targets (selected):
  - Real Sector Statistics:
    - Bring RPPIs in line with Handbook guidance for around one-tenth of eligible countries with a basic RPPI.
    - Support at least 10 countries currently not producing HFIs to compile and disseminate HFIs.
    - Assist at least 15 additional countries to strengthen HFIs.
    - Baseline: about two-thirds of LLMICs compile some type of monthly or quarterly economic activity indicator.
  - External Sector Statistics:
    - Provide more accurate and comprehensive data on international trade in goods and services for at least 15 eligible countries by the end of the five-year D4D Fund cycle.
    - Financial account and remittances improvements for at least 15 eligible countries.
  - Fiscal and Debt Reporting:
    - For around one-third of LLMICs: improvements in GFS frequency, adherence to latest GFS manual, expanded institutional coverage, improved internal consistency, and better dissemination.
    - For around half of LLMICs: PSDS improvements including frequency, adherence to PSDS Guide, expanded institutional coverage, improved scope of stock positions (contingent liabilities and arrears), and better dissemination.
  - FAS:
    - By end of five-year D4D period: annual response rate increased to 95 percent of IMF membership; jurisdictions providing gender breakdown increased two-fold vs 2017; jurisdictions providing indicators of innovative channels increased by 50 percent vs 2017.
    - Provide data for SDG indicator 8.10.1 covering at least 90 percent of the world population for commercial bank branches and ATMs per 100,000 adults.
  - Online learning:
    - Develop eight fundamental statistical topical courses; translation in up to 5 languages.
    - Certification to become entry requirement for intermediate/advanced face-to-face training.
    - Phasing: one course Year 1, two in Years 2–4, one in Year 5.
    - Objective: increase reach of STA training by at least 50 percent by end of D4D Fund period.
  - Statistical information management:
    - Disseminate best practices and enable agencies to design state-of-the-art structures; pilots: Kenya (2017), planned pilots in Lebanon, Egypt and/or Tunisia (FY 2019).

### Complementarity, coordination, and evaluation
- Complementarity:
  - D4D Fund diagnostics inform follow-up CD through other IMF vehicles (FSSF, RCDCs) and coordination with other providers (e.g., World Bank, Nordic countries).
  - RCDCs to provide methodological support while D4D focuses on PSDS/data gaps and ESS flows.
- Coordination and RBM:
  - Care to ensure RBM log frame attributes contributions correctly when outcomes involve multiple funding sources.
- Evaluation:
  - Activities financed under the D4D Fund will be subject to an external, independent evaluation as per the Terms and Conditions of the D4D Fund Subaccount.
  - The Steering Committee shall endorse terms of reference and methodology for the independent evaluation.

### Operational and governance arrangements (Annex II highlights)
- Operational start: thematic fund starts operations in June 2018.
- Steering Committee (SC):
  - Role: provide strategic guidance, assist in setting priorities, endorse the work plan and updates.
  - Composition: representatives from each Contributor of the D4D subaccount and the IMF.
  - Chair and Vice-Chair: Chair is a donor with strong interest; terms of one year; Vice Chair becomes Chair at term end.
  - Decision-making: by consensus; each party has one voice; standard lapse-of-time approval period is fifteen working days for out-of-meeting decisions unless adjusted.
  - Meetings: SC meets in person annually; Chair may convene ad hoc meetings; observers may be invited case-by-case.
- Work plan management:
  - IMF staff consult SC informally in early stages; work plan distributed three weeks before SC meeting.
  - Strategic changes sent to SC by email for endorsement on non-objection/lapse of time basis; budget adjustments of less than +/- 10 percent of modules/sub-modules budget can be made without SC recourse.
  - Reporting via Partners Connect: detailed module descriptions, annual assessments, adjustments, and resource utilization updates.
- Non-objection and endorsement procedures: standard lapse-of-time periods and circulation practices for urgent amendments.
- Reporting and transparency: SC to endorse annual report; IMF to provide end-of-module assessments as projects complete.

*Source: D4D Fund Work Plan (January 2019), Statistics Department, International Monetary Fund (IMF).*

### EXECUTIVE SUMMARY __________________________________________________________________________ 7

### EXECUTIVE SUMMARY

### D4D Fund: purpose, scope, and size
- Objective: Putting more and better data in the hands of decision-makers to enhance evidence-based macroeconomic policies and support achievement of the Sustainable Development Goals (SDG).
- Focus: Strengthen national statistical systems to cope with a more challenging national and international policy environment, promote transparency and accountability, and offer efficient solutions to capacity development (CD).
- Conceptual foundation: Based on a needs assessment that considered (i) demand from countries, (ii) policy relevance, (iii) identification of data gaps and data quality concerns, (iv) complementarity of CD provided out of the IMF’s Regional Capacity Development Centers and bilateral CD projects, and (v) the need for flexibility to react to a country’s capacity and readiness to accept CD.
- Target countries: Mainly low and lower middle-income countries.
- Size of the Fund: US$33 million (including a 7 percent IMF trust fund management fee).

### Modular structure and tentative budget allocation
- Modules and indicative allocations:
  - Module M1: Addressing Data Needs and Quality Concerns — USD 19-21 million.
    - Sub-module Real Sector Statistics (RSS) — USD 6-7 million.
    - Sub-module Fiscal and Debt Reporting (GFS/PSDS) — USD 7 million.
    - Sub-module External Sector Statistics (ESS) — USD 6-7 million.
  - Module M2: Financial Access Survey (FAS) — USD 4-5 million.
  - Module M3: Online Learning — USD 5-7 million.
  - Module M4: Statistical Information Management — USD 1-1.5 million.

### Early implementation—activities, staffing, and lessons
- Launch and early activities:
  - D4D Fund launched on June 22, 2018.
  - Seven regional workshops with representatives from 56 countries will have taken place by the end of FY 2019 (April 30, 2019).
  - Close to two dozen technical assistance (TA) missions have taken place or are lined up.
  - Work on the online learning course on public sector debt statistics (PSDS) was launched.
  - Conceptual work to revise the Financial Access Survey (FAS) was completed to better capture financial innovation and gender-disaggregated data.
- Staffing recruited:
  - A D4D Fund Program Manager.
  - An economist for frontloading the fiscal and debt reporting workstream.
  - Two financial sector experts for the FAS.
- Early lessons:
  - The D4D Fund has demonstrated agility and innovation in CD delivery approaches.
  - Complementarity and demarcation with other IMF statistics CD vehicles emerged as an implementation lesson.

