## Review of Data Provision to the Fund for Surveillance Purposes (ppea2024016) ## Source details **Canonical URL:** [Review of Data Provision to the Fund for Surveillance Purposes (ppea2024016)](https://www.imf.org/-/media/files/publications/pp/2024/english/ppea2024016.pdf) ## Other formats - [Markdown version](/-/media/files/publications/pp/2024/english/ppea2024016.pdf.md) - [Structured JSON version](/-/media/files/publications/pp/2024/english/ppea2024016.pdf.json) --- ### Executive Board assessment and endorsements - Executive Directors: - welcomed conclusion of the Review of Data Provision to the Fund for Surveillance Purposes. - recalled endorsement (March 2022) of: - a more structured and transparent assessment of data adequacy for surveillance; - the approach for dealing with outdated data requirements; - introduction of mandatory provision of macrofinancial indicators. - endorsed use of the revised data adequacy assessment framework starting in February 2024 and noted lapse-of-time endorsement (December 2023) for Article IV consultations initiated after February 1, 2024. - agreed that the mandatory data list last updated in 2004 should be adapted to evolving global economic conditions. ### Main changes proposed by the 2024 DPF Review - Perimeter of mandatory data provision: - Substantial update to mandatory data in public sector, foreign exchange intervention (FXI), and macrofinancial indicators. - Inclusion of mandatory information on central bank swaps and repurchase agreements. - Rationale: most members already provide these data voluntarily; updating enhances even-handedness, reduces blind spots, and improves effectiveness. - Data adequacy framework: - Introduction of a strengthened, more structured, and transparent assessment of data adequacy for surveillance (DAA). - Expected benefits: facilitate policy dialogue on data issues, improve prioritization of capacity development (CD), and enhance integration of surveillance and CD. - Outdated data practice: - Confirmation of long-standing practice of not applying the remedial framework when members do not provide Article VIII, Section 5 categories that the Fund considers outdated. ### Key Board guidance on implementation and safeguards - Capacity constraints: - Directors noted capacity constraints in some members for producing public sector indicators; staff to work closely with authorities to identify CD priorities. - Lack of capacity after requirements come into force would not lead to a breach of obligation; members are expected to develop needed statistical capacity over time. - Confidentiality and market sensitivity: - FXI and swaps/repos data can be market sensitive and decontextualized—Directors called for utmost care in handling confidential information. - Many Directors saw merit in introducing a secured electronic platform for members to transmit mandatory confidential data to the Fund (voluntary use), stressing cost-effectiveness and efficiency. - Transition and frequency/timeliness guidance: - Directors endorsed proposed transition periods and guidance on frequency and timeliness, emphasizing accommodation of capacity constraints. - Review cadence: - Next Review of Data Provision to the Fund expected in 5 years or later, as appropriate. ### Implementation, capacity development, and next steps - Staff actions: - work closely with authorities to identify technical assistance priorities to address capacity constraints for newly mandated indicators. - use new data adequacy assessment framework to inform CD needs. - update Guidance Note after DPF review and remain engaged during transition period. - Transition periods and sequencing endorsed; staff to consider domestic legal/contractual constraints and confidentiality issues in implementation. ### Authorship and documentation - This main DPF paper accompanied by Background Paper (SM/24/39, Sup.1). - Approved by: Ceyla Pazarbasioglu, Bert Kroese, and Rhoda Weeks-Brown. - Prepared by interdepartmental team from SPR, STA, and LEG, led by Martin Sommer, Christine Dieterich, and Nadia Rendak under overall guidance of Daria Zakharova, Cheng Hoon Lim, and Katharine Christopherson. - Publication date indicated: February 20, 2024. --- ### New Data Adequacy for Surveillance (DAA) framework — structure and implementation - Rationale and objectives: - Address prior shortcomings of assessments (more-favorable-than-warranted results; insufficient candor). - Highlight data weaknesses transparently; indicate how weaknesses hinder analysis and policy advice; facilitate policy dialogue and CD prioritization. - Key features: - Streamlined questionnaire and data quality factsheets; STA reduced questions from 30 to 18. - Country teams’ assessment informed by sectoral data quality characteristics: coverage, frequency/timeliness, reliability, consistency, and granularity across national accounts, price indices, government finance and debt statistics, external sector, monetary and financial statistics. - Greater granularity in classification: assessment categories increased from three to four (A, B, C, and D). - Categories A and B: data adequate or broadly adequate for surveillance. - Categories C and D: weaknesses that hamper surveillance to some degree or significantly. - Replace SIA with Data Issues Annex (DIA) moved into main Article IV staff report; DIA to summarize sector-specific assessments, corrective actions, authorities’ plans, and CD priorities. - Large differences between factsheets and country team responses to be discussed during internal Article IV review and explained in staff report if needed. - Implementation and resourcing: - STA to allocate 1 Full Time Equivalent (FTE) to support country teams preparing first DAA. - December 2023 Board endorsement to introduce new DAA framework in Article IV consultations initiated after February 1, 2024. - STA developing internal database to store questionnaire responses, overall rating, and corrective actions for monitoring. --- ### Expansion of mandatory public sector data — scope, granularity, and transition - Rationale: - Rising debt levels, fiscal risks outside central government, need to assess investor base, instrument type, liquidity buffers, rollover risks, and contingent liabilities. - Studies cited: average cost of government intervention in SOEs across sample of 80 countries during the 1990s and 2010–18 was above 5 percent of GDP; bailout cost exceeded 10 percent of GDP in some cases. - Proposed mandatory public sector indicators (high-level): - Total stock of general government debt — First reporting period: 2025. - Stock of general government debt — at least 80 percent of the stock decomposed by maturity, currency, and residency — First reporting period: 2027. - Central and general government debt — at least 80 percent of the stock decomposed by creditor type and instrument — First reporting period: 2027. - Central and general government debt — decomposition by individual multilateral and official bilateral creditors (conditional rule applies: required only when share of such creditors is at least 20 percent of total debt stock at central or general government levels for each reporting year) — First reporting period: 2027. - Liquid financial assets of central and general government — First reporting period: 2027. - Coverage and flexibilities: - Decomposition coverage requirement: at least 80 percent of central and general government debt stocks for specified breakdowns; remainder must be described (instrument type or issuing government unit). - Publicly traded external debt securities can be attributed to foreign private creditor category when holders not identifiable; such values count toward 80 percent coverage. - Definitions derived from internationally accepted practices; specific understandings between staff and authorities acceptable. - Transition periods and first reporting years: - Total stock of GG debt — 2025. - Most other GG decompositions and liquid assets — 2027. - Transition period envisaged about 1–3 years depending on indicator; domestic legal or contractual constraints accounted for in transition design but not a legal defense under Article VIII, Section 5. - Items encouraged but not required: - Decompositions by fixed/flexible interest rate; GG-guaranteed debt; NFPC debt, profit/loss, and liquid assets — encouraged but not mandatory. --- ### Foreign Exchange Intervention (FXI) — scope, items, confidentiality, and timing - Importance: - FXI data are key inputs to External Sector Assessments (ESAs), EBA/EBA-lite models, judgments on external positions, and Integrated Policy Framework (IPF) work. - Current gaps: - About 50 economies for which staff do not have any FXI data, accounting for: - one-third of global foreign exchange reserves, - one-quarter of world GDP, - a fifth of global trade flows. - Proposed mandatory FXI items: - (i) Spot FXI by the central bank (or corresponding monetary authority), net amount — First reporting period: H2/2026; Frequency: Semi-annual; Time Lag: Six months. - (ii) Derivatives FXI by the central bank (or corresponding monetary authority), net amount (notional terms) — First reporting period: H2/2026; Frequency: Semi-annual; Time Lag: Six months. - Scope and exclusions: - FXI scope covers purchases/sales by central bank aimed at influencing market conditions, managing reserve levels, or transferring exchange rate risk; excludes transactions for normal administrative operation of the central bank, reserve portfolio management, swaps and repos with domestic entities or other central banks, and transactions with the IMF or other multilateral/bilateral creditors. - Confidentiality and format: - Reporting requested in net terms, only volume data (no intervention exchange rates), derivatives in notional terms. - Data provision under Article VIII, Section 5 can be confidentially provided without presumption of publication. - Staff developed voluntary standardized template; close engagement during transition to explain confidentiality arrangements. - Frequency/timeliness final pragmatic proposal: - Semi-annual FXI reporting with a 6-month lag; more frequent data encouraged on voluntary basis. --- ### Swaps and repurchase agreements among central banks — rationale and requirement - Context: - Swap lines and repurchase agreements form part of the Global Financial Safety Net (GFSN); network expanded from a few in 2007 to an estimated 91 at end-2020. - Information on standing facilities often limited; details on terms and use normally undisclosed. - Proposed mandatory data: - Aggregated net amount of currency swaps and repurchase agreements entered by central bank with other central banks that may be used for financial market/system stability — First reporting period: H2/2026; Frequency: Semi-annual; Time Lag: Six months. - Data to cover total amounts available for drawing under standing facilities (not actual use); note unlimited or collateral-constrained facilities. - Transactions with international financial institutions (e.g., BIS) excluded. - Voluntary encouragement: - Information on use of facilities and terms encouraged but voluntary. - Confidentiality considerations: - Focus on standing amounts to limit market sensitivity; encourage voluntary disclosure of more sensitive details. --- ### Macrofinancial indicators — mandatory, SIFS scope, availability, and timing - Mandatory for all members (high-level): - Banks’ Financial Soundness Indicators (FSIs) for commercial banks (11 metrics): regulatory capital to risk-weighted assets; Tier 1 capital to risk-weighted assets; nonperforming loans net of provisions to capital; nonperforming loans to total gross loans; return on assets; return on equity; interest margin to gross income; noninterest expenses to gross income; liquid assets to total assets; liquid assets to short-term liabilities; net open position in foreign exchange to capital. - Most FSIs — First reporting period: Q3/2025; Frequency: Quarterly; Time Lag: One quarter. - Net open position in foreign exchange to capital — First reporting period: Q3/2027; Frequency: Quarterly; Time Lag: One quarter. - Other depository corporations: total assets; credit totals and sectoral breakdowns (six counterpart sectors); currency breakdown (domestic vs. foreign currency). - First reporting period: Q3/2025; Frequency: Monthly (total assets and credit indicators); Time Lag: Three months (monthly series). - Additional mandatory for members with Systemically Important Financial Sectors (SIFS): - Other financial corporations’ total financial assets and credit with sectoral and currency breakdowns — First reporting period: Q3/2027; Frequency: Quarterly; Time Lag: One quarter. - Residential real estate price index — First reporting period: Q3/2025; Frequency: Quarterly; Time Lag: One quarter. - Note: 46 members (47 jurisdictions) identified as having SIFS. - Encouraged (voluntary) indicators: - More granular FSIs, insurance, pension, mutual funds metrics, household and nonfinancial corporate balance-sheet indicators, commercial property prices, and other non-core FSIs. - Availability and survey results: - Depending on indicator, some 80–95 percent of members already provide most proposed FSIs. - About 70 percent provide net foreign exchange position; about 90 percent provide total assets and credit breakdowns for other depository corporations. - For SIFS jurisdictions, roughly two-thirds provide credit by other financial corporations with sectoral breakdowns; close to 90 percent provide total assets; nearly all provide residential real estate price indices. - Frequency/timeliness expectations: - FSIs and RPPI: quarterly with one quarter lag. - Other depository corporations: ideally monthly with three-month lag. - FXI and swaps/repos: semi-annual with six-month lag. --- ### Transition periods, first reporting dates, and sequencing - Overall transition horizon: - A transition period of about 1–3 years envisaged, depending on specific indicator. - Members required to provide data only to the extent they have capacity; lack of capacity not treated as breach. - Key first reporting periods: - Public sector: Total stock of GG debt — 2025; most GG decompositions and liquid assets — 2027. - FXI and swaps/repos: First reporting period proposed: H2/2026. - Most macrofinancial series: Q3/2025. - Exceptions with lower availability (net open position in foreign exchange to capital; credit and asset indicators for other financial corporations): Q3/2027. - Sequencing and special provisions: - Newly designated SIFS countries: transition periods upon designation (specified phasing in Appendix I). - Staff proposals include phased implementation: many macrofinancial indicators within 1 year; weaker indicators phased within 3 years. --- ### Capacity development, resource implications, and enterprise risk assessment - CD and resourcing: - CD delivery measured in annual FTEs increased by about 60 percent since 2010–11. - Funds supporting CD: Financial Sector Stability Fund (FSSF, launched in 2017) and Data for Decisions Fund (D4D, launched in 2018). - Sta guidance: allocation of CD resources guided by country teams in consultation with CD departments; introduction of new data needs will inform CD prioritization. - Expected burden on members: - Most additional data needs sourced from administrative/operational records; burden on Fund resources and most members should be contained. - Fragile and small states may need stepped-up CD, especially on public sector data compilation. - Breakdown by creditor type often not in Government Finance Statistics Yearbook database and may require expanded CD beyond low- and lower-middle-income countries. - Only sixteen of the 46 SIFS members do not fall under Fund Policy on CD delivery to high-income members (listed in source). - Enterprise risks of inaction: - Not expanding mandatory perimeter could create blind spots and evenhandedness concerns; risk of Fund perceived as losing agility. - Costs mitigated by transition periods, flexibilities, and CD support. - Data breach and confidentiality concerns to be addressed via tight controls on transmission and access; staff propose lowering FXI reporting frequency and increasing time lag relative to original proposal. - Streamlining of FXI and NFPC data implies some gaps remain, posing surveillance effectiveness risks. --- ### Outdated data and