## ppea2022005 ## Source details **Canonical URL:** [ppea2022005](https://www.imf.org/-/media/files/publications/pp/2022/english/ppea2022005.pdf) ## Other formats - [Markdown version](/-/media/files/publications/pp/2022/english/ppea2022005.pdf.md) - [Structured JSON version](/-/media/files/publications/pp/2022/english/ppea2022005.pdf.json) --- ### Executive summary — overview and purpose - The Data Standards Initiatives enhance data transparency as a global public good by encouraging countries’ voluntary publication of key macroeconomic and financial data subject to commitments relating to coverage, periodicity, and timeliness. - Framework tiers: the enhanced General Data Dissemination System (e‑GDDS), Special Data Dissemination Standard (SDDS), and SDDS Plus, with periodic evaluation by the IMF Executive Board. - Disciplined publication—including a pre‑announced release calendar—is intended to inform the public, markets, and the international community to facilitate early resolution of macroeconomic imbalances and market disequilibria. - Date: January 31, 2022. ### Achievements and transformational progress (since Ninth Review, May 2015) - Participation described as “nearly universal voluntary participation by Fund members.” - e‑GDDS and NSDP progress: - Over half the countries participating in the first tier implemented e‑GDDS enhancements, moving from publishing only metadata to publishing data and adopting machine‑readable NSDPs. - As of mid‑January 2022, 68 of 111 e‑GDDS participants published data through NSDPs, including 27 fragile and conflict‑affected states and small states. - All 68 e‑GDDS countries with an NSDP have adopted machine‑readable (SDMX) technology. - Since implementation of the e‑GDDS, participating countries have disseminated nearly 1,200 data categories through NSDPs. - Transitions and SDDS/SDDS Plus growth: - Six e‑GDDS participants graduated to SDDS: China, Mongolia, Saudi Arabia, Senegal, Seychelles, and Sri Lanka. - 19 countries adhered to SDDS Plus since the Ninth Review; the number of SDDS Plus adherents has more than tripled since the Ninth Review. - As of January 2022, 50 members subscribe to SDDS; 19 former SDDS subscribers have moved up to SDDS Plus. - SDDS Plus representation: as of January 2022, SDDS Plus countries represented about 50 percent of global GDP in 2021 (up from 38 percent in 2015) and close to 60 percent of global portfolio flows in 2021 (up from 30 percent in 2015). - SDMX adoption growth: - Number of countries disseminating key data using SDMX increased from eight to nearly one hundred by January 2022, led by e‑GDDS implementers (increase of 68 countries) and SDDS Plus (increase of 19 countries). - Within the 50 SDDS subscribers, only three use SDMX technology. ### Pandemic context, impacts, and responses - Pandemic effects: - Worsened public finances and sharply narrowed fiscal and financial buffers. - Intensified calls for greater debt transparency and more comprehensive fiscal data. - Highlighted the critical role of timely data, alternative data sources, and innovative solutions. - Stretched countries’ resources, including agencies implementing the standards. - Publication performance: - e‑GDDS average timeliness rate: reached a low of 50 percent in April 2020, recovered toward about 60 percent, then slackened more recently. - SDDS/SDDS Plus: all 77 SDDS and SDDS Plus countries experienced delays early in the pandemic but delays were overcome in all but eight cases as of end‑January 2022. - Of 275 data categories reported as “not yet disseminated” during April 2020–September 2021: - About 60 percent were subsequently disseminated with short delays (less than 15 days). - 35 percent were subsequently disseminated with long delays. - 4 percent remained outstanding. - Publication delays mainly concerned central bank survey and official reserve assets (shortest timeliness requirements: two weeks and one week, respectively). - Fund staff actions: - Daily monitoring of publication commitments; remote engagement; internal weekly reporting; Special Series on COVID‑19 guidance; provision of remote technical assistance. ### Focus and main proposals of the Tenth Review - Core orientation: - Strengthen monitoring of the e‑GDDS and encourage modernization of dissemination technology for SDDS countries (SDMX). - Parsimonious expansion of encouraged data categories (no new mandatory requirements). - Introduce a “force majeure” clause to permit suspension of activation of nonobservance procedures when unforeseen circumstances beyond authorities’ control materialize. - Strengthen e‑GDDS monitoring by asking authorities to certify every two years data dissemination practices. - Specific encouraged expansions (no new required categories): - Public sector debt: encourage debt disaggregation by creditor type (details differ by tier). - Macro‑financial analysis: rebalance FSIs by adding Net open position in FX to capital (SDDS Plus encouraged) and Residential real estate prices (SDDS encouraged). - Foreign exchange intervention (FXI): encourage SDDS Plus publication of quarterly FXI by central bank (components specified). - Climate change indicators: encourage publication of taxes on fossil fuels (and other environmental taxes) in US dollars and percent of GDP; periodicity: Q; timeliness: 12M. - Gender indicator: encourage labor force participation rate by gender; periodicity: Q; timeliness: Q. ### e‑GDDS monitoring, capacity development, and recommendations - Monitoring and reporting: - Country‑specific monthly reports produced and shared with e‑GDDS coordinators between 2015 and end‑2021: over 2,500 monthly reports. - Annual reports summarizing e‑GDDS performance were not posted on the DSBB due to resource constraints; commitments summarized in online country‑specific tables on Summary of Dissemination Practices. - Coverage/timeliness empirical snapshot (as of December 2021) — selected entries (Percent): - National Accounts: Coverage 100; Timeliness 50; Periodicity 46 - Consumer price index: Coverage 100; Timeliness 93; Periodicity 97 - Interest rates: Coverage 100; Timeliness n.a.; Periodicity 97 - Central government gross debt: Coverage 82; Timeliness 84; Periodicity 64 - External debt: Coverage 75; Timeliness 88; Periodicity 76 - International investment position: Coverage 68; Timeliness 85; Periodicity 100 - General government operations: Coverage 29; Timeliness 80; Periodicity 100 - Population: Coverage 100; Timeliness 2; Periodicity 100 - Socio‑demographic indicators: Coverage 41; Timeliness 0; Periodicity 100 - Capacity development (missions): - e‑GDDS countries with NSDP average missions since 2016: 3.8 per country. - e‑GDDS countries without NSDP average missions since 2016: 2.2 missions per country. - Recommendations to strengthen e‑GDDS: - Focus CD on general government operations, IIP, and external debt. - Enhance Fund staff engagement via informal annual consultations with e‑GDDS coordinators. - Leverage e‑GDDS thresholds to track progression; incorporate thresholds info in Fund monitoring reports. - Introduce biennial metadata certification for all e‑GDDS countries (initially focused on commitments in Summary of Dissemination Practices). - Start publishing an annual summary report on e‑GDDS performance on the DSBB. ### SDDS and SDDS Plus — performance, transition plans, and modernization - SDDS subscriber composition: - 50 SDDS subscribers: 35 emerging market economies, 12 advanced economies, and three low‑income countries; two small states (Mauritius and Seychelles). - Six new SDDS subscribers since the Ninth Review: China, Mongolia, Saudi Arabia, Senegal, Seychelles, and Sri Lanka. - SDDS subscriber flexibility: - Of 50 subscribers, 13 did not choose a flexibility option for either timeliness or periodicity. - Frequent flexibility use: timeliness for central and general government operations and production index; periodicity for production index, labor market statistics, and central government operations. - SDDS Plus specifics: - As of January 2022, 27 SDDS Plus adherents referenced; 19 former SDDS subscribers moved up to SDDS Plus since Ninth Review. - Among the 32 SIFS jurisdictions subject to five‑year mandatory FSAPs, 16 adhered to SDDS Plus (or 21 of total 47 jurisdictions with SIFS per 2021 FSAP Review). - SDDS Plus dissemination performance: - About 90 percent of SDDS Plus adherents disseminate quarterly sectoral balance sheet data within required timeliness of four months. - About 60 percent (16 out of 27) exceed the timeliness requirement for quarterly sectoral balance sheet data. - Transition plans: - SDDS Plus permits publication of five of nine additional categories to adhere, with commitment to implement remaining within a five‑year transition period. - Among 27 SDDS Plus adherents, eight are under transition plans and within the permitted five‑year period. - Common transition categories: debt securities (four countries), general government debt (three), sectoral balance sheets (three), general government operations (two), FSIs (two). - Examples: Canada on track to full compliance by April 2022; Finland plans to exit transition plan closer to 2023 deadline; Slovak Republic published general government operations at end‑2021 (ahead of September 2024 deadline). - Modernization and SDMX: - Proposal: SDDS countries should develop a three‑four year plan to modernize NSDPs by mid‑2026. - Rationale: aligns with 2018 Overarching Strategy and facilitates machine‑to‑machine access and Fund monitoring. - Of the 50 SDDS subscribers, only three have an NSDP with SDMX technology; among six new SDDS subscribers since Ninth Review, Mongolia, Saudi Arabia, and Senegal adopted SDMX. ### Force majeure and nonobservance procedures - Forbearance approach during pandemic: - Countries asked to publish reasons for delays, any changes in crisis‑related compilation sources/methods, and a temporary revision in the advance release calendar. - Proposal to incorporate force majeure into SDDS Decision: - Staff may refrain from initiating nonobservance procedures for deviations resulting from force majeure (extreme natural disaster, extreme civil unrest, war, public health disaster). - Determination made during initial technical discussions in consultation with SDDS/SDDS Plus coordinator and management. - Suspension of nonobservance procedures: initial duration up to 12 months, revisitable and extendable at intervals no longer than 12 months up to a total duration no more than 36 months. - Communication requirements: staff to promptly communicate determination to SDDS coordinator and post a DSBB note within one week; subscriber to post an explanatory note on NSDP and revised ARC. ### Proposed encouraged data categories — details and periodicity/timeliness - Guiding principles for adding categories: official data; necessary for policymaking/market monitoring; internationally accepted methodological guidance; already compiled by a critical mass of members. - Implementation stance: parsimonious expansion, no new required categories; transition period until May 1, 2023; encouraged publication of at least five years of recent data. - A. Public sector debt — creditor‑type granularity - SDDS Plus: encourage breakdown by creditor type for total general government debt (domestic and external). - SDDS and e‑GDDS: encourage publication of external debt owed to official bilateral creditors—total and by country for five largest official creditors; and multilateral creditors—total and by institution for five largest multilateral creditors. - Additional breakdowns follow same periodicity and timeliness as current data; concessional debt included as part of total. - B. Indicators for macro‑financial analysis — FSIs rebalancing - Proposal: Add Net open position in FX to capital to FSIs under SDDS Plus (encouraged). - Proposal: Add Residential real estate prices to FSIs encouraged under SDDS. - C. Foreign exchange intervention (FXI) - Encourage SDDS Plus countries to publish quarterly FXI data by central bank; timeliness Q. - FXI components include: spot FXI by central bank; derivatives FXI; swaps and repos with other central banks; FXI by other public sector entities on behalf of central bank. - All but one SDDS Plus country (Romania) already have/publish FXI data. - D. Climate change policy variables - Encourage one data category: taxes on fossil fuels (and other environmental taxes), in US dollars and percent of GDP. - Periodicity: Q; Timeliness: 12M. Minimum recommendation: publish annual gasoline tax revenue. - OECD and SEEA‑CF methodological guidance noted as references. - E. Gender dimension — labor force participation by gender - Encourage SDDS and SDDS Plus countries to disseminate labor force participation rate by gender following ILO guidelines; Periodicity: Q; Timeliness: Q. - Timeliness and periodicity to follow provisions for aggregate series; availability among SDDS/SDDS Plus countries is high/complete. ### Implementation, timelines, and resource implications - Transition and consultation timeline: - Transition period until May 1, 2023 for all tiers and data categories (no sequencing). - After May 1, 2023, countries expected to publish new encouraged categories on an encouraged basis. - Staff proposes starting a consultation process about six months after end of transition period (by early 2024) to learn and discuss progress. - Monitoring and compliance: - New encouraged categories would not be subject to formal monitoring; alternative mechanisms: peer learning, knowledge sharing, outreach, tier‑specific workshops and seminars. - Strengthen e‑GDDS monitoring via biennial certification of data dissemination practices. - Fund to publish annual summary report on e‑GDDS performance on DSBB. - Resource implications: - Expected limited for authorities and Fund staff because categories are encouraged and not closely monitored. - Supporting SDMX adoption will require modest resources; SDMX technology available at no charge to authorities. ### Legal/decision amendments — selected operational elements (preserve exact procedures and timings) - SDDS Decision (Decision No. 15256) — revised nonobservance procedures: - Technical discussions start immediately after deviation detection and notification to SDDS coordinator. - If a deviation is serious and unresolved within three months for monthly data, or six months for quarterly/annual data, SDDS coordinator notified of initiation of nonobservance procedures (subject to Section III.5). - Fund staff will communicate with subscriber’s Executive Director if nonobservance unresolved after three months following SDDS coordinator notification; if unresolved three months after communication with Executive Director, Managing Director will send a letter to subscriber’s Governor. - If nonobservance remains unresolved up to three months following Managing Director’s letter, a note posted on DSBB; if unresolved after twelve months from posting the note, Managing Director will bring case to Executive Board, potentially including deletion of subscriber’s metadata from DSBB. - New Section III.5 (Effects of force majeure) — exact provisions: - Staff, in consultation with SDDS coordinator and management, may determine deviation results from force majeure and refrain from initiating nonobservance procedures. - Determination communicated to SDDS coordinator and a DSBB note posted within one week indicating the determination, initial duration, nature of deviation, and date it began. - Subscriber to post explanatory