### Proposed next 18 months—programmatic ramp-up
- The updated work plan envisages:
  - Addition of 32 workshops and TA missions across all work streams.
  - Launch of innovative CD to improve financial inclusion data collection under the FAS and the conduct of the 2019 FAS round.
  - Virtual completion of two online learning courses.
- Sustainability outlook:
  - Anticipated imminent entry of new partners and liquidity projections suggest that envisaged steady-state D4D Fund operations are feasible and sustainable.

### Rationale and global context for expanded statistics CD
- Global financing needs for statistics:
  - Paris21-commissioned study estimates resource needs to close SDG-related data gaps at between USD 1.3 billion to USD 5.5 billion every year through 2030 for a broad group of 144 LLMICs.
  - These scenarios translate into a residual annual financing gap of USD 0.1 to 0.7 billion for statistical development, on top of countries’ domestic budgets and current annual ODA for statistics.
- Current ODA and IMF role:
  - Current annual volume of Official Development Assistance (ODA) for statistics of about USD 0.6 billion.
  - ODA support for statistics has stagnated at around 0.33 percent of total ODA.
  - IMF statistics CD has virtually doubled since 2011—accounting for close to 800 TA and training activities in FY 2019—positioning the IMF among the top five global providers of statistics CD.
- Strategic fit:
  - The D4D Fund is positioned as the cornerstone of IMF statistics CD under the IMF’s medium-term steady state CD architecture, intended to be mutually reinforcing with the Financial Sector Stability Fund (FSSF), Regional Capacity Development Centers (RCDCs), and targeted bilateral CD projects.

### Notable innovative activities and examples
- Pilot and innovative uses of CD:
  - Application of big data in assisting Indonesia in building high-frequency indicators of economic activity.
  - Leveraging CD in support of IMF surveillance (example: overlap of a TA mission on developing a residential property price index in Vietnam with a policy discussion visit of the IMF country team).
  - FAS regional workshop to raise awareness of financial inclusion data for policy analysis and to foster enhanced collection and dissemination of such data.

*Source: D4D Fund Work Plan (January 2019), Statistics Department, International Monetary Fund (IMF).*

### 6.      The D4D Fund is on a solid financial footing. USD$ 18.4 million has already been pledged from

### 6.      The D4D Fund is on a solid financial footing. USD$ 18.4 million has already been pledged from

### Financial position and resources
- USD$ 18.4 million has already been pledged from partners, representing some 56 percent of the program document budget.
- All partners have finalized their contribution agreements.
- The available resources – including the pledged amounts – are sufficient to enable the SC to endorse the proposed work plan of US$ 10.1 million.
- Financial report (as of January 8, 2019) highlights (in Millions of US Dollars):
  - Total Net Inflows 2/: 2.5 8.0 0.5 2.8 2.6 1.6 0.5 18.4
  - Total Interest: 0.0 0.1 ----- 0.1
  - Total Expenses: -0.5 2.7 5.4 --- 8.7
  - Account Balance 3/: 2.5 10.0 7.8 5.1 7.6 9.3 9.7
  - Country/partner flows as listed: China-0.5 0.5 ---- 1.0; European Union-1.2-1.2---2.3; Korea-1.7-----1.7; Luxembourg2.5 0.5-0.5 0.5 0.5 0.5 4.8; Netherlands-1.1 1.1 1.1 1.1 -4.5; Switzerland-3.1 0.9--4.0
- Discussions with additional potential partners are proceeding well: two G-20 countries have indicated serious intentions to join the D4D Fund in the near future; interest from other potential partners remains strong.

*Source: Partners Connect; Integrated Budget and Business Intelligence System (iBBis).*

### III. PROPOSED WORK PLAN FOR THE NEXT 18 MONTHS — Module I: Addressing Data Needs and Quality Concerns
- Scope: development of robust and consistent statistics in macroeconomic domains where the IMF is considered a global leader:
  - Real sector statistics (RSS)
  - Current and financial accounts of the balance of payments (ESS)
  - Fiscal sector (government finance and public debt statistics, GFS/PSDS)
- Objectives:
  - Improve data compilation and dissemination across sub-modules to support policy analysis, early detection and monitoring of economic risk and vulnerabilities.
  - Increase public access to better data to foster transparency and government accountability.
  - Focus scarce CD resources on countries most exposed to macroeconomic risks through cooperation with IMF area departments.
- Implementation emphasis:
  - Fiscal and debt reporting sub-module is heavily front-loaded due to concerns about rising debt levels in LLMICs.
  - CD activities in real and external sector sub-modules are gradually expanding.

