## Data for Decisions Fund Phase I (D4D-I) — Executive Summary and Selected Module Outcomes

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### Programme delivery and aggregate results
- Phase I ran from May 2018 to April 2025 (FY 2019–25) and delivered 507 capacity development (CD) activities: 408 technical assistance (TA) missions and 99 training workshops.
- Geographic and beneficiary focus:
  - Primarily targeted low- and lower middle-income countries (LLMICs); AFR region received the largest share of assistance.
  - Among D4D-eligible countries, over one-third are classified as Fragile and Conflict-affected States (FCS).
  - D4D-funded CD was delivered to all but one FCS (Eritrea) during Phase I.
- Activity breakdown by D4D work streams:
  - Fiscal and Debt Reporting: Total CD Activities 161; Regional Workshops 21; TA Missions 140; Total TA Beneficiary Countries 57.
  - External Sector Statistics: Total CD Activities 127; Regional Workshops 22; TA Missions 105; Total TA Beneficiary Countries 53.
  - National Accounts Statistics: Total CD Activities 91; Regional Workshops 22; TA Missions 69; Total TA Beneficiary Countries 37.
  - Residential Property Price Index: Total CD Activities 53; Regional Workshops 5; TA Missions 48; Total TA Beneficiary Countries 20.
  - High-Frequency Indicators: Total CD Activities 53; Regional Workshops 10; TA Missions 43; Total TA Beneficiary Countries 27.
  - Financial Access Survey: Total CD Activities 13; Regional Workshops 13; TA Missions -.
  - Statistical Information Management: Total CD Activities 9; Regional Workshops 6; TA Missions 3; Total TA Beneficiary Countries 2.
- Operational resilience:
  - Program implementation remained steady through COVID-19 and resulted in an almost full drawdown of the budget envelope.

### Module highlights and key impacts
- Module 1 — Addressing data needs and quality concerns (Real Sector Statistics, ESS, GFS/PSDS):
  - Real Sector Statistics (NAS, HFI, RPPI):
    - Countries advanced GDP rebasing, developed high-frequency indicators (HFIs), and updated key price indexes to improve accuracy and policy relevance.
    - Progress in NAS, HFI, and RPPI was slower in some cases and requires longer-term engagement.
    - Examples: monthly GDP indicator (MIEG) developed in Mongolia; new RPPI compiled by Sri Lanka and Cambodia; harmonized CPI across WAEMU members.
  - External Sector Statistics (ESS) and External Debt:
    - Enhancements improved quality, timeliness, and consistency of balance of payments and external debt statistics and strengthened remittance estimates.
    - Progress hindered by resource constraints, limited interagency cooperation, and technical issues with compilation tools; targeted follow-up missions addressed gaps.
  - Fiscal and Public Sector Debt Statistics (GFS/PSDS):
    - Broader adoption of GFSM 2014 and expanded institutional coverage improved fiscal transparency and risk monitoring.
    - Notable results: Angola (methodological adoption, high-frequency reporting), Benin and Burkina Faso (timelier and more comprehensive GFS), Egypt (improved debt statistics supporting medium-term debt strategy), Guinea-Bissau (integration into debt sustainability analysis), Yemen (return to fiscal and debt reporting).
- Module 2 — Financial Access Survey (FAS):
  - Expanded coverage to 192 economies as of October 2024 (up from 189 in 2018); 186 of the 192 reporters are IMF members (about 97 percent of the total IMF membership).
  - Mobile money reporters increased from 66 to 84 between 2018 and 2024.
  - Gender data reporters increased from 35 to 90 between 2018 and 2024.
  - FAS outcomes fully or largely achieved: provides long time series on financial access (FAS-1) and monitoring basis for the SDGs financial inclusion indicator (FAS-3).
  - FAS data increasingly used in national financial inclusion strategies and IMF surveillance.
- Module 3 — Online Learning (OL):
  - Delivered 12 courses in English, French, and Spanish; total offerings 103; total participants reached 17,680.
  - Blended learning model (self-paced online + instructor-led) proved highly effective and scalable; online courses are now a core component of IMF statistics training.
  - Course participation metrics (selected):
    - PSDSx: 21 offerings; 2,336 participants.
    - GFSx: 16 offerings; 4,860 participants.
    - BOP-IIPx: 15 offerings; 3,222 participants.
    - NASx: 12 offerings; 1,774 participants.
    - TOTAL: 103 offerings; 17,680 participants.
  - Microlearning and YouTube metrics:
    - IMF Institute Learning Channel had 19.2K subscribers as of end-April 2025; 225 video clips generated almost 67K views.
- Module 4 — Statistical Information Management (SIM):
  - Piloted SDMX dissemination and Big Data for Macroeconomic Statistics workshop (Rwanda, September 2024) in collaboration with AfDB.
  - SDMX implementation faced challenges: paused and resumed late; limited IT infrastructure and high staff turnover constrained sustained adoption.
  - Final rating for Module 4 outcomes/indicators: 2.5.

### Selected country- and work-stream level achievements
- National Accounts and NAS Work Stream:
  - Total CD activities: 91; TA missions: 69; Benefited countries (TA missions only): 37.
  - Main beneficiary region: AFR (46 CD activities; 13 regional workshops; 33 TA missions).
  - Country examples:
    - Bhutan: new CPI introduced in 2024 updating the expenditure basket from 2017 to 2022 and adding regional indices.
    - Philippines: services contributed 61.2 percent of output in 2022; services PPIs slated to be published in 2025.
    - Sierra Leone: GDP benchmark updated to 2018 from 2006; non-observed economy contributed 78.8 percent of GDP based on 2018 Integrated Household Survey.
    - WAEMU: new harmonized CPI published January 2025 for eight member states.
  - GDP Rebasing: 12 countries received D4D-funded TA; 7 countries published GDP estimates with a new base year (Angola, Burundi, Cambodia, Kenya, Senegal, Sierra Leone, Vietnam).
- High-Frequency Indicators (HFI) Work Stream:
  - Total activities: 53; TA missions: 43; Beneficiary countries: 27.
  - Role and uses of the Monthly Indicator of Economic Growth (MIEG):
    - Used by Ministries of Finance for budget revenue forecasting and fiscal risk analysis; Central Banks for short-term and quarterly growth forecasting; supports financial market analysis.
  - Country examples: Bhutan, Central African Republic, Togo, Ghana, Indonesia, Jordan, Mongolia, Uganda.
- Residential Property Price Index (RPPI) Work Stream:
  - Total activities: 53; TA missions: 48; Benefited 20 countries.
  - Philippines: updated RPPI will be published by the third quarter of 2025 with expanded coverage, better price information, improved quality adjustment methods, and more detailed sub-indices; authorities intend to publish additional market activity indicators (number/volume of transactions; value of transactions; median price levels).
  - Cambodia: first-time RPPI data series published June 2022; used in monetary policy and financial stability reporting.
  - Mongolia: new monthly RPPI widely used and published monthly.
  - Sri Lanka: updated RPPI for condominiums and houses published by the Central Bank.
- External Sector Statistics (ESS) Submodule:
  - Total activities delivered: 127; Regional workshops: 22; TA missions: 105; Beneficiary countries (TA missions only): 53.
  - Regional breakdown highlights: AFR delivered 77 CD activities (12 workshops; 65 TA missions).
  - Achievements:
    - New ESS datasets: The Gambia published IIP for first time; Angola and Rwanda began reporting the International Reserves and Foreign Currency Liquidity template; Malawi started disseminating trade statistics by partner country.
    - Timeliness/frequency improvements: several central African countries now disseminate quarterly ESS.
    - Integration of new data sources and informal/digital trade measurement advanced in multiple countries.
    - Improved remittance estimates in Armenia, Comoros, Gabon, Jordan, Liberia, Namibia, Somalia, Sierra Leone, Uzbekistan.
    - Adoption of BPM6 in targeted countries and regions.
- Fiscal and Public Sector Debt Statistics (GFS/PSDS) Submodule:
  - Total CD activities: 161; Regional workshops: 21; TA missions: 140; Beneficiary countries (TA missions only): 57.
  - Main achievements:
    - Improved source data quality, compilation processes, and interagency coordination; bridging tables and formal data-sharing frameworks introduced.
    - Expanded sector coverage beyond central government to general government and public sector (SOEs, social security funds, local governments, extra-budgetary units).
    - Angola transitioned to GFSM 2014 in March 2025 enabling compilation of high-frequency central government fiscal data from Q1 2018 to Q4 2024.
    - Over 65 percent (37 countries) of beneficiary countries under GFS and PSDS now consistently submit annual GFS data to IMF database.