note on NSDP and revised ARC; initial duration up to 12 months, extendable at intervals no longer than 12 months up to total 36 months; once no longer due to force majeure, staff will initiate technical discussions per Section III.4. ### Annex findings — experience with new category introductions (FSIs and IIP) - FSIs experience: - FSIs introduced as encouraged under SDDS in 2010 and required under SDDS Plus in 2012. - Country sample for FSI analysis: 22 SDDS Plus countries (out of 27) and 37 SDDS countries (out of 50). - Among SDDS Plus countries, only two currently do not disseminate all required FSIs within the five‑year transition period. - Among SDDS countries (FSIs encouraged), six countries had past delays with an average lag of 3.7 years. - Seven SDDS countries disseminate six out of seven encouraged FSIs (missing Net open position in FX to capital) with average ongoing lag of 10 years for that series. - IIP experience: - Annual IIP introduced in 1998 with three‑year transition; at introduction, 41 of 47 SDDS subscribers (87 percent) were already disseminating annual IIP data. - Quarterly IIP change endorsed in 2010 with transition to 2014; at introduction, 54 of 68 SDDS subscribers (79 percent) were already disseminating quarterly IIP data. - Two SDDS subscribers still availing flexibility option for quarterly IIP (lags of 11 and 9 years); another 14 SDDS subscribers had past delays with average lag of 3.3 years. ### NSDP usage, commercial uptake, and data re‑dissemination - NSDP usage monitoring: - Most e‑GDDS countries do not record NSDP user statistics; more than half of SDDS and SDDS Plus countries report recording access. - Many countries show increasing trend in NSDP visits; some link increases to pandemic. - Access via commercial providers: - Haver Analytics reports NSDP‑sourced data for 29 countries, 26 of which are e‑GDDS countries. - Examples of NSDP data integrated in Haver Analytics (country — data categories preserved exactly): Angola — Central bank survey; Depository corporations survey; BOP; External debt; Official reserve assets; Bangladesh — CPI (weights); PPI; Central government operations; External debt; Official reserve assets; IIP; Labor market indicators; etc. (full list preserved in source). ### Outreach, stakeholder engagement, and issues for discussion - Consultations included tier‑specific workshops (October 2021): attendance from 31 e‑GDDS countries, 31 SDDS countries, and 21 SDDS Plus countries. - Cross‑cutting feedback: - Support for shared experience, need for effective interagency coordination, resource constraints limiting scope for adding new categories. - SDMX adoption delays: insufficient IT and technical expertise; need to upgrade websites. - Issues for Board discussion (as posed in source): - Do Directors agree with staff’s assessment of achievements since Ninth Review? - Do Directors concur framework worked well during the pandemic? - Do Directors agree to modify framework to take force majeure into account? - Do Directors support staff’s proposal to encourage publication of new data categories reflecting emerging data needs? *Source: Tenth Review of the Data Standards Initiatives — excerpted content unit ppea2022005.* ### EXECUTIVE SUMMARY ### EXECUTIVE SUMMARY ### Overview - The Data Standards Initiatives enhance data transparency as a global public good by encouraging countries’ voluntary publication of key macroeconomic and financial data subject to commitments relating to coverage, periodicity, and timeliness. - The framework comprises three tiers tailored to countries’ capacity: the enhanced General Data Dissemination System (e-GDDS), Special Data Dissemination Standard (SDDS), and SDDS Plus, with periodic evaluation by the IMF Executive Board. - Disciplined publication—including a pre-announced release calendar—is intended to inform the public, markets, and the international community in a timely manner to facilitate early resolution of macroeconomic imbalances and market disequilibria. ### Achievements and Transformational Progress - Participation is described as “nearly universal voluntary participation by Fund members.” - Since the Ninth Review (May 2015): - Over half the countries participating in the first tier implemented the enhancements to the GDDS, moving from publishing only metadata to publishing data and adopting machine-readable National Summary Data Pages (NSDPs). - Six countries advanced from the e-GDDS to the SDDS. - Nineteen countries with advanced statistical systems adhered to the SDDS Plus, producing a three-fold increase in the number of SDDS Plus adherents as of January 2022, including half of the 32 jurisdictions with systemically important financial sectors (SIFS). - The transformation increased the volume of data published and resources allocated to statistics, involving all regions and nearly half of the Fund membership. ### Context and Impact of the Pandemic - The economic context for the Tenth Review is challenging due to: - Effects of the pandemic on the global economy. - Climate change. - The digital revolution. - The pandemic: - Worsened public finances and sharply narrowed fiscal and financial buffers. - Intensified calls for greater debt transparency and more comprehensive fiscal data. - Highlighted the critical role of timely data and the use of alternative data sources and innovative solutions. - Stretched countries’ resources, including agencies implementing the standards, calling for a guarded approach to changes in the framework. - Observed pandemic-era resilience in publication performance signals strong country ownership. ### Focus and Main Proposals of the Tenth Review - The Review focuses on: - The evolution and effectiveness of the Data Standards Initiatives since 1996. - Transformational progress and accomplishments since the 2015 Ninth Review across the three tiers. - The impact of the pandemic on publication performance. - Strengthening monitoring of the e-GDDS and encouraging modernization of dissemination technology for SDDS countries. - Updating the framework through a parsimonious expansion of encouraged data categories (without introducing any new mandatory requirement). - Specific proposals and policy measures: - Parsimonious expansion of encouraged data categories to cover selected aspects related to public debt, macro-financial analysis, foreign exchange intervention, climate change, and gender. - Encourage SDDS countries to modernize dissemination technology by adopting the Statistical Data and Metadata eXchange (SDMX). - Strengthen monitoring of the e-GDDS, including asking authorities to certify every two years data dissemination practices. - Introduce a “force majeure” clause to permit suspension of activation of nonobservance procedures when unforeseen circumstances beyond the authorities’ control materialize (reflected in amendments to the SDDS Decision). ### Alignment, Consultation, and Coordination - Proposals are broadly aligned with: - The Fund’s 2018 Overarching Strategy on Data and Statistics. - The forthcoming 2022 Review of Data Provision to the Fund for Surveillance Purposes (DPF). - Surveillance priorities identified in the 2021 Comprehensive Surveillance Review (CSR). - The paper’s views and proposals benefited from extensive consultation with members, market participants, and international partners (Annex II lists stakeholder engagement). ### Implementation, Monitoring, and Future Orientation - The Review intends to: - Continue fostering modernization of data publication technology. - Maintain a guarded approach to expanding mandatory requirements given stretched country resources. - Provide potential scope for future reviews to remain aligned with emerging medium-term surveillance priorities. ### Document and Team - Date: January 31, 2022 - Approved By: J.R. Rosales - Prepared by a staff team of the Strategy, Standards, and Review Division of the Statistics Department: Jesus Gonzalez-Garcia (project leader), Daniel Rodriguez Delgado, Malika Pant, and Xinyuan Johnny Yin; with contributions from Jeff Danforth, Niall O'Hanlon, Nabila Akhazzan (all STA), Julianne Ams, Francisca Fernando, and Robin Sykes (LEG), Peter Lindner (MCM), and Meg Fletcher and Fabio Bolzan (CSF). Geraldine Cruz (STA) provided administrative support. Work performed under the leadership of Lusine Lusinyan and the supervision of Patrizia Tumbarello. *Source: TENTH REVIEW OF THE DATA STANDARDS INITIATIVES — EXECUTIVE SUMMARY, January 31, 2022, International Monetary Fund.* ### Box 1. The 2018 Overarching Strategy on Data and Statistics, Data Standards Initiatives, ### Box 1. The 2018 Overarching Strategy on Data and Statistics, Data Standards Initiatives, and Synergies with Other Frameworks ### Purpose and linkages with other Fund frameworks - The Review of the Data Standards Initiatives is integral to implementing the Overarching Strategy on Data and Statistics at the Fund in the Digital Age (IMF 2018), prepared in response to the Independent Evaluation Office (IEO) report (IMF 2016a) and implementation plan (IMF 2016b). - The strategy called for an integrated approach to the Fund’s data activities and frameworks, including aligning data dissemination standards with surveillance priorities, data provision to the Fund, and capacity development. - Long-term vision: a cloud-based network of country websites (NSDPs) publishing data essential for surveillance under the Data Standards Initiatives (the global data commons) to inform global markets and improve data sharing. - Distinction from other Fund data obligations: - Member countries’ provision of data to the Fund for surveillance is obligatory. - The data dissemination framework serves to directly inform markets and the public and is voluntary. - The Data Standards Initiatives leverage the CSR, findings of the 2021 Financial Sector Assessment Program Review (IMF 2021b), and proposals under the 2022 DPF Review when considering new data needs. - The Initiatives provide a frame of reference for reasonable expectations on timeliness and periodicity of data provided to the Fund for surveillance purposes since the DPF does not mandate minimum timeliness or maximum periodicity. ### Synergies in public debt and related frameworks - Important complementarities exist between the Data Standards Initiatives and other policy frameworks in the area of public debt data. - Enhancing public debt transparency is a pillar of the joint IMF-World Bank Multipronged Approach for Addressing Debt Vulnerabilities; ongoing debt transparency work covers debtor and creditor (including private sector) data and reconciliation. - The data dissemination standards apply to official debt liabilities; the debt transparency workstream (and the Multipronged Approach) covers both debtor and creditor data and reconciliation. - Outcomes of debt transparency work should inform future updates of the data dissemination standards. - The need for more comprehensive, detailed, and timely debt data is recognized in: - the 2017 debt sustainability framework for low-income countries (LIC-DSF), - the 2020 policy on public debt limits, - the 2021 debt sustainability assessment for market access countries (MAC-DSA). ### Evolution and enhancements over 25 years - Enhancements over the past 25 years have kept the framework agile and responsive to evolving data needs. - Key historical responses: - After the Asian financial crisis of 1997–98: SDDS enhancements incorporated data on foreign currency liquidity and external debt to assess external vulnerabilities. - After the 2008 global financial crisis: - Added seven financial soundness indicators (FSIs) as encouraged data categories. - Required change in frequency of reporting international investment position (IIP) data from annual to quarterly. - Added a simplified table on external debt by remaining maturity as an encouraged category. - Required SDDS metadata to indicate deviations from internationally accepted methodologies and encouraged quality assessments at intervals of no longer than 7–10 years. - G20 Data Gaps Initiative (DGI) launched in 2009; DGI recommendations were aligned in 2012 with SDDS Plus requirements. - February 2012 (Eighth Review): IMF Executive Board approved further changes to the SDDS. - Ninth Review concluded in May 2015 envisioned transitioning GDDS from publishing only metadata/plans to disseminating actual data through a modern platform permitting machine-to-machine access (SDMX technology). ### Framework structure, tiers, and data categories - The three tiers are progressively more stringent in terms of required/encouraged data and dissemination standards. - Exact counts of data categories: - 15 encouraged data categories under the e-GDDS. - 19 required categories under the SDDS. - 28 required categories under the SDDS Plus. - Participation choice: countries decide to participate in one of the three tiers, publishing data with encouraged or required periodicity and timeliness depending on statistical capacity. - Notable technology and participation facts: - 1/ Out of 50 SDDS countries, only three use SDMX technology. - Monitoring and incentives: - Monthly monitoring by staff for each of the 77 SDDS and SDDS Plus countries/jurisdictions and 68 e-GDDS participants with NSDP (even if data is encouraged for the latter). - Incentive compatibility: evidence shows markets reward countries for data transparency through lower sovereign borrowing costs. ### Empirical evidence on benefits: Sovereign spreads and governance - Box 2 — Sovereign borrowing costs: - Research and staff analysis show increased data transparency from participation in the Data Standards Initiatives is associated with better financing conditions by reducing information asymmetries and risk premia. - The empirical model (based on Jordà 2005) estimates the cumulative response of sovereign spreads—measured by the JP Morgan EMBIG spread index—during the year following: - joining the SDDS, - joining the GDDS (prior to 2015), - implementing e-GDDS by publishing data via the NSDP. - The analysis excludes SDDS Plus countries from this sovereign spread sensitivity assessment. - Results: significant reduction in sovereign spreads in the quarters following subscription to the SDDS or publication by GDDS countries through an NSDP; e-GDDS implementation has an additional favorable impact on spreads beyond joining the GDDS. - Participation detail: Currently, in addition to most SDDS and SDDS Plus countries, more than 40 percent of the 111 e-GDDS countries participate in global sovereign bond markets. - Box 3 — Data transparency and governance: - Publication under the e-GDDS is associated with improved control of corruption. - Subscription to the SDDS is associated with better public resource management (proxied by quality of budgetary and financial management). - Adherence to the SDDS Plus is associated with improvements in regulatory quality. - Selected regression coefficients and statistics (from staff estimates; significance stars preserved): - e-GDDS implementation: Control of Corruption = 0.10*** ; Regulatory Quality = 0.01 ; Quality of Budgetary and Financial Management = 0.02 - SDDS subscription: Control of Corruption = 0.06 ; Regulatory Quality = 0.06 ; Quality of Budgetary and Financial Management = 0.19** - SDDS Plus adherence: Control of Corruption = -0.01 ; Regulatory Quality = 0.157** ; Quality of Budgetary and Financial Management = (not shown) - Real GDP per capita: 0.26*** ; 0.56*** ; 0.50* - Trade openness: 0.002 ; 0.03 ; 