### Module M1 — Submodule: Real Sector Statistics (RSS) — Work Stream: Residential Property Price Indexes (RPPIs)
- Purpose:
  - Strengthen compilation and dissemination of RPPIs by identifying/improving source data and advancing compilation and dissemination methods.
  - RPPIs used as input for macro-prudential and monetary policies to reduce systemic risks from real estate booms.
- Progress achieved:
  - Strong demand since the D4D Fund launch in June; resulted in three TA activities where RPPI development/improvement was identified as necessary: Vietnam, Mongolia, Indonesia.
  - Country-specific rationales:
    - Vietnam: insufficient data on the real estate market; RPPI would inform policy analysis when market risks overheating.
    - Mongolia: downturn since 2013, high vacancy rates, rising non-performing loans; enhanced RPPI could serve as an early-warning indicator.
    - Indonesia: already disseminates an RPPI under the G-20 data gaps initiative; central bank requested IMF TA to improve RPPI to better understand property–financial soundness linkages.
- Main challenges:
  - Need for suitable source data underlying the index.
  - Mongolia and Vietnam: administrative data under-report prices and have limited property characteristics.
  - Indonesia: developer/broker/buyer surveys have limited coverage and potential appraisal bias.
  - Remedies require a mix of regulatory amendments, legal/regulatory changes to enable inter-agency data exchange, survey improvements, and mainstreaming Big Data sources (e.g., web-scraped listings).
- Work moving forward:
  - Continue work with Vietnam, Indonesia, Mongolia; widen regional coverage with two workshops for AFR and MCD regions.
  - Specific planned activities:
    - Follow-up TA to Vietnam in April 2019 to assess measures to improve source data, including Big Data; mission to coincide with an APD staff visit and liaise with the World Bank’s financial sector project.
    - Mongolia: remote assistance has been used to implement TA recommendations; two follow-up missions planned for FY 2020-21; IMF country team visits to support legislative/regulatory reforms.
    - Indonesia: central bank will likely request follow-up TA to finalize new RPPI prior to its publication in early 2020.
    - AFR and MCD workshops to begin dialogue and develop basic work plans for RPPI compilation; potential follow-up TA to workshop countries if sufficient progress in data collection, reform ownership, and IMF area department prioritization.
  - Identified countries for RPPI TA activities in FY 2020–21: Bolivia, Bangladesh, India, Morocco.
- CD Activities on RPPIs — summary of changes (Original WP → Updated WP; net change items):
  - FY 2019: AFR Workshop → AFR Workshop (Q4); Vietnam (Approved Dec. 2018) → Vietnam (Q4); Mongolia ✓; Indonesia (Approved Oct. 2018) ✓
  - FY 2020–2021 (Q1): Bolivia; Bangladesh; MCD Workshop; additions: AFR Workshop Country (2) +2; MCD Workshop Country +1; Mongolia (2) +2; Morocco +1; India +1; Indonesia +1; Net change +8
  - Legend used: Dark green – Endorsed and conducted; Light green – Endorsed and planned; Orange – Additions or changes that need endorsement.

### Submodule: Real Sector Statistics — Work Stream: High-frequency Indicators (HFIs)
- Purpose:
  - Provide policy-makers with insights into the cyclical position of an economy to identify vulnerabilities early and guide economic policy adjustments.
  - Maximize use of available source data and help implement systems for compilation, validation, analysis, and dissemination of HFI statistics.
  - Positive spillovers to national accounts and BOP compilation.
- Targets:
  - (i) At least 10 LLMICs currently not producing an HFI will compile and disseminate such an indicator for a significant activity or sector.
  - (ii) At least 15 additional countries will strengthen their HFI compilation (Annex I).
- Progress achieved:
  - Advanced in line with original workplan; pilot mission to Indonesia explored Big Data for HFI compilation.
  - Preparations for two diagnostic workshops with anglophone AFR and APD countries in Q4 FY 2019 finalized; priority to countries lacking timely measures beyond annual GDP.
  - Pilot TA mission to Indonesia produced cost-effective approaches to compile HFIs even on a weekly basis (see Box 3).
- Box 3 — Pilot Project on Big Data in Indonesia (summary):
  - Collaboration with Statistics Netherlands; IMF mission visited Bank Indonesia in December 2018 to support use of retail scanner data to develop HFIs of private consumption and consumer prices.
  - Experimental indicators produced and validated showed good correlation with official statistics.
  - Advice provided on expanding scanner data collection and methodological guidance.
  - Two statistical products initiated: (i) monthly retail sales indexes by province; (ii) weekly price indexes for volatile and core items of the consumer price index basket sold in supermarkets.
  - Authorities agreed to complete the pilot by mid-2019, possibly expanding scanner data collection and coverage.
  - Lesson: scanner data may offer a cost-efficient way to calculate the consumer price index for items available in modern outlets.
- Work moving forward:
  - TA missions scheduled in Q4 FY 2019: Jordan (improve existing HFIs, including Industrial Production Index), Uganda (assess sectoral high-frequency data and propose broadened measurement/harmonization), Vietnam (address cross-sectoral data inconsistencies, propose framework to integrate data, focus on timeliness and data access).
  - Diagnostic workshops to select further countries for TA; initial priorities for FY 2020–21 include Lao P.D.R., Mongolia, Sri Lanka (participants in Q4 FY 2019 APD workshop).
  - Additional workshops planned for francophone/lusophone AFR and MCD in FY 2020–21 to finalize participants and follow-up TA decisions.
- CD Activities on HFIs — summary of changes:
  - FY 2019: AFR Workshop I → AFR Workshop I (Q4); APD Workshop → APD Workshop (Q4); Jordan (Q4); Uganda (Q4); Vietnam (Q4); Indonesia ✓
  - FY 2020-21 (Q1): AFR Workshop II; MCD Workshop; AFR Workshop Country (2) → AFR Workshop I and II Country (4) +2; APD Workshop Country (1) → APD Workshop Country (3) +2; MCD Workshop Country (2) → MCD Workshop Country (3) +1; Net change +5
  - Legend: Dark green – Endorsed and conducted; Light green – Endorsed and planned; Orange – Additions or changes that need endorsement.

### Submodule: Real Sector Statistics — Work Stream: Improved Source Data and Intermediate Statistics
- Purpose:
  - Develop source data to compile annual and quarterly GDP and services producer price indices (SPPIs).
  - Improve national accounts coverage and accuracy, support rebasing exercises, and improve SDG reporting quality.
  - Require better use of administrative data and improved surveys, including for informal sector and digital economy.
  - Support development of price statistics for services sectors; many LLMICs limit producer price statistics to goods, causing measurement issues.
- Near-term focus:
  - Integrated macroeconomic statistics, improved surveys, and development of SPPIs.
  - Work on administrative data (e.g., use of tax data for GDP compilation) to be launched at larger scale only in FY 2021, following extension of a large bilateral project in AFR by another year to complete work begun under that project.
- Contextual note:
  - Rebasing national accounts remains a challenge: some one-third of IMF member countries have not rebased their national accounts for more than 10 years, contrary to best practice that suggests rebasing every five years or less.