### Strategic log frame outcomes and final ratings
- Most outcome indicators were fully or largely achieved by end-FY 2025 in:
  - Fiscal and public debt statistics (GFS/PSDS).
  - Online learning (Module 3).
  - Financial Access Survey (Module 2).
- Mixed or partially achieved outcomes:
  - ESS: mixed progress for trade and financial account indicators; more time needed to validate and integrate new data and surveys.
  - SDMX implementation under SIM: paused and resumed late; attainment between partially and largely achieved.
  - NAS, HFI, RPPI: many outcomes are multi-year and require sustained engagement; final ratings improved but remain incomplete in some countries.
- Selected final ratings (strategic log frame, Annex I highlights):
  - Real Sector Statistics — Objective 1 (HFIs): overall score 2.3.
  - Real Sector Statistics — Objective 2 (National Accounts Benchmarking and Rebasing): overall score 2.0.
  - Real Sector Statistics — Objective 3 (RPPI): final rating 2.6.
  - External Sector Statistics — ESS-1 overall score: 1.6; ESS-2 overall score: 1.7 (report excerpts).
  - GFS indicators — Top 25 countries: 3.2; Overall score: 2.7.
  - PSDS indicators — Top 35 countries: 2.4; Overall score: 2.2.
  - Financial Access Survey indicators: FAS-1: 4; FAS-2: 3.7; FAS-3: 4; FAS-4: 3.5.
  - Module 4 final rating: 2.5.
- Rating scale: 1-Not achieved; 2-Partially achieved; 3-Largely achieved; 4-Fully achieved.

### Partnerships, coordination, and delivery modalities
- Expanded collaboration with development partners increased CD impact: World Bank, UNCTAD, FAO, regional institutions (WAEMU, WAMI, MEFMI), Asian Development Bank, African Development Bank (AfDB).
- Joint delivery with IMF Regional Capacity Development Centers (RCDCs) helped sequence capacity building, especially in fiscal and debt reporting.
- Implementation of mid-term independent evaluation recommendations contributed to enhanced delivery and outcomes.

### Financial position, utilization, and closeout request
- Steering Committee-endorsed budget: US$33.3 million.
- By end-April 2025, 98 percent of the US$33.3 million budget had been utilized, pending accruals.
- Cumulative expenses referenced at $32.6 Million consistent with near-full drawdown.
- Partners signed for a total of $31.7 million in contributions, of which $31.8 million have been received.
- Of the $292,000 budget approved for ad-hoc advisory services (Module 1 response to COVID-19 and short operational needs), $276,404 was utilized.
- Between May 2020 and April 2025, STA responded to 297 ad-hoc requests.
- The IMF seeks the Steering Committee’s endorsement to formally close D4D-I and use achievements as a foundation for Phase II (D4D-II).

### Mid-term independent evaluation, IMF responses, and reform actions
- Mid-term independent evaluation conducted October 2020–December 2022; final report shared January 2023.
- Evaluation findings:
  - D4D-I was highly relevant and largely effective in building capacity on data compilation and dissemination.
  - Noted need for increased efforts to target and track results at the level of data usage.
- Key evaluation recommendations and IMF responses (action highlights):
  - Recommendation 1: Move from CD delivery to change management — Response: Agree; actions include three-year roadmap orientation through medium-term work (MTW) plans, earlier engagement with authorities, documentation of compilation processes, and launch of an STA economist program to join Article IV missions.
  - Recommendation 2: Require needs assessment for data use — Response: Partially Agree; progress via consultations at design phase, Article IV Data Adequacy Assessments, and FAS Advisory Group.
  - Recommendation 3: Systematic assessment of ownership and absorption capacity — Response: Partially Agree; diagnostic missions include use case analysis and resource assessments.
  - Recommendation 4: Improve impact monitoring at data user level — Response: Partially Agree; STA conducted impact survey, tracks internal use of FAS data, and proposed allocating Phase II budget for systematic monitoring.
  - Recommendation 5: Enhance coordination with development partners — Response: Agree; mechanisms established with World Bank and others; increased operational coordination in AFR.
  - Recommendation 6: Tailor RBM framework to D4D Fund — Response: Partially Agree; expanded RBM catalog and monitoring tools implemented.
  - Recommendation 7: Institutionalize blended CD delivery model — Response: Agree; blended learning established and integrated across modules.

*Data for Decisions Fund Phase I (D4D-I), Statistics Department, IMF.*

### EXECUTIVE SUMMARY __________________________________________________________________________ 6

### EXECUTIVE SUMMARY

### Programme delivery and aggregate results
- Phase I of the Data for Decisions Fund (D4D-I) ran from May 2018 to April 2025 (FY 2019–25) and delivered 507 capacity development (CD) activities, comprising 408 technical assistance (TA) missions and 99 training workshops.
- Geographic and beneficiary focus:
  - Primarily targeted low- and lower middle-income countries (LLMICs), with the AFR region receiving the largest share of assistance.
- Activity breakdown by work stream (Table 1):
  - Fiscal and Debt Reporting: Total CD Activities 161; Regional Workshops 21; TA Missions 140; Total TA Beneficiary Countries 57
  - External Sector Statistics: Total CD Activities 127; Regional Workshops 22; TA Missions 105; Total TA Beneficiary Countries 53
  - National Accounts Statistics: Total CD Activities 91; Regional Workshops 22; TA Missions 69; Total TA Beneficiary Countries 37
  - Residential Property Price Index: Total CD Activities 53; Regional Workshops 5; TA Missions 48; Total TA Beneficiary Countries 20
  - High-Frequency Indicators: Total CD Activities 53; Regional Workshops 10; TA Missions 43; Total TA Beneficiary Countries 27
  - Financial Access Survey: Total CD Activities 13; Regional Workshops 13; TA Missions -
  - Statistical Information Management: Total CD Activities 9; Regional Workshops 6; TA Missions 3; Total TA Beneficiary Countries 2
- Program implementation remained steady through COVID-19 and resulted in an almost full drawdown of the budget envelope.