0.18* - IMF lending arrangement: 0.01 ; 0.07*** ; 0.12** - Number of observations: 3,351 ; 3,349 ; 937 1/ - Number of countries: 175 ; 175 ; 75 - R2 overall: 0.53 ; 0.63 ; 0.11 - Interpretation: benefits vary by tier and country group; e-GDDS publication signals efforts toward greater data transparency with particular governance gains for countries in lower tiers. ### Principles underpinning the framework - Voluntary participation: countries make voluntary commitments to join and comply with the dissemination standards. - Flexibility: recognizes different levels of statistical development, does not require the latest methodology, allows flexibility options for periodicity and timeliness and transition periods, and differentiates between required and encouraged data categories. - Agility: the framework has evolved in response to, and adapted to, new data needs. - Synergies with capacity development objectives and other Fund frameworks (and the DGI). - Monitoring: monthly monitoring for participating countries/jurisdictions. - Incentive compatibility: markets reward transparency; participation is associated with governance improvements. ### e-GDDS: data dissemination through NSDPs and progression path - Rationale: Ninth Review (IMF 2015) proposed e-GDDS enhancements to strengthen incentives to disseminate data, refocusing on publication of data essential for surveillance and markets in a standardized format. - Key enhancements included: - refocusing efforts on publishing data essential for surveillance and markets rather than only methodological notes (metadata); - using a phased approach to lock in progress toward SDDS subscription; - regularly monitoring progress under the e-GDDS, with assessment at the Tenth Review. - Statistical development as a continuum: - The e-GDDS envisions a path from GDDS (metadata and development plans) to SDDS (full dissemination), with phases/thresholds and baseline steps to map progression. - Baseline steps (from the e-GDDS Guide ¶4.2): - Baseline one: participants that disseminate less than 10 of the 15 data categories. - Baseline two: participants that disseminate 10 to 14 of the 15 data categories, or disseminate 15 categories but do not meet the NSDP or an advance release calendar (ARC) requirements of the thresholds. - Alignment with surveillance indicators: - Since 2015 the e-GDDS encouraged data categories have been aligned with the Table of Common Indicators Required for Surveillance (TCIRS). The TCIRS (16 categories) are a subset of those required under Article VIII, Section 5. - Phased implementation: allows countries to publish a subset of the data categories according to recommended coverage, periodicity, and timeliness in the initial phase to plan and implement capacity development activities. *Source: Fund staff.* ### 15. Countries have made impressive progress in publishing data through official ### 15. Countries have made impressive progress in publishing data through official ### Progress in NSDP dissemination and e-GDDS uptake - Since the implementation of the e-GDDS, participating countries have disseminated a total of nearly 1,200 data categories through NSDPs (each category including one or more time series), following the dissemination practices recommended under the e-GDDS. - As of mid-January 2022, 68 of 111 e-GDDS participants published data through NSDPs, including 27 fragile and conflict-affected states and small states. - All 68 e-GDDS countries with an NSDP have adopted machine-readable (SDMX) technology. - Six e-GDDS participants have graduated to the SDDS following the Ninth Review: China, Mongolia, Saudi Arabia, Senegal, Seychelles, and Sri Lanka. - The e-GDDS implementation in Africa has benefited from collaboration with the African Development Bank (AfDB) and the Open Data Platform (ODP). Twenty-nine out of 68 e-GDDS countries with NSDPs disseminate data via the ODP. ### Monitoring, reporting, and frequency of engagement - The Ninth Review and the e-GDDS Guide stipulate annual reports and semiannual updates on publication performance under the e-GDDS, with annual reports to be posted on the DSBB. - Country-specific reports have been prepared every month and shared with e-GDDS coordinators, exceeding the semiannual frequency envisaged by the Ninth Review. - Between 2015 and end-2021, over 2,500 monthly reports were produced and shared with the authorities, accompanied by STA country coordinators’ comments and guidance. - Annual reports summarizing e-GDDS performance have not been posted on the DSBB (owing to resource constraints), but authorities’ commitments on data dissemination are summarized in online country-specific tables on Summary of Dissemination Practices. - Country-specific e-GDDS issues have been raised in the context of the Fund’s regular country surveillance. ### Coverage, timeliness, and periodicity: empirical findings (as of December 2021) - In terms of coverage of data categories, most e-GDDS participants disseminate between 10 and 14 of the 15 (core) encouraged data categories. - The most common non-disseminated data categories are general government operations, IIP, and external debt. - The recommendations for timeliness and periodicity for the core categories disseminated through the NSDP are met, on average, by over 75 percent and 80 percent of e-GDDS participants, respectively. - During 2019–21, countries, on average, improved their timeliness commitments, reflecting also new e-GDDS participants. - Table 3 (Coverage/Timeliness/Periodicity: Share of countries reporting data categories; Percent; as of December 2021) — selected entries preserved exactly: - National Accounts: Coverage 100; Timeliness 50; Periodicity 46 - Consumer price index: Coverage 100; Timeliness 93; Periodicity 97 - Interest rates: Coverage 100; Timeliness n.a.; Periodicity 97 - Merchandise trade: Coverage 100; Timeliness 57; Periodicity 68 - Depository corporations survey: Coverage 99; Timeliness 91; Periodicity 97 - Balance of payments: Coverage 99; Timeliness 52; Periodicity 66 - Central bank survey: Coverage 97; Timeliness 88; Periodicity 98 - Central government operations: Coverage 93; Timeliness 76; Periodicity 76 - Official reserve assets: Coverage 93; Timeliness 65; Periodicity 98 - Exchange rates: Coverage 91; Timeliness n.a.; Periodicity n.a. - Central government gross debt: Coverage 82; Timeliness 84; Periodicity 64 - External debt: Coverage 75; Timeliness 88; Periodicity 76 - International investment position: Coverage 68; Timeliness 85; Periodicity 100 - General government operations: Coverage 29; Timeliness 80; Periodicity 100 - Labor market: Coverage 78; Timeliness 73; Periodicity 100 - Financial soundness indicators: Coverage 76; Timeliness 77; Periodicity 96 - Production index: Coverage 54; Timeliness 65; Periodicity 59 - Producer price index: Coverage 50; Timeliness 71; Periodicity 56 - Population: Coverage 100; Timeliness 2; Periodicity 100 - Socio-demographic indicators: Coverage 41; Timeliness 0; Periodicity 100 ### Fragile and conflict-affected states (FCS) and small states - Since the introduction of the e-GDDS in 2015, 14 of 42 FCS have implemented the e-GDDS, publishing data through NSDPs. - Twenty-four FCS participate in the e-GDDS but do not disseminate data (only metadata), and three FCS do not participate in the Initiatives. - West Bank and Gaza is the only FCS that has succeeded in subscribing to the SDDS. - Small states (Pacific islands, Caribbean, and other small states) have greatly participated in e-GDDS implementation, supported by regional workshops and liaison with regional partners. - Staff engagement with nearly 10 FCS is ongoing despite the pandemic. - STA launched in 2020 a Japan-funded project to improve data dissemination globally, including in 22 eligible FCS. - Outreach and empirical analysis suggest that countries with relatively weaker governance stand to benefit most from projecting greater data transparency by joining the Initiatives (signaling effect), particularly in FCS contexts. ### Capacity development (CD), technical assistance, and CD delivery patterns - Statistics CD delivery (measured in number of missions) has remained focused on FCS, small states, and low-income countries. - The Financial Sector Stability Fund (FSSF) launched in 2017 and the Data for Decisions Fund (D4D) in 2018 have supported CD efforts. - e-GDDS countries with NSDP have received more than twice as many technical assistance missions as the e-GDDS countries without NSDP since 2016: - Average number of missions to countries with NSDP: 3.8 per country - Average number of missions to countries without NSDP: 2.2 missions per country - National accounts and government finance were the focus of most missions to e-GDDS countries (figures show mission counts by area and year but are summarized here in topic focus). ### Transitioning to the SDDS and lessons learnt (six transitions since 2015) - Six countries transitioned from the e-GDDS to the SDDS since 2015: China, Mongolia, Saudi Arabia, Senegal, Seychelles, and Sri Lanka. - Factors associated with successful migration to the SDDS: - Strong ownership of a vision to improve data transparency. - Regional donor-funded projects financed by development partners that improved data dissemination. - Using SDDS subscription as the overarching anchor of the CD strategy, closely aligned with surveillance priorities. - Possible reasons for the low overall rate of graduation from the e-GDDS to the SDDS: - Difficulties in producing complying data on general government operations. - Widespread difficulties in compiling the Template on International Reserves and Foreign Currency Liquidity. - Shortcomings among the four supplementary data categories—most commonly in preparing the producer price and production indexes according to SDDS requirements. - Outreach to country coordinators suggested resource constraints are the main obstacle to further progress within the e-GDDS and graduation to the SDDS. - Source note: Currently, only one of the nine participants that have reached the e-GDDS thresholds produces the reserves template. ### Recommendations to strengthen the e-GDDS framework - Focus on certain key data not yet ready for dissemination under the e-GDDS—most commonly data on general government operations, IIP, and external debt—to inform CD priorities and facilitate graduation to the SDDS. - Enhance Fund staff engagement with e-GDDS countries through informal annual consultations with e-GDDS coordinators to support implementation and improve performance where timeliness issues or limited data coverage persist. - Leverage the use of e-GDDS thresholds to help countries better track their progression within the tier, including incorporating information about the thresholds and countries’ relative performance in Fund monitoring reports. - Introduce a biennial metadata certification of all e-GDDS countries (with and without NSDPs); to reduce reporting burden, initial certification could focus on updating countries’ commitments vis-à-vis e-GDDS recommendations as reported in the Summary of Dissemination Practices and expand to other practices in subsequent updates. - Start publication of an annual summary report on e-GDDS performance by staff on the DSBB, as anticipated by the Ninth Review and the e-GDDS Guide. *Source: IMF staff, Tenth Review of the Data Standards Initiatives (excerpts).* ### 23. The number of SDDS countries moving up to the SDDS Plus since 2015 substantially ### 23. The number of SDDS countries moving up to the SDDS Plus since 2015 substantially exceeds the number of e-GDDS countries that moved up to the SDDS ### Overview and movement between tiers - Currently, 50 members subscribe to SDDS, including 35 emerging market economies, 12 advanced economies, and three low-income countries; two countries are also small states (Mauritius and Seychelles). - Six new members subscribed to the SDDS since the Ninth Review: China, Mongolia, Saudi Arabia, Senegal, Seychelles, and Sri Lanka. - 19 former SDDS subscribers have moved up to the SDDS Plus. - The number of adherents to the SDDS Plus has more than tripled since the Ninth Review: the first eight countries adhered in 2015, and 19 countries have subsequently adhered to the SDDS Plus. - Most recently, Estonia became an SDDS Plus country in January 2022. - As of January 2022, 27 SDDS Plus adherents are referenced (Box 6 indicates "Among the 27 SDDS Plus adherents, eight are under transition plans..."). ### Performance, flexibility options, and nonobservance - Since the Ninth Review, SDDS subscribers have continued to meet the timeliness and periodicity requirements while opting for the flexibility option in several cases. - Of the 50 SDDS subscribers, 13 did not choose a flexibility option for either timeliness or periodicity. - Of the 19 disseminated data categories, SDDS subscribers have opted for the flexibility option most with respect to: - Timeliness: central and general government operations and the production index. - Periodicity: production index, labor market statistics, and central government operations. - Nonobservance procedures have not been invoked since the introduction of revised procedures in 2012; the SDDS nonobservance procedures were last used in July 2012 but involved a pre-existing issue addressed under previous procedures. - The framework is described as largely “self-policing,” requiring relatively limited staff resources for effective oversight in most cases. ### Readiness for SDDS Plus and SDMX adoption - Most SDDS subscribers participate in the four IMF surveys that are among the additional data categories required under the SDDS Plus. - Subscription rates among SDDS countries (as of January 2022) for key IMF databases: - About 80 percent subscription in the case of CDIS and CPIS. - About 90 percent subscription for the FSI database. - Lower subscription rate for COFER relative to the others. - Over two thirds of SDDS subscribers produce general government debt (according to a recent survey), though not necessarily according to required timeliness and periodicity. - Of the current 50 SDDS subscribers, only three have an NSDP with machine-readable (SDMX) technology—a requirement for SDDS Plus adherence. - Among the six new SDDS subscribers since the Ninth Review, three countries (Mongolia, Saudi Arabia, and Senegal) have adopted SDMX technology. - Adoption of SDMX technology is in progress in several countries, requires technical support, and has been slowed by the pandemic in some cases; many countries do not have immediate plans to move from HTML-based to SDMX technology. ### Achievements under SDDS Plus - SDDS Plus expansion and representation: - As of January 2022, 16 of the 32 SIFS jurisdictions subject to five-year mandatory Financial Sector Assessments—or 21 of the total 47 jurisdictions with SIFS as defined in the 2021 FSAP Review—have adhered to the SDDS Plus, a number that has doubled since the Ninth Review. - Non-adherent SIFS countries include China, the United Kingdom, and Singapore. - SDDS Plus countries represented about 50 percent of global GDP in 2021, up from 38 percent in 2015. - SDDS Plus countries represented close to 60 percent of global portfolio flows in 2021, up from 30 percent in 2015. - Dissemination progress: - The transition plans used by the first cohort of adherents are now completed; those countries disseminate all the additional nine required categories. - Eight of the most recent adherents are using transition plans for a few