legal options - Identified outdated items (examples): - Indices of commodity prices in wholesale and retail markets (superseded by PPI and CPI). - Several gold-related categories (holdings at home and abroad by non-official banking/financial agencies; production of gold; gold exports/imports by destination/origin; gold transactions in BoP). - Legal amendment options: - Delete outdated items from Original List or remove whole list and grant Fund discretion by Executive Board decision (a “living list”). - Any amendment requires circulation and approval of three-fifths of members having 85 percent of voting power. - Interim endorsed practice: - Maintain long-standing practice of not applying remedial measures for non-provision of outdated data. --- ### Survey results and empirical findings (selected exact figures preserved) - Survey response rates: - IMF country teams survey: 100 percent response rate. - Survey of country authorities: average response rate about 50 percent. - Survey of country authorities — response rates by country group (percent of respondents): - All: Public sector data 44.2; Foreign exchange intervention 46.8; Macrofinancial indicators 52.1. - AE: Public sector data 74.4; Foreign exchange intervention 84.6; Macrofinancial indicators 84.6. - EM: Public sector data 36.1; Foreign exchange intervention 37.1; Macrofinancial indicators 44.3. - LIC: Public sector data 22.4; Foreign exchange intervention 24.6; Macrofinancial indicators 29.8. - Fragile: Public sector data 21.4; Foreign exchange intervention 14.3; Macrofinancial indicators 16.7. - Provision of macrofinancial indicators (select shares, percent): - Regulatory capital to risk-weighted assets — Country Authorities: AE 97.1; EM 95.7; LIC 94.4; Fragile 85.7. IMF Country Teams: AE 100.0; EM 90.5; LIC 89.3; Fragile 76.3. - Net open position in foreign exchange to capital — Country Authorities: AE 64.7; EM 87.2; LIC 66.7; Fragile 57.1. IMF Country Teams: AE 68.6; EM 73.7; LIC 66.1; Fragile 52.6. - Residential real estate price index — Country Authorities: AE 91.7; EM 66.7; LIC 100.0; Fragile 95.0. - FXI provision (shares of countries providing FXI by spot market, net amount — percent of respondents): - Country Authorities: AE 85.3; EM 55.3; LIC 78.6; Fragile 80.0. - IMF Country Teams: AE 100.0; EM 61.1; LIC 83.1; Fragile 78.0. - Data production rates (average, percent of respondents): - Public sector data: AE 71.5; EM 57.1; LIC 61.7; Fragile 62.6. - FXI (spot market): AE 88.2; EM 79.5; LIC 85.7; Fragile 66.7. - Macrofinancial indicators: AE 95.5; EM 96.4; LIC 91.2; Fragile 95.5. --- ### Governance, procedural protections, and confidentiality within the Fund - Legal basis and remedy framework: - Mandatory provision governed by Articles of Agreement: Article VIII, Section 5 and Annex A to the 2004 Board Decision. - Non-provision or inaccurate provision when capacity exists constitutes breach subject to remedial framework adopted in 2004; assessment involves judgment with benefit of doubt to member. - Managing Director procedures, Executive Board consideration, declaration of censure, and sanctions under Article XXVI preserved (procedural timeline, reporting, and public announcement provisions retained in framework). - Confidentiality safeguards: - Fund treats confidential information with seriousness; archive inviolable under Article IX. - Information classification schema: Public, For Official Use, Confidential, or Strictly Confidential. - Board access: confidential information provided to Executive Board via secure encrypted platform; Executive Directors governed by Code of Conduct. - Staff propose a voluntary dedicated electronic platform for confidential data transmission and access, leveraging existing IMF platforms; operational details to be developed if Board requests. --- ### Conclusions and issues for Directors - The 2024 Review proposes: - A more structured and transparent DAA framework. - Broader and more granular mandatory data perimeter focused on public sector data, FXI, swaps/repos, and macrofinancial indicators. - Addressing several outdated data requirements and maintaining interim practice on outdated items. - Remaining work and sequencing: - Staff to implement transition periods, engage in outreach, and prioritize CD. - Staff to revisit certain items (e.g., NFPC mandatory data) at next DPF review. - Further work on framework to address delayed or inaccurate provision to resume when resources allow. - Issues posed to Directors: - Do Directors agree with staff proposals for enhancing provision of public sector data, FXI, and swaps/repos among central banks? - Do Directors support proposed transition periods and guidance on frequency and timeliness? - Do Directors support staff’s further work on a dedicated platform for confidential data under Article VIII, Section 5? *Source: ppea2024016 — Review of Data Provision to the Fund for Surveillance Purposes (Background Paper and Main Paper excerpts).* ### 2004. Since then, Fund surveillance needs have continued to evolve given global economic ### REVIEW OF DATA PROVISION TO THE FUND FOR SURVEILLANCE PURPOSES ### Executive Board assessment and endorsements - Executive Directors welcomed conclusion of the Review of Data Provision to the Fund for Surveillance Purposes. - Directors recalled endorsement (March 2022) of: - a more structured and transparent assessment of data adequacy for surveillance; - the approach for dealing with outdated data requirements; - introduction of mandatory provision of macrofinancial indicators. - Directors endorsed use of the revised data adequacy assessment framework starting in February 2024 and noted lapse-of-time endorsement (December 2023) for Article IV consultations initiated after February 1, 2024. - Directors agreed that the mandatory data list last updated in 2004 should be adapted to evolving global economic conditions. ### Main changes proposed by the 2024 DPF Review - Perimeter of mandatory data provision: - Substantial update to the overall envelope of data members are required to provide in the areas of public sector, foreign exchange intervention (FXI), and macrofinancial indicators. - Proposal also includes mandatory provision of information on central bank swaps and repurchase agreements. - Rationale: Most members already provide these data voluntarily; updating would ensure even-handedness in surveillance, reduce blind spots, and improve effectiveness. - Data adequacy framework: - Introduction of a strengthened, more structured, and transparent assessment of data adequacy for surveillance. - Expected benefits: facilitate policy dialogue with authorities on data issues, improve prioritization of capacity development (CD) efforts, and enhance integration of surveillance and CD. - Outdated data practice: - Confirmation of the long-standing practice of not applying the remedial framework when members do not provide data categories listed in Article VIII, Section 5 that the Fund considers outdated. ### Key findings and Board guidance on implementation - Directors generally supported updating and expanding mandatory data provision focused on: - public sector data; - foreign exchange interventions (FXI); - swaps and repos among central banks; - expanded macrofinancial data. - Concerns and guidance from Directors: - Capacity constraints: noted in some members for producing public sector indicators; staff should work closely with authorities to identify technical assistance priorities. - Confidentiality and market sensitivity: FXI and swaps/repos data can be market sensitive and decontextualized—Directors called for the utmost care in handling confidential information to avoid undermining policy implementation and to build trust. - Secure transmission: many Directors saw merit in introducing a secured electronic platform for members to transmit mandatory confidential data to the Fund, stressing cost-effectiveness and efficiency. - Transition and capacity: Directors endorsed proposed transition periods and guidance on frequency and timeliness, emphasized need to consider capacity constraints, and noted that lack of capacity after requirements come into force would not lead to a breach of obligation, though members are expected to develop needed statistical capacity over time. - Continued outreach and tailored capacity development assistance to members where data provision capacity is constrained. - Review cadence: - Directors looked forward to the next Review of Data Provision to the Fund for Surveillance Purposes in 5 years or later, as appropriate. ### Executive Summary — prioritized areas for progress - Perimeter of mandatory data provision: - The minimum list of indicators required by the DPF was last updated in 2004; surveillance needs have evolved since then. - The Review proposes a substantial but manageable update to mandatory data in public sector, FXI, and macrofinancial indicators. - Data adequacy framework: - The strengthened framework will more clearly identify areas where data need improvement and inform CD prioritization, enhancing integration of surveillance and CD. - Outdated data: - The Board confirmed the practice of not applying the remedial framework to outdated Article VIII, Section 5 categories. ### Process, documentation, and authorship - First formal Board meeting on the DPF Review: March 2022 (endorsed expansion of macrofinancial data requirements, principles-based approach to data adequacy assessment, and continued approach to outdated data). - This main DPF paper is accompanied by a Background Paper (SM/24/39, Sup.1) that elaborates technical and legal aspects, survey results, and includes the March 2022 Summing Up. - Approved by: Ceyla Pazarbasioglu, Bert Kroese, and Rhoda Weeks-Brown. - Prepared by an interdepartmental team from Strategy, Policy, and Review Department (SPR), Statistics Department (STA), and Legal Department (LEG), led by Martin Sommer, Christine Dieterich, and Nadia Rendak under overall guidance of Daria Zakharova, Cheng Hoon Lim, and Katharine Christopherson. ### Implementation, capacity development, and next steps - Staff to work closely with authorities to identify technical assistance priorities to address capacity constraints in producing newly mandated indicators. - Capacity development needs will be informed by the new data adequacy assessment framework. - Proposed transition periods, frequency, and timeliness guidance endorsed by Directors, with recognition that capacity limits should be accommodated during transitions. - Next formal review of data provision expected in 5 years or later, as appropriate. *February 20, 2024 — Review of Data Provision to the Fund for Surveillance Purposes* ### 4. The review has benefited from significant consultation. The Executive Board and ### ppea2024016 - 4. The review has benefited from significant consultation. ### Consultation, development of proposals, and piloting - Executive Board and Executive Directors provided strategic guidance during informal engagements in March 2019, March 2021, December 2022, and January 2024, a formal Board meeting in March 2022, and a technical session in May 2023. - Development of the DPF proposals involved close consultation across the Fund with teams working on related workstreams including surveillance review, debt sustainability and transparency, and external sector policies. - IMF country teams supplied extensive information on availability of macroeconomic and financial indicators and helped identify outdated series. - Staff supplemented country-team input with a comprehensive survey of member authorities in the summer and fall of 2021 to refine proposals. - The DPF work was informed by coordination with international partners, such as the World Bank on debt transparency and the G20 Data Gaps Initiative. - Selected country teams participated in a pilot on the new assessment of data adequacy for surveillance; a comprehensive review process among IMF country teams was conducted on the draft guidance note for the new data adequacy assessment. - Outcomes of the March 2022 formal Board meeting (summarized in the Acting Chair’s Summing Up) included Board endorsement of staff proposals to: - expand macrofinancial data requirements for all member countries, with a larger set of macrofinancial indicators for members designated as having systemically important financial sectors; - introduce a new, principles-based approach for assessing data adequacy for surveillance; - maintain the Fund’s long-standing practice of not applying the existing remedial framework to members not providing data required under Article VIII, Section 5 that the Fund considers outdated. ### Focus and sequencing given resource constraints - Given ongoing post-pandemic resource pressures, the review focuses on highest-priority issues. - Experience suggests refining the framework later to better address: - provision of inaccurate data; and - serious delays and repeat lapses in data provision. - Because the DPF framework has served the membership well and non-cooperation cases have been rare (including during the pandemic), Executive Directors broadly supported addressing these refinements at a later stage as resources allow. ### Legal and institutional framework for mandatory data provision - Mandatory provision of data to the Fund is governed by the Articles of Agreement, specifically Article VIII, Section 5 and Annex A to the 2004 Board Decision, which specify data categories members are obliged to provide except when capacity limitations bind. - Annex I (in source) shows the original list of 12 data categories from Article VIII, Section 5 and the 12 additional data categories required under the 2004 Decision; these categories are considered the minimum necessary for effective discharge of the Fund’s duties. - If a member has the capacity to provide required data, non-provision or provision of inaccurate data would be a breach of Article VIII, Section 5 and subject to the remedial framework adopted by the Board in 2004. - The assessment of whether a country breached obligations under Article VIII, Section 5 involves judgment, with the benefit of any doubt given to the member. - Additional data can be requested by the Board if considered necessary for the Fund’s activities. - Article IV, Section 3(b) also requires members to provide information necessary for “firm surveillance” over exchange rate policies; the Fund has historically relied on Article VIII, Section 5 for data provision. ### Cooperation, capacity development, and confidentiality - Data provision has reflected strong cooperation; both members and the Fund share an interest in developing capacity to produce and provide key data. - When capacity constraints prevent provision, the Fund offers capacity development (CD) including technical assistance (TA) and training. Lack of capacity does not excuse a member indefinitely—members are expected to improve statistical reporting systems over time. - Voluntary data publication is promoted via the IMF’s Data Standards Initiatives (Data Standards Initiatives and data dissemination initiatives used interchangeably in the review). Members routinely provide far more than mandatory data for operational purposes. - Modalities for providing mandatory data include direct provision through Area Departments and the Statistics Department (STA) or publication; the avenue is agreed between authorities and staff. - The Fund treats confidential data with utmost discretion and has a fully developed framework for handling confidential information. Members can request data be treated as confidential under Article VIII, Section 5. - Executive Directors can request underlying mandatory data (rare in practice); data may be shared with the Board orally, electronically through existing IMF systems, or stored as hardcopy in a secure office. - Staff stand ready to carry out further work on establishing a dedicated electronic platform for confidential data transmission and access, leveraging existing IMF platforms used by many central banks (to be optional for members preferring strict confidentiality). ### Developments in data provision since the 2012 review - A stock-taking exercise using the Table of Common Indicators Required for Surveillance (TCIRS) shows mandatory data provision has been increasing from an already high level over the past decade. - Figure 