### Module highlights and key impacts
- Module 1: Addressing data needs and quality concerns
  - Real Sector Statistics (NAS, HFI, RPPI):
    - Countries advanced GDP rebasing, developed high-frequency indicators (HFIs), and updated key price indexes to improve accuracy and policy relevance.
    - Progress in NAS, HFI, and RPPI was slower in some cases and requires longer-term engagement to integrate alternative data sources and revamp compilation methods.
    - Examples: monthly GDP indicator developed in Mongolia; new RPPI compiled by Sri Lanka and Cambodia; harmonized CPI across WAEMU members.
  - External Sector Statistics (ESS) and External Debt:
    - Enhancements improved the quality, timeliness, and consistency of balance of payments and external debt statistics and strengthened remittance estimates.
    - Progress hindered in some countries by resource constraints, limited interagency cooperation, and technical issues with compilation tools.
    - Targeted follow-up missions helped address gaps and support outcome achievement.
  - Fiscal and Public Sector Debt Statistics (GFS/PSDS):
    - Broader adoption of the latest methodological framework and expanded institutional coverage improved fiscal transparency and risk monitoring.
    - Notable country results: Angola (methodological adoption, high-frequency reporting), Benin and Burkina Faso (timelier and more comprehensive GFS), Egypt (improved debt statistics supporting medium-term debt strategy), Guinea-Bissau (integration into debt sustainability analysis), Yemen (return to fiscal and debt reporting).
- Module 2: Financial Access Survey (FAS)
  - Expanded the Financial Access Survey to 192 economies, with significant increases in gender-disaggregated and mobile money data.
  - Outcomes fully or largely achieved for FAS: provides access to long time series on financial access (FAS-1) and monitoring basis for the SDGs financial inclusion indicator (FAS-3).
  - Data increasingly used in national financial inclusion strategies and in IMF surveillance.
- Module 3: Online Learning (OL)
  - Delivered a comprehensive online learning curriculum: 12 courses launched in English, French, and Spanish.
  - Reached over 17,600 participants (executive summary wording) / almost 18,000 participants (program-level references).
  - Blended learning model (self-paced online + instructor-led) proved highly effective and scalable; online courses are now a core component of IMF statistics training.
- Module 4: Statistical Information Management (SIM)
  - Piloted innovations in SIM and dissemination; regional workshops in collaboration with the African Development Bank (AfDB) laid groundwork for future modernization and integration of alternative data sources.

### Strategic log frame outcomes and ratings
- Most outcome indicators in the D4D-I strategic log frame were fully or largely achieved by end-FY 2025, particularly in:
  - Fiscal and public debt statistics (GFS/PSDS)
  - Online learning (Module 3)
  - Financial Access Survey (Module 2)
- Mixed or partially achieved outcomes:
  - ESS: mixed progress for trade and financial account indicators; more time needed to validate and integrate new data and surveys.
  - SDMX implementation under SIM: paused and only resumed late in the phase; attainment ranges between partially and largely achieved.
  - NAS, HFI, RPPI: many outcomes are multi-year and require sustained engagement; final ratings improved with focused follow-up but remain incomplete in some countries.
- The final work plan focused on follow-up support to countries close to achieving results, improving program-level ratings relative to interim evaluations.

### Partnerships, coordination, and delivery modalities
- Expanded collaboration with development partners increased CD impact:
  - World Bank (notably ESS in Central Africa), UNCTAD (NAS and ESS), FAO (GFS), regional institutions (WAEMU, WAMI, MEFMI) on HFI and price statistics, Asian Development Bank (NAS), and AfDB (SIM).
- Joint delivery with IMF Regional Capacity Development Centers (RCDCs) helped sequence capacity building, especially in fiscal and debt reporting.
- Implementation of mid-term independent evaluation recommendations contributed to enhanced delivery and outcomes.

### Financial position, utilization, and closeout request
- Budget and utilization:
  - Steering Committee-endorsed budget: US$33.3 million.
  - By end-April 2025, 98 percent of the US$33.3 million budget had been utilized, pending accruals.
  - Cumulative expenses referenced at $32.6 Million consistent with near-full drawdown.
- Ad-hoc advisory services facility (Module 1 response to COVID-19 and other short operational needs):
  - Between May 2020 and April 2025, STA responded to 297 ad-hoc requests.
  - Most inquiries focused on debt and fiscal reporting issues (classification of debt transactions, capital transfers to SOEs, VAT returns, reconciling GFS data).
  - Of the $292,000 budget approved for ad-hoc advisory services, $276,404 was utilized.
- Request to Steering Committee:
  - The IMF seeks the Steering Committee’s endorsement to formally close D4D-I and use achievements as a foundation for Phase II (D4D-II), building on results to further enhance data-driven policymaking and resilience in the IMF’s most vulnerable member countries.

*Data for Decisions Fund Phase I (D4D-I) Executive Summary, IMF Statistics Department.*

### 7.      AFR and FCS have remained at the core of D4D-I capacity development efforts. AFR

### 7.      AFR and FCS have remained at the core of D4D-I capacity development efforts. AFR

### Overview and reach
- AFR countries accounted for more than half of all D4D-funded CD activities; APD and MCD followed.
- Among D4D-eligible countries, over one-third are classified as FCS.
- D4D-funded CD was successfully delivered to all but one FCS (Eritrea) during Phase I despite limited IT infrastructure and persistent connectivity issues.
- The multi-language, 12-course online curriculum attracted close to 18,000 participants.

### II. Detailed impact of D4D-I — high-level achievements by module
- Module 1: Results observed across all regions, with the most significant impact in AFR, APD and MCD.
- Module 2: Continuous improvements to the FAS database achieved across all regions.
- Module 3: Multi-language, 12-course online curriculum delivered on schedule; close to 18,000 participants.
- Module 4: Modern dissemination techniques for key macro-financial datasets operationalized, particularly in AFR, through the use of SDMX and publication on National Summary Data Pages (NSDPs) in collaboration with the AfDB and the WB.

### Module I: Addressing Data Needs and Quality Concerns — scope and objectives
- Strengthened production of more robust and consistent macroeconomic statistics in beneficiary countries to enable evidence-based policymaking.
- Enhanced compilation and dissemination across real, external, and fiscal sectors to improve early detection and monitoring of economic, fiscal, and financial risks and vulnerabilities.
- Strong coordination with the IMF’s Area Departments and external development partners (WB, regional development banks, United Nations agencies) was essential given absorptive capacity constraints in many LLMICs.

### Submodule: Real Sector Statistics (RSS) — focus and outcomes
- Several NSOs in LLMICs began developing new indicators such as HFIs and RPPI, and undertook national accounts benchmarking and rebasing exercises.
- Foundational work on identifying and assessing appropriate data sources was time-intensive but is paving the way for more sustainable and higher-quality outcomes in D4D-II.

Work stream: National Accounts Benchmarking and Rebasing
- Supported updating GDP to measure current economic activity and real growth more accurately, including:
  - Direct assistance compiling updated GDP estimates.
  - Updating or creating new data inputs: price indexes for deflation, supply-and-use tables, administrative and survey data for production and employment.
- Activity totals during D4D-I:
  - Total CD activities executed: 91.
  - TA missions: 69.
  - Benefited countries (TA missions only): 37.
  - Main beneficiary region: AFR, absorbing half of the CD provided.

Table 3 activity breakdown (FY 2019-25)
- AFR: 46 CD activities; 13 regional workshops; 33 TA missions.
- APD: 33 CD activities; 6 regional workshops; 27 TA missions.
- MCD: 8 CD activities; 3 regional workshops; 5 TA missions.
- EUR: 3 CD activities; 0 regional workshops; 3 TA missions.
- WHD: 1 CD activity; 0 regional workshops; 1 TA mission.
- TOTAL: 91 CD activities; 22 regional workshops; 69 TA missions; 37 beneficiary countries (TA missions only).

Main achievements under the NAS Work Stream (selected country outcomes)
- Bhutan: new CPI introduced in 2024 updating the expenditure basket from 2017 to 2022 and adding regional indices.
- Moldova: new financial accounts and balance sheets developed as part of institutional sector accounts.
- Philippines: regional workshop in 2021 motivated development of new producer price indices (PPIs) for selected services; first services PPIs are slated to be published in 2025. Services contributed 61.2 percent of output in 2022.
- Sierra Leone: GDP updated to new benchmark year 2018 from 2006; non-observed economy contributed 78.8 percent of GDP based on 2018 Integrated Household Survey.
- Vietnam: GDP benchmark year updated from 2010 to 2020; updated services PPIs used as deflators; supply-and-use table compilation assistance provided.
- WAEMU: supported compilation of a new harmonized consumer price index published in January 2025 for the eight member states.
- India and Pakistan: substantial progress on establishing new PPIs; India compiled a new PPI used internally pending governmental reviews; Pakistan to field a new survey in 2025 with continued assistance in the next D4D phase.