categories; debt securities and general government debt and operations are among the most common categories in transition. - About 90 percent of SDDS Plus adherents (all but three) disseminate quarterly sectoral balance sheet data within the required timeliness of four months. - About 60 percent (16 out of 27) of SDDS Plus adherents exceed the timeliness requirement for quarterly sectoral balance sheet data. - Synergies with other initiatives: - The SDDS Plus additional requirements are broadly aligned with the DGI-2 recommendations; all except one of the nine additional categories in SDDS Plus are included in the DGI-2 (COFER is the only exemption). - Progress under the DGI-2 has supported expansion of the SDDS Plus by fostering compilation and dissemination of key data categories and knowledge exchange. ### Transition plans and timing (Box 6 summary) - The SDDS Plus allows adherence by publishing five of the nine additional data categories, with commitment to implement the remaining within a five-year transition period through a well-developed transition plan. - Among the 27 SDDS Plus adherents, eight are under transition plans and all are within the permitted five-year transition period. - Most of the eight countries under transition plans have used the transition period for only one or two data categories; North Macedonia used four and Israel used three. - Data categories most frequently included in transition plans: debt securities (four countries), general government debt (three), sectoral balance sheets data (three), general government operations (two), and FSIs (two). - Examples of transition plan progress: - Canada, facing a deadline in April 2022, is on track to full compliance by the deadline. - Finland plans to exit its transition plan closer to the 2023 five-year deadline and has published general government debt on the Treasury’s website. - The Slovak Republic published general government operations data at the end of 2021 (ahead of the September 2024 deadline). ### Impact of the pandemic on dissemination and responses - e-GDDS: - The average timeliness rate among e-GDDS countries—the share of data categories disseminated on a timely basis—reached a low of 50 percent in April 2020 before slowly recovering to approach pre-COVID-19 levels of about 60 percent. - More recently timeliness has slackened, likely reflecting recurring waves of the pandemic. - SDDS and SDDS Plus: - All 77 SDDS and SDDS Plus countries experienced delays from the beginning of the pandemic but delays were overcome in all but eight cases as of end-January 2022. - Of a total of 275 data categories reported as “not yet disseminated” at some point during April 2020–September 2021: - About 60 percent were subsequently disseminated with short delays (less than 15 days). - 35 percent were subsequently disseminated with long delays. - 4 percent remained outstanding. - Publication delays mainly concerned central bank survey and data on official reserve assets, reflecting the shortest timeliness requirements (two weeks and one week, respectively). - Differential effects and remedial measures: - The pandemic had different effects by tier, reflecting preexisting differences in infrastructure and organization. - For e-GDDS participants, connectivity with staff and sources and collection of some indicators were main problems. - The pandemic affected SDDS subscribers, especially dissemination of high-frequency indicators with high timeliness. - The pandemic affected plans of some SDDS countries to adopt SDMX technology, but had a relatively limited impact on SDDS Plus countries. - Main remedial measures adopted by countries included business continuity measures and alternative ways to continue producing data. - Fund staff actions during the pandemic: - Focus on ensuring business continuity, including in data dissemination. - Continued remote engagement with member countries despite travel restrictions. - Enhanced monitoring and engagement: monitoring observance of publication commitments daily; engaging officials and providing guidance to address delays; internal weekly reporting on status of affected countries. - Offered timely guidance and technical assistance on statistical methods and compilation issues (e.g., remote missions and COVID-19 notes). ### Policy recommendation and forward plan - SDDS countries should develop—with support from Fund staff—a three-four year plan to modernize their NSDPs by mid-2026. - Rationale: - Aligns with the 2018 Overarching Strategy which anticipated construction, over time, of the global data commons—a network of official websites publishing data under the Data Standards Initiatives. - Modernizing NSDPs and adopting SDMX facilitates machine-to-machine access, monitoring by the Fund, and uptake by commercial vendors that re-disseminate the data. *Source: Tenth Review of the Data Standards Initiatives (excerpts from the provided content unit).* ### 38. A practical and flexible approach to help address publication delays during the ### 38. A practical and flexible approach to help address publication delays during the pandemic ### Publication delays, forbearance, and monitoring - The approach entailed a degree of forbearance in view of the unforeseen nature of the nonobservance of publication obligations. - Countries are asked to publish: - the reason for the delays, - any changes in crisis-related compilation sources and methods, - a temporary revision in the advance release calendar. - Overall, this approach has been sufficient to accommodate and resolve temporary deviations from publication obligations. - Soon after the start of the pandemic, staff prepared and disseminated Special Series on COVID-19 notes with advice on how to address compilation and dissemination challenges. ### Incorporating force majeure into the data standards framework - Staff proposes incorporating force majeure in the framework to address unavoidable or exceptional circumstances (e.g., an extreme natural disaster or a pandemic). - Proposal details: - Allow staff to refrain from initiating nonobservance procedures with respect to deviations arising from such unforeseen circumstances beyond the authorities’ control. - Such a determination will be made by staff during the initial technical discussions, in consultation with the SDDS/SDDS Plus coordinator and management. - The proposal would allow for the suspension of nonobservance procedures for up to 12 months at a time for a total period of up to 36 months. --- ### PROPOSALS FOR NEW ENCOURAGED DATA CATEGORIES ### Context and guiding principles - The Data Standards Initiatives should remain attuned to new demands for data for surveillance and policymaking, particularly those important to inform markets. - Key areas of new data needs (as articulated in the 2021 Comprehensive Surveillance Review) include: - broader and more granular coverage of the public sector data, including debt data to support analysis of fiscal risks; - data for macro-financial analysis, including main financial sector indicators; - access to timely and comprehensive FXI data for bilateral and multilateral surveillance (Figure 13). - Additional growing demands: indicators of economic sustainability and high-frequency alternative data (e.g., mobility and vessel traffic). - The new G20 DGI (to be launched in March 2022) covers climate change, household distributional information, and fintech and financial inclusion. - Principles for adding a new data category (a new category should meet most of the following): - (i) the data should be official data; - (ii) the data should be demonstrably viewed as necessary for policymaking and for monitoring market conditions; - (iii) there should be internationally accepted methodological guidance for compilation to facilitate broad comparability across countries; - (iv) the data must be already compiled and disseminated by a critical mass of members to facilitate adoption. ### Overall proposal stance - The Tenth Review proposes parsimoniously expanding the encouraged data categories, without introducing new required ones. - Emphasis on parsimony considers heightened resource limitations during the pandemic. - Another principle is to address current imbalances across the tiers (e.g., FSIs). ### A. Public sector debt — add by-creditor granularity - Starting point: - All member countries are required to provide the Fund with data on the stocks of central government (CG) and CG-guaranteed debt, including composition by currency, maturity, and residency of the holder (if data is amenable to classification). - e-GDDS: publishing quarterly CG (domestic and external) gross debt, with a two-quarter lag, is encouraged. e-GDDS countries are also encouraged to publish quarterly public and publicly guaranteed external debt, broken down by maturity. - SDDS subscribers: required to publish CG and CG-guaranteed debt separately via the NSDP, with quarterly periodicity and a one-quarter lag, disaggregated by maturity, residency, and instrument/sector. - SDDS prescribes quarterly dissemination of general government (GG) gross external debt, by maturity and instrument, and encourages publication of GG debt (details noted under SDDS Plus). - SDDS Plus: required to publish quarterly GG total gross debt at nominal value, disaggregated by instrument, currency, and residency of creditors (external and domestic); memorandum items include GG debt securities and loans classified by remaining maturity, and total debt securities at market value. - Proposal: - Encourage publication of debt disaggregated by creditor type to assess rollover and concentration risks. - Coverage and granularity vary across tiers: - For SDDS Plus countries: disseminate a breakdown by creditor type for total general government debt (domestic and external). - For SDDS and e-GDDS countries: focus on public/general government external debt—encourage publication of: - public (e-GDDS) and general government (SDDS) external debt owed to official bilateral creditors, total and by country for the five largest official creditors; - public (e-GDDS) and general government (SDDS) external debt owed to multilateral creditors, total and by institution for the five largest multilateral creditors. - Concessional debt is considered part of total debt. - Additional breakdowns should follow the same periodicity and timeliness as current data. ### B. Indicators of macro-financial analysis — rebalancing FSIs - Starting point: - SDDS Plus currently requires publication of seven FSIs, on a quarterly basis, with one quarter lag. - SDDS encourages dissemination of a slightly different set of seven FSIs. - Six FSIs common to SDDS Plus and SDDS: Regulatory Tier 1 capital to risk-weighted assets; Regulatory Tier 1 capital to assets; Nonperforming loans net of provisions to capital; Nonperforming loans to total gross loans; Return on assets; Liquid assets to short-term liabilities. - SDDS Plus additionally requires Residential real estate prices; SDDS encourages Net open position in foreign exchange (FX) to capital. - Proposal: - Add Net open position in FX to capital to the list of FSIs under the SDDS Plus (as an encouraged category). - Add Residential real estate prices to the FSIs encouraged under the SDDS. - The majority of SDDS Plus and SDDS countries already compile these data. ### C. Foreign exchange intervention (FXI) — standardize and publish FXI data - Starting point: - The 2020 Central Bank Transparency Code stipulates central banks publish information on FX management and volume of activity (aggregated quarterly) annually; more comprehensive practices call for reporting interventions on the website and publishing aggregate volume of interventions and specific instruments on a monthly basis (in line with SDDS frequency and timeliness for the Template on International Reserves and Foreign Currency Liquidity). - Proposal: - Encourage SDDS Plus countries to publish FXI data by central bank, on a quarterly basis. - FXI data (as per the forthcoming 2022 DPF Review proposal) includes: - spot FXI by the central bank (corresponding monetary authority); - derivatives FXI by the central bank; - swaps and repurchase agreements undertaken by the central bank with other central banks; - FXI undertaken by other public sector entities on behalf of the central bank. - All but one SDDS Plus country (Romania) already have/publish the FXI data. ### D. Climate change-related policy variables — taxes on fossil fuels and other environmental taxes - Starting point: - The Fund launched the Climate Change Indicators Dashboard (CID) in April 2021. - The 2021 FSAP review pointed out that climate-related risks would be a focus of financial surveillance under FSAPs going forward. - Climate change is included in the new G20 DGI. - In consultations, indicators related to climate change commonly receive most interest. - Proposal: - Include one encouraged data category closely linked with climate-related policy action: taxes on fossil fuels (and other environmental taxes, as relevant), both in US dollars and in percent of GDP. - Purpose: inform the public about government policy affecting incentives that shape environmental outcomes. - Given variety of fossil fuel taxes, countries will be encouraged to publish categories as presented in their national budgets, with quarterly/annual periodicity (Table 7). - At minimum, countries are recommended to publish annual data on revenue from the gasoline tax. - The majority of countries would be in a position to publish such data (Figure 14). - OECD methodological guidance for Environmentally Related Tax Revenue and SEEA-CF noted as possible reference; proposed taxes on fossil fuels are part of the energy taxes as per the SEEA-CF. ### E. Gender dimension of labor markets — labor force participation rate by gender - Starting point: - Demand is growing for assessing economic consequences of gender gaps worsened by the pandemic. - Labor market indicators (employment, unemployment, wages/earnings) are encouraged under the e-GDDS and required under the SDDS and SDDS Plus. - Proposal: - Encourage SDDS and SDDS Plus countries to disseminate labor market indicators decomposed by gender, particularly the labor force participation rate by gender, following the ILO guidelines. - Timeliness and periodicity should follow the same provisions as for the aggregate series. - Among SDDS/SDDS Plus countries, availability of the proposed indicators is high/complete. *Italic: Tenth Review of the Data Standards Initiatives — excerpted content unit ppea2022005, pages 30–36.