2 in the source compares data provision for a balanced sample of 154 countries with Article IV consultations during 2012–13, 2018–19, and 2020–21. - Virtually all members report most existing required indicators, indicating strong cooperation including during the pandemic. - Significant progress has been made in provision of data on the international investment position and general government fiscal flows, where initial reporting rates were lower a decade ago; nevertheless, remaining gaps persist notably in low- and middle-income countries. - Frequency and timeliness of data provision are guided by the Fund’s surveillance needs; the current framework does not mandate minimum timeliness or maximum frequency, recognizing diverse needs and statistical capacity. - In practice, obligation is considered met when information is provided according to country-specific understandings between IMF country teams and authorities; absent specific understandings, staff use general understandings drawn from internationally accepted practices. - Timeliness benchmarks (Figure 3) show: - All SDDS and SDDS Plus countries provide data with timeliness in line with their commitments under dissemination standards. - The number of e-GDDS countries providing timely data in line with SDDS/SDDS Plus requirements has increased over time. ### Capacity development support and outcomes - CD efforts and data dissemination initiatives have supported improvements in data provision. - The number of countries benefiting from TA and training has grown strongly in recent years. - As of January 2024: - 33 small and fragile states plus 22 low-income countries—excluding the small and fragile states to avoid double counting—have implemented the e-GDDS and begun publishing macroeconomic data essential for surveillance through National Summary Data Pages on a pre-announced schedule. - 3 low-income countries are subscribed to the SDDS. - CD activity delivery measured in annual FTEs increased by about 60 percent since 2010–11, with growing focus on low-income countries and fragile states, supported by the Financial Sector Stability Fund (FSSF, launched in 2017) and the Data for Decisions Fund (D4D, launched in 2018). - The FSSF and D4D have helped member countries build capacity in compiling Financial Soundness Indicators (FSIs) and broader fiscal data; the statistics workstream under the FSSF targets nearly universal coverage of low and lower-middle-income countries in reporting FSIs. - During the pandemic, STA adjusted CD delivery modalities to address specific needs amid constrained resources and absorptive capacity; since easing of the pandemic, demand for CD with strategic, medium-term objectives has recovered. ### New assessment of data adequacy for surveillance (DAA) - Effective surveillance requires candid assessment of data adequacy for analysis and policy advice. - Staff are required, as part of Article IV consultations, to assess adequacy of member countries’ data for surveillance; assessments appear in the Statistical Issues Appendix (SIA) and data issues are expected to be discussed in the main text of Article IV staff reports. - Major deficiencies need coverage in the staff appraisal so readers can appreciate how data weaknesses might undermine analysis and policy advice; staff should propose corrective measures and CD support as needed. - The DAA is not intended to evaluate conformity with latest methodological standards (that role is served by the Data Quality Assessment Framework (DQAF) and ROSCs). Instead, the DAA focuses on how data provided affects the country team’s ability to conduct effective surveillance. *Source: ppea2024016 - 4. The review has benefited from significant consultation.* ### 16. A framework for assessing data adequacy for surveillance was first endorsed by the ### 16. A framework for assessing data adequacy for surveillance was first endorsed by the ### Background and historical context - A framework for assessing data adequacy for surveillance was first endorsed by the Board in 1995 and amended several times to facilitate greater candor. - The DAA classification framework in place prior to this review was introduced in 2008, followed by operational improvements in 2012. - The SIA was amended in 2012 with a greater focus on data issues affecting financial sector surveillance in the wake of the global financial crisis in 2008. - The 2016 IEO Report found assessments in staff documents tend to be more-favorable-than-warranted, citing insufficient attention to data quality and concerns about undermining relationships with country authorities and staff credibility. - The Board, in endorsing the Overarching Strategy on Data and Statistics in 2018, noted that data adequacy assessments lacked a clear statement of country teams’ rationale. ### Recent assessments and identified shortcomings - Most country teams—more than 85 percent in 2022—assessed data as either adequate or broadly adequate to conduct surveillance. - The IEO evaluators concluded lack of candor stems from multiple factors, including insufficient attention to data quality and concerns about undermining the relationship with country authorities and the credibility of staff’s analysis and policy advice. - The SIA “is largely ignored by country authorities and the Board” because it is not integrated in the staff report. - The Board supported introduction of a more structured and principle-based framework to: highlight data weaknesses more transparently; indicate how weaknesses hinder IMF staff’s analyses and policy advice; facilitate policy dialogue with country authorities on data issues; and improve prioritization of capacity development (CD). ### The new DAA framework — structure and key features - The new DAA framework offers a more structured, granular, and principle-based assessment of data adequacy for surveillance while taking into consideration resource constraints. - Streamlined questionnaire, complemented with data quality factsheets: - Twenty country teams were involved in the 2019 DAA trial exercise and supported the new framework. - Completing the questionnaire for the first time required just a few hours (per trial feedback). - STA reduced the number of questions from 30 to 18 compared to the earlier version discussed in March 2022. - Factual questions (e.g., GDP base year) were removed; STA will provide country teams with an internal tool reporting facts about a country’s data and metadata. - STA is developing an internal database drawing from several IMF datasets and data disseminated by country authorities to generate data quality factsheets. - Country teams’ assessment informed by data quality characteristics relevant for surveillance: - The revised questionnaire includes sectoral questions (national accounts, price indices, government finance and debt statistics, external sector statistics, monetary and financial statistics) spanning coverage, frequency/timeliness, reliability, consistency, and data granularity. - Country teams will assess if data for each sector is adequate for surveillance, considering factsheets and their own judgement. - Large differences between objective factsheets and country team responses will be discussed during internal Article IV review and, if needed, explained in the Article IV staff report. - Greater granularity in classification: - Assessment categories increased from three to four (A, B, C, and D). - Categories A and B denote data are adequate or broadly adequate for surveillance; categories C and D denote weaknesses that hamper surveillance to some degree or significantly. - Rationale: more differentiation reduces moral hazard and bunching in category B. - More transparent discussion of data issues in Article IV staff reports: - Country teams should include overall data adequacy assessment in Article IV staff reports. - A new Data Issues Annex (DIA) will replace the SIA, be moved from the Informational Annex into the main staff report, summarize sector-specific assessments, and explain rationale for the overall assessment. - DIA will outline corrective action, authorities’ plans to address data gaps, and priorities for CD. - DIA will continue to include the Table for Common Indicators Required for Surveillance (TCIRS) and information on participation in IMF Data Standards Initiatives. - For category C and D countries, data issues should be explicitly discussed in AIV staff reports; major deficiencies (Category D) will need discussion in the staff appraisal. - Dynamic enhancements: - The DAA questionnaire and factsheet will be fine-tuned over time based on feedback. - STA will maintain a database to store questionnaire responses, overall rating, and corrective actions to facilitate monitoring and evaluation. ### Implementation, resourcing, and outreach - STA will allocate resources (1 Full Time Equivalent, FTE) to support country teams when preparing the first DAA for an Article IV consultation. - After the one-time investment, resource demands on country authorities, IMF country teams, reviewing departments, and STA are expected to be moderate given regular updates in future Article IV consultations. - STA plans outreach events during the 2024 Spring Meetings to raise awareness among country authorities. - STA stands ready to remotely attend data-related discussions during Article IV missions. - A new pilot initiative to place STA economists on Article IV missions is proposed; initial coverage will be small. - During STA direct support to country teams in January 2024, teams welcomed the new DAA’s structure, granularity, and the supplementary information in quality factsheets. ### Timeline and Board endorsement - In December 2023, the Board endorsed introduction of the new DAA framework in Article IV consultations initiated after February 1, 2024 (i.e., when the Policy Consultation Meeting takes place). - The Board endorsed proceeding with implementation of the new DAA framework, including replacement of the SIA with the DIA, ahead of completion of the DPF Review. ### Expanding the perimeter of required data provision — rationale and trade-offs - Adapting mandatory data provision to the evolving global economy is critical for effective Fund surveillance given rising debt levels, resurgence of inflation, a more complex and interconnected financial sector, and cross-border tensions. - The CSR identified three urgent gaps: public sector data, data on foreign exchange intervention, and indicators for macrofinancial analysis. - Enhancing data provision supports CSR surveillance priorities: (i) confronting risks and uncertainties, (ii) preempting and mitigating spillovers, (iii) fostering economic sustainability, and (iv) delivering unified policy advice. - Trade-offs and management approaches: - Dialogue with membership (including surveys) helped prioritize proposed requirements; some initial proposals were streamlined and some indicators moved from mandatory to voluntary lists. - New requirements can be phased in; lack of capacity remains valid grounds for non-provision initially, but members are expected to develop capacity over time. - Some new requirements may apply only to a subset of the membership where economically justified; Executive Board endorsed that certain macrofinancial indicators be required only from members with systemically important financial sectors. ### Public sector data — context and gaps - Fiscal risks assessment relies on stock and composition of debt, public gross financing needs (reflecting fiscal deficit and debt amortization), financing sources, and contingent liabilities. - Assessing these risks requires data on debt composition, investor base, liquidity buffers, rollover and liquidity risks, and impacts of exchange rate and interest rate movements. - Fiscal risks may accumulate outside central government (local/provincial/regional governments and non-financial public corporations, NFPCs). - Studies cited indicate average cost of government intervention in SOEs across a sample of 80 countries during the 1990s and 2010–18 was above 5 percent of GDP, while bailout cost exceeded 10 percent of GDP in some cases. - Current requirements limit debt reporting to central government stocks and central government-guaranteed debt, while fiscal flows coverage is broader (general and central government). No mandated information on debt holders or instrument types, nor on government liquidity buffers. ### New indicators proposed for mandatory provision (high-level summary) - Public sector data (for all members): - General government debt - General government debt – at least 80 percent of the stock decomposed by currency, residency, and maturity - Central and general government debt – at least 80 percent of the stock decomposed by creditor type and instruments - Central and general government debt – by individual multilateral and official bilateral creditors (conditional rule applies) - Liquid financial assets of central and general government - Note: The central government counterpart is already required under the 2004 Board Decision; existing decompositions at central government level will continue to be required for the entire debt stock (100 percent coverage). Breakdown by residency required only when data is amenable. Breakdown by individual multilateral and official bilateral creditor required only when such debt constitutes 20 percent or more of total debt stock at central or general government levels, respectively, for each reporting year. - Foreign exchange intervention data (for all members): - Spot FXI by the central bank - Derivatives FXI by the central bank - Transactions among central banks - Swaps and repurchase agreements among central banks - Macrofinancial data: - For all members: - Financial Soundness Indicators (FSI) for commercial banks: Capital adequacy; Asset quality; Earnings and profitability; Liquidity; Sensitivity to market risk - Credit and assets for other depository corporations (central bank excluded): Totals and breakdowns by sector and domestic vs. foreign currency denomination - Other Financial Corporations’ credit and financial assets: Totals and breakdowns by sector and domestic vs. foreign currency denomination - Residential real estate price index - For members with systemically important financial sectors: - Additional macrofinancial indicators as endorsed by the Executive Board in March 2022 - Further details and recommended definitions for the full list of indicators are in Annex II and Background Paper, Section V (as referenced). *Source: IMF staff.