*Source: D4D Fund work plan (January 8, 2019), Statistics Department, IMF.*

### 20.      The first TA mission to Moldova in December 2018 assisted the authorities to set up a

### Integrated Macroeconomic Statistics, Source Data, External Sector, and Fiscal/Debt Work (D4D Fund)

### Moldova: Integrated National Accounts and TA follow-up
- The first TA mission to Moldova in December 2018 assisted the authorities to set up a workplan.
- Compilation will start in 2019, including data on the microfinance institutions and leasing corporations with assets estimated at more than13 percent of total banking assets.
- These data will serve as input for financial stability analysis and regulation and support the country’s planned adherence to the IMF’s highest data standard, the Special Data Dissemination Standard Plus.
- The statistics will also improve the robustness of Moldova’s national accounts and provide a more accurate view of the country’s macro-financial developments in an integrated framework.
- Next TA engagement with Moldova is expected for September 2019 following the receipt of data for the nonfinancial sector.
- The central bank has committed to compiling annual estimates for 2015 to 2017 by December 2019.

### Planned engagement on integrated macroeconomic statistics
- Continued support to Moldova, and engagement with Uganda and Kosovo.
- Kosovo and Uganda have launched work streams on integrated macroeconomic statistics but requested TA to guide them in developing a work plan.
- First diagnostic TA missions to Kosovo and Uganda are planned for FY 2019 Q4, with follow-up TA scheduled for FY 2020–21.

### Source data activities and surveys
- A TA mission to Honduras has been arranged for Q4 FY 2019 to assist with economic survey design and other source data to improve GDP estimates for the new base year; project coordinated with the relevant RCDC.
- Diagnostic workshops focusing on surveys and other source data will be held during FY 2020 for Asia/Pacific and African countries, followed by targeted TA activities.
- Survey work will center on sampling techniques, questionnaire design, editing procedures, and imputations for non-response.
- Coordination planned with other TA providers, especially the World Bank and Nordic countries.
- Better coverage of the informal sector (often 50 percent or more of GDP) in surveys and other source data highlighted as important.
- Coverage of the digital economy to measure contributions to GDP and productivity growth is an aspect of planned source data development.
- Development of country-specific work plans at diagnostic workshops is expected to allow the fielding of up to four follow-up TA missions on surveys and other source data before the end of April 2020.
- Work on administrative data should begin in FY 2021.

### Service Producer Price Indices (SPPIs)
- Initial work on SPPIs under the D4D Fund focused on assessing the baseline in preparation of CD to come.
- A survey of producer price index compilation practices was conducted for 94 countries where data was available.
- Among the 41 LLMICs in this sample, Bhutan, Nigeria, Senegal, Sri Lanka, Tanzania, and Uganda are already compiling a producer price index with at least one service component.
- In these countries, services represent up to 60 percent of activities in the economy.
- The growing contribution of services to economic activity over the past seven years, including mobile money, illustrates the importance and dynamics in this sector.
- A thematic workshop planned for FY 2020 will offer countries training on best practices and peer learning; work plans will be developed as a basis for future TA.
- Consultations with IMF country teams and RSS long-term experts in the RCDCs have begun to identify suitable countries for the workshop.

### External Sector Statistics (ESS): objectives and progress
- Submodule aim: address data gaps to detect and address external risks and vulnerabilities from globalization and digitalization; policy implications affect monetary, fiscal, and exchange rate policies and structural reform needs.
- Adjustments needed to ESS compilation to reflect global value chains and to exploit Big Data (e.g., mobile money transactions for estimating remittances).

Progress achieved
- TA missions conducted in Kenya and Uzbekistan where ESS weaknesses hampered policy analysis and formulation.
  - Kenya: deficiencies in data sources and dissemination of two sets of quarterly BOP data by different agencies, neither reconcilable with annual data.
  - Uzbekistan: political changes triggered reforms toward transparency; decision to start disseminating ESS data; organizational changes led to loss of institutional knowledge and breaks in time series.
- Compilation errors were found in critical BOP components of several percentage points of GDP, misleading current and financial account pictures.
- Root causes: inefficient interagency cooperation in data sharing and weak legal settings; also lack of suitable data sources, weak compilation techniques, and limited resources.
- Short- to medium-term improvements more feasible in Kenya; Uzbekistan may require more time but work is under way.
- A November 2018 ESS workshop in Morocco launched engagement and prepared country-specific draft work plans focused on improving coverage of goods, services, financial and remittances flows and reducing errors and omissions in BOP statistics.
  - The workshop included 23 representatives from central banks and national statistical offices from 13 LLMICs.

Country groupings and planned TA
- Countries with low ESS capacity expressed interest in more frequent TA; pressing needs include strengthening interagency cooperation, methodology, and data sources/processing.
- Countries with more advanced ESS capacity require further strengthening of compilation techniques and estimation methods for cross-border transactions from value-chain production, digitalization, fintech, illicit/informal trade, and integration of financial account compilation with the IIP.
- Identified for D4D Fund-supported TA missions (subject to endorsement): Uzbekistan, Kenya, Madagascar, Afghanistan (lower capacity group).
  - Afghanistan and Kenya: focus on improving data collection and compilation; Kenya also faces regional integration challenges; Afghanistan faces illicit/informal cross-border flows.
  - Uzbekistan: TA to rebuild capacity after organizational changes.
- Among more advanced ESS compilers: Morocco, Tunisia, Jordan—to develop data sources and enhance compilation techniques for cross-border transactions.
- Philippines: work will assess progress in improving reporting of remittances through surveys on mobile money transactions, an innovative approach that could inform ESS CD in other LLMICs.

Workshops and coordination
- A follow-up ESS workshop is planned for FY 2020 to provide hands-on training on priority topics identified; participants to include advanced ESS compilers and possibly additional similar-challenge countries.
- Integration of financial accounts with the IIP will be closely coordinated with activities under the FSSF to prevent overlap; log frames under the RBM framework could allow attribution of outcomes to multiple multi-partner vehicles where warranted.

### Fiscal and Debt Reporting (GFS/PSDS): priorities and progress
- Submodule objective: support countries to address data gaps in compilation and dissemination of GFS and PSDS to inform fiscal policy and reduce debt vulnerabilities.
- Many LLMICs have seen sharp increases in debt ratios and deterioration in fiscal positions over the last five years; more recently oil-producing LLMICs observed a more positive trend reflecting recovery in oil prices.
- The PSDS work under the D4D Fund has been front-loaded in response to rising debt vulnerabilities and weak transparency in PSDS.