* ### 44. Implementing the proposed recommendations to disseminate new data on an ### 44. Implementing the proposed recommendations to disseminate new data on an ### Implementation and country ownership - Implementing encouraged new data categories raises the premium on country ownership and commitment to data transparency. - Data Standards Initiatives have evolved by adding new data categories, both prescribed (with different implementation periods) and encouraged, reflecting different statistical capacities. - Consultation and outreach activities were important to solicit stakeholder feedback; transition periods for required categories have been useful to support countries’ efforts to complete the adherence process over time. ### Operational considerations and timelines - New data categories are proposed only as encouraged categories selectively for each tier of the Initiatives. - Countries will be encouraged to publish at least five years of recent data for the new categories (similar to the practice used for SDDS Plus countries). - A transition period is proposed until May 1, 2023, for all tiers and all data categories (without sequencing). After this date, countries would be expected to publish, on an encouraged basis, the new data categories. - Implementation of the new encouraged data categories would not be subject to formal monitoring; alternative mechanisms focused on peer learning, knowledge sharing, and outreach would be used. - Staff proposes starting a consultation process about six months after the end of the transition period, by early 2024, to learn and discuss progress and plans for publishing the new encouraged data categories. - Outreach activities to supplement consultations include tier-specific workshops and seminars during the Spring and Annual Meetings. ### Resource implications - Implementing some recommendations will likely require additional resources albeit to a limited extent. - Resource implications for the authorities and Fund staff are expected to be limited because the new data categories are encouraged and their publication would not be subject to close monitoring, limiting reporting and compliance costs. - Proposals were guided by principles requiring that the data must be official data already compiled and published by a critical mass of Fund members. - Strengthening the e-GDDS monitoring framework would involve biennial certification by authorities of data dissemination practices (by updating the metadata). - The Fund will publish on the DSBB an annual summary report on the e-GDDS performance building on the existing internal monitoring framework. - Supporting SDDS countries to implement SDMX technology would require modest resources from authorities and Fund staff; the required new technology is available at no charge to the authorities. ### Agility and case examples (Box 7) - Agility is necessary to adapt to fast-paced developments in the global economy and financial markets; faster data production and dissemination and greater demand for timelier data may require further enhancements, mainly higher timeliness. - Flexibility in statistical systems is needed to allow for more frequent revisions in data frameworks. - Panama: - National Bank of Panama (NBP) performs monetary authority functions in absence of a central bank and provides official reserves data currently disseminated in the NSDP. - Technical assistance for SDDS subscription pointed to practical ways to prepare the International Reserves and Foreign Currency Liquidity template and the depository corporations survey. - The requirement to disseminate interest rate data is to be met by publishing short- and long-term government bond rates. - The SDDS requirement for disseminating the central bank survey will be waived. - New Zealand: - In adhering to the SDDS, New Zealand will use the New Zealand Activity Index (NZAC), a composite leading indicator compiled and launched in June 2020 to produce timelier data during the pandemic. - The SDDS Guide (¶2.10) recognizes the possibility of publishing this indicator instead of the industrial production index under the “as relevant” provision. ### Potential future encouraged indicators (medium term) - general government debt for the e-GDDS participants, data on the net debt of the consolidated public sector for SDDS Plus adherents, and data on outstanding liabilities of nonfinancial public sector corporations; - indicators of economic sustainability (linked to the ongoing international effort to update the System of National Accounts) and inclusion (e.g., household distributional information and average monthly earnings by gender to monitor the earnings gap); - indicators of climate-related financial risks; - indicators related to structural transformation such as digitalization and its implications, including for financial access; - data on Special Purpose Entities (noting mandatory EU requirement in 2022 and that more than 30 countries already provide this information to the Fund); - IIP by currency—broadening coverage of external assets and liabilities from the government sector to other sectors of the economy; - indicators on governance and control of corruption (linked to the Fund’s Framework for Enhanced Fund Engagement on Governance (IMF 2020a), including efforts to fill data gaps such as measurement of illicit financial flows and corruption risks); - data related to central bank transparency, building on the recently updated Central Bank Transparency Code (IMF 2020b), which is applicable on a voluntary basis. (Note: criticality of newly identified indicators will need to be established in Fund-wide surveillance reviews or other major Fund strategies, and interest by market participants be verified.) ### Outreach, peer learning, and collaboration - A dedicated and more regular forum (in-between the reviews) to facilitate sharing of experience and peer learning could be considered, including through workshops. - Sharing experience in strengthening internal governance and interagency coordination would be desirable. - Countries should build capacity to monitor data users’ reliance on the data standards (Annex V). - An outreach strategy to elicit views of market participants would inform future improvements; this could involve more frequent dialogue (perhaps twice during the five-year cycle) with leading global investment banks, rating agencies, and asset managers, plus market participants in selected countries with well-developed domestic capital markets. - The Fund will continue collaborating with international partners including the World Bank, Eurostat, OECD, BIS, ECB, FSB, United Nations, and other regional institutions to promote data transparency and greater data sharing. ### Issues for discussion (as posed) - Do Directors agree with the staff’s assessment of the achievements since the 2015 Ninth Review? - Do Directors concur that the framework has worked well, including during the pandemic in ensuring continuity in informing the public and markets of macroeconomic developments? - Do Directors agree to modify the framework to take into account events of force majeure such as the pandemic? - Do Directors support the staff’s proposal to encourage publication of new data categories reflecting selected emerging data needs? ### Proposed Decisions — key elements - Decision 1 – SDDS Decision proposes amendments to Decision No. 15256, including: - Removal of the words “SDDS nonobservance” from the third paragraph of Section III.4. - Revision of the fourth paragraph of Section III.4 to specify procedures and timeframes for technical discussions and initiation of SDDS nonobservance procedures: - Technical discussions start immediately after a deviation is detected and notified to the SDDS coordinator. - If a deviation is considered a serious deviation and is not resolved through technical discussions within three months from notification for monthly data, or six months for quarterly and annual data, the SDDS coordinator will be notified of initiation of nonobservance procedures (subject to Section III.5). - For other deviations that become serious only after not being resolved through technical discussions within six months, initiation of nonobservance procedures will begin six months after identification of the compliance issue. - Fund staff will communicate with the subscriber’s Executive Director if nonobservance remains unresolved after three months following notification of the SDDS coordinator; if unresolved three months after communication with the Executive Director, the Managing Director will send a letter to the subscriber’s Governor for the Fund. - If nonobservance remains unresolved up to three months following the Managing Director’s letter, a note on the nonobservance will be posted on the DSBB. - If nonobservance remains unresolved after twelve months from posting the note, the Managing Director will bring the case to the Executive Board with a proposal, potentially including deletion of the subscriber’s metadata from the DSBB (effectively terminating subscription). - Once metadata are deleted and subscription terminated, the member can re-apply following procedures for new subscribers. - Insertion of a new Section III.5 (Effects of force majeure) that allows Fund staff, in consultation with relevant parties, to determine that a deviation results from force majeure (extreme natural disaster, extreme civil unrest, war, or a public health disaster) and may refrain from initiating nonobservance procedures for such deviations. - The determination shall be promptly communicated to the SDDS coordinator and a note posted on the DSBB within one week indicating the determination, initial duration, nature of the deviation, and date it began. - The subscriber shall post an explanatory note on their NSDP and a revised advance release calendar to be approved by staff. - A determination that a deviation is due to force majeure may have an initial duration of up to 12 months and may be revisited; if not resolved within the initial duration, staff may extend at intervals no longer than 12 months up to a total duration no more than 36 months. - Once a deviation is no longer due to force majeure, staff will communicate to the SDDS coordinator and initiate technical discussions per Section III.4 for any remaining deviations and update the DSBB note. - Revisions to Table 1 of Decision No. 15256: - Fiscal Sector, Central Government Debt section replaced to specify prescribed and encouraged categories with components and coverage, including: - Central government debt total, with disaggregated components: by maturity; by residency (domestic, foreign); or by instrument; or by currency of issue. Non-central-government debt guaranteed by central government, as relevant. Debt service projections: projected interest and amortization payments on medium- and long-term debt, provided quarterly for the coming four quarters, and annually thereafter; and quarterly data on projected repayments of short-term debt. Coverage indicated as Q Q. - For subscribers using the GFSM 2001 framework, see Tables 4.1a and 4.1d of The Special Data Dissemination Standard: Guide for Subscribers and Users. Coverage indicated as Q Q. - General government gross debt at nominal value, classified by debt instrument, currency of denomination, and residence of the creditor; memorandum items: general government debt securities and loans classified by remaining maturity, and total debt securities at market value. Coverage indicated as Q 4M. - Additional encouraged items: general government gross external debt owed to official creditors; amounts by country owed to the five largest official creditors; amounts owed to multilateral creditors; amounts by institution owed to the five largest multilateral creditors. Coverage indicated as Q Q. - Financial Sector, Interest Rates section replaced to specify: - Prescribed: Short-term and long-term government security rates; and policy-oriented rate (for example, central bank lending rate). - Encouraged: Range of representative deposit and lending rates. Periodicity/timeliness indicated as D 3. - Financial soundness indicators (FSIs) list (Coverage indicated as Q Q): - Regulatory Tier I capital to risk-weighted assets - Regulatory Tier I capital to assets - Nonperforming loans net of provisions to capital - Nonperforming loans to total gross loans - Return on assets - Liquid assets to short-term liabilities - Net open position in foreign exchange to capital - Residential real estate prices *International Monetary Fund — Tenth Review of the Data Standards Initiatives* ### 5. At the end of Table 1 of Decision No. 15256, new sections shall be added that shall read as ### ppea2022005 - 5. At the end of Table 1 of Decision No. 15256, new sections shall be added that shall read as ### e-GDDS Decision — Amendments and additions - Table 1 of the Annex to Decision No. 15827 is replaced by a revised Table 1 that: - Adds Climate change indicators and Gender indicators to the e‑GDDS coverage. - Specifies the Climate change component as: "Taxes on fossil fuels (includes taxes on gasoline, diesel, and other petroleum-based products), both in US dollars and in percent of GDP" with Periodicity "Q" and Timeliness "12M". - Specifies the Gender component as: "Labor force participation rate by gender" with Periodicity "Q" and Timeliness "Q". - Footnotes and guidance: - "Based on BPM6 categories; BMP5 data should be presented in equivalent detail." - Section II amendments: - II.A (ii), fourth paragraph, 3rd bullet: replace “diskettes, tapes, or CD ROM” with “and data storage devices”. - II.B (i), External Sector: e‑GDDS encourages a separate data category for external debt with components: (1) public and publicly guaranteed external debt, broken down by maturity; (2) public external debt owed to official creditors and the amounts, by country, owed to the five largest (in terms of shares in total bilateral debt) official creditors; (3) public external debt owed to multilateral creditors and the amounts, by institution, owed to the five largest (in terms of shares in total multilateral debt) multilateral creditors; and (4) private external debt not publicly guaranteed. - II.B (iii), Demographic and Selected Socio-Economic Indicators: replaced paragraph reads: "Except for population and government revenue from taxes on fossil fuels, the e‑GDDS makes no specific recommendations concerning which social or demographic indicators should be disseminated. Countries are encouraged to construct indicators to meet their own national needs following good statistical practices." - Section III amendments: - III.