* ### 26. The need for a broader and more consistent debt coverage has been a recurrent topic ### 26. The need for a broader and more consistent debt coverage has been a recurrent topic ### Rationale for broader public sector debt coverage - Debt Sustainability Analysis (DSA) and Debt Limit Policy (DLP) reviews have repeatedly called for broader-than-central-government coverage of debt to assess sovereign risks and debt sustainability. - Expected coverage for market-access countries (MAC): general government (including local governments) plus NFPCs that constitute material fiscal risks, as reconfirmed in the Sovereign Risk and Debt Sustainability Framework (SRDSF). - LIC Debt Sustainability Framework (DSF) guidance: analysis based on total public and publicly guaranteed debt whenever possible, including debt of NFPCs except those shown to constitute limited fiscal risks. - Composition of debt by holder type is important to assess debt rollover risks and fiscal risks (seniority structure of payments, collateralization, ability to restructure). ### Proposed expansion and granularity of mandatory debt data - Broaden aggregate debt data coverage to include general government debt. - New breakdowns required: - Central and general government debt by creditor type and instrument type. - Breakdown of debt by individual multilateral and official bilateral creditors required for central and general government debt whenever the share of debt to multilateral and official bilateral creditors is at least 20 percent of the total debt stock at the central or general government levels (both excluding guaranteed debt), respectively, for each reporting year. - Extension of existing breakdowns by maturity, currency, and residency to cover general government as well as central government. - Breakdown by maturity can be provided in either of two forms: a breakdown of debt stock by residual maturity (one year or less; more than one year), or via the corresponding amortization schedule distinguishing amortizations scheduled within a year and amortizations scheduled beyond one year. The member should specify which of these two breakdowns is chosen. - Data on financial liquid assets required at the central and general government levels. ### Coverage thresholds, flexibility, and definitions - Decomposition coverage requirement: for the new debt breakdowns at the central government level (by creditor type and by instrument) and for all debt breakdowns at the general government level, decomposition of the full debt stock is not required. Instead, coverage of at least 80 percent of the central and general government debt stocks, respectively, will be required when providing these debt decompositions. - For the debt segment not decomposed, the member must provide information about instrument type or issuing government unit (e.g., state government or local government). - Full coverage is encouraged when available; members are encouraged to explain reasons for any omitted portion. - Publicly traded external debt securities: where members face practical difficulties identifying holders, such securities can be attributed to foreign private creditor category for the creditor-type (central and general government) and residency (general government) breakdowns. - The value of such publicly traded external debt securities would count toward the 80 percent minimum coverage for these breakdowns. - Recommended definitions for new indicators are derived from internationally accepted practices and constitute general understandings that apply absent specific understandings between staff and authorities. - Specific understandings are acceptable if members provide adequately detailed specifications consistent with commonly understood meanings. - The DPF framework allows flexibility on specific definitions given member-specific circumstances and capacity constraints. - The 20 percent threshold rationale: set to capture most DSSI-eligible countries (95 percent) while mitigating reporting burden on non-DSSI eligible countries (53 percent of them would not have to provide such detailed data). Calculations are based on the World Bank’s IDS database and Arslanalp and Tsuda (2014). ### Impact on members, availability, and transition - Staff analysis and surveys: - About 70 percent of members provide information on the total stock of general government debt (“GG debt”). - General government debt decompositions are generally less frequently available. - Much of the granular public debt data proposed for mandatory provision is already produced by most members that responded to the survey of country authorities, including decompositions of GG debt by creditor, instrument, maturity, currency, and residency as well as GG liquid financial assets. - Based on the survey of country authorities, 15–20 percent of respondents that do not produce the debt decomposition at the GG level actually produce it at the central government level. - Less than 50 percent of respondents produce information on general government-guaranteed debt. - Transition periods: - More comprehensive public sector data requirements would be manageable but require substantial transition periods to allow members time, resources, and possible legal changes to prepare decompositions of GG debt. - Domestic legal or contractual constraints are taken into account in recommending transition periods. Domestic law or contractual constraints are not considered a defense under the Fund’s legal framework for non-provision of required information under Article VIII, Section 5. - Where confidentiality clauses prevent disclosure, data can be provided confidentially and would be subject to the Fund’s confidentiality framework; members are encouraged to work with creditors as needed and a transition period is proposed to meet requirements to report credit by individual official creditors at the creditor-country level. ### Data items proposed to be encouraged but not required - Decompositions of GG debt by fixed/flexible interest rate. - General government-guaranteed debt. - GG and GG-guaranteed debt with unrelated collateral. - Debt, profit/loss, and liquid financial assets of NFPCs. - Provision of full coverage for certain breakdowns of debt stock is encouraged but not mandatory. - Decomposition by individual multilateral and official bilateral creditors for guaranteed debt would be optional. ### Notes on collateralized and complex instruments - Collateralized debt and complex instruments can amplify negative financial shocks and dilute rights of other creditors. - Collateralized debt: related collateral defined where financing is used to purchase or construct a new asset and the asset or future receipts serve as collateral; unrelated collateral example provided. ### Foreign exchange intervention (FXI) — context for data importance - Assessing balance of payments stability and exchange rate policies is central to Fund surveillance; Article IV obligations and the 2012 Integrated Surveillance Decision (ISD) anchor systemic stability on BoP stability and exchange rate policies. - Access to timely and comprehensive FXI data is key for effective bilateral and multilateral surveillance. - The ISD’s “Principles for the Guidance of Members’ Policies” include principles and indicators that directly address foreign exchange intervention, making FXI data provision critical, particularly in cases of large external imbalances and (presumed) one-sided intervention. *Source: ppea2024016 - 26. The need for a broader and more consistent debt coverage has been a recurrent topic (IMF).* ### 36. Accurate data on FXI is also an important input for the Fund in undertaking external ### 36. Accurate data on FXI is also an important input for the Fund in undertaking external ### Importance of FXI data for Fund surveillance - FXI data are a key input into external sector assessments (ESAs) and other policy assessments used in Fund surveillance. - FXI data feed into current account and real effective exchange rate models of the External Balance Assessment (EBA) and EBA-lite frameworks that inform staff’s ESAs. - Together with international reserve levels, FXI is one of the five key areas analyzed by staff to make a judgment on countries’ external positions. - Enhanced access to FXI data is critical for: - undertaking more precise external sector assessments, - analyzing risks to external stability, including spillovers and spillbacks, - ensuring even-handedness in surveillance, - understanding and assessing countries’ monetary policy frameworks and the de-facto classification of exchange rate arrangements, - informing the Fund’s development and pilot implementation of an Integrated Policy Framework (IPF) to calibrate policy mixes. ### Current gaps and data availability - The majority of Fund members already publish or provide some FXI data to the Fund, but provision: - does not adhere to a well-defined, consistent methodology, - varies substantially in coverage, format, frequency, and timeliness, - leaves gaps that hinder surveillance. - There are currently about 50 economies for which staff do not have any FXI data, accounting for: - one-third of global foreign exchange reserves, - one-quarter of world GDP, - a fifth of global trade flows. - Where FXI data are not provided, staff approximate FXI based on the stock of FX reserves and assumptions about composition, valuation, and income earned on reserve assets; such estimates can be imprecise and contested. - Survey results: about three quarters of country authorities reported that they provide data on spot FXI to the Fund; provision of derivatives FXI and FXI by other agencies is significantly lower. Confidentiality concerns are cited as the main reason for not reporting FXI data. ### Proposed FXI data requirement: scope - For the purposes of the DPF policy, the scope of the FXI data requirement comprises all purchases and sales of foreign exchange made by the central bank (or the corresponding monetary authority) in the spot market and through derivative financial instruments for the purposes of: (i) influencing foreign exchange market conditions (i.e., the level or volatility of the exchange rate), including to stabilize and maintain orderly market conditions, support a managed or pegged exchange rate arrangement, or influence the monetary policy stance, (ii) managing the level of international reserves (e.g., transactions to build up or sell international reserves), or (iii) transferring exchange rate risk, including through non-deliverable financial derivatives that settle in local currency. ### Mandatory FXI data provision items - The proposed new mandatory FXI data provision would consist of the two items below: (i) Spot FXI by the central bank (or corresponding monetary authority), (ii) Derivatives FXI by the central bank (or corresponding monetary authority). - Additional, more granular information will continue to be requested on a voluntary basis when needed (e.g., for determination of the de-facto exchange rate regime). ### Voluntary data provision and encouraged items - Members are encouraged to provide more disaggregated, granular, frequent, and timely data on a voluntary basis, including: - gross FXI transactions (i.e., purchases and sales of foreign exchange) at the highest possible frequency (e.g., monthly or weekly), - interventions in offshore foreign exchange markets (where applicable), - selected foreign exchange operations as memo items (e.g., total net foreign exchange transactions of the monetary authorities, net foreign exchange transactions undertaken by monetary authorities acting as financial agents of the government, direct purchases/sales of foreign exchange from/to public sector entities, and FXI undertaken by public sector entities at the direction of the central bank). - The Tenth Review of the IMF Data Standards Initiatives (IMF, 2022a) introduced detailed FXI data as an encouraged data category for SDDS Plus countries. ### Interpretation, exclusions, and staff procedures (Box 2 summary) - Provided FXI data will be analyzed in context of other macroeconomic data and country-specific policy frameworks; data are a starting point for analysis and policy discussions. - Transactions presumed to constitute FXI include: - interventions to influence exchange rate level or volatility (including to stabilize market conditions, support managed/pegged arrangements, or influence monetary policy), - interventions in spot market via direct transactions, intermediaries, or auctions, - interventions to ease or tighten monetary policy conditions (including when interest rates are at the effective lower bound), - discretionary transactions to build international reserves and preannounced programs of future FX purchases or sales, - interventions in forward or option markets and provision of FX hedging through derivatives that settle in local currency. - Transactions presumed not to constitute FXI (and therefore not within scope) include, inter alia: - FX transactions for normal administrative operation of the central bank, reserve portfolio management operations, and FX transactions undertaken with or on behalf of other central banks, - direct FX transactions between monetary authorities and the government and/or public sector agencies, - operations offset by a corresponding change in FX assets or liabilities vis-à-vis the counterparty (e.g., operations undertaken on behalf of public sector entities for which the central bank acts as financial agent; changes in foreign currency deposits by financial institutions at the central bank; FX swap and repurchase transactions with domestic entities or other central banks; transactions with the IMF or other multilateral or bilateral creditors). - Staff will check consistency of provided FXI data with other macroeconomic variables (e.g., changes in reserves adjusted for estimated valuation changes and income earned on reserve assets) and will engage with members if there are concerns about non-provision or inaccuracy of FXI data. ### Confidentiality, format, and implementation considerations - The proposed mandatory dataset is narrow and aggregated, to address confidentiality concerns: - reporting requested in net terms (consolidating purchases and sales), - over a specified reporting period and with an appropriate reporting lag, - only volume data requested; no intervention exchange rates requested, - derivatives FXI proposed to be reported in notional terms, - the reporting agency is the central bank or corresponding monetary authority; data are not requested directly from other government agencies. - Data provision under Article VIII, Section 5 can be made confidentially, without a presumption of publication. - Staff has developed a voluntary standardized template to support FXI data provision; during the transition period staff will engage closely with country authorities to explain confidentiality arrangements and specific use of FXI data in Fund surveillance. *Source: ppea2024016 - 36. Accurate data on FXI is also an important input for the Fund in undertaking external (IMF staff text provided).* ### 44. Swap lines among central banks have become a common feature of the Global ### ppea2024016 - 44. Swap lines among central banks have become a common feature of the Global ### Swap lines in the Global Financial Safety Net (GFSN) - Swap lines allow central banks to obtain foreign currency from another central bank in exchange for their own currencies, normally at a time of severe market stress or liquidity pressure, agreeing to swap back the currencies at a specified date in the future. - Use cases and history: - Played an important role during the Global Financial Crisis (GFC) of 2008 when the U.S. Federal Reserve engaged in swaps with some advanced and emerging market economies to ease pressure in dollar funding markets. - Some swap lines were converted into permanent standing facilities and were useful again at the onset of the COVID-19 pandemic in 2020. - Network expansion: - The network of bilateral swap lines has expanded significantly in recent years, notably involving China, other reserve currency issuers, and many emerging and developing economies. - The network of bilateral swap lines is estimated to have increased from only a few in 2007 to 91 at end-2020. ### Gaps in information and rationale for enhanced data provision - Information disclosure is limited: - Some central banks publish total amounts available for drawing and information about standing facilities, but details on terms and use are normally not disclosed. - Policy rationale: - Given the significant expansion of the swap line network and its growing role in the GFSN, enhancing data on these agreements is essential for bilateral and multilateral surveillance, assessing available resources for countries to maintain macroeconomic and financial stability, and evaluating the effective operation of the international monetary system under adverse shocks. ### Proposed data requirement for swaps and repurchase agreements among central banks - Scope and definition: - Members would provide the Fund with data on currency swaps and repurchase agreements among central banks. - The data requirement would comprise the net amount of those currency swaps and repurchase agreements entered by the central bank with other central banks that may be used for maintaining the stability of financial markets and the financial system. - Transactions with international financial institutions (such as the BIS) would be excluded. - Coverage and aggregation: - Data to cover the total aggregated amount available for drawing under all such existing swaps and repurchase agreements with other central banks (“standing facilities”), and not their actual use. - If some swaps and repurchase agreements are unlimited in the amounts that may be drawn or only constrained by the amount of eligible collateral, these facts should be noted as part of the provision of data. - Voluntary information: - Information on the use of the facilities and the terms of the agreements would be encouraged for data provision on a voluntary basis. - Confidentiality/market-sensitivity