Progress achieved
- First regional PSDS diagnostic workshop in October 2018 identified low-hanging fruits and helped develop country work plans.
- IMF country teams assessed PSDS data gaps in parallel with workshop participants; findings summarized include areas for relatively quick progress in improving debt coverage:
  - Widening sectoral coverage by incorporating state-owned enterprises (SOE) had the highest priority.
    - Among publicly available FTEs for LLMICs: for Kenya and Tunisia the fiscal deficit would widen by around 2 percent of GDP if SOEs were included; in Uganda and Bolivia the deficit would fall by 0.3 and 3.5 percent of GDP, respectively.
  - Contingent liabilities flagged as a priority, including reporting guarantees and complex contingencies from Public-Private Partnerships; addressing these requires coordination with the IMF’s Fiscal Affairs Department and the World Bank.
  - Widening sectoral coverage to local governments identified as a high priority in some countries (example: Kenya’s decentralization program).
  - Improving arrears reporting to widen coverage of debt instruments; FTEs for LLMICs identified unrecorded arrears of around 2 to 5 percent of GDP.

- A TA mission to Comoros assisted authorities in compiling, for the first time, fiscal data for the last three years in line with the Government Finance Statistics Manual 2014, including detailed data for revenues, expenses, and transactions in nonfinancial assets and liabilities for the Union and the three islands separately.

Work moving forward
- CD activities for PSDS for remainder of FY 2019 and FY 2020–21 will focus on completing diagnostic work on PSDS deficiencies and engaging through follow-up TA.
- Given frontloading, by the end of FY 2020 it is expected that some 60 countries will have benefited from participating in a diagnostic workshop—some three quarters of eligible D4D Fund countries.
- Workshop format will be shaped by the inaugural Mauritius workshop experience, development of country-specific work plans, identification of low-hanging fruits, and focus on data availability fit for policy purposes.
- Follow-up CD will rely on several instruments; where methodological and basic PSDS compilation issues predominate, some follow-up TA will be undertaken by RCDCs.
- Discussions suggest up to half of targeted workshop countries may need one or more TA missions provided by the D4D Fund, implying an upward revision of envisaged PSDS TA missions in the work plan.
- Completion of diagnostics for the bulk of eligible D4D Fund countries by end-FY 2020 would create space for an accelerated schedule of follow-up TA during the second half of the D4D Fund’s five-year cycle, supporting achievement of the strategic log frame objectives and outcomes.

*Source: D4D Work Plan (January 2019), Statistics Department, IMF.*

### 38.      In the short run, the IMF will begin engaging with follow-up TA in several countries that

### d4d-work-plan-january-2019 - 38.      In the short run, the IMF will begin engaging with follow-up TA in several countries that

### Short-run follow-up technical assistance (TA) on Public Sector Debt Statistics (PSDS) and Government Finance Statistics (GFS)
- PSDS follow-up TA will begin in several countries that attended the inaugural diagnostic workshop.
- The TA to Liberia, Zambia, and Zimbabwe (already identified in the initial D4D Fund work plan) remain crucial in view of risks from high debt levels.
  - Liberia: work will focus on improving SOE reporting.
  - Zimbabwe: SOEs and arrears reporting have been identified as priorities.
  - For Liberia, Zambia, and Zimbabwe: work plans aim at improving coordination between agencies involved in PSDS compilation to widen coverage and improve frequency and timeliness.
- Additional TA missions will be lined up once senior management of the benefiting agencies has endorsed the work plans over the coming months.
- The IMF will inform the Steering Committee (SC) on agreements with countries to launch follow-up capacity development (CD) in line with the D4D’s operating procedures (Annex II).
- Approach applied to the Mauritius workshop participants will be followed for the other three workshops in the pipeline.
- It is expected that 18 PSDS TA missions will advance in FY 2020-21(Q1).
- With a heavy focus on debt reporting, D4D Fund activities envisaged for GFS reporting are limited for FY 2020-21:
  - Altogether five slots for GFS TA missions have been reserved at this stage.
  - The bar for benefiting from D4D Fund resources for GFS CD has been set at a very high level, putting macro-criticality in the foreground.
  - The IMF’s surveillance dialogue with countries provides important inputs in decision-making for GFS CD (examples noted for Comoros and Ghana).
- Summary indicators and table changes reported:
  - PSDS: APD Workshop Country increased from (3) to (4) (+1); Lusophone AFR Workshop Country increased from (3) to (4) (+1); WHD Workshop +1; Anglophone AFR Workshop Country +4.
  - GFS: Country TBD changed from (3) to (5) (+2).
  - Net change reported for the combined activity table: +9.

*Module attribution: PSDS and GFS CD activities and planned missions as described by the D4D Fund work plan.*

### Module II: Financial Access Survey (FAS) — purpose, progress, and planned improvements
- Purpose and role:
  - The FAS supports inclusive growth by providing supply-side data on access to and use of financial services with global coverage.
  - Two FAS indicators have been adopted as part of the SDG monitoring framework (Target 8.10): annual data on the number of Automated Teller Machines (ATMs) and commercial bank branches.
- Usage and demand:
  - Demand for FAS data has been strong, with over 36,000 users recorded over the last three years.
- Progress achieved (2018 FAS):
  - Overall reporting to the FAS remained broadly stable.
  - The mainstreaming of the gender-data pilot increased the number of authorities reporting gender-disaggregated data to 35 countries.
  - New series such as “branchless banking” were added.
  - Between 2010 and 2016, bank branches increased only by 3 percent, while ATMs increased by more than 50 percent worldwide (driven mainly by developments in Asia).
  - Mobile money services analysis in the 2018 FAS gained considerable media traction.
- Boxed highlights from 2018 FAS:
  - Mobile money services have rapidly spread in Africa and to other regions (Bangladesh, Pakistan, Myanmar).
  - Jordan increased mobile money accounts by almost six times through a Mobile Money App and permissive ID rules for refugees.
  - Malaysia almost halved the gender gap (defined as the difference of the ratio between loan accounts for men and women per 1000 adults) over the past decade; targeted microfinance schemes played a role.
- Work moving forward (2019–2020):
  - Strategy: combine FAS with CD to improve compilers’ understanding of policy relevance and methodology, thereby raising reporting rates.
  - Regional workshops and training:
    - A prototype regional FAS workshop for Asian countries took place in September 2018; participants emphasized difficulty in collecting gender-disaggregated data and fragmented regulatory structures.
    - Workshops planned for African countries in March 2019 and for Middle Eastern countries in FY 2020.
    - Consideration of an additional workshop for Latin America to facilitate peer-learning (SC assessment needed because not all participating countries would be LLMICs).
  - Methodological and content updates for the 2019 FAS:
    - Start collecting data on mobile and internet banking, including the value and volume of such transactions.
    - Expand coverage of gender-disaggregated data.
    - Streamline some series that are less relevant due to regulatory setups limiting cross-country comparability.
  - New pilots to gather data using non-traditional methods:
    - Pilot to obtain data on costs of financial services (minimum balance and account opening fees) directly from banks’ websites to ensure comparability and reduce reporting burden.
- CD activity table notes:
  - FY 2019: AFR Workshop (Q4).
  - FY 2020-21 (Q1): MCD Workshop.
  - Net change reported: 0.