Table 4 summary (NAS Work Stream: D4D-I results by country)
- GDP Rebasing: 12 countries received D4D-funded TA (Angola, Burundi, Cambodia, Central African Republic, Republic of Congo, Democratic Republic of Congo, Guinea, Kenya, Mozambique, Senegal, Sierra Leone, Vietnam). 7 countries published GDP estimates with a new base year — Angola, Burundi, Cambodia, Kenya, Senegal, Sierra Leone, Vietnam.
- Updating CPI: 10 countries received TA (Bhutan, Kiribati, WAEMU (8 countries)). 10 countries published updated CPI — Bhutan, Kiribati, WAEMU (8 countries).
- New or Updated PPI or XMPI: 12 countries received TA (Bhutan, Côte d’Ivoire, India, Indonesia, Jordan, Namibia, Philippines, Sri Lanka, Mauritania, Pakistan, Tunisia, Zambia). 4 countries published updated PPI — Bhutan, Indonesia, Namibia, Vietnam. Indonesia published updated XMPI.

Work Stream: High-Frequency Indicators (HFIs)
- During D4D-I, 53 activities implemented: 43 TA missions, 9 in-person workshops, 1 virtual training (in cooperation with the West African Institute for Financial and Economic Management and the Macroeconomic and Financial Management Institute of Eastern and Southern Africa).
- Beneficiary reach: 27 countries received TA support; 18 countries initiated HFI development; 9 countries enhanced compilation of existing indicators.
- Regional breakdown (HFI work stream):
  - AFR: 32 CD activities; 6 regional workshops; 26 TA missions.
  - APD: 14 CD activities; 2 regional workshops; 12 TA missions.
  - MCD: 5 CD activities; 1 regional workshop; 4 TA missions.
  - WHD: 2 CD activities; 1 regional workshop; 1 TA mission.
  - TOTAL: 53 CD activities; 10 regional workshops; 43 TA missions; 27 beneficiary countries.

Role and uses of the Monthly Indicator of Economic Growth (MIEG)
- MIEG recognized by D4D-recipient countries as vital for government institutions:
  - Ministries of Finance use experimental monthly GDP estimates to inform decision-making and guide budget revenue forecasting, annual budget preparation, and fiscal risk analysis (short-term baseline and alternative scenario forecasts).
  - Central Banks use MIEG for short-term and quarterly growth forecasting and monetary policy analysis.
  - MIEG supports financial market analysis and improves the quality of economic research and monetary policy analysis in recipient countries.

Main achievements under the HFI Work Stream (selected country outcomes)
- Bhutan: MIEG developed to integrate high-frequency data, addressing delayed annual GDP releases and absence of quarterly estimates; supports CB and NSO capabilities and nowcasting tools.
- Central African Republic and Togo: inaugural HFI releases launched; MIEG provides short-term indicators where quarterly GDP data are unavailable and feeds the PRECOMAT Macroeconomic Accounts Forecasting Model in Togo.
- Ghana: MIEG development advanced and used to address quarterly GDP compilation challenges; VAT database processed for MIEG and intended for quarterly and annual GDP compilation.
- Indonesia: launched an International Trade Price Index as a first step toward a comprehensive trade volume index.
- Jordan: Central Bank developed an experimental MIEG based on the production approach to identify industry contributions and support monetary policy formulation.
- Mongolia: compiled and disseminated its first MIEG used by Ministry of Finance for budget forecasting, revenue analysis, fiscal risk assessments, and by the CB for short-term forecasting.
- Uganda: compiled an experimental MIEG incorporating VAT sales data used by the Ministry of Finance for macroeconomic analysis.

Work Stream: Residential Property Price Indexes (RPPI)
- Reliable RPPIs help policymakers track real estate market conditions and potential macroeconomic and financial stability effects; TA delivery adopted adaptable strategies including Big Data techniques such as web scraping to gather property listings.
- RPPI activity totals during D4D-I:
  - 53 activities delivered over seven years: 5 regional workshops and 48 TA missions.
  - Direct support provided to authorities in 20 countries.
- Regional breakdown (RPPI work stream):
  - AFR: 9 CD activities; 2 regional workshops; 7 TA missions.
  - APD: 29 CD activities; 1 regional workshop; 28 TA missions.
  - MCD: 11 CD activities; 2 regional workshops; 9 TA missions.
  - WHD: 4 CD activities; 0 regional workshops; 4 TA missions.
  - TOTAL: 53 CD activities; 5 regional workshops; 48 TA missions; 20 beneficiary countries.

Main achievements under the RPPI Work Stream (selected country outcomes)
- Armenia: first-time RPPI due to be published in the second half of 2025; two missions assisted the CB in developing RPPI for houses and apartments with six regional sub-indexes, one index for Yerevan and one national index.
- Cambodia: first-time RPPI data series published in June 2022; RPPI disseminated by the National Bank of Cambodia and included in key reports for monetary policy and financial stability; NBC’s Deputy Governor delivered remarks at the high-level D4D Fund event during the IMF Spring Meetings in April 2025.
- Mongolia: developed a new monthly RPPI replacing an earlier quarterly version; the NSO publishes highlights monthly and the index is widely used by businesses, individuals, and in court proceedings.

*Source: D4D-Fund Phase I (D4D-I) report — Statistics Department.*

### 37.      An updated RPPI for the Philippines will be published by the third quarter of 2025. The RPPI,

### d4d-fund-phase-i-report - 37.      An updated RPPI for the Philippines will be published by the third quarter of 2025. The RPPI,

### Residential Property Price Index (RPPI) — Philippines
- An updated RPPI for the Philippines will be published by the third quarter of 2025.
- The RPPI, developed by the CB, will be of significantly higher quality than the currently published index with main improvements:
  - expanded coverage;
  - the use of better price information;
  - improved quality adjustment methods;
  - compilation of more detailed sub-indices by regional areas.
- Authorities intend to publish additional residential property market activity indicators, including:
  - number/volume of transactions;
  - value of transactions;
  - median price levels (e.g., price per square meter).
- When used alongside the RPPI, these additional indicators provide important information on transactions in the residential property market.

### Progress on RPPI and related indices in other countries
- Sri Lanka:
  - developed and published updated RPPI for condominiums and houses by the CB;
  - new statistical indicators are used by senior management to pursue core objectives: (i) achieve and maintain domestic price stability; and (ii) secure financial stability;
  - indices are used in the risk assessment report for the Financial System Stability Committee and to analyze interconnectedness between the real estate market and the financial sector.
- Other countries with some progress but not yet publishing RPPI: Bangladesh, Eswatini, Georgia, Indonesia, Jordan, Lesotho, Suriname, Vietnam.

### External Sector Statistics (ESS) — importance and role
- ESS provide comprehensive data on trade, investment, remittances, and financial flows enabling assessment of:
  - overall economic health;
  - a country's position in the international market;
  - trends in trade and investment flows relevant for trade, exchange rate, reserve management, and external sector policies.
- ESS are critical for LLMICs to respond to global developments such as financial crises, commodity price shocks, and shifts in trade patterns, supporting:
  - calibration of monetary, fiscal, and trade policies to mitigate external risks;
  - enhancement of resilience and sustainable growth;
  - analysis of direct investment and remittance flows as development drivers.