considerations: - The Board discussion led to focusing the requirement on standing amounts available for market and financial stability purposes, while encouraging more sensitive information (use and terms) on a voluntary basis. ### Macrofinancial data context and objectives - Strategic background: - Calls for deeper and more integrated macrofinancial surveillance date from the Global Financial Crisis and subsequent reviews (2012 Financial Surveillance Strategy, 2014 TSR, 2019 IEO evaluation, 2021 FSAP Review). - Delivering strengthened macrofinancial surveillance requires enhanced data provision to assess systemic risk from within and outside the financial system and interlinkages across sectors and policies. - Identified data gaps: - 2021 CSR highlighted gaps including limited data on non-bank financial institutions, real estate prices, foreign exchange risk exposures, and nonfinancial corporates. - Nonbank financial institutions now account for about half of global financial assets (FSB, 2022), accentuating the need to reduce macrofinancial blind spots. ### Enhancing macrofinancial data provision — mandatory and encouraged indicators - Minimum mandatory data provision from all members covers: - Core Financial Soundness Indicators (FSI) for commercial banks, which include 11 standard metrics of capital adequacy, asset quality, earnings and profitability, liquidity, and sensitivity to market risk. - Credit and assets for other depository corporations (central bank excluded), comprising totals and the breakdown for credit into six counterpart sectors: - (i) other depository corporations (excluding the central bank), - (ii) other financial corporations (comprising financial institutions other than depository corporations, such as insurance companies and pension funds), - (iii) nonfinancial corporate sector, - (iv) households, - (v) general government (or central government, depending on the member country’s institutional coverage), - (vi) non-residents; - plus the breakdown of assets and credit between domestic and foreign currency. - Additional mandatory requirements for members with systemically important financial sectors (SIFS): - Other financial corporations’ credit and financial assets (totals and same sectoral and currency breakdowns). - Residential real estate price index. - Note: Currently 46 members (47 jurisdictions) have been identified as having SIFS. - Encouraged (voluntary) indicators for all members: - Further granular metrics for banks, other financial institutions (insurance companies, pension funds, and mutual funds), households, and nonfinancial corporates. - Rationale: voluntary indicators improve coverage across the financial system while avoiding imposing excessive cost and burden on members. ### Impact on member countries and current data availability - Survey results (IMF country teams): - Depending on a specific indicator, some 80–95 percent of members already provide most proposed FSIs to the Fund. - About 70 percent provide data on the net foreign exchange position. - About 90 percent of members provide total assets, credit, and their breakdown for other depository corporations using standardized report forms. - For jurisdictions with SIFS: - Roughly two-thirds provide data on credit by other financial corporations with sectoral breakdowns. - Close to 90 percent provide total assets. - Nearly all jurisdictions with SIFS currently provide to the Fund or publish residential real estate price indices. ### Frequency and timeliness of new data - General approach: - Existing DPF expectations regarding frequency and timeliness would apply. - Staff should establish common understandings with country authorities; understandings may vary by member but must be sufficient for surveillance needs and evenhandedness. - Specific proposed frequencies and lags: - Public sector data: - An annual frequency could generally be appropriate (calendar or fiscal year). - Staff propose a time lag of two quarters for central government debt data. - A longer lag of up to three quarters could be considered for data on liquid assets of the central and general governments and for debt of general government. - Foreign exchange intervention (FXI) and foreign exchange swaps and repurchase agreements among central banks: - Staff initially proposed quarterly FXI and swaps/repos with a 3-month lag (later extended to 6 months). - Final pragmatic proposal: semi-annual frequency of FXI and swaps/repos data provision with a 6-month lag. - Provision of more frequent/timely data would be strongly encouraged on a voluntary basis. - Macrofinancial indicators: - Quarterly frequency with one quarter lag for commercial banks’ FSIs, residential real estate price indices, and credit and asset indicators for other financial corporations. - Credit and asset indicators for other depository corporations ideally on a monthly frequency with a three-month lag. *Italic: Source — Extract from IMF Review of Data Provision to the Fund (content unit ppea2024016 - 44).* ### 56. To facilitate an orderly introduction of the new data requirements, a transition period ### ppea2024016 - 56. To facilitate an orderly introduction of the new data requirements, a transition period ### Transition periods and first reporting dates - A transition period of about 1–3 years is envisaged, depending on a specific indicator. - Members will only be required to provide data to the extent they have the capacity to do so; lack of capacity will not be treated as a breach of Article VIII, Section 5. - Public sector data: - First reporting year for all series except the total stock of GG debt: 2027 (calendar or fiscal year basis). - First reporting year for the total stock of GG debt: 2025. - Foreign exchange intervention and swaps/repos among central banks: - First reporting period proposed: the second half of 2026 (H2/2026) to allow members to address legal or other constraints and confidentiality issues. - Most macrofinancial series: - First reporting period: third quarter of 2025 (Q3/2025). - Exceptions with lower availability (net open position in foreign exchange to capital; credit and asset indicators for other financial corporations): - First reporting period: Q3/2027. - Newly designated countries with systemically important financial sectors would benefit from transition periods upon designation. ### Indicators of Economic Sustainability - Sustainability is defined as allocation of resources consistent with sustained, balanced, and inclusive growth over time. - Key sustainability trends identified as priorities for surveillance over the next five to ten years: - demographic shifts - technological change - inequality (including gender-related issues) - socio-political and geopolitical developments - climate change - This DPF review does not propose expanding the perimeter of required data to sustainability indicators because: - macro-critical issues and societal preferences differ significantly across members - further experimentation is needed before a common approach can be adopted - imposing a uniform requirement is not realistic at this juncture - If a sustainability or welfare issue is critical for a given country, staff will engage with authorities to compile/provide relevant data and report on policy discussions in the Article IV staff report. - Existing Fund initiatives and external sources: - Climate Change Indicators Dashboard (CID) - Gender Data Hub (core set of macro-critical gender-related indicators) - G-20 new data gaps initiative covering climate change, household distributional indicators, fintech, and financial inclusion data - Many sustainability and SDG-related indicators are available from the World Bank and the United Nations - Use guided by the Board’s policy on the Third-Party Indicators - Further guidance available in the revised Guidance Note on Surveillance (IMF, 2022b). ### Outdated data requirements - Some minimum required information under Article VIII, Section 5 has become outdated due to methodological improvements or diminished relevance: - Indices of commodity prices in wholesale and retail markets (superseded by PPI and CPI indexes). - Several gold-related categories: - holdings of gold at home and abroad by banking and financial agencies (other than official agencies) - production of gold - gold exports and imports according to countries of destination and origin - gold transactions in the international balance of payments - Removal of information categories from the Original List would require an amendment to the Articles. - One option: delete outdated items from the Original List. - Another option: remove the whole list and grant the Fund discretion to require information by Executive Board decision, allowing a “living list”. - Any amendment would need to be circulated to the membership and adoption would require the approval of three-fifths of the Fund’s members, having 85 percent of the total voting power. - Interim practice endorsed by the Board in March 2022: - Maintain the Fund’s long-standing practice of not applying remedial measures with respect to non-provision of information considered outdated. - The obligation under Article VIII, Section 5 remains, but the Fund will continue not to apply remedial measures where a member fails to provide such outdated data. ### Resource implications and enterprise risk assessment - Overall burden: - Additional resources likely required for data-compiling units in some member countries; burden on Fund resources and most members should be contained. - Most additional data needs are sourced from administrative and operational records (balance sheets, income statements, financial operations data). - Fragile and small states may need stepped-up capacity development (CD), especially on public sector data compilation. - Existing overlaps with SDDS/SDDS Plus: - Some new requirements (general government debt, other financial corporations survey, residential real estate prices, other FSIs) are already required for SDDS Plus countries (26 countries) and encouraged for SDDS countries (51 countries). - Capacity development governance: - Allocation of CD resources guided by continuous prioritization by country teams in consultation with CD departments. - Introduction of new data needs will inform CD prioritization. - Fiscal indicators: - Most information already provided via regular surveillance or administrative sources. - Breakdown by creditor type often not in the Government Finance Statistics Yearbook database and may require expanded CD coverage beyond low- and lower-middle-income countries eligible for IMF02 funding. - Sufficient IMF01 (core budget) resources would be critical. - Financial sector indicators: - Core FSIs: limited additional CD expected. - More advanced macrofinancial indicators: some increase in CD may be required. - RPPI and OFC data required only from members with SIFS (46 in total); TA guided by Fund policy on CD delivery to high-income members. - Only sixteen of the 46 members with SIFS do not fall under the Fund Policy on CD delivery to high-income members: Argentina, Brazil, Chile, Colombia, Hungary, India, Indonesia, Malaysia, Mexico, Peru, Philippines, Poland, Romania, Russia, South Africa, and Thailand. - FXI (foreign exchange intervention) data: - Proposed scope similar to central banks’ understanding of FXI; should not require intensive CD in most cases. - Staff will remain in close dialogue with authorities preparing for FXI data provision, including confidentiality matters. - Voluntary data categories (e.g., CID and welfare/distributional measures): - An experimental CID was launched in April 2021. - Baseline scenario: CID consolidated and made permanent. - Ambitious scenario: CID enhanced by increasing country coverage and data timeliness, frequency, and granularity. - Wellbeing and sustainability indicators expected to be covered in the update of the System of National Accounts scheduled to be completed in 2025. - The Fund does not provide CD on poverty measures (World Bank purview). - Enterprise risks of inaction: - Not expanding mandatory data perimeter could create blind spots and concerns about evenhandedness in Fund advice. - Risk of Fund perceived as losing agility and not delivering on its mandate. - Costs on membership can be mitigated by transition periods, flexibilities in data provision policy, and availability of CD support. - Transition periods also allow addressing domestic legal constraints. - Data breach and confidentiality concerns to be addressed through tight controls on transmission and access; for foreign exchange intervention, staff propose lowering reporting frequency and increasing time lag relative to the original proposal. - Streamlining of FXI and NPFC data implies some identified data gaps will remain unaddressed, posing surveillance effectiveness risks. ### Conclusions and next steps - The 2024 Review of Data Provision to the Fund for Surveillance Purposes proposes: - A more structured and transparent framework for assessing data adequacy for surveillance. - A broader and more granular perimeter of required data provision targeting public sector data, foreign exchange intervention, and macrofinancial indicators. - Addressing several outdated data requirements. - The DPF framework will continue to rely on member cooperation while allowing flexibility in data provision modalities. - Staff will update the related Guidance Note after the DPF review is concluded and remain closely engaged on DPF implementation during the transition period. - Staff note: - Some Executive Directors had concerns that led to dropping proposals for mandatory provision of certain indicators (e.g., debt and profit/loss of non-financial public corporations). - FXI proposals were streamlined. - Staff intend to revisit mandatory NFPC data provision at the next DPF review. - Further work to resume when resources allow: - Enhancing the DPF framework to deal with delayed provision of data and provision of inaccurate data to the Fund; possible avenues include a stand-alone policy paper or inclusion in the next review. ### Issues for discussion - Do Directors agree with staff proposals for enhancing provision of: - public sector data, - foreign exchange intervention, and - swaps/repos transactions among central banks? - Do Directors support the proposed transition periods and the proposed guidance on frequency and timeliness of the new data to be provided? - Do Directors support staff’s further work on a dedicated platform for the provision of confidential data required under Article VIII, Section 5, guided by principles outlined during the May 2023 technical session with Executive Directors? *Source: REVIEW OF DATA PROVISION TO THE FUND (ppea2024016).