*Module attribution: Financial Access Survey strategy, 2018 results, and planned CD and methodological enhancements.*

### Module III: Online Learning — objectives, design, and rollout schedule
- Objective:
  - Develop and roll out a comprehensive online learning curriculum in the statistics field to sustain traditional CD interventions and expand reach to statistics compilers, especially in LLMICs.
- Scope and scale:
  - Envisaged eight online learning courses (English and up to five other languages).
  - Design anticipates cost-efficient translation in up to five languages; translations to be phased in one year after launch to allow fine-tuning.
- Pedagogical and technical design features (applied first to the PSDS course and adapted for subsequent courses):
  - Use attractive visuals rather than classroom-style expert videos to convey detailed statistics methodology.
  - Interactive activities and peer-to-peer fora with periodic participation by an IMF expert.
  - Flexible navigation allowing learners to select basic or advanced lessons; content available continuously around the clock.
- Production and rollout:
  - Work on three courses will proceed in a staggered manner during the proposed work plan.
  - Pilot PSDS course slated to be launched in August 2019.
  - GFS course development will have already started by the PSDS launch.
  - National accounts course tentatively next after PSDS and GFS.
- Schedule indicator: Figure 8 referenced for online course production schedule (sequence: PSDS pilot August 2019; GFS development started; national accounts planned next).

*Module attribution: IMF online learning program for statistics, pilot PSDS course and subsequent course pipeline.*

### Module IV: Statistical Information Management — objectives, country engagements, and planned missions
- Objective:
  - Provide advice on statistical information management practices and related technical environments to improve statistical data management, sustain progress in compilation and dissemination, and reduce reconciliation errors.
  - Support optimized data sharing and enable operation of business intelligence tools, including the IMF’s National Summary Data Page (NSDP).
- Expected externalities:
  - Improvements in statistical information management are expected to yield benefits across the beneficiary agency’s work and for countries aiming to improve SDG monitoring.
- Country engagements and planned TA:
  - Lebanon and Tunisia: discussions advanced; TA missions planned.
    - Tunisia: work plan with the Bank of Tunisia aims to streamline data exchange between agencies at a national level and with international players (including NSDP); TA will assess current data dissemination and possible new data categories; an in-country workshop will raise awareness for good data management practices among staff. Mission timing: early 2019 (Tunisia approved Dec. 2018; listed as Tunisia (Q4) in updated WP).
    - Lebanon: Bank of Lebanon requested TA to disseminate data in SDMX; TA will focus on best practices in SDMX use and content dissemination. Mission tentatively scheduled for early 2019 (Lebanon listed as Lebanon (Q4) in updated WP).
  - Preparatory discussions under way with Nauru and Vietnam in response to TA requests; missions planned for FY 2020, with preparatory video conferences determining scope and staffing needs.
  - A placeholder added for FY 2021 for an additional beneficiary country to be determined once interest is substantiated.
- Table summary and net change:
  - FY 2019: Lebanon (Q4); Tunisia (Q4) (Tunisia approved Dec. 2018).
  - FY 2020–21 (Q1) additions: Nauru +1; Vietnam +1; Country TBD +1.
  - Net change reported for Statistical Information Management: +3.

*Module attribution: Statistical information management TA plans, country requests, and planned missions.*

### First lessons from implementation (IV)
- Early lessons despite short time since launch:
  - Emphasis on accurate diagnostics and baselines via workshops, surveys, and engagement with IMF country teams and long-term experts has laid a strong foundation for follow-up TA and identifying milestones and outcomes under the IMF’s RBM framework.
  - This emphasis raises questions of cost-effectiveness, efficiency, impact, and sustainability of the TA to be provided.
  - Workshops have provided peer-learning opportunities, sometimes including higher-capacity countries to showcase successful statistical reforms.
  - Engagement with IMF country teams has yielded cases where D4D-funded TA overlapped with surveillance missions, thereby leveraging TA advice.
  - The innovative approach at the first PSDS workshop—asking both country authorities and IMF country teams to identify the most pressing data needs—provided an efficient model for future engagement.

*Attribution: IMF D4D Fund work plan and implementation lessons as presented in the D4D work plan document.*

*Document: D4D Fund work plan (January 2019) — Statistics Department, sections on short-run TA, FAS, Online Learning, Statistical Information Management, and implementation lessons.*

### 52.      The initial work under the D4D Fund has also emphasized the complementarity of the IMF’s

### d4d-work-plan-january-2019 - 52.      The initial work under the D4D Fund has also emphasized the complementarity of the IMF’s

### Complementarity of CD vehicles and coordination with other providers
- The initial D4D Fund work emphasized complementarity between the IMF’s other CD vehicles and coordination with other CD providers.
- Diagnostics from D4D Fund workshops under Module M1 informed follow-up CD deliverable through different CD vehicles, such as the FSSF or RCDCs.
- D4D Fund focus and complementary roles:
  - D4D Fund centers on ESS flows—the current and financial accounts of the BOP—and addressing PSDS data gaps.
  - Follow-up work identified in workshops includes stocks work in the form of the IIP.
  - RCDCs can provide methodological support (e.g., AFE), while D4D centers on addressing PSDS data gaps.
- Coordination with other CD providers (e.g., the World Bank and several Nordic countries) is essential, especially for source data work, to reap synergies and avoid duplication.
- Care must be taken that the RBM log frame for country interventions correctly addresses contributions of the CD activity to the funding source.