### ESS Submodule delivery under D4D-I (FY 2019-25)
- Total activities delivered: 127 activities.
- Delivery composition:
  - Regional workshops: 22;
  - TA missions: 105;
  - Beneficiary countries (TA missions only): 53.
- Regional breakdown (CD Activities | Regional Workshops | TA Missions | Beneficiary Countries (TA Missions only)):
  - AFR: 77 | 12 | 65 | Angola, Burkina Faso, Burundi, Cabo Verde, Cameroon, Central African Republic, Chad, Comoros, Democratic Republic of Congo, Congo, Cote d’Ivoire, Equatorial Guinea, Gabon, The Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mali, Namibia, Niger, Rwanda, Sao Tome and Principe, Sierra Leone, South Sudan, Togo, Uganda, Zambia, Zimbabwe.
  - APD: 10 | 3 | 7 | Bangladesh, Kiribati, Philippines, Vanuatu.
  - MCD: 36 | 7 | 29 | Afghanistan, Armenia, Djibouti, Georgia, Iraq, Jordan, Mauritania, Morocco, Somalia, Sudan, Tajikistan, Tunisia, Uzbekistan, West Bank and Gaza, Yemen.
  - WHD: 4 | - | 4 | El Salvador.
  - TOTAL: 127 | 22 | 105 | 53.
- Workshop delivery modalities:
  - Hybrid was the norm;
  - 7 of the 22 workshops were delivered in-person only;
  - 7 delivered blended/in-person, 4 blended/virtual, and 4 virtual-only leveraging OL material from Module 3 of D4D-I.
- Strongest demand originated from the AFR region.

### Main achievements under the ESS Submodule
- Compilation and dissemination of new ESS datasets:
  - The Gambia compiled and published the International Investment Position (IIP) for the first time;
  - Angola and Rwanda began reporting the International Reserves and Foreign Currency Liquidity template;
  - Malawi started compiling and disseminating trade statistics by partner country.
- Resumption of key ESS compilation:
  - Some countries resumed regular compilation and dissemination of Balance of Payments (BOP), IIP, and External Debt Statistics (EDS);
  - Bank of Central African States published annual BOP statistics for 2022 and 2023 across all Economic and Monetary Community of Central Africa member countries;
  - Kiribati resumed reporting to the World Bank’s Quarterly External Debt Statistics database.
- Improved timeliness and frequency:
  - Central African Republic, Chad, Republic of Congo, Equatorial Guinea, Guinea, Liberia, Mali, and Democratic Republic of Congo now disseminate quarterly ESS with improved timeliness.
- Integration of new data sources:
  - Cameroon, Liberia, Malawi, Mali, São Tomé and Príncipe, Somalia, and Sierra Leone expanded use of specialized surveys and administrative data to improve coverage and quality, including quarterly BOP and IIP.
- Improved measurement of international trade in goods and services, including informal and digital trade:
  - Enhanced trade data coverage in Armenia, Cameroon, El Salvador, Ghana, Georgia, Jordan, Kenya, Liberia, Malawi, Mali, Namibia, Somalia, Sierra Leone, Tajikistan, Uganda, Uzbekistan, and Zambia;
  - Cameroon conducted an informal trade survey and integrated results;
  - Armenia, El Salvador, and Morocco began measuring digital trade for inclusion in the BOP;
  - Central African Republic, Republic of Congo, Democratic Republic of Congo, Equatorial Guinea, and Guinea are implementing informal trade surveys.
- Improved debt data quality and coverage:
  - Armenia, Cameroon, Central African Republic, Republic of Congo, Equatorial Guinea, Jordan, Namibia, and Uzbekistan enhanced quality and coverage of debt data, especially for the private sector.
- Strengthened consistency between BOP and IIP:
  - Expanded scope of the financial account and improved alignment between BOP and IIP in Armenia, El Salvador, The Gambia, Jordan, Kenya, Namibia, Rwanda, Sao Tomé and Príncipe, Tajikistan, Uzbekistan, and Zambia.
- Improved remittance estimates:
  - Armenia, Comoros, Gabon, Jordan, Liberia, Namibia, Somalia, Sierra Leone, and Uzbekistan enhanced coverage and estimation of remittances.
- Adoption of statistical standards:
  - Targeted CD enabled Economic and Monetary Community of Central Africa member countries, Ghana, and Tunisia to transition to BPM6.

### Box 2 — Jordan: remittances and direct investment statistics (summary)
- Problem: remittances and direct investment data gaps, outdated estimation techniques, coverage and consistency challenges at the Central Bank of Jordan (CBJ).
- D4D-funded TA missions actions:
  - Encouraged use of supplementary data sources such as money transfer operators’ data and short surveys to improve remittances estimates;
  - Improved data collection from enterprises and financial intermediaries to enhance timeliness and granularity of direct investment statistics.
- Results:
  - Jordan significantly enhanced coverage of remittances;
  - Direct investment statistics timeliness and granularity improved and began informing macroeconomic analysis and policy decisions;
  - CBJ committed to institutionalize improvements into regular data compilation cycles and pursue further collaboration.

### Fiscal and Public Sector Debt Statistics (GFS/PSDS) Submodule — delivery and achievements
- Delivery under D4D-I (since 2018):
  - Total CD activities: 161;
  - Regional training workshops: 21;
  - TA missions: 140;
  - Beneficiary countries (TA missions only): 57.
- Regional breakdown (CD Activities | Regional Workshops | TA Missions | Beneficiary Countries (TA Missions only)):
  - AFR: 87 | 11 | 76 | Angola, Benin, Burkina Faso, Burundi, Cabo Verde, Cameroon, Central African Republic, Chad, Comoros, Congo, Cote d’Ivoire, Eswatini, Ethiopia, The Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Madagascar, Mali, Mozambique, Namibia, São Tomé and Príncipe, Senegal, Sierra Leone, Togo, Zambia, Zimbabwe.
  - APD: 23 | 3 | 20 | Bhutan, Micronesia, Mongolia, Papua New Guinea, Solomon Islands, Timor-Leste, Vanuatu.
  - EUR: 3 | - | 3 | Moldova.
  - MCD: 35 | 4 | 31 | Armenia, Djibouti, Egypt, Georgia, Kyrgyz Republic, Lebanon, Morocco, Mauritania, Sudan, Tajikistan, Tunisia, Uzbekistan, Yemen.
  - WHD: 13 | 3 | 10 | Bolivia, El Salvador, Haiti, Honduras, Nicaragua, Suriname.
  - TOTAL: 161 | 21 | 140 | 57.

### Main achievements under the GFS/PSDS Submodule
- Improved source data quality, compilation processes, and interagency coordination:
  - Introduced data validation, automated compilation tools, documented processes, and strengthened interagency coordination;
  - Implemented bridging tables to align source data with GFSM 2014 and established formal data-sharing frameworks.
- Notable country examples with timelier/consistent GFS and PSDS reporting:
  - Cabo Verde, Central African Republic, Bhutan, Republic of Congo, Côte d'Ivoire, Egypt, The Gambia, Honduras, Kyrgyz Republic, Lebanon, Lesotho, Mali, Micronesia, Mozambique, Namibia, Suriname, Uzbekistan, Yemen, Zambia.
- Expanded sector coverage beyond central government to general government and public sector (social security funds, local governments, extra-budgetary units, quasi-public institutions):
  - Examples: Papua New Guinea extended debt statistics to include SOEs liabilities; Côte d’Ivoire expanded GFS coverage to general government;
  - Similar progress in over 30 countries including Benin, Bolivia, Bhutan, Burkina Faso, Cabo Verde, Cameroon, Central African Republic, Chad, Republic of Congo, El Salvador, Georgia, Lesotho, Madagascar, Mauritania, Nicaragua, Senegal, Solomon Islands, Timor-Leste, Togo, Uzbekistan, Vanuatu, and Zambia.
- Improved sectorization of Public Sector Institutional Units in line with GFSM 2014:
  - Supported sectorization and regular updating of Public Sector Institutional Units tables in over 15 countries, including Angola, Armenia, Bhutan, Côte d'Ivoire, Egypt, Ethiopia, Georgia, Ghana, Kyrgyz Republic, Lesotho, Papua New Guinea, Suriname, Tajikistan, Tunisia, and Uzbekistan;
  - Georgia completed sectorization of SOEs in the MCD region.
- Enhanced classification and consolidation of revenue and expenditure transactions, and improved internal consistency of stocks and flows:
  - Improvements in economic classification and consolidation of revenues, expenditures, financing, and debt statistics aligned with GFSM 2014 and the Public Sector Debt Statistics: Guide for Compilers and Users, 2011 edition in over 40 countries.
- Country-level reform example — Angola, The Gambia, Mozambique (Box 3):
  - Angola transitioned to GFSM 2014 in March 2025 enabling compilation of high-frequency central government fiscal data from Q1 2018 to Q4 2024;
  - The Gambia adopted GFSM 2014, upgraded its Financial Management Information System, improved classifications, and broadened fiscal data coverage;
  - Mozambique developed a public sector institutional table and a comprehensive debt database to align fiscal reporting with international standards;
  - Results included strengthened fiscal data reconciliation, improved foundation for fiscal forecasting and budgeting, and progress in consistent PSDS production, while noting remaining challenges in timeliness, data granularity, and cross-sectoral statistical consistency.