* ### Annex I. Current Data Provision Requirements ### Annex I. Current Data Provision Requirements ### Current Mandatory Categories under Article VIII Section 5 and 2004 Decision, Annex A - Article VIII Section 5 (12 categories): - (i) Official holdings at home and abroad of (1) gold, (2) foreign exchange - (ii) Holdings at home and abroad by banking and financial agencies, other than official agencies, of (1) gold, (2) foreign exchange - (iii) Production of gold - (iv) Gold exports and imports according to countries of destination and origin - (v) Total exports and imports of merchandise, in terms of local currency values, according to countries of destination and origin - (vi) International balance of payments, including (1) trade in goods and services, (2) gold transactions, (3) known capital transactions, and (4) other items - (vii) International investment position, i.e., investments within the territories of the member owned abroad and investments abroad owned by persons in its territories so far as it is possible to furnish this information - (viii) National income - (ix) Price indices, i.e., indices of commodity prices in whole-sale and retail markets and of export and import prices - (x) Buying and selling rates for foreign currencies - (xi) Exchange controls, i.e., a comprehensive statement of exchange controls in effect at the time of assuming membership in the Fund and details of subsequent changes as they occur - (xii) Where official clearing arrangements exist, details of amounts awaiting clearance in respect of commercial and financial transactions, and of the length of time during which such arrears have been outstanding - 2004 Decision, Annex A (12 additional categories): - (i) Reserve, or base money - (ii) Broad money - (iii) Interest rates, both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds - (iv) Revenue, expenditure, balance and composition of financing (i.e., foreign financing and domestic bank and nonbank financing) for the general and central governments respectively; the stocks of central government and central government-guaranteed debt, including currency and maturity composition and, if the debt data are amenable to classification on the basis of the residency or nonresidency of the holder, the extent to which the debt is held by residents or nonresidents - (v) Balance sheet of the central bank - (vi) External current account balance - (vii) Exports and imports of goods and services - (viii) For the monetary authorities: international reserve assets (specifying separately any reserve assets that are pledged or otherwise encumbered), reserve liabilities, short-term liabilities linked to a foreign currency but settled by other means, and the notional values of financial derivatives to pay and to receive foreign currency (including those linked to a foreign currency but settled by other means) - (ix) Gross domestic product, or gross national product - (x) Consumer price index - (xi) Gross external debt - (xii) Consolidated balance sheet of the banking system ### Annex II — Proposed Mandatory Public Sector Indicators (Table 1) - Indicator — First reporting period*: - Total stock of general government debt — 2025 - Stock of general government debt – decomposition of at least 80 percent of the total stock by maturity — 2027 - Stock of general government debt – decomposition of at least 80 percent of the total stock by currency — 2027 - Stock of general government debt – decomposition of at least 80 percent of the total stock by residency — 2027 - Stock of central and general government debt – decomposition of at least 80 percent of the total stock by creditor type — 2027 - Stock of central and general government debt – decomposition by individual multilateral and official bilateral creditors — 2027 - Stock of central and general government debt – decomposition of at least 80 percent of the total stock by instrument — 2027 - Liquid financial assets of central and general government — 2027 - Notes included in source: - * This is the first period for which members would be required to provide data to the Fund. The reporting period may refer to either calendar or fiscal year, based on member circumstances. - 1 The central government counterpart is already required under the 2004 Board Decision, with decompositions required for the entire central government stock. - 2 Where members only have the capacity to provide data at the central government level, they would be expected to expand capacity to cover the general government over time. Data provision would be subject to flexibilities specified in paragraphs 28 and 29 of the Main Paper. - 3 Breakdown by individual multilateral and official bilateral creditor for central and general government debt would be required only when the share of debt to multilateral and official bilateral creditors is above 20 percent of total stock of debt at the central or general government level (both excluding guaranteed debt), respectively, for each reporting year. Multilateral creditors would be broken down by IMF, WB, ADB/AfDB/IADB, and other multilaterals. Official bilateral creditors would be broken down by country, showing: (i) among Paris Club members, the two countries providing largest bilateral credit plus countries holding debt above 5 percent of total debt; and (ii) among non-Paris Club members, the two countries providing largest bilateral credit plus countries holding debt above 5 percent of total debt. ### Annex II — Proposed Mandatory Indicators for FXI and Swap and Repurchase Agreements (Table 2) - Indicator — First reporting period*: - FXI by the central bank (or corresponding monetary authority) in the spot market, net amount — H2/2026 - FXI by the central bank (or corresponding monetary authority) undertaken with derivative instruments, net amount — H2/2026 - Swap and repurchase agreements entered into by the central bank (or corresponding monetary authority) with other central banks (or corresponding monetary authority), which may be used for maintaining the stability of financial markets and the financial system. The data would cover the total amounts available under the swap or repurchase agreements, in an aggregated form, independently of their use. — H2/2026 - Note in source: A description of the scope of these data provision requirements can be found in Background Paper, Section V. - * This is the first period for which members would be required to provide data to the Fund. ### Annex II — Proposed Mandatory Macrofinancial Indicators for All Member Countries (Table 3) - Banks’ Financial Soundness Indicators — First reporting period*: - Regulatory capital to risk-weighted assets — Q3/2025 - Tier 1 capital to risk-weighted assets — Q3/2025 - Nonperforming loans net of provisions to capital — Q3/2025 - Nonperforming loans to total gross loans — Q3/2025 - Return on assets — Q3/2025 - Return on equity — Q3/2025 - Interest margin to gross income — Q3/2025 - Noninterest expenses to gross income — Q3/2025 - Liquid assets to total assets — Q3/2025 - Liquid assets to short-term liabilities — Q3/2025 - Net open position in foreign exchange to capital — Q3/2027 - Other banking and credit indicators — First reporting period*: - Total assets of other depository corporations1 — Q3/2025 - Credit from other depository corporations: Total — Q3/2025 - Credit sectoral breakdown: - To other depository corporations — Q3/2025 - To other financial corporations3 — Q3/2025 - To nonfinancial corporations4 — Q3/2025 - To households — Q3/2025 - To general government (or central government)5 — Q3/2025 - To non-residents — Q3/2025 - Currency breakdown (domestic vs. FX) of other depository corporations’ total assets and credit indicators (total and sectoral breakdowns) — Q3/2025 - Notes in source: - * This is the first period for which members would be required to provide data to the Fund. - 1 Other depository corporations include all deposit-taking corporations (except for the central bank) and money market funds. - 2 Credit comprises debt securities, loans, and trade credit/advances. - 3 Other financial corporations include (i) non-money market investment funds; (ii) other financial intermediaries except for insurance corporations and pension funds; (iii) financial auxiliaries; (iv) captive financial institutions and money lenders; (v) insurance corporations; (vi) pension funds. - 4 Nonfinancial corporations include (i) public nonfinancial corporations, (ii) national private nonfinancial corporations, and (iii) resident foreign-controlled nonfinancial corporations. - 5 Depending on their institutional coverage, members may provide credit to central government instead of general government. ### Annex II — Proposed Additional Macrofinancial Indicators for Members with Systemically Important Financial Sectors (SIFS) (Table 4) - Indicator — First reporting period*: - Total financial assets of other financial corporations1 — Q3/2027 - Credit from other financial corporations2 — Total — Q3/2027 - Credit sectoral breakdown: - To other depository corporations3 — Q3/2027 - To other financial corporations — Q3/2027 - To nonfinancial corporations4 — Q3/2027 - To households — Q3/2027 - To general government (or central government)5 — Q3/2027 - To non-residents — Q3/2027 - Currency breakdown (domestic vs. FX) of other financial corporations’ total financial assets and credit indicators (total and sectoral breakdowns) — Q3/2027 - Residential real estate price index — Q3/2025 - Notes in source: - * This is the first period for which members would be required to provide data to the Fund. - 1 Other financial corporations include: (i) non-money market investment funds; (ii) other financial intermediaries except for insurance corporations and pension funds; (iii) financial auxiliaries; (iv) captive financial institutions and money lenders; (v) insurance corporations; and (vi) pension funds. - 2 Credit comprises debt securities, loans, and trade credit/advances. - 3 Other depository corporations include all deposit-taking corporations (except for the central bank) and money market funds. - 4 Nonfinancial corporations include: (i) public nonfinancial corporations, (ii) national private nonfinancial corporations, and (iii) Foreign-controlled nonfinancial corporations. - 5 Depending on their institutional coverage, members may provide credit to central government instead of general government. ### Annex III — List of Outdated Series - Category — Rationale for being deemed outdated: - Indices of commodity prices in wholesale and retail markets — Wholesale and retail price indices have been superseded by methodological improvements (PPI and CPI indexes, respectively). Mandatory data provision of the consumer price index was introduced in 2004. Staff do not propose introducing PPI as a mandatory indicator at this time. - Holdings at home and abroad by banking and financial agencies, other than official agencies, of gold — Limited relevance for current Fund activities given past changes in the international monetary system. - Production of gold — Limited relevance for current Fund activities given past changes in the international monetary system. - Gold exports and imports according to countries of destination and origin — Limited relevance for current Fund activities given past changes in the international monetary system. - Gold transactions in the international balance of payments — Limited relevance for current Fund activities given past changes in the international monetary system. *Source: ppea2024016 - Annex I. Current Data Provision Requirements (Review of Data Provision to the Fund — Background Paper).* ### SECTION IV. QUESTIONNAIRE FOR THE NEW ASSESSMENT OF DATA ADEQUACY FOR ### ppea2024016 - SECTION IV. QUESTIONNAIRE FOR THE NEW ASSESSMENT OF DATA ADEQUACY FOR SURVEILLANCE ### Legal framework for mandatory data provision - Members’ obligation: - Article VIII, Section 5: members are required to report the information the Fund deems necessary for its activities. - Article VIII, Section 5 and Annex A to the 2004 Board Decision specify data categories members are obliged to provide, except when they lack capacity to do so. - Obligation applies across Fund activities under the Articles, including surveillance and the use of Fund resources (UFR). - Article VIII, Section 5(b) requires members to provide information “in as detailed and accurate a manner as practicable and, so far as possible, to avoid mere estimates.” - Article IV, Section 3 also requires members to provide information necessary for firm surveillance over exchange rate policies; in practice Fund relies on Article VIII, Section 5 for necessary data. - Limits and defenses: - Lack of capacity is a defense to breach; Fund stands ready to support members through capacity development, but lack of capacity does not excuse members indefinitely. - Article VIII, Section 5(a)(vii) (IIP): members required to provide information on the International Investment Position only “so far as it is possible to furnish this information.” - Members are not obligated to provide information in such detail that the affairs of individuals or corporations are disclosed. - Remedial framework: - Non-provision or provision of inaccurate data required under Article VIII, Section 5 constitutes a breach unless due to lack of capacity. - 2004 Board remedial framework is triggered when Managing Director believes required data are not being provided or are inaccurate; Decision No. 13183, as amended, governs escalation. - Disclosure modalities: - Obligation is to provide data to the Executive Board. - Some required information is disclosed explicitly to the Board in staff reports; other required information may inform staff analysis but not be specifically disclosed. - The Board has the right to access information required under Article VIII, Section 5; staff may not withhold such information from the Board on grounds of confidentiality if requested. ### Assessment of capacity - No prescribed criteria in Articles or Board decisions; Fund assesses capacity case-by-case, considering factors such as data complexity and level of development. - Examples: - A member admitting possession of information but refusing disclosure cannot claim capacity defense. - A member whose infrastructure is devastated by a natural disaster clearly lacks capacity. - The Fund gives benefit of doubt to members in borderline cases. - Relevant references cited in text: - Misreporting Paper; 2003 Paper; Leckow (2005). ### Policy frameworks supporting data provision - Overarching strategies and alignment: - 2018 Overarching Strategy on Data and Statistics at the Fund called for an integrated approach to data issues and sought to prevent fragmentation across frameworks. - Review follows the CSR and ensures surveillance priorities guide new data requirements. - IMF Data Standards Initiatives (e-GDDS, SDDS, SDDS Plus) have focused on data needed for surveillance. - Since 2015, e-GDDS first-tier encouraged publication aligned with the Table of Common Indicators Required for Surveillance (TCIRS). - Distinction of purposes: - Data Provision Framework (DPF) review and 2022 Review of the Data Standards Initiatives overlap, but purposes and users differ (Fund/obligatory provision vs markets/voluntary publication), limiting full convergence. ### Data ecosystem and international cooperation - Data used in Fund surveillance extends beyond minimum Article VIII categories; synergies exist between mandatory and voluntary frameworks. - Data sharing and collaboration: - G20 Data Gaps Initiative (DGI) launched in 2009 by the IMF and FSB; aligned in 2012 with SDDS Plus requirements. - Inter-Agency Group on Economic and Financial Statistics (IAG) enhanced cooperation and data sharing. - Data Sharing Agreements among IAG members have been increasing; work ongoing to promote sharing of more granular data among G20 countries. - G20 DGI progress and DGI-3: - DGI phases: 2009–15 and 2015–21 (phase II). Phase III (DGI-3) launched in 2022. - As of October 2021, all G20 economies reported quarterly IIP and FSI data (except one of the seven FSIs required for SDDS Plus adherents). - As of October 2021, all G20 economies reported core CPIS data; all but one reported inward data to CDIS. - Residential property price index (RPPI) availability: at least one RPPI is available in 19 of the G20 economies. - DGI-3 focuses on: Climate change indicators; Household distributional information; Fintech and financial inclusion data; Access to private sources of data and administrative data. - DGI-3: task teams (ten) from IAG agencies and participating economies working to establish methodological frameworks, guidance, and compilation facilitation. - DGI-3 status: “DGI-3 is now in the second year of implementation.” The first DGI-3 progress report completed in October 2023. - Persistent challenges noted: - Collecting and reporting national aggregates of Securities Financing Transactions for non-bank financial institutions. - Compiling and disseminating institutional sectoral accounts. - Compiling household distribution information. - Reporting complete quarterly general government debt and operations. ### Specific data categories highlighted (existing and proposed DPF requirements) - Macro-financial indicators: - For all countries: Banks FSIs (4 of 11 included in DGI II.2); Other depository corporations: Assets; Other depository corporations: Credit; Other depository corporations: Credit breakdown by borrower type; Other depository corporations: Currency breakdown of credit and assets. - Additional for SIFS (Systemically Important Financial Sectors): Other financial corporations: Assets; Other financial corporations: Credit; Other financial corporations: Credit breakdown by borrower type; Other financial corporations: Currency breakdown of credit and assets; Residential real estate prices (DGI II.2). - Foreign Exchange Intervention (FXI) and swaps/repos: - FXI by monetary authorities in spot market. - FXI by monetary authorities in derivative market (DGI II.6). - Swaps/repos among central banks. - Public sector data: - Total stock of general government debt (DGI II.16). - Total stock of central government debt (DGI II.16). - Total stock of central government-guaranteed debt. - Debt stock of CG/GG—decomposition by maturity, currency, residency, creditor type, individual multilateral and official creditors, instrument. - Liquid financial assets of CG/GG. - Monitoring risks in the financial sector (DGI items referenced): - II.2 Financial Soundness Indicators (FSI). - II.3 FSI Concentration and Distribution Measures. - II.4 Data for Global Systemically Important Financial Institutions. - II.5 Non-bank Financial Intermediation. - II.6 Derivatives. - II.7 Securities Statistics. - II.8 Sectoral accounts. - II.9 Household Distribution Information. - II.10 International Investment Position. - II.11 International Banking Statistics. - II.12 Coordinated Portfolio Investment Survey. - II.13 Coordinated Direct Investment Survey. - II.14 Cross border exposures of non-bank corporations. - II.15 Government Finance Statistics. - II.16 Public Sector Debt Statistics Database. - II.17 Residential Property Prices. - II.18 Commercial Property Prices. - II.19 International Data cooperation and coordination. - II.20 Promotion of Data Sharing. ### Empirical and operational notes from figures and tables referenced - Figure and table topics included in source (titles preserved as presented): - Figure 1. Stronger Integration Between Surveillance and Capacity Development. - Figure 2. Data Provision to the Fund, 2020–21 (Number of Fund members). - Figure 3. Supporting Data Provision to the Fund. - Figure 4. Data Used in Fund Surveillance. - Boxes: Box 1. Capacity; Box 2. The G20 Data Gaps Initiative: Progress Achieved and the Road Ahead; Box 3. Supporting Data Provision to the Fund. - Tables listed include proposed mandatory and encouraged indicators across public sector, FXI, swaps/repos, macrofinancial indicators, and survey response rates and results. - Data vintage and sources: - Data for 2021 is preliminary as noted in Figure 4 sources. - Sources include IMF staff, IMF databases, TCIRS table in Article IV staff reports, survey of IMF country teams, and IAG agencies. *Source: REVIEW OF DATA PROVISION TO THE FUND—BACKGROUND PAPER (selected excerpts from Sections I–II and accompanying boxes and figures).