### Indicative program budget and spending profile (FY 2019–21)
- The budget in Table 10 illustrates increasing resource needs for the period up to July 2020.
- Spending notes:
  - Expenses until end-2018 account for about one-fifth of the FY 2019 budget.
  - Spending is projected to accelerate sharply during the remainder of FY 2019, coming close to the authorized budget amount.
  - Key timing drivers:
    - Recruitments for the D4D Fund Program Manager and the economist to coordinate stepped-up PSDS work will affect spending beginning in January.
    - Online learning work on the PSDS course will commence in January.
    - Spending related to the FAS became effective in October 2018 after the survey was transferred from an expiring bilateral donor project and recruitment of two financial experts.
    - Workshops and TA missions will largely affect the second half of FY 2019, following completion of conceptual preparatory work.
- FY20 revised budget represents steady-state implementation, centered on premise that all hiring is completed and CD activities are reflected in the IMF’s Regional Allocation Plan for TA and training.

### Table 10: FY 2019-21 Proposed Indicative Budget by Module (As of January 8, 2019) — key figures (in US Dollars)
- Module 1 - Addressing Data Needs and Quality Concerns
  - FY 2019 Budget (A): 1,089,995
  - Expenses FY19 (as of Jan 8, 2019): 368,512
  - FY20 Total Revised Budget (B): 2,988,327
  - FY21 Budget (C): 930,606
  - Total (A)+(B)+(C): 5,008,928
- Module M1: Submodule Real Sector Statistics
  - FY19 Budget (A): 216,366
  - Expenses FY19 (as of Jan 8, 2019): 96,969
  - FY20 Total Revised Budget (B): 1,029,427
  - FY21 Budget (C): 467,836
  - Total (A)+(B)+(C): 1,713,629
- Module M1: Submodule External Sector Statistics
  - FY19 Budget (A): 358,864
  - Expenses FY19 (as of Jan 8, 2019): 159,829
  - FY20 Total Revised Budget (B): 464,977
  - FY21 Budget (C): 93,634
  - Total (A)+(B)+(C): 917,475
- Module M1: Submodule Fiscal and Debt Reporting
  - FY19 Budget (A): 514,765
  - Expenses FY19 (as of Jan 8, 2019): 111,715
  - FY20 Total Revised Budget (B): 1,493,923
  - FY21 Budget (C): 369,136
  - Total (A)+(B)+(C): 2,377,824
- Module M2: Financial Access Survey
  - FY19 Budget (A): 586,746
  - Expenses FY19 (as of Jan 8, 2019): 78,721
  - FY20 Total Revised Budget (B): 710,612
  - FY21 Budget (C): 194,809
  - Total (A)+(B)+(C): 1,492,167
- Module M3: Online Learning
  - FY19 Budget (A): 598,680
  - Expenses FY19 (as of Jan 8, 2019): 40,950
  - FY20 Total Revised Budget (B): 1,036,693
  - FY21 Budget (C): 553,205
  - Total (A)+(B)+(C): 2,188,578
- Module M4: Statistical Information Management
  - FY19 Budget (A): 83,460
  - Expenses FY19 (as of Jan 8, 2019): 683
  - FY20 Total Revised Budget (B): 85,878
  - FY21 Budget (C): 42,939
  - Total (A)+(B)+(C): 212,277
- RM Project Manager
  - FY19 Budget (A): 169,672
  - Expenses FY19 (as of Jan 8, 2019): 0
  - FY20 Total Revised Budget (B): 271,298
  - FY21 Budget (C): 69,791
  - Total (A)+(B)+(C): 510,761
- Sub total
  - FY19 Budget (A): 2,528,553
  - Expenses FY19 (as of Jan 8, 2019): 488,866
  - FY20 Total Revised Budget (B): 5,092,808
  - FY21 Budget (C): 1,791,350
  - Total (A)+(B)+(C): 9,412,710
- TF Management Fee (7%)
  - FY19 Budget (A): 176,999
  - Expenses FY19 (as of Jan 8, 2019): 34,221
  - FY20 Total Revised Budget (B): 356,497
  - FY21 Budget (C): 125,394
  - Total (A)+(B)+(C): 658,890
- Total
  - FY19 Budget (A): 2,705,552
  - Expenses FY19 (as of Jan 8, 2019): 523,087
  - FY20 Total Revised Budget (B): 5,449,304
  - FY21 Budget (C): 1,916,744
  - Total (A)+(B)+(C): 10,071,600

### Issues for information and endorsement (selected budget implications)
- Module 1, Sub Module Real Sector Statistics: USD 1.71 million
- Module 1, Sub Module External Sector Statistics: USD 0.92 million
- Module 1, Sub Module Fiscal and Debt Reporting: USD 2.38 million
- Module 2: Financial Access Survey: USD 1.49 million
- Module 3: Online Learning: USD 2.19 million
- Module 4: Statistical Information Management: USD 0.21 million
- Program Manager: USD 0.51 million