*Source: D4D-I Phase I report, Statistics Department, IMF*

### 51.      D4D-I    supported the gradual adoption of the GFSM 2014 analytical framework. While

### D4D-Fund Phase I Report — Statistics Department (Selected Modules and Outcomes)

### Module I: GFSM 2014 Adoption, GFS and PSDS Reporting
- D4D-I supported the gradual adoption of the GFSM 2014 analytical framework; Angola, Bolivia, and Madagascar have fully transitioned.
- CD efforts facilitated the transition in over 20 countries, including: Angola, Benin, Chad, Republic of Congo, Côte d’Ivoire, Egypt, El Salvador, Georgia, Ghana, Guinea-Bissau, Honduras, Kenya, Lebanon, Madagascar, Mauritania, Mozambique, São Tomé and Príncipe, Senegal, Tajikistan, Togo, Tunisia, and Uzbekistan.
- CD support improved timeliness of data compilation and strengthened fiscal reporting practices.
- D4D-funded CD accelerated progress toward IMF data dissemination standards (e-GDDS and SDDS) in Benin, Burkina Faso, Egypt, Guinea-Bissau, and Timor-Leste.
- Enhanced reporting supported better medium-term fiscal frameworks and debt management strategies in Benin and Egypt.
- In Guinea-Bissau, improved PSDS dissemination enhanced credibility with local and foreign investors.
- Notable progress in PSDS reporting observed in approximately 16 countries: Armenia, Burkina Faso, Côte d'Ivoire, El Salvador, Georgia, Honduras, Kenya, the Kyrgyz Republic, Lebanon, Lesotho, Moldova, Papua New Guinea, the Solomon Islands, Suriname, Tajikistan, and Timor-Leste — which now submit data to the joint IMF-WB quarterly PSDS database.
- Over 65 percent (37 countries) of beneficiary countries under the GFS and PSDS submodule are now consistently submitting annual GFS data to IMF database.
- Countries needing further improvements in timeliness and frequency of fiscal and debt data reporting include: Angola, Benin, Bolivia, Burundi, Chad, Comoros, Djibouti, Egypt, Guinea, Haiti, Liberia, Mauritania, São Tomé and Príncipe, Sudan, Tajikistan, Togo, Tunisia, and Zimbabwe.

### Module II: Financial Access Survey (FAS) — Coverage, Scope, and Usage
- The FAS database expanded in scope, country coverage, and usage during D4D-I.
- Andorra and Nauru began reporting in 2023; Bahrain submitted data for the first time in 2024.
- Several economies resumed reporting after extended breaks, including Burundi, Ethiopia, Tanzania, and Sierra Leone.
- The FAS database includes data from 78 of the 80 LLMICs, and 36 of the 39 FCS.
- Mobile money reporters increased from 66 to 84 between 2018 and 2024.
- Gender data reporters increased from 35 to 90 between 2018 and 2024.
- Economies reporting mobile and internet banking grew from 68 in 2019 to 108 in 2024.
- As of October 2024, the FAS includes data from 192 economies, up from 189 economies in 2018.
- Of the total 192 FAS data reporters, 186 are IMF members, accounting for about 97 percent of the total IMF membership.
- STA conducted 13 regional workshops (three in-person, ten virtual) since 2018 and several on-demand country engagements; 455 officials from more than 100 countries benefited.
- FAS questionnaire expansions:
  - 2018: gender disaggregation introduced for selected series for commercial banks and non-deposit taking microfinance institutions; non-branch retail agents and credit/debit card uptake added.
  - 2019: mobile and internet banking introduced; gender disaggregation expanded to deposit-taking microfinance institutions.
  - 2024: pilot to assess inclusion of emerging fintech services, loan pricing, risks, and further gender disaggregation; pilot participation from over 100 countries; several new variables identified for potential inclusion.
  - 2025: follow-up pilot underway to refine 2024 pilot findings and explore additional financial health indicators.
- Since 2023, FAS regional workshops emphasized practical application of FAS data for policymaking.
- STA strengthened engagement through the FAS Advisory Group and enhanced analytical work with policy relevance.
- The 2024 FAS Highlights Report showcases policy uses of FAS data.
- FAS data are being incorporated into National Financial Inclusion Strategies and used by IMF country teams for surveillance (example: Madagascar Staff Report for the 2024 Article IV consultation).
- FAS is consistently ranked among the top seven most downloaded IMF databases out of a total of 24.

### Module III: Online Learning (OL) — Curriculum, Reach, and Impact
- A total of 12 online courses in three languages (English, French, Spanish) were developed under D4D-I.
- Initial plan: eight courses; extension of Phase I from five to seven years enabled development of 12 courses in a budget-neutral fashion.
- By end-FY 2025: total number of offerings was 103; total number of participants reached 17,680.
- Summary metrics (Course / Launch Date / Number of Offerings / Number of Participants):
  - PSDSx / 4 September 2019 / 21 / 2,336
  - GFSx / 3 August 2020 / 16 / 4,860
  - BOP-IIPx / 11 November 2020 / 15 / 3,222
  - NASx / 16 June 2021 / 12 / 1,774
  - CPIx / 28 April 2022 / 9 / 1,416
  - QNA/HFIx / 2 November 2022 / 8 / 850
  - EDSx / 13 February 2023 / 8 / 1,158
  - FSIx / 19 July 2023 / 6 / 791
  - PPIx* / 29 April 2024 / 2 / 432
  - MFSx / 15 October 2024 / 4 / 688
  - ISAx / 3 April 2025 / 1 / 106
  - RPPIx / 22 April 2025 / 1 / 47
  - TOTAL / — / 103 / 17,680
  - *PPIx in French and Spanish launched on 29 April 2025, but no participants data available by end-FY 2025.
- Africa was the top participating region; half of participants across courses come from LLMICs; average one out of six active participants is from an FCS.
- All courses but ISAx and RPPIx were offered in French and Spanish by end of D4D-I; translations of the remaining two courses were ongoing with expected finalization before end-June.
- Microlearning and YouTube metrics:
  - IMF Institute Learning Channel had 19.2K subscribers as of end-April 2025.
  - 225 video clips with statistics learning content represent more than half of all available channel videos.
  - 54 playlists from the statistics OL curriculum total more than 15K playlist views.
  - The 225 video clips generated almost 67K views in total.
  - Four statistics playlists remain among the channel's 20 most viewed playlists in the year, including one (PSDS) in the top 10.
- Impact assessment (Box 4):
  - ICD and STA conducted a targeted behavioral survey of participants from eight D4D-funded courses delivered between September 2019 and April 2024.
  - Findings: 88 percent of respondents indicated that skills gained were essential to their work; reported confidence in subject matter more than doubled post-training.
  - Majority of participants had over a decade of relevant experience.
  - Training enhanced capacity to formulate macroeconomic policies and detect/monitor economic risks and vulnerabilities.
  - Respondents reported improved engagement with the IMF in the context of lending programs and Article IV consultations.
- STA produced short user-oriented videos explaining changes in the seventh edition of the Balance of Payments and International Investment Position Manual and the System of National Accounts 2025 to raise global awareness; target audience are senior officials in statistics-producing agencies.