* ### Section 5 ### Section 5 ### Fund framework on the treatment of confidential information - Paragraph 8: The Fund “treats very seriously the safeguarding of confidential information” and has a fully developed framework for handling confidential information to play its role effectively as a confidential advisor. - Vis-à-vis the Public (Paragraph 9): - The Executive Board, management and staff may not disclose information that a member or other party has provided in confidence, unless that party consents and disclosure is consistent with Fund rules. - Pursuant to the immunities of the Fund under Article IX of the Fund’s Articles of Agreement, information and documents provided by members (or any other party) to the Fund form part of the Fund’s archive which is inviolable. - “Inviolability” means non-public information or documents generated within or received by the Fund from members or other parties are protected by the Fund’s immunities and would only be disclosed with the approval of that member or other party and in accordance with the Fund’s policies. - The Staff Code of Conduct and internal rules prohibit unauthorized disclosures by staff; the Fund’s Office of Internal Investigations can investigate disclosure of non-public information at staff level; staff can be subject to sanctions up to termination of employment. - Appendix IX of the Transparency Policy Guidance Note provides further detail on this framework. - Within the Fund (Paragraph 10): - Information classification schema: Public, For Official Use, Confidential, or Strictly Confidential; these classifications limit sharing even within the Fund. - Management and staff cannot agree to withhold from the Executive Board information required to be reported under the Articles of Agreement or Board-established policy, or necessary for the Board to exercise its responsibility meaningfully; this includes authorities’ policy positions and plans relevant for Fund surveillance or financial assistance but generally excludes informal hypothetical courses of action. - Staff exercises caution in drafting Board documents to avoid inadvertently including confidential information unless the type must be reported to the Executive Board. - Paragraphs 40–44 and Appendix IX of the Transparency Policy Guidance Note provide more detail on when disclosure to the Board is required. - Even where information must be provided to the Board, confidentiality vis-à-vis the public remains; the Fund may not publish non-public information provided by a member unless that member consents. - Board access and protections (Paragraph 11): - Confidential information is provided to the Executive Board via a secure platform allowing access by each Executive Director and individually authorized member country officials; such information is encrypted to prevent further distribution. - Executive Directors are governed by a Code of Conduct requiring protection of confidential information; the Board Ethics Committee handles alleged misconduct by Executive Directors. - Authorities must ensure applicable Fund restrictions on access to documents/info are respected, including limits on internal access per classification and no public disclosure or citation of any confidential information. - For the most sensitive information, Executive Directors are provided access via uniquely identifiable encrypted documents that may not be copied or shared. - A new electronic platform for confidential data provision and access could be developed for authorities to use on a voluntary basis (as outlined during the May 2023 technical session with Executive Directors). ### Questionnaire for the new assessment of data adequacy for surveillance — structure and guidance - Instructions: - The questionnaire has six sections evaluating adequacy of data provision for surveillance purposes, where adequacy is as defined in the table below (category A, B, C and D). - First two sections: real sector statistics (national accounts and price indices). - Next three sections: fiscal, external, and financial sectors. - Last section: room for the country team to highlight inter-sectoral consistency issues. - To support assessment, STA provides for each section a data quality factsheet about the country’s data quality characteristics (coverage, consistency, reliability, and timeliness), using data and metadata from IMF databases and those reported/published by countries. - The criteria and data quality factsheets are not exhaustive; country teams should consider all available data and other important aspects in which data affects surveillance. - Definition of Categories of Data Adequacy for Surveillance: - Category A: The data provided to the Fund is adequate for surveillance: this indicates that the data is comprehensive, consistent, and covers all the aspects relevant for surveillance purposes. There is a high level of confidence in the overall quality of the data and the team’s analysis. - Category B: The data provided to the Fund has some shortcomings but is broadly adequate for surveillance: This indicates that the data provided to the Fund is mostly comprehensive and consistent, covering a wide range of aspects relevant for surveillance purposes. There may be some shortcomings or minor gaps, but they do not significantly impact the overall quality of the team’s analysis. - Category C: The data provided to the Fund has shortcomings that somewhat hamper surveillance: This indicates that the data provided to the Fund may have some notable gaps or limitations that could affect the overall quality of the team’s analysis. - Category D: The data provided to the Fund has serious shortcomings that significantly hamper surveillance: This indicates that the data is minimally sufficient for surveillance purposes. It may have significant gaps, limitations, or inconsistencies that compromise the overall quality of the team’s analysis. ### Real sector statistics — GDP/National Accounts (questions 12–14) - Coverage (Question 12): - Is coverage of sectors, industries, and activities, including informal/illegal sector, in national accounts sufficiently comprehensive and up to date for the team’s analysis? - Are revisions to the national accounts well explained, limited in size and frequency? - Response options: Select a category: A, B, C, or D (text for each category provided). - Granularity (Question 13): - Do measures include breakdowns by production, expenditure, and income? - Are breakdowns sufficiently granular to differentiate public and private consumption and investment? - Are differentiated deflators available for expenditure components? - Response options: Select a category: A, B, C, or D. - Frequency/Timeliness (Question 14): - Are national account statistics available at the frequency and timeliness appropriate for the team's analysis? - Response options: Select a category: A, B, C, or D. ### Real sector statistics — Consumer Price Index (CPI) (questions 15–16) - Coverage (Question 15): - Is CPI coverage sufficiently comprehensive for the team’s analysis considering geographic coverage, social groups, informal markets, and illegal goods and services? - Does the CPI reflect current spending patterns? - Are differences between the national accounts’ household consumption expenditure deflator and the CPI well explained? - Response options: Select a category: A, B, C, or D. - Frequency/Timeliness (Question 16): - Is the CPI available at the frequency and timeliness appropriate for the team's analysis? - Response options: Select a category: A, B, C, or D. ### Fiscal sector statistics — Government operations and debt (questions 17–21) - Coverage (Question 17): - Is coverage of government operations and debt statistics sufficiently comprehensive for analysis of fiscal stance, one-off fiscal measures and risks, including quasi-fiscal activities? - Are arrears, guarantees, PPPs, and other contingent liabilities distinctly identified in debt statistics? - Response options: Select a category: A, B, C, or D. - Granularity of Government Operations (Question 18): - Are breakdowns of revenue (by type of tax) and expenditure (by economic and functional classification) sufficiently granular? - Response options: Select a category: A, B, C, or D. - Granularity of Debt Statistics (Question 19): - Is the debt structure (residency, creditor, instrument, currency, maturity) sufficiently granular for debt sustainability analysis? - Response options: Select a category: A, B, C, or D. - Consistency (Question 20): - Are above-and below-the-line transactions consistent so that revenues less expenditures equals financing/net lending? - If discrepancies exist, are they well explained (e.g., off-budget accounts) so fiscal stance and fiscal risks are clearly identified? - Are stock-flow adjustments (difference between annual change in public debt stock and identified debt-creating flows) large and unexplained, and do they significantly affect margin of error around baseline debt projections? - Response options: Select a category: A, B, C, or D. - Frequency/Timeliness (Question 21): - Are fiscal statistics available at the frequency and timeliness appropriate for the team’s analysis? - Response options: Select a category: A, B, C, or D. ### External sector statistics (questions 22–24) - Coverage (Question 22): - Do BoP and IIP cover main components (current account, financial account, capital account) and IIP assets/liabilities and functional categories (direct investment, portfolio investment, financial derivatives and other investments)? - Is the size of net errors and omissions large and does it affect team’s analysis and projections? - Are BoP flows consistent with IIP stocks? - Is information available on exchange rate valuation changes, asset/liability price variation, and other data needed for consistent stock-flow reconciliation between BoP and IIP? - Response options: Select a category: A, B, C, or D. - Granularity (Question 23): - Is breakdown of external sector data (by type of good/service/income, functional category, institutional sector, currency, maturity, IIP asset/liability structure, etc.) sufficiently granular for analysis of current account risks and risks from capital flows and excessive leverage? - Is information on net international reserves detailed, including pledged or encumbered assets and foreign exchange swap lines? - Response options: Select a category: A, B, C, or D. - Frequency/Timeliness (Question 24): - Are external sector statistics available at the frequency and timeliness appropriate for the team’s analysis? - Response options: Select a category: A, B, C, or D. ### Monetary and financial sector statistics (questions 25–28) - Coverage (Question 25): - Is coverage of monetary and financial statistics, including financial activities beyond the banking system, sufficiently comprehensive for analysis of the monetary policy stance and financial stability risks? - Response options: Select a category: A, B, C, or D. - Granularity of Monetary and Financial Statistics (Question 26): - Are breakdowns of financial sector assets and liabilities by debtor/creditor type, residency, currency, instruments, maturity, and so on sufficiently granular for analysis of financial stability risks? - Response options: Select a category: A, B, C, or D. - Granularity of Financial Soundness Indicators (Question 27): - Are measures of capital adequacy, liquidity, asset quality, profitability, and other relevant measures available and sufficiently granular for analysis of vulnerabilities in the financial sector? - Response options: Select a category: A, B, C, or D. - Frequency/Timeliness (Question 28): - Are the monetary survey, financial sector balance sheet, and financial soundness indicators available at the frequency and timeliness appropriate for the team’s analysis? - Response options: Select a category: A, B, C, or D. *Review of Data Provision to the Fund—Background Paper, Section 5* ### 29. Inter-sectoral consistency: Please assess if statistics across sectors of the macroeconomic ### 29. Inter-sectoral consistency: Please assess if statistics across sectors of the macroeconomic framework are consistent and provide support to the team's analysis. ### Core question - Assess whether statistics across sectors of the macroeconomic framework are consistent and provide support to the team's analysis. ### Inter-sectoral issues to consider - Is the central bank's financing of the government, as depicted in the government finance statistics, consistent with the central bank's balance sheet data? - Does government borrowing from commercial banks align in both the government finance statistics and the commercial banks' balance sheets? - Is the trade data in the national accounts consistent with the trade data in the BoP? - Is capital spending, as reported in the government finance statistics, consistent with public investment as shown in the national accounts? ### Response categories (select one) - A. The data provided to the Fund is adequate for surveillance. - B. The data provided to the Fund has some shortcomings but is broadly adequate for surveillance. - C. The data provided to the Fund has some shortcomings that somewhat hamper surveillance. - D. The data provided to the Fund has serious shortcomings that significantly hamper surveillance. *REVIEW OF DATA PROVISION TO THE FUND—BACKGROUND PAPER 18 INTERNATIONAL MONETARY FUND* ### SECTION V. LIST OF INDICATORS PROPOSED FOR ### ppea2024016 - SECTION V. LIST OF INDICATORS PROPOSED FOR MANDATORY PROVISION TO THE FUND ### Mandatory Public Sector Indicators (Table 1a) - Total stock of general government debt - Definition: total gross debt consisting of all liabilities that are debt instruments. The debt instruments include: SDRs; Currency and deposits; Debt securities; Loans; Insurance, pension, and standardized guarantee schemes; Other accounts payable. - General government defined as in the 