(6) Dissemination Standards Bulletin Board (DSBB) first paragraph revised to read: "The IMF, as a service to its members, has established and maintains an electronic Dissemination Standards Bulletin Board (DSBB) on the Internet, a system to store and disseminate the metadata provided by participants (DSBB). The DSBB identifies the members participating in the e‑GDDS and provides easy access to the members’ respective metadata. The responsibility for the accuracy of the metadata and of the economic, financial, and socio‑demographic statistics underlying the metadata rests with the member countries. Participants are expected to certify the accuracy of the metadata posted on the DSBB once every two years, similar to the process envisaged for the SDDS (SDDS Decision, Section III.2). Participants are expected to review and update the metadata on either a “best‑effort” or “when‑merited” basis during the period between certification dates and update their plans for improvement on an annual basis." ### SDDS Plus Decision — Amendments and requirements - Section I paragraph 3 (Decision 15257, as amended) revised to require SDDS Plus adherents to observe additional requirements for nine prescribed data categories. The nine data categories are: - sectoral balance sheets; - quarterly general government operations; - general government gross debt; - other financial corporations survey; - financial soundness indicators (FSIs); - debt securities; - participation in the Currency Composition of Foreign Exchange Reserves (COFER) database; - participation in the Coordinated Portfolio Investment Survey (CPIS); - participation in the Coordinated Direct Investment Survey (CDIS). - The SDDS Plus does not prescribe dissemination of COFER data by SDDS Plus adherents, and encourages publication of: - data on government debt decomposition by creditor type; - the FSI on net open position in FX to capital; - data on foreign exchange intervention; - certain indicators related with climate change and gender. - Section II (subsection 1.1) revisions: - Fiscal sector header text revised to require: - general government operations (GGO) data published using GFSM 2001 format (GFSM 2001, Table 4.1) or its successor; - recording basis can be cash, modified accrual, or accrual and should be identified in metadata; - dissemination of quarterly GGO data with timeliness of "12 months" is required; - annual GGO should continue per SDDS requirements. - General government total gross debt (GGD) required in nominal values, classified by: 1) debt instrument; 2) currency of denomination; 3) residence of the creditor; 4) creditor types (encouraged); 5) memorandum items. - Financial sector header: data on seven FSIs are required with quarterly periodicity and timeliness; one additional indicator (net open position in foreign exchange to capital) is encouraged. - External sector: SDDS Plus encourages adherents to publish quarterly data on foreign exchange intervention, with one quarter timeliness. - Added after External sector: "Climate change and gender indicators" with text: - "SDDS Plus adherents are encouraged to publish quarterly data on government revenue from taxes on fossil fuels, with 12‑ month timelines. SDDS Plus also encourages publication of quarterly labor force participation rate by gender, with one quarter timeliness." - Flexibility and transition period sentence revised to read: "No flexibility options are available for any of the (prescribed) nine SDDS Plus data categories." - Section III.4 (4.2) revised paragraph: - "Any deviations from the SDDS Plus undertakings set forth in this decision with regard to the specific areas described in the previous paragraph will be subject to the same procedures applicable to SDDS subscribers as set forth in Sections III.4 and III.5 of the SDDS decision." ### Tables — Key additions and exact periodicity/timeliness for added categories - New/additional data categories and exact Periodicity/Timeliness values reflected in revised tables: - Climate change — Climate change indicators: - Components: "Taxes on fossil fuels (includes taxes on gasoline, diesel, and other petroleum-based products), both in US dollars and in percent of GDP" - Periodicity: Q - Timeliness: 12M - Gender — Gender indicator: - Components: "Labor force participation rate by gender" - Periodicity: Q - Timeliness: Q - SDDS Plus Table 1 entries (selected related rows and exact timings): - General government operations (Fiscal sector): Periodicity Q; Timeliness 12M - General government gross debt: Periodicity Q; Timeliness 4M - Other financial corporations survey: Periodicity Q; Timeliness 4M - Financial soundness indicators (FSIs): Periodicity Q; Timeliness 1 quarter (seven FSIs required); Net open position in foreign exchange to capital encouraged with Periodicity Q and Timeliness Q - Debt securities (stocks only): Periodicity Q; Timeliness 4M - CPIS Participation: Timeliness 7M - CDIS Participation: Timeliness 9M - COFER Participation: Periodicity Q; Timeliness Q - Foreign exchange intervention (FXI): Periodicity Q; Timeliness Q - Climate change indicators (SDDS Plus table): Periodicity Q; Timeliness 12M - Gender indicator (labor force participation rate by gender): Periodicity Q; Timeliness Q - Definitions/notes on periodicity and timeliness: - ("M") monthly or with lag of no more than one month after the reference date (or the end of the reference period); - ("Q") quarterly or with lag of no more than one quarter after the reference date (or the end of the reference period); - ("A") annual. ### External debt and creditor-type detail — Table 3 insertion - Table 3 of Decision No. 15257, as amended, shall be inserted with encouraged breakdown "By creditor types (encouraged):" - Domestic central bank - Other domestic depository corporations (except the central bank) - Other domestic financial corporations - Other domestic creditors - Multilateral creditors - Official bilateral creditors (including a central bank of a currency union) - Other external depository corporations (except the central bank of a currency union, included in official bilateral creditors) - Other external creditors ### Other notable content and cross‑references - Revised/retained data categories in the e‑GDDS and SDDS Plus include, among many established macroeconomic and financial series: GDP (Quarterly, 1 quarter timeliness), Consumer price index (Monthly, 2 months timeliness), Central government operations (Quarterly, 1 quarter timeliness), Central government gross debt (Quarterly, 2 quarters timeliness), Balance of payments (Quarterly, 1 quarter timeliness), Official reserve assets (Monthly, 1 month timeliness), Merchandise trade (Monthly, 12 weeks timeliness), International investment position (Annual, 3 quarters timeliness), Exchange rates (Daily), Production index (Monthly, 12 weeks timeliness), Labor market (Annual, 3 quarters timeliness), Producer price index (Monthly, 2 months timeliness), Financial soundness indicators (Quarterly, 1 quarter timeliness). - Footnotes and guidance emphasize presentation of external debt and debt securities: - "Preferably debt securities would be presented at market values, but also could be presented at nominal values or both. Countries are required to indicate the valuation method in their metadata." - Provide data by instrument on a best effort basis; SDDS Plus encourages adherents to classify financial derivatives in a separate functional category, in line with internationally accepted statistical methodologies. *Source: TENTH REVIEW OF THE DATA STANDARDS INITIATIVES, as presented in the supplied content.* ### Annex I. Background ### Annex I. Background ### Periodicity and Timeliness Requirements/Expectations Under Different Tiers of the IMF Data Standards Initiatives and the Data Gaps Initiative - Source: Fund staff. - Footnotes preserved: - 1/ Expectations under the e‑GDDS, with participants to agree with staff on specific terms for publication through the NSDP. - 2/ Based on the action plans for the implementation of the DGI‑2 recommendations. D/W/M/Q/SA/A indicate daily/weekly/monthly/quarterly/semi‑annual/annual periodicity or, for timeliness, with lag of no more than the respective period after the reference date. - Data categories with Periodicity / Timeliness (as presented in source): - Real sector - National accounts (GDP/GNP): Periodicity Q1Q; Timeliness Q1Q; Periodicity Q1Q; Timeliness Q1Q - Industrial production index or proxy reflecting the structure of the economy: Periodicity M12W; Timeliness M6W; Periodicity M6W; Timeliness W - Sectoral stocks of financial assets and liabilities: Periodicity Q4M; Timeliness Q4M - Consumer price index (CPI): Periodicity M2M; Timeliness M1M; Periodicity M1M; Timeliness M - Producer price index (PPI): Periodicity M2M; Timeliness M1M; Periodicity M1M; Timeliness M - Employment: Periodicity A3Q; Timeliness Q1Q; Periodicity Q1Q; Timeliness Q - Unemployment: Periodicity A3Q; Timeliness Q1Q; Periodicity Q1Q; Timeliness Q - Wages/earnings: Periodicity A3Q; Timeliness Q1Q; Periodicity Q1Q; Timeliness Q - Fiscal sector - General government operations: Periodicity A3Q; Timeliness A2Q; Periodicity Q1Q; Timeliness 2M1Q - Central government operations: Periodicity Q1Q; Timeliness M1M; Periodicity M1M; Timeliness MQ - Central government and central government guaranteed debt: Periodicity Q2Q; Timeliness Q1Q; Periodicity Q1Q; Timeliness Q - General government debt: Periodicity Q4M; Timeliness Q4M - Financial sector - Central bank survey: Periodicity M2M; Timeliness M2W; Periodicity M2W; Timeliness M2W - Depository corporations survey: Periodicity M1Q; Timeliness M1M; Periodicity M1M; Timeliness M - Interest rates: Periodicity MD1D; Timeliness D1D; Periodicity D1D; Timeliness D1D - Share price index: Periodicity MD1D; Timeliness D1D; Periodicity D1D; Timeliness D1D - Other financial corporations survey: Periodicity Q1Q; Timeliness Q - Regulatory tier 1 capital to risk‑weighted assets: Periodicity Q1Q; Timeliness Q1Q; Periodicity Q1Q; Timeliness Q - Regulatory tier 1 capital to assets: Periodicity Q1Q; Timeliness Q1Q; Periodicity Q1Q; Timeliness Q - Nonperforming loans net of provisions to capital: Periodicity Q1Q; Timeliness Q1Q; Periodicity Q1Q; Timeliness Q - Nonperforming loans to total gross loans: Periodicity Q1Q; Timeliness Q1Q; Periodicity Q1Q; Timeliness Q - Return on assets: Periodicity Q1Q; Timeliness Q1Q; Periodicity Q1Q; Timeliness Q - Liquid assets to short‑term liabilities: Periodicity Q1Q; Timeliness Q1Q; Periodicity Q1Q; Timeliness Q - Residential real estate prices: Periodicity Q1Q; Timeliness Q1Q; Periodicity Q1Q; Timeliness Q - Debt securities: Periodicity Q4M; Timeliness Q4M - External sector - Balance of payments: Periodicity Q1Q; Timeliness Q1Q; Periodicity Q1Q; Timeliness Q1Q - Merchandise trade: Periodicity M12W; Timeliness M8W; Periodicity M8W; Timeliness W - International investment position: Periodicity A3Q; Timeliness Q1Q; Periodicity Q1Q; Timeliness Q1Q - External debt: Periodicity Q2Q; Timeliness Q1Q; Periodicity Q1Q; Timeliness Q1Q - Official reserve assets: Periodicity M1M; Timeliness M1W; Periodicity M1W; Timeliness M1W - Template on international reserves and foreign currency liquidity: Periodicity M1M; Timeliness M1M - Exchange rates: Periodicity D1D; Timeliness D1D; Periodicity D1D; Timeliness D1D - Coordinated portfolio investment survey: Periodicity SA7M; Timeliness SA6.5M - Coordinated direct investment survey: Periodicity A9M; Timeliness A9M - Currency composition of official foreign exchange reserves: Periodicity Q1Q - Socio‑demographic - Population: Periodicity A9–12M; Timeliness AA - Note: The table maps expectations across e‑GDDS, SDDS, SDDS Plus, and DGI‑2 (labels e‑GDDS / SDDS / SDDS Plus / DGI‑2 appear in the source). ### Countries with Recent Sovereign Bond Market Access - Source: Fund staff. - Note from source: Countries in green indicate issuers of: (i) US dollar or euro denominated bonds issued under foreign governing law or by euro area members under domestic law, with amount outstanding US dollar/euro 200 million or above and at least one year remaining maturity for bullet bonds or 18 months for amortizing bonds, as of December 2021, and not covered by external guarantees; and (ii) benchmark bonds and bonds issued in domestic currency traded in international markets. - Country listing (grouped as shown in source): - 1 Albania; 1 Afghanistan, Islamic Rep. of; 1 Argentina; 1 Austria - 2 Angola; 2 Algeria; 2 Armenia, Republic of; 2 Brazil - 3 Azerbaijan, Republic of; 3 Antigua and Barbuda; 3 Australia; 3 Bulgaria - 4 Bahamas, The; 4 Aruba, Kingdom of the Netherlands; 4 Belarus; 4 Canada - 5 Bangladesh; 5 Bahrain, Kingdom of; 5 Belgium; 5 Chile - 6 Barbados; 6 Belize; 6 China; 6 Czech Republic - 7 Benin; 7 Bolivia; 7 Colombia; 7 Denmark - 8 Bhutan; 8 Burundi; 8 Costa Rica; 8 Estonia - 9 Bosnia and Herzegovina; 9 Central African Republic; 9 Croatia; 9 Finland - 10 Botswana; 10 Chad; 10 Cyprus; 10 France - 11 Brunei Darussalam; 11 Comoros; 11 Ecuador; 11 Germany - 12 Burkina Faso; 12 Congo, Dem. Rep. of; 12 Egypt; 12 Israel - 13 Cabo Verde; 13 Congo, Republic of; 13 El Salvador; 13 Italy - 14 Cambodia; 14 Cook Islands; 14 Georgia; 14 Japan - 15 Cameroon; 15 Djibouti; 15 Greece; 15 Latvia - 16 Côte d'Ivoire; 16 Dominica; 16 Hong Kong SAR; 16 Lithuania - 17 Dominican Republic; 17 Grenada; 17 Hungary; 17 Luxembourg - 18 Equatorial Guinea; 18 Guinea‑Bissau; 18 Iceland; 18 Netherlands, Kingdom of the - 19 Eswatini, Kingdom of; 19 Haiti; 19 India; 19 North Macedonia - 20 Ethiopia; 20 Iran, Islamic Republic of; 20 Indonesia; 20 Portugal - 21 Fiji; 21 Iraq; 21 Ireland; 21 Romania - 22 Gabon; 22 Kiribati; 22 Jordan; 22 Slovak Republic - 23 Gambia, The; 23 Lebanon; 23 Kazakhstan; 23 Slovenia - 24 Ghana; 24 Liberia; 24 Korea, Republic of; 24 Spain - 25 Guatemala; 25 Libya; 25 Kyrgyz Republic; 25 Sweden - 26 Guinea; 26 Macao SAR; 26 Malaysia; 26 Switzerland - 27 Guyana; 27 Mali; 27 Malta; 27 United States - 28 Honduras; 28 Marshall Islands, Rep. of; 28 Mauritius - 29 Jamaica; 29 Nicaragua; 29 Mexico - 30 Kenya; 30 Niger; 30 Moldova - 31 Kosovo, Republic of; 31 Palau; 31 Mongolia - 32 Kuwait; 32 Papua New Guinea; 32 Morocco - 33 Lao P.D.R; 33 Solomon Islands; 33 Norway - 34 Lesotho; 34 St. Kitts and Nevis; 34 Peru - 35 Madagascar; 35 St. Lucia; 35 Philippines - 36 Malawi; 36 St. Vincent and the Grenadines; 36 Poland - 37 Maldives; 37 Sudan; 37 Russian Federation - 38 Mauritania; 38 Syrian Arab Republic; 38 Saudi Arabia - 39 Micronesia, Fed. States of; 39 Tonga; 39 Senegal - 40 Montenegro; 40 Tuvalu; 40 Seychelles - 41 Mozambique; 41 Venezuela, Rep. Bol de; 41 Singapore - 42 Myanmar; 42 Yemen, Republic of; 42 South Africa - 43 Namibia; 43 Zimbabwe; 43 Sri Lanka - 44 Nepal; 44 Thailand - 45 Nigeria; 45 Tunisia - 46 Oman; 46 Turkey - 47 Pakistan; 47 Ukraine - 48 Panama; 48 United Kingdom - 49 Paraguay; 49 Uruguay - 50 Qatar; 50 West Bank and Gaza - 51 Rwanda - 52 Samoa - 53 San Marino - 54 São Tomé and Príncipe - 55 Serbia, Republic of - 56 Sierra Leone - 57 Suriname - 58 Tajikistan - 59 Tanzania - 60 Timor‑Leste - 61 Togo - 62 Trinidad and Tobago - 63 Uganda - 64 United Arab Emirates - 65 Uzbekistan - 66 Vanuatu - 67 Vietnam - 68 Zambia - Legend in source: E‑GDDS Participants; SDDS Subscribers; SDDS Plus Adherents; With NSDP; Without NSDP. ### Stakeholder Engagement with Membership - Consultation summary (preparing the Tenth Review): - Engagements included a presentation to the G20 DGI working group on data sharing (March 2021); engagement with e‑GDDS/SDDS/SDDS Plus coordinators as part of data standards monitoring; workshops; and the latest SDDS and SDDS Plus Annual Observance Report exercises. - Staff met with other international partners and private sector representatives to seek views on data challenges and needs and to explore prospects for continued collaboration, including on public debt issues. - Workshops and questionnaire (October 2021): - Three tier‑specific workshops held virtually; attendance included representatives from 31 e‑GDDS countries, 31 SDDS countries, and 21 SDDS Plus countries. - A tier‑specific short questionnaire gauged views on benefits of Data Standards Initiatives, pandemic impact, and potential new data categories. - Cross‑cutting issues highlighted: - Participants welcomed sharing experience and appreciated the workshops; stressed importance of annual workshops to engage coordinators between reviews. - Importance of effective interagency coordination to implement data standards; examples of institutional arrangements that strengthen coordination were provided. - Pandemic affected data dissemination differently across tiers; common note of resource constraints limiting scope for adding new data categories. - Tier‑specific feedback (from workshops and questionnaire): - e‑GDDS: Most noted usefulness of the centralized data dissemination platform (NSDP) as a one‑stop‑shop for data users. Interest among e‑GDDS countries to transition to the SDDS, though some cited resource constraints and difficulties compiling specific data (general government, merchandise trade, production index). - SDDS: More than one quarter of respondents had no plans to advance to the SDDS Plus, about one quarter did. Common reasons for delays in SDMX adoption: insufficient IT and technical expertise and