### Strategic log frame — D4D’s strategic objective and module-level objectives
- Strategic objective:
  - Assist LLMICs in strengthening national statistical systems to cope with a challenging national and international policy environment, promote transparency and accountability, and offer efficient solutions to capacity development.
- Impact outcome indicators:
  - More and better data are available for decision-makers and analysts to inform economic policies and support monitoring of the SDGs.
  - Improvements in indicators across all macroeconomic and financial statistical domains.
  - Data sources: Dissemination on National Summary Data Pages (NSDPs), IMF and/or World Bank databases, and/or country web sites; IMF’s Article IV and program reports; follow-up assessments through IMF CD activities.
- Module 1 — Policy-makers and the public have access to more and better data in three statistical domains (real, external, fiscal and debt).
  - Real Sector Statistics: objectives include RPPI development, high frequency indicators (HFIs), improved source data and intermediate statistics.
    - Targets and indicators include: bringing RPPIs in line with Handbook guidance for around one-tenth of eligible countries with a basic RPPI; supporting at least 10 countries currently not producing HFIs; assisting at least 15 additional countries to strengthen HFIs.
    - Baseline notes: about two-thirds of LLMICs compile some type of monthly or quarterly economic activity indicator.
  - External Sector Statistics: objective to compile high-quality balance of payments statistics.
    - Target: provide more accurate and comprehensive data on international trade in goods and services for at least 15 eligible countries by the end of the five-year D4D Fund cycle.
    - Financial account and remittances improvements for at least 15 eligible countries; monitor consistency between stocks and flows data; note that errors and omissions metric may not show linear trend.
  - Fiscal and Debt Reporting: objective to improve GFS and PSDS compilation and dissemination.
    - For around one-third of LLMICs, improvements in GFS frequency, adherence to latest GFS manual, expanded institutional coverage, improved internal consistency, and better dissemination.
    - For around half of LLMICs, PSDS improvements including frequency, adherence to PSDS Guide, expanded institutional coverage, improved scope of stock positions (contingent liabilities and arrears), and better dissemination.
- Module 2 — Financial Access Survey (FAS):
  - Continued production of the FAS with annual survey to all IMF members, validation by IMF staff, and rolling dissemination.
  - By end of five-year D4D period:
    - Annual response rate increased to 95 percent of the IMF membership.
    - Number of jurisdictions providing gender breakdown of FAS increased by two-fold compared to the 2017 benchmark.
    - Number of jurisdictions providing indicators of innovative channels of financial access increased by 50 percent compared to the 2017 benchmark.
  - Provide monitoring basis for SDG indicator 8.10.1 and data on commercial bank branches and ATMs per 100,000 adults covering at least 90 percent of the world population.
- Module 3 — Online learning:
  - Develop and implement new online training curriculum covering eight fundamental statistical topical courses.
  - Translation in up to 5 languages, depending on resources.
  - Certification from online training to become entry requirement for intermediate/advanced face-to-face training.
  - Phasing: one course Year 1, two in Years 2–4, one in Year 5.
  - Objective: increase reach of STA training by at least 50 percent by end of D4D Fund period.
- Module 4 — Statistical information management:
  - Disseminate best practices in statistical data and metadata management, governance, technical standards, and project design.
  - Enable recipient agencies to design state-of-the-art statistical information management structures to facilitate joining IMF data dissemination standards and reduce reporting burdens.
  - Pilots: Kenya (2017), and planned pilots in Lebanon, Egypt and/or Tunisia (FY 2019).

*Statistics Department, D4D Fund Work Plan (As of January 8, 2019), IMF.*

### Annex II. Operational Guidance Note (as approved on June 22, 2018)

### Annex II. Operational Guidance Note (as approved on June 22, 2018)

### Overview
- The D4D Fund is an IMF multi-partner initiative to put more and better data in the hands of decision-makers to enhance evidence-based macroeconomic policies and support achievement of the sustainable development goals.
- This thematic fund will start operations in June 2018.

### Steering Committee — Role and Composition
- Role:
  - Provide strategic guidance and assist in setting priorities.
  - Endorse the work plan and its updates for the D4D Fund.
- Composition:
  - The SC shall be composed of representatives from each Contributor of the D4D subaccount and the IMF.

### Steering Committee — Chair and Vice-Chair
- The SC will be chaired by a donor with a strong interest in contributing to the operations of the D4D Fund.
- The IMF, as the secretariat of the SC, will propose to the SC a Chair and a Vice Chair.
- The Chair and Vice Chair will be elected by consensus.
- Term:
  - The term of the Chair and Vice Chair will be one year, at the end of which the Vice Chair seated at that time becomes the Chair.
- Responsibilities:
  - The Chair presides over the SC and, if desired, may host the SC meeting.
  - The Chair will be consulted on preparation of the SC agenda and on potential contentious or urgent issues before they are brought to the SC.
  - When decisions are required outside meetings, the Chair will convene decisions by circulation of an e-mail to SC members with information and notification of a period of non-objection, if applicable.
  - The Vice Chair assumes the role of Chair when the Chair is absent.

### Steering Committee — Decisions and Meetings
- Decisions:
  - SC decisions (including endorsement of the work plan) are made by consensus.
  - In determining consensus, each party entitled to have a representative on the SC shall have one voice, regardless of the number of its representatives in attendance.
  - If consensus is not possible, the proposed decision will be postponed or withdrawn.
  - The SC reserves the right to further define the decision-making process during SC meetings.
  - The SC approves the minutes of SC meetings, prepared by the IMF.
  - When decisions are required outside meetings, such decisions shall be made by circulation of an e-mail to SC members with relevant information and the notification of a period of non-objection, if applicable.
- Meetings:
  - The SC will meet in person annually.
  - The Chair may convene meetings on an ad hoc basis.
  - Observers may be invited to participate on a case-by-case basis, at the invitation of the SC; the SC will decide which observers may be invited and which part of the meeting they will attend.

### Work Plan — Preparation, Changes, and Reporting
- Preparation:
  - In early stages of preparing the annual work plan, IMF staff will consult with SC members informally.
  - A work plan will be distributed three weeks before the relevant SC meeting.
- Changes:
  - Strategic changes to the work plan will be sent to SC by email for endorsement on a non-objection/lapse of time basis; strategic changes include changes in the objectives that leave the budget unchanged.
  - Budget adjustments of less than +/- 10 percent of the originally endorsed modules and sub-modules’ budget can be made without recourse to the SC.
  - For urgent cases, amendments to CD activities established in the SC-endorsed work plan, and new CD activities, may be proposed between SC meetings with the circulation of summaries on a non-objection/lapse of time basis.
  - The standard lapse-of-time approval period is fifteen working days, but may be adjusted under special circumstances.
- Reporting:
  - The SC will be asked to endorse the annual report.
  - The IMF will provide on the Partners Connect platform (accessible to all donors to the D4D) the following:
    - Detailed modules and sub-modules descriptions no later than three months after the modules and sub-modules summaries are endorsed;
    - Annual modules and sub-modules assessments, any adjustments made to the work plan, and updates of the utilization of resources;
    - End of modules and sub-modules assessments as projects are completed.

### Evaluation
- Activities financed under the D4D Fund will be subject to an external, independent evaluation as per the Terms and Conditions of the D4D Fund Subaccount.
- The SC shall endorse the terms of reference and methodology to be used in the independent evaluation.

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_Source: https://www.imf.org/-/media/files/capacity-developement/d4d/d4d-work-plan-january-2019.pdf_