2004 Decision (central government and state and local governments). - First reporting period*: 2025 - Frequency (Periodicity): Annual - Time Lag (Timeliness): Three quarters - Stock of general government debt – decomposition of at least 80 percent of the total stock by maturity - Definition: breakdown by residual maturity distinguishing short-term debt (residual maturity one year or less) and medium to long term debt (residual maturity more than one year or non-stated maturity). Alternative: amortization schedule distinguishing amortizations within a year and beyond one year. Member must specify which breakdown chosen. - Coverage requirement: decomposed debts must be at least 80 percent of total stock of debt at general government level (excluding guaranteed debt). For debt without breakdown, provide instrument types or issuing government units. - First reporting period*: 2027 - Frequency: Annual - Time Lag: Three quarters - Stock of general government debt – decomposition of at least 80 percent of the total stock by currency - Definition: includes debt stock denominated by local (domestic) currency and debt stock denominated by foreign currency. - Coverage requirement: at least 80 percent of total stock at general government level (excluding guaranteed debt). - First reporting period*: 2027 - Frequency: Annual - Time Lag: Three quarters - Stock of general government debt – decomposition of at least 80 percent of the total stock by residency - Definition: debt stock owed to residents and debt stock owed to non-residents if amenable to classification by residency. - Coverage requirement: at least 80 percent of total stock at general government level (excluding guaranteed debt). For debt without breakdown, provide instrument types or issuing government units. - First reporting period*: 2027 - Frequency: Annual - Time Lag: Three quarters - Stock of central and general government debt – decomposition of at least 80 percent of the total stock by creditor types - Creditor types include: Domestic central bank; Domestic commercial bank (depository corporations except the central bank); Other domestic creditors; Foreign official bilateral creditors (including a central bank of a currency union); Foreign private creditors. - Alternative domestic reporting: domestic financial institutions, domestic non-financial institutions, domestic households (domestic other creditors). - Coverage requirement: decomposed debts at central government level and general government level must be at least 80 percent of total stock (excluding guaranteed debt). When owners of publicly traded external debt securities cannot be identified, members can attribute to foreign private creditor category and still count toward 80 percent. - First reporting period*: 2027 - Frequency: Annual - Time Lag: Three quarters for general government and two quarters for central government - Stock of central and general government debt – decomposition by individual multilateral and official bilateral creditors (conditional) - Requirement: breakdown by individual multilateral and official bilateral creditor required only when share of debt to multilateral and official bilateral creditors is at least 20 percent of total stock at central government level or general government level (excluding guaranteed debt). - Multilateral breakdown: IMF, WB, ADB/AfDB/IADB, and other multilaterals. - Official bilateral breakdown: by country showing (i) among Paris Club members, the two countries providing largest bilateral credit plus countries holding debt above 5 percent of total debt; and (ii) among non-Paris Club members, the two countries providing largest bilateral credit plus countries holding debt above 5 percent of total debt. - Central government vs general government timing: First reporting period*: 2027; Frequency: Annual; Time Lag: Three quarters for general government and two quarters for central government - Stock of central and general government debt – decomposition of at least 80 percent of the total stock by instruments - Instruments: monetary gold and SDR allocations; currency and deposit (as liabilities); debt securities; loans; insurance/pension/standardized guaranteed scheme; other accounts payable. - Coverage requirement: decomposed debts at central government and general government levels must be at least 80 percent of total stock (excluding guaranteed debt). For debt without breakdown, provide instrument types or issuing government units. - First reporting period*: 2027 - Frequency: Annual - Time Lag: Three quarters for general government and two quarters for central government - Liquid financial assets of central and general government - Definition: includes debt securities, currency and deposit as well as monetary gold and SDR holdings. - First reporting period*: 2027 - Frequency: Annual - Time Lag: Three quarters for general government and two quarters for central government - Notes referenced in Table 1a: - 1 The central government counterpart is already required under the 2004 Board Decision. - 2 Where obligations require data at both general and central government levels, members with capacity only at central government expected to expand to general government over time. - 3 Data should preferably follow Government Finance Statistics Manual (GFSM) 2014, IMF. - 4 Residence should preferably follow BPM6, IMF. - 5 Practice stems from External Debt Statistics—Guide for Compilers and Uses—2014, IMF. - 6 Authorities and staff can agree on country-specific understandings regarding periodicity and timeliness; absent agreement, the general understandings in the table apply. - * This is the first period for which members would be required to provide data to the Fund except when capacity limitations prevent them from doing so. ### Encouraged Public Sector Indicators (Table 1b) - Total stock of non-financial public corporations debt - Definition: Nonfinancial public corporations (NFPCs) are resident institutional units principally engaged in production of market goods or nonfinancial services and are controlled by government units or other public corporations. - Definition guidance: GFSM 2014 preferred. - Aggregated profit/loss of non-financial public corporations - Definition: preferably sum of net operating balance (revenue minus expense including consumption of fixed capital); gross operating balance can be reported if consumption of fixed capital estimate not available. - Definition guidance: GFSM 2014 preferred. - Total stock of general government-guaranteed debt - Definition: guaranteed debt covers publicly guaranteed debt (loan and other debt instrument guarantees), other one-off guarantees (e.g., credit lines) and other explicit contingent liabilities not elsewhere classified (e.g., potential legal claims, payments resulting from PPP arrangements). - Note: central government counterpart already required under the 2004 Board Decision. - Stock of central and general government guaranteed debt – decomposition by individual multilateral and official bilateral creditors - Multilateral break down: IMF, WB, ADB/AfDB/IADB, other multilaterals. - Official bilateral breakdown: same country-level rules as in Table 1a; creditor countries encouraged to be disaggregated by individual creditors where applicable. - Provision of these indicators is encouraged but not required. - Stock of central and general government debt – decomposition by fixed/flexible interest rate - Definition: flexible/variable rate instruments linked to a reference index, commodity price, or financial instrument price that changes over time; all others classified as fixed interest rate. - Definition guidance: GFSM 2014 preferred. - Debt stock backed by unrelated collateral within central and general government and government guaranteed debt - Definition: collateralized when creditor has rights over an asset or revenue stream allowing reliance on asset or revenue stream if borrower defaults; collateralization entails liens over assets or future receivables. Collateral is unrelated when it has no relationship to project financed by the loan (example: borrowing to finance budget deficit collateralized by oil revenue receipts). - Guidance references: "Guidance Note on Implementing the Debt Limits Policy in Fund Supported Programs, IMF 2021" and "Collateralized Transactions: Key Considerations for Public Lenders and Borrowers, G20 2020". - Liquid financial assets of public non-financial corporations - Definition: includes debt securities, currency and deposit as well as monetary gold and SDR holdings. - Notes: - 2 The provision of these indicators is encouraged at general and central government levels but not required. - 3 Definitions should preferably follow GFSM 2014. - 4 Definitions for external creditors should preferably follow External Debt Statistics - Guide for Compilers and Users - 2014, IMF. ### Proposed Mandatory Indicators for Foreign Exchange Intervention (FXI) (Table 2) - FXI by the central bank (or corresponding monetary authority) in the spot market, net amount - Definition: difference between all purchases and sales of foreign exchange undertaken by the central bank in the spot foreign exchange market for purposes of: (i) influencing foreign exchange market conditions (level or volatility of the exchange rate) including stabilizing and maintaining orderly market conditions, supporting a managed or pegged exchange rate arrangement, or influencing monetary policy stance; (ii) managing the level of international reserves (e.g., transactions to build up or sell international reserves); (iii) transferring exchange rate risk. - First reporting period*: H2/2026 - Frequency (Periodicity): Semi-annual - Time Lag (Timeliness): Six months - FXI by the central bank (or corresponding monetary authority) undertaken with derivative instruments, net amount - Definition: difference between all transactions to purchase and sell foreign exchange undertaken by the central bank with derivative instruments, expressed in notional amounts, for purposes of: (i) influencing foreign exchange market conditions (level or volatility of the exchange rate) including those to stabilize and maintain orderly market conditions, support a managed or pegged exchange rate arrangement, or influence monetary policy stance; (ii) managing the level of international reserves; (iii) transferring exchange rate risk, including through non-deliverable derivative financial instruments that settle in local currency. - Derivative instruments may include forwards (deliverable and non-deliverable, to be settled in foreign or domestic currency), futures, options (calls and puts), and/or any other derivative instrument involving the purchase or sale of foreign exchange assets where there is a transfer of exchange rate risk. Includes transactions between central bank and any other domestic or foreign private or public sector entity. Excludes foreign exchange swaps, cross currency swaps, and repurchase agreements with domestic entities or foreign central banks. - First reporting period*: H2/2026 - Frequency: Semi-annual - Time Lag: Six months - Notes: - 1 The notional value refers to the nominal amount of the foreign exchange transaction underlying the derivative. - 3 Decomposition of derivatives FXI by instrument is encouraged on a voluntary basis. - Authorities and staff can agree on country-specific periodicity and timeliness; absent agreement, the general understandings apply. - Refer to Box 2 of the Main Paper for further details on presumed FXI transactions. ### Proposed Mandatory Indicators for Swaps and Repurchase Agreements among Central Banks (Table 3) - Currency swaps and repurchase agreements entered into by the central bank (or corresponding monetary authority) with other central banks (or corresponding monetary authority) - Definition: aggregated net amount of all the currency swaps and repurchase agreements agreed by the central bank with other central banks ("standing facilities") which may be used for maintaining stability of financial markets and the financial system. Data cover total amounts that may be drawn under existing standing facilities, aggregated, independently of their use. If amounts are unlimited or constrained only by eligible collateral, these facts should be noted. - First reporting period*: H2/2026 - Frequency (Periodicity): Semi-annual - Time Lag (Timeliness): Six months ### Proposed Mandatory Macrofinancial Indicators for All Member Countries (Table 4a) - Banks’ Financial Soundness Indicators (First reporting period*: Q3/2025 unless otherwise stated) - Regulatory capital to risk-weighted assets - Definition: Capital adequacy where regulatory capital and risk-weighted assets are calculated following corresponding regulatory framework in each country (e.g., Basel I, II, III). - First reporting period*: Q3/2025; Frequency: Quarterly; Time Lag: One quarter - Tier 1 capital to risk-weighted assets - Definition: narrower measure using Tier 1 regulatory capital compiled per BCBS core capital guidelines. - First reporting period*: Q3/2025; Frequency: Quarterly; Time Lag: One quarter - Nonperforming loans net of provisions to capital - Definition: value of nonperforming loans less specific loan provisions in percent of total capital. - First reporting period*: Q3/2025; Frequency: Quarterly; Time Lag: One quarter - Nonperforming loans to total gross loans - Definition: nonperforming loans as percent of total loan portfolio (before deduction of provisions). - First reporting period*: Q3/2025; Frequency: Quarterly; Time Lag: One quarter - Return on assets - Definition: net income before extraordinary items and taxes in percent of average total assets. - First reporting period*: Q3/2025; Frequency: Quarterly; Time Lag: One quarter - Return on equity - Definition: net income before extraordinary items and taxes in percent of average capital. - First reporting period*: Q3/2025; Frequency: Quarterly; Time Lag: One quarter - Interest margin to gross income - Definition: net interest income (interest earned less interest expenses) in percent of gross income. - First reporting period*: Q3/2025; Frequency: Quarterly; Time Lag: One quarter - Noninterest expenses to gross income - Definition: administrative expenses in percent of gross income. - First reporting period*: Q3/2025; Frequency: Quarterly; Time Lag: One quarter - Liquid assets to total assets - Definition: liquid assets in percent of total assets; liquid assets defined as those readily available to meet demand for cash with reasonable certainty of conversion speed and without significant loss under normal business conditions. - First reporting period*: Q3/2025; Frequency: Quarterly; Time Lag: One quarter - Liquid assets to short-term liabilities - Definition: liquid assets in percent of short-term liabilities (preferred or original maturity up to one year). - First reporting period*: Q3/2025; Frequency: Quarterly; Time Lag: One quarter - Net open position in foreign exchange to capital - Definition: sum of foreign currency positions in percent of total regulatory capital or Tier 1 capital; includes payable/receivable foreign-currency-denominated items and domestic currency items indexed/linked to a foreign currency. - First reporting period*: Q3/2027; Frequency: Quarterly; Time Lag: One quarter - Monetary and credit aggregates (First reporting period*: Q3/2025) - Total assets of other depository corporations - Definition: comprising deposit-taking corporations (excluding the central bank) and money market funds. - Frequency: Monthly; Time Lag: Three months - Credit from other depository corporations — Total credit and sectoral breakdowns (To other depository corporations; To other financial corporations; To nonfinancial corporations; To households; To general government; To non-residents) - Definition: Total credit comprises debt securities, loans, and trade credit/advances. Sectoral breakdown definitions provided for recipient sectors. - First reporting period*: Q3/2025; Frequency: Monthly; Time Lag: Three months - Currency breakdown of credit and total assets - Definition: breakdown between domestic and foreign currency for all credit indicators and total assets. - First reporting period*: Q3/2025; Frequency: Monthly; Time Lag: Three months - Notes: - Definitions should preferably follow Financial Soundness Indicators Compilation Guide (