need to upgrade websites. - SDDS Plus: Overstretched resources and requirements from other data initiatives should be taken into account when considering whether to add new data categories. - Footnote: Feedback on questions relating to the usage of NSDP on data dissemination is reported in Annex V. ### SDMX and Data Standards Initiatives - What is SDMX? - The Statistical Data and Metadata eXchange (SDMX) is an international initiative to facilitate exchange of statistical data and metadata. It comprises a model to describe data and metadata, a standard for automated machine‑to‑machine communication, and a supporting technology. The new SDMX 3.0 has recently been launched. - The Fund is one of seven sponsors of SDMX and collaborates with the World Bank, BIS, Eurostat, OECD, ECB, and the United Nations. - SDMX and the Data Standards Initiatives: - SDMX is integral to two tiers: - e‑GDDS recommends participants disseminate data on their NSDPs using SDMX‑based (or similar) platform. - Guidelines for SDDS Plus adherents require dissemination using the technology. - Adoption growth since 2015: number of countries disseminating key macroeconomic and financial data using SDMX increased from eight to nearly one hundred by January 2022: - Increase led by e‑GDDS implementers (an increase of 68 countries) and SDDS Plus (an increase of 19 countries). - SDDS predates SDMX; SDDS guidelines differ from SDDS Plus. Within SDDS, only Mongolia, Saudi Arabia, and Senegal have adopted SDMX; Saudi Arabia is the only SDDS country among the G20 to have adopted SDMX. - Benefits of SDMX (as listed in source): - Allows multiple organizations to retrieve data from a single source (moving from “push” to “pull” dissemination), reducing reporting burden. - Enables machine readability, improving efficiency and speed of data exchange, increasing scalability, and reducing human errors. - Utilizes common dimensions, descriptions, and data models to facilitate easy access for users. - Enables the Fund to easily monitor data releases by participants of the Data Standards Initiatives, supporting timely dissemination of key macroeconomic and financial indicators. - Fund support: - With regional partners (including the AfDB), the Fund provides extensive capacity development on building and maintaining NSDPs (e.g., use of a user‑friendly tool, SDMX central, to create, convert, and read .XML files). - Guidance on coding data categories and components using SDMX‑based coding structures. - Regional training seminars on SDMX use and posting of created .XML files on countries’ webpages or via the AfDB‑sponsored ODP. - SDMX‑Enabled National Summary Data Pages (Number of economies): source presents a chart for years 2015–2021 showing growth by tier (SDDS Plus / SDDS / e‑GDDS). ### Introduction of New Data Categories Under Previous Reviews (FSIs and IIP) - Overview: - Staff examined the experience with Financial Soundness Indicators (FSIs) and International Investment Position (IIP) to assess how long countries took to comply with new publication requirements/recommendations introduced under previous reviews. - Evidence shows countries take time to comply even after compilation guidance is issued; SDDS Plus allows a five‑year transition period specified in an agreed transition plan to fully comply. - Financial Soundness Indicators (FSIs) - Background: - FSIs were introduced as an encouraged data category under the SDDS in 2010 (Executive Board endorsement in December 2008) and as a requirement under the SDDS Plus at establishment in 2012. - Footnote: Small difference between FSIs encouraged under SDDS and those required under SDDS Plus: SDDS includes ratio of net open position in FX to capital, while SDDS Plus requires residential real estate prices. - Analysis methodology: - Availability of FSIs data series for SDDS/SDDS Plus countries in the IMF FSIs database used as proxy for timing of publication. - For SDDS Plus countries in database, analysis complemented by surveying NSDPs—metadata and availability of longer‑term series. - FSI dissemination lag (in years) computed as difference between first year complete set of FSIs included in database and year of subscription/adherence to SDDS/SDDS Plus, or year when FSIs were introduced as new SDDS requirement (2010) or when SDDS Plus was established (2012), whichever is more recent. - Country sample: 22 SDDS Plus countries (out of 27) and 37 SDDS countries (out of 50). - Key findings (as summarized in source): - Among SDDS Plus countries, only two currently do not disseminate all the required FSIs within the established five‑year transition period (Box 6). - Among SDDS countries (FSIs encouraged), six countries had past delays in disseminating the complete set of encouraged FSIs, with an average lag of 3.7 years. - Seven SDDS countries currently disseminate six out of seven encouraged FSIs (missing Net open position in FX to capital), with an average ongoing lag of 10 years for that series. - Note: First FSI Compilation Guide was completed in 2006, ahead of FSIs introduction to the standards. - International Investment Position (IIP) - Background: - Annual IIP data with six‑month timeliness introduced in 1998 as SDDS requirement with a three‑year transition period. In 2000, timeliness extended to nine months if quarterly external debt data with one‑quarter lag was disseminated. - In 2010, Board endorsed change in IIP requirement from annual to quarterly with maximum lag of one quarter and transition period of four years (2014). - SDDS subscribers can take a regular flexibility option for periodicity and/or timeliness of IIP data. Requirements identical for SDDS and SDDS Plus. - Introduction followed BPM5 release in 1993 and accompanying Compilation Guide in 1995; BPM6 released in 2009 with 2014 Compilation Guide. - Analysis methodology: - Availability of IIP data in STA Balance of Payments and IIP database used as proxy for timing of publication. - IIP dissemination lag computed as difference between first year country reported annual and quarterly IIP to STA database and year of subscription to SDDS or year when IIP introduced as new requirement (1998 for annual; 2010 for quarterly), whichever is more recent. - Country sample includes all SDDS subscribers and SDDS Plus adherents. - Key findings (as summarized in source): - Annual IIP data: - At introduction in 1998, 41 of then total 47 SDDS subscribers (almost 90 percent) were already disseminating annual IIP data. - All SDDS/SDDS Plus participants currently disseminate annual IIP data. - Only two SDDS subscribers incurred a delay in disseminating annual IIP data, and the delay was within the established three‑year transition period. - Quarterly IIP data: - At introduction in 2010, 54 of then total 68 SDDS subscribers (nearly 80 percent) were already disseminating quarterly IIP data. - Two SDDS subscribers (with lags of 11 and 9 years) are yet to disseminate quarterly IIP data as they avail themselves of the flexibility option allowed under SDDS for a total of two data categories. - Another 14 SDDS subscribers incurred past delays in disseminating quarterly IIP data, with an average lag of 3.3 years. - Supporting figures in source: - “Experience in Disseminating Data on International Investment Position (IIP) (Share of countries, in percent, according to the years needed to start dissemination; as of December 2021)” - “IIP Data Introduction: Stocktake of Pre‑Introduction (Share of countries, in percent, according to the years needed to start dissemination; as of December 2021)” - Numbers cited: Annual IIP: Introduced in 1998; Number of SDDS Subscribers in 1998 = 47; Already disseminated annual IIP data in 1998: Number of subscribers = 41; Percent of total = 87. Quarterly IIP: Introduced in 2010; Number of SDDS Subscribers in 2010 = 68; Already disseminated quarterly IIP data in 2010: Number of subscribers = 54; Percent of total = 79. *Source: ppea2022005 - Annex I. Background (IMF) — extracted content as provided.* ### Annex V. Data Users’ Reliance on the Data Standards ### Annex V. Data Users’ Reliance on the Data Standards Initiatives ### NSDP Usage and Monitoring - Staff relied on inputs from stakeholder engagement and country questionnaires to assess use of data published under the Data Standards Initiatives. - NSDP websites are owned by country authorities; Fund staff does not have information on access/downloads and requested usage inputs from countries through a questionnaire. - Questionnaire results: - Most e-GDDS countries do not record the number or type of users of NSDP. - Several e-GDDS countries have plans to set up data analytics to monitor access to data. - More than half of the SDDS and SDDS Plus countries report recording access to data; among them a few use Google analytics to track user statistics. - Statistics collected by these countries generally show an increasing trend in the number of NSDP users (visits to the page), with some countries linking the increase to the impact of the pandemic. ### Access via Commercial Data Providers - In addition to directly accessing data on the NSDPs, users mainly access NSDP information through commercial data providers. - Haver Analytics currently reports NSDP-sourced data for 29 countries, 26 of which are e-GDDS countries. ### Haver Analytics — NSDP Data Added Since July 2018 - Sources: Haver Analytics; and Fund staff. - Note: The data categories in blue (black) are retrieved by Haver Analytics in machine-readable/SDMX (human-readable, e.g., Excel, PDF) format. - Country — Data Category (preserve entries exactly): - Angola — Central bank survey; Depository corporations survey; BOP; External debt; Official reserve assets - Bangladesh — CPI (weights); PPI; Central government operations; External debt; Official reserve assets; IIP; Labor market indicators - Bosnia and Herzegovina — Central government operations; General government operations; Government debt - Botswana — Labor market indicators; Production index; Population - Bulgaria — FSI - Burkina Faso — CPI - Cameroon — Central bank survey; Depository corporations survey; Official reserve assets; Exchange rates - Cambodia — Official reserve assets; BOP; Merchandise trade - Honduras — Central bank survey; Depository corporations survey - Jamaica — PPI; Central government debt; Depository corporations survey; External debt; Merchandise trade; Labor market indicators; Population - Kosovo — Central government operations; General government operations; Central government debt; Official reserve assets; FSI - Lao, PDR — Population - Lesotho — GDP; CPI; Central government operations; Central bank survey; Depository corporations survey; Official reserve assets; IIP; Interest rates; FSI - Mongolia — External debt - Montenegro — Central government operations; General government operations; Central government debt; Official reserve assets - Namibia — Official reserve assets; Population - Nigeria — FSI - Oman — CPI; PPI; Central government operations; Central bank survey; Depository corporations survey; Merchandise trade; Official reserve assets; IIP; Interest rates, FSI - Panama — Quarterly GDP - Paraguay — External debt - Rwanda — External debt; Official reserve assets; Production index; IIP - Senegal — Central government debt - Tanzania — IIP - Turkey — International reserves and foreign currency liquidity - UAE — Stock market (Abu Dhabi, Dubai) - Uganda — Central government debt; Stock market; Production index; Population - Uzbekistan — CPI; PPI; Central bank survey; Depository corporations survey; BOP; Merchandise trade by country; External debt; Official reserve assets; IIP; Stock market; Interest rates; FSI; Population - Vietnam — Employment; Underemployment - Zambia — Central government finance; FSI ### Revised Proposed Decisions — Selected Provisions (Decision 1 – SDDS Decision) - Proposed adoption by the Executive Board: decisions may be adopted by a majority of the votes cast. - Amendments to Section III.4 of Decision No. 15256: - Remove the words “SDDS nonobservance” from the third paragraph. - Revise fourth paragraph to specify procedures when a deviation is detected, including: - Fund staff will promptly notify the SDDS coordinator and start technical discussions immediately. - Non-serious deviations are expected to be addressed through technical discussions. - Subject to Section III.5, the SDDS coordinator will be notified of initiation of SDDS nonobservance procedures if a deviation is considered by Fund staff as a serious deviation and is not resolved through technical discussions within three months from the date of notification to the SDDS coordinator for monthly data, or six months from such notification for quarterly and annual data. - For other deviations that become serious only after not being resolved through technical discussions within six months, notification and initiation of SDDS nonobservance procedures will begin six months after identification of the compliance issue. - Fund staff will communicate with the subscriber’s Executive Director if the nonobservance remains unresolved after three months following notification of the SDDS coordinator. - If unresolved three months after the communication with the subscriber’s Executive Director, the Managing Director will send a letter to the subscriber’s Governor for the Fund describing the facts and requesting assistance. - If nonobservance remains unresolved for up to three months following the Managing Director’s letter, a note on the nonobservance will be posted on the DSBB indicating Fund staff’s determination that the subscriber is not in observance, the type of nonobservance, the period unresolved, and authorities’ reactions and plans, if any. - If unresolved after a period of twelve months from posting the note on the bulletin board, the Managing Director will bring the case to the attention of the Executive Board with a proposal that may include recommendation to delete the subscriber’s metadata from the DSBB, effectively terminating the subscription to the SDDS. The Executive Board will decide on means to address the nonobservance, which could include deletion of the subscriber’s metadata from the DSBB. - Once a subscriber’s metadata have been deleted from the DSBB and subscription effectively terminated, the member can re-apply for subscription by following procedures in Section III for new subscribers. - New Section III.5 — Effects of force majeure: - In technical discussions under Section III.4, Fund staff, in consultation with the relevant SDDS coordinator, the subscriber’s Executive Director, and the Managing Director, may determine that a deviation is the result of force majeure—i.e., exceptional circumstances such as extreme natural disaster, extreme civil unrest, war, or a public health disaster. - Where such determination is made, Fund staff may refrain from initiating nonobservance procedures described in Section III.4 with respect to the deviation(s) under discussion. - The determination that a deviation is due to force majeure shall be promptly communicated to the SDDS coordinator. A note will be posted on the DSBB within one week of communicating this determination. The note will indicate Fund staff’s determination that a deviation is due to force majeure, the initial duration of that decision, the nature of the deviation, and the date the deviation began. - The subscriber shall post an explanatory note on their own National Summary Data Page as well, and a revised advance release calendar to be approved by staff. - A