### Module IV: Statistical Information Management (SIM) — SDMX and Big Data
- Objective: streamline, standardize, and automate SIM for better compilation and dissemination of macroeconomic and financial statistics; SDMX was a central focus.
- Traditional STA approach: support SDMX implementation focused on e-GDDS countries (and SDDS Plus) for creation of NSDPs.
- Two planned streams: (i) SDMX refresher training for e-GDDS participants; (ii) CD assisting SDDS subscribers to adopt SDMX.
- AFR region collaboration with AfDB (host of NSDPs on its Open Data Platform) supported dissemination; Open Data Platform functionalities not yet implemented by many countries.
- Six workshops conducted with AfDB to support SDMX use by e-GDDS participants in AFR; e-GDDS participation in AFR increased from 14 to 24 countries since 2018.
- High staff turnover and limited IT infrastructures in many national agencies posed challenges to sustained SDMX dissemination; workshops trained newer staff not present during original e-GDDS missions.
- Table of D4D-I SIM activities (FY 2019-25) summary:
  - AFR: 6 CD Activities Delivered, 6 Regional Workshops, TA Missions: -, Beneficiary Countries (TA Missions only): -
  - MCD: 3 CD Activities Delivered, Regional Workshops: -, TA Missions: 3, Beneficiary Countries (TA Missions only): Lebanon, Tunisia.
  - TOTAL: 9 CD Activities Delivered, 6 Regional Workshops, 3 TA Missions, 2 Beneficiary Countries (TA Missions only).
- Limited demand for second stream: only Tunisia implemented an SDMX-enabled NSDP; one mission to Lebanon in 2018 with no follow-up implementation.
- A 2024 technical review concluded that setting up an NSDP alone yields only limited efficiency gains in capacity for dissemination; assistance for the second stream was stopped pending a new CD program for enhanced data dissemination.
- Module repurposed a cancelled SDMX workshop to test a new Big Data for Macroeconomic Statistics workshop.
  - Inaugural Big Data workshop conducted jointly by the IMF Big Data Center and the AfDB Data Innovation Lab, hosted by the NSO of Rwanda in September 2024.
  - Workshop topics included GDP nowcasting, production of HFI from satellite data, automatic identification system data and IMF PortWatch platform, sentiment analysis, and big data technologies and architecture.
  - Workshop generated significant interest for further assistance and confirmed feasibility for a new program to be delivered under D4D Fund Phase II.

*Source: D4D-Fund Phase I Report, Statistics Department, IMF.*

### 66.      Full utilization of D4D-I resources is expected. At its June 2024 meeting, the Steering

### D4D Fund Phase I — Final Implementation and Financial Position

### Financial utilization and final budget outcomes
- The Steering Committee endorsed a final 14-month work plan and approved a cumulative budget envelope of $33.3 million to be used by end-FY 2025.
- Actual cumulative spending is projected to reach $32.6 million before accruals, in line with expectations.
- Partners signed for a total of $31.7 million in contributions, of which $31.8 million have been received.
- The overall projected spending Phase I will be $32.6 million, against an initial envelope of $33.1 million.
- The difference between contributions ($31.8 million) and overall Phase I budget envelope ($33.3 million) is explained by the interest earned on the D4D subaccount during the phase.
- Footnote on contribution variation: "The slight variation between signed and received contributions is a result of i) exchange rates at the time of disbursement ii) the exclusion of amounts requested but undisbursed."

### Implementation highlights contributing to financial and operational targets
- Strong implementation of the final work plan—most notably through in-person CD delivery—contributed significantly to meeting spending targets.
- Completion of the multilingual online learning curriculum, including translations, was a major implementation achievement.

### Mid-term independent program evaluation and IMF responses
- The mid-term independent program evaluation was conducted between October 2020 and December 2022.
- The final evaluation report was shared with the D4D Fund Steering Committee in January 2023 and the findings and recommendations were presented and discussed at the 31 January 2023 mid-year check-in meeting.
- Evaluation findings:
  - D4D-I was highly relevant to recipient countries' needs and largely effective in building capacity on data compilation and dissemination.
  - Noted need for increased efforts to target and track results at the level of data usage to achieve the program's aim of improving data-driven macroeconomic policy decisions.
- Evaluation recommendations (as presented to the Steering Committee):
  - (i) Move from CD delivery to a change management approach to increase the likelihood that short-term effects of CD activities translate into longer-term institutional changes and policy improvements.
  - (ii) Install efforts to target and track results at the data usage level.
  - (iii) Continue institutionalizing the blended CD delivery model which has proven to be effective.
- The IMF presented an action plan to address the recommendations at the Steering Committee meeting in June 2023 and thereafter continued to inform partners on implementation plans.
- By the end of D4D-I, concrete actions have already been taken to address some recommendations; a final update on actions taken is presented in Annex III.
- The evaluation served as a major input for designing D4D-II.

### Governance decision and recommendation to close Phase I
- The IMF seeks the Steering Committee’s approval to formally close D4D-I.
- Considering the activities and key achievements, and the final financial position, the IMF recommends proceeding with the official closure.
- Pending accruals, the full budget envelope allocated to Phase I is expected to be fully utilized.

### Strategic objectives, outcomes, and final ratings (Annex I highlights)
- 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."

Real Sector Statistics
- Objective 1 (High-frequency indicators of economic activity): Target outcomes included support for at least 10 countries to compile indicators and assistance to at least 15 additional countries to strengthen HFIs. Final rating indicators: 2.3 overall score; 2.2 (additional rating entry).
- Objective 2 (National Accounts Benchmarking and Rebasing): Target outcomes included supporting at least 15 countries in releasing updated benchmark estimates of GDP and specified improvements in business registers, survey content, MOUs, and price indices. Final ratings: 2.0 overall score; 1.8 (additional rating entry).
- Objective 3 (Residential Property Price Index): Target outcomes included bringing existing RPPIs in line with guidelines and expanding capacity where no RPPI exists. Final rating: 2.6.

External Sector Statistics
- Objective (Balance of payments statistics): At the end of the five-year cycle, aims included more accurate and comprehensive data on international trade in goods and services for at least 15 eligible countries. Outcome indicators referenced follow-up assessments and dissemination channels. Reported indicators:
  - ESS-1
    - Top 15 countries: 2.  8
    - Overall score: 1.6
  - ESS-2
    - Top 15 countries: 2.  7
    - Overall score: 1.  7

Fiscal and Debt Reporting
- Objective (GFS and PSDS improvements): Aimed to improve frequency, quality, timeliness, institutional coverage, internal consistency, scope of transactions/stock positions, timeliness of public dissemination, and metadata/documentation.
- GFS indicators:
  - Top 25 countries: 3.2
  - Overall score: 2.7
- PSDS indicators:
  - Top 35 countries: 2.4
  - Overall score: 2.  2

Financial Access Survey (Module 2)
- Objective: Provide policymakers and analysts with high-quality statistics on financial inclusion through the FAS database.
- Outcome indicators and final ratings:
  - FAS-1: 4
  - FAS-2: 3.  7
  - FAS-3: 4
  - FAS-4: 3.5

Online Learning Curriculum (Module 3)
- Objective: Expand global reach of statistics training by developing and rolling out a new structured online learning curriculum covering ten fundamental statistical topical courses, with translation in up to 5 languages and certification requirements to improve face-to-face training efficiency.
- Implementation phased: One course in Year 1, two in Years 2-4, and three in Year (text truncated in source).