determination that a deviation is due to force majeure may have an initial duration of up to 12 months from the time the determination is communicated to the SDDS coordinator but may be revisited at any time. If all deviations resulting from force majeure are not resolved within the initial duration, Fund staff, in consultation with the SDDS coordinator and the Managing Director, shall revisit the determination and may extend its application at intervals no longer than 12 months up to a total duration no more than 36 months. - Once Fund staff determines that a deviation is no longer due to force majeure, staff will promptly communicate this to the SDDS coordinator and initiate technical discussions in line with Section III.4 for any remaining deviations and update the DSBB note accordingly. - Table 1 amendments for Fiscal Sector, Central Government Debt (selected items preserved exactly): - Prescribed/Encouraged Components and Categories: - Central government debt: - Total, with disaggregated components: - by maturity; and - by residency (domestic, foreign); or - by instrument; or - by currency of issue. - Non-central-government debt guaranteed by central government, as relevant. - Debt service projections: - Projected interest and amortization payments on medium- and long-term debt, provided quarterly for the coming four quarters, and annually thereafter; and - Quarterly data on projected repayments of short-term debt. - Q Q (periodicity/timeliness entries preserved) - For subscribers using the GFSM 2001 framework, see Tables 4.1a and 4.1d of The Special Data Dissemination Standard: Guide for Subscribers and Users. Q Q - General government gross debt at nominal value, classified by debt instrument, currency of denomination, and residence of the creditor; and for memorandum items, general government debt securities and loans classified by remaining maturity, and total debt securities at market value. Q 4M - Additional encouraged breakdowns for general government gross external debt including amounts by country owed to the five largest official creditors and amounts by institution owed to the five largest multilateral creditors. Q Q - Table 1 amendments for Financial Sector, Interest Rates: - Interest rates: - Prescribed/Encouraged Components: - Short-term and long-term government security rates; and - Policy-oriented rate (for example, central bank lending rate). - Range of representative deposit and lending rates - D 3 - New additions at end of Table 1 (selected entries preserved exactly): - Climate change - Climate change indicators - Taxes on fossil fuels (includes taxes on gasoline, diesel, and other petroleum-based products), both in US dollars and in percent of GDP - Q 12M - Gender - Gender indicator - Labor force participation rate by gender - Q Q ### e-GDDS Decision — Selected Amendments (Decision 2) - Table 1 of the Annex to Decision No. 15827 is to be replaced (macroeconomic, financial, socio-demographic categories and periodicity/timeliness preserved in the replacement table). - Selected entries from the new Table 1 (preserve exact periodicity and timeliness): - National accounts (GDP) - GDP in current prices and volume by production approach, or by expenditure approach - Quarterly — 1 quarter - Consumer price index - Monthly — 2 months - General government operations (Statement of government operations with components listed) - Annual — 3 quarters - Central government operations (Statement of government operations with components listed) - Quarterly — 1 quarter - Central government gross debt - Domestic and foreign gross debt - Quarterly — 2 quarters - Depository corporations survey - Broad money; Domestic claims; and Net foreign assets - Monthly — 1 quarter - Central bank survey - Monetary base; Domestic claims, and Net foreign assets - Monthly — 2 months - Interest rates - Short and long-term government security rates, policy-oriented rate - Monthly - Balance of payments - Current account; Capital account; Financial account; Net errors and omissions - Quarterly — 1 quarter - External debt - Public and publicly-guaranteed debt, broken down by maturity/(short-term and long-term); public external debt owed to official bilateral creditors; public external debt (amounts) by country owed to the five largest official creditors; public external debt owed to multilateral creditors; public external debt (amounts) by institution owed to the five largest multilateral creditors; private external debt not publicly guaranteed, broken down by maturity (short-term and long-term) - Quarterly — 2 quarters - Official reserve assets - Gross official reserve assets - Monthly — 1 month - Merchandise trade - Total exports and total imports - Monthly — 12 weeks - International investment position - Assets and liabilities, disaggregated by direct investment; portfolio investment; other investment; and reserve assets (included only in assets) - Annual — 3 quarters - Exchange rates - Spot rates - Daily - Production index - Manufacturing or industrial, primary commodity, or sector coverage as relevant. - Monthly (as relevant) — 12 weeks - Labor market - Employment, unemployment, wages/earnings, as relevant - Annual — 3 quarters - Producer price index - Monthly — 2 months - Financial soundness indicators (FSIs) (selected list preserved exactly) - Regulatory Tier 1 capital to risk-weighted assets - Regulatory Tier 1 capital to assets - Nonperforming loans net of provisions to capital - Nonperforming loans to total gross loans - Return on assets - Liquid assets to short-term liabilities - Net open position in foreign exchange to capital - Quarterly — 1 quarter - Demographic and Selected Socio-Economic Indicators: - Population characteristics: size - Annual (Census every ten years) — 3-6 months for annual updates; 9-12 months for Census - Climate change indicators - Taxes on fossil fuels (includes taxes on gasoline, diesel, and other petroleum-based products), both in US dollars and in percent of GDP - Annual — 12 months - Amendments to Section II of the Annex to Decision No. 15827: - Section II.A (ii), fourth paragraph, 3rd bullet: replace “diskettes, tapes, or CD ROM” with “and data storage devices”. - Section II.B (i), under External Sector header: e-GDDS encourages a separate data category for external debt with components (1) through (4) preserved exactly as in the replacement paragraph. - Section II.(B)(iii), under Demographic and Selected Socio-Economic Indicators header: replacement paragraph states that except for population and government revenue from taxes on fossil fuels, the e-GDDS makes no specific recommendations concerning which social or demographic indicators should be disseminated; countries are encouraged to construct indicators to meet their national needs following good statistical practices. *Prepared by the Statistics Department (STA), with contribution from the Legal Department (LEG).* ### 3. Section III. of Decision No. 15827, shall be amended as follows: ### 3. Section III. of Decision No. 15827, shall be amended as follows: ### Dissemination Standards Bulletin Board (DSBB) - Revised paragraph (first paragraph of Section III. (6) Dissemination Standards Bullet Board): - “The IMF, as a service to its members, has established and maintains an electronic Dissemination Standards Bulletin Board (DSBB) on the Internet, a system to store and disseminate the metadata provided by participants (DSBB). The DSBB identifies the members participating in the e-GDDS and provides easy access to the members’ respective metadata. The responsibility for the accuracy of the metadata and of the economic, financial, and socio-demographic statistics underlying the metadata rests with the member countries. Participants are expected to certify the accuracy of the metadata posted on the DSBB once every two years, similar to the process envisaged for the SDDS (SDDS Decision, Section III.2). Participants are expected to review and update the metadata on either a “best- effort” or “when-merited” basis during the period between certification dates and update their plans for improvement on an annual basis.” ### Decision 3 – SDDS Plus Decision: overview of amendments - Paragraph 1 (Decision 15257, Section I paragraph 3) revised: - An SDDS Plus adherent must observe additional requirements for nine prescribed data categories. - The nine data categories are: - sectoral balance sheets; - quarterly general government operations; - general government gross debt; - other financial corporations survey; - financial soundness indicators (FSIs); - debt securities; - participation in the Currency Composition of Foreign Exchange Reserves (COFER) database; - participation in the Coordinated Portfolio Investment Survey (CPIS); - participation in the Coordinated Direct Investment Survey (CDIS). - The SDDS Plus does not prescribe dissemination of COFER data by SDDS Plus adherents. - SDDS Plus encourages adherents to publish: - data on government debt decomposition by creditor type; - the FSI on net open position in FX to capital; - data on foreign exchange intervention; - certain indicators related with climate change and gender. ### Fiscal sector (Section II, Decision 15257, subsection 1.1) - Required data categories: general government operations and general government gross debt. - General government operations (GGO): - To be published using the Government Finance Statistics Manual 2001 (GFSM 2001) format (GFSM 2001, Table 4.1) or its successor. - Recording basis can be cash, modified accrual, or accrual (full adoption of the GFSM 2001 methodology is not required) and should be clearly identified in the metadata. - Dissemination of quarterly GGO data with timeliness of twelve months is required. - SDDS Plus countries should continue publishing annual GGO as per the SDDS requirements. - General government total gross debt (GGD): - Data in nominal values, classified by: 1) debt instrument; 2) currency of denomination; 3) residence of the creditor; 4) creditor types (encouraged); 5) memorandum items. - (See Table 3, a subset of the public sector debt statistics template adopted by the Task Force on Finance Statistics (TFFS) and the World Bank-IMF-OECD public sector debt statistics database.) - Memorandum items include total debt securities at market. ### Financial sector - FSIs: - As shown in Table 1, data on the seven financial soundness indicators with quarterly periodicity and timeliness are required for dissemination. - One additional indicator (the ratio of the net open position in foreign exchange to capital) is to be published on an encouraged basis. - Other financial corporations survey: prescribed (see Table 1 for components and periodicity/timeliness). ### External sector additions and encouraged publications - SDDS Plus encourages adherents to publish quarterly data on foreign exchange intervention, with one quarter timeliness. - Climate change and gender indicators (added after the “External sector” section): - SDDS Plus adherents are encouraged to publish quarterly data on government revenue from taxes on fossil fuels, with 12-month timelines. - SDDS Plus encourages publication of quarterly labor force participation rate by gender, with one quarter timeliness. ### Flexibility and transition period - Revised sentence: “No flexibility options are available for any of the (prescribed) nine SDDS Plus data categories.” ### Deviation procedures (Section III.4 (4.2) of Decision No. 15257) - Revised paragraph: - “Any deviations from the SDDS Plus undertakings set forth in this decision with regard to the specific areas described in the previous paragraph will be subject to the same procedures applicable to SDDS subscribers as set forth in Sections III.4 and III.5 of the SDDS decision.” ### Replacement Table 1 — Coverage, Periodicity, Timeliness, Prescribed vs Encouraged - Key entries and numeric timeliness/periodicity preserved exactly as in replacement table: - Real Sector — Sectoral Balance Sheets: Periodicity Q; Timeliness Q; see Table 2. - Fiscal sector — General government operations (or public sector operations, as relevant): Table 4.1 Statement of Government Operations in the Government Statistics Manual 2001; Periodicity Q; Timeliness 12M. - Fiscal sector — General government gross debt: See Table 3; Periodicity Q; Timeliness 4M. - Financial Sector — Other financial corporations survey: Periodicity Q; Timeliness 4M. - Financial Sector — Financial soundness indicators (FSIs): prescribed list: - Regulatory Tier 1 capital to risk-weighted assets; - Regulatory Tier 1 capital to assets; - Nonperforming loans net of provisions to capital; - Nonperforming loans to total gross loans; - Return on assets; - Liquid assets to short-term liabilities (or equivalent under the Basel Accords); - Residential real estate prices. - Net open position in foreign exchange to capital — encouraged. - Periodicity for FSIs: Q; Timeliness: Q. - Debt Securities: Table 5.2—See Handbook on Securities; (stocks only); Periodicity Q; Timeliness 4M. - External sector — CPIS: Participation in CPIS—IMF certification A, (SA beginning in June 2015); Timeliness 7M. - External sector — CDIS: Participation in CDIS—IMF certification A; Timeliness 9M. - External sector — COFER: Participation in COFER— IMF certification; Periodicity Q; Timeliness Q. - External sector — Foreign exchange intervention (FXI): encouraged; components listed (FXI by the central bank in the spot market net amount; FXI by the central bank with derivative instruments, net amount; FXI by other public sector entities undertaken on behalf of, or at the direction of, the central bank in spot market and with derivative instruments, net amount; Transactions by the central bank with other central banks, net amount); Periodicity Q; Timeliness Q. - Climate change — Taxes on fossil fuels (includes taxes on gasoline, diesel, and other petroleum-based products), both in US dollars and in percent of GDP: Periodicity Q; Timeliness 12M. - Gender — Labor force participation rate by gender: Periodicity Q; Timeliness Q. - Periodicity and timeliness definitions (exact text preserved): - “(“M”) monthly or with lag of no more than one month after the reference date (or the end of the reference period); (“Q”) quarterly or with lag of no more than one quarter after the reference date (or the end of the reference period); (“A”) annual.” - Notes from table preserved exactly: - “Provide data by instrument on a best effort basis. The SDDS Plus encourages adherents to classify financial derivatives in a separate functional category, in line with internationally accepted statistical methodologies.” - “Preferably debt securities would be presented at market values, but also could be presented at nominal values or both. Countries are required to indicate the valuation method in their metadata.” ### Table 3 amendment — creditor types (inserted before “Memorandum items”) - By creditor types (encouraged): - Domestic central bank - Other domestic depository corporations (except the central bank) - Other domestic financial corporations - Other domestic creditors - Multilateral creditors - Official bilateral creditors (including a central bank of a currency union) - Other external depository corporations (except the central bank of a currency union, included in official bilateral creditors) - Other external creditors *pp ea2022005 - 3. Section III. of Decision No. 15827, shall be amended as follows* --- _Source: https://www.imf.org/-/media/files/publications/pp/2022/english/ppea2022005.pdf_