*Source: IMF — D4D Fund Phase I report (financial and evaluation sections and Annex I strategic log frame).*

### 5. Priority to be given to most

### 5. Priority to be given to most

### Module 4: Streamline, standardize and automate statistical information management
- Objective: Enhance countries’ ability to compile and disseminate macroeconomic and financial statistics by disseminating and facilitating implementation of best practices in statistical data and metadata management and related frameworks established by the international community.
- Intended knowledge transfers:
  - governance structures,
  - suitable technical standards and statistical information models,
  - advice on project design.
- Expected effect: enable recipient agencies to design and implement state-of-the-art statistical information management structures and tools, facilitate joining the IMF’s data dissemination standards, and reduce countries’ reporting burdens.
- Pilot activities and monitoring:
  - Pilots in Kenya (2017), Lebanon, Egypt and/or Tunisia (planned for FY 2019) to guide selection of indicators to measure progress in this module.
  - Follow-up assessments through IMF CD activities.
- Final rating reported for Module 4 outcomes/indicators: 2.5
- Rating scale defined: 1-Not achieved; 2-Partially achieved; 3-Largely achieved; 4-Fully achieved.

### Targets and operational goals
- Increase reach of STA training by at least 50 percent by the end of the D4D Fund period.
- Use of an IMF tracking system for online learning.

### Annex II — Impact of D4D-funded CD on GFS and PSDS (survey insights)
- Survey sample and response:
  - Sample of 23 primary recipient countries.
  - Response rate of 70 percent.
- High-level findings (D4D Fund Phase I report):
  - Majority of LLMICs reported improvements in the quality of GFS and PSDS data produced and in institutional capacity development.
  - Notable improvements included:
    - quality of source data and the compilation process;
    - enhancement of human and institutional capacity through targeted training programs;
    - facilitation of the transition to the GFSM 2014 framework;
    - improvements in the timeliness of compilation and reporting practices to align with international standards and best practices.
- Persistent challenges and priority needs:
  - Improvements are uneven across LLMICs, reflecting varying capacity and data challenges.
  - Continued significant institutional weaknesses in statistical systems.
  - Staff capacity and training remain the most prevalent and critical areas for CD support.
  - CD efforts should prioritize:
    - addressing data gaps related to source data;
    - automation of compilation processes;
    - transition to GFSM 2014;
    - sectorization of public sector institutional units and expansion of sector coverage to include other public subsectors.
  - Increasing demand for TA to produce statistics on SOEs in accordance with international standards.
- Long-term objective: sustained and timely compilation and dissemination of good-quality data requires innovative, collaborative, and sustained efforts focused on strengthening basic statistical capacity in LLMICs.

### Annex III — D4D-I Mid-Term Evaluation Action Plan: Key recommendations, responses and implementation progress
- Recommendation 1: Move from a “CD delivery” to a “change management” approach to increase likelihood that short-term CD effects translate into longer-term organizational change and policy improvements (especially for M1 and M3).
  - Response: Agree.
  - Progress highlights:
    - Shift from one-year focus to a three-year roadmap orientation through medium-term work (MTW) plans via CDMAP.
    - Earlier engagement with authorities to strengthen country ownership and sensitize on resource implications.
    - STA engages with ADs and discusses resource needs and CD impact during IMF Annual and Spring Meetings.
    - More continuous engagement through informal check-ins between CD missions.
    - Upgraded country management practices repurposing regional managers and country coordinators; launch of an STA economist program to join Article IV missions.
    - Promotion of documentation of country data compilation processes and development of a Compilers’ Hub.
    - New CD delivery modalities and practical exercises integrated into D4D-funded in-country/regional workshops and online learning curriculum.
- Recommendation 2: Include explicit requirement during intervention planning and design to provide a clear needs assessment for data use (for CD recipients, area departments, and third party data users).
  - Response: Partially Agree.
  - Progress highlights:
    - STA consults with authorities at design phase and covers readiness during D4D-funded regional workshops.
    - IMF Country Engagement Strategies and Data Adequacy Assessments in Article IVs contribute to sharper needs assessments (particularly for M1).
    - Establishment of a FAS Advisory Group under M2 to provide feedback from policymakers, reporting countries, stakeholder organizations, and academia.
- Recommendation 3: Require a more systematic assessment of ownership and absorption capacity, particularly for M1.
  - Response: Partially Agree.
  - Progress highlights:
    - STA engages authorities to assess pressing data gaps and required resources; diagnostic missions include use case analysis and address resource availability and absorptive capacity.
    - Under a Government of Japan-funded PSDS project in Africa launched in FY25, STA uses its data quality assessment framework to identify institutional constraints for PSDS compilation (example: assessment for Zambia).
- Recommendation 4: Improve impact monitoring and evaluation at the level of data users (include user-level indicators in RBM log frame, more systematic reporting, more frequent post-mission follow-up, specify responsibilities, allocate budget).
  - Response: Partially Agree.
  - Progress highlights:
    - STA conducted an impact survey and included qualitative information on use of improved data for policy analysis and decisions in the D4D-I final report to be presented to the D4D Fund Steering Committee in July 2025 (main results referenced in Boxes and Annex II).
    - STA tracks internal use of FAS data in Staff Reports, Policy Notes, Article IVs, etc.; a Data Product Evaluation found widespread external use of FAS but limited internal use.
    - FAS launched a 2024 FAS pilot and will soon launch a 2025 FAS pilot to enhance scope and granularity of indicators.
    - STA proposed allocating a share of the Phase II budget to implement systematic monitoring, including post-project surveys.
- Recommendation 5: Enhance coordination and strengthen synergies with other development partners (e.g., World Bank, UN Statistics Division, PARIS21).
  - Response: Agree.
  - Progress highlights:
    - D4D Fund Annual Reports systematically report complementarity with other development partners.
    - STA advanced sharing of CD outputs in line with IMF staff guidance issued in 2022; dissemination of high-level summaries and more technical assistance reports.
    - Established mechanisms with the World Bank for coordination on mutual interest activities; World Bank engages STA at design phase since 2022.
    - Coordination at country/project operational level in select AFR countries; pursued avenues with IADB, UNCTAD for each new project/activity.
    - Under M2, coordination with World Bank's Findex and complementarities with other databases (FSB Fintech Credit survey, World Bank’s Global Payment System Survey, OECD financial literacy surveys).
- Recommendation 6: Further tailor the RBM framework to the D4D Fund.
  - Response: Partially Agree.
  - Progress highlights:
    - Expanded number of objectives in the RBM Catalog (e.g., additional objectives for national accounts and climate statistics).
    - Global/regional targets build on country-specific outcomes in strategic log frame for Phase II.
    - Inputs for strategic log frame monitoring and reporting are drawn from CDMAP; annual project assessments included as CDMAP deliverables.
    - Implementation of an RBM data completeness monitor to improve assessment quality.
- Recommendation 7: Continue developing and institutionalizing the blended (online and in-person) CD delivery model.
  - Response: Agree.
  - Progress highlights:
    - Blended learning established as a CD delivery modality; rollout of blended learning courses piloted during FY23 to all work streams, countries and regions.
    - Integration of Modules 1 and 3 through blended learning considered mature.
    - STA requests authorities encourage staff registration for available online courses.
    - Expanded blended modality to scheduled TA activities with embedded training components, leveraging online curriculum developed under M3.
    - Continued use of hybrid CD delivery to widen audience reach and engage other international/regional organizations (example: African Development Bank on use of SDMX for data management).

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_Source: https://www.imf.org/-/media/files/capacity-developement/d4d/june-2025/d4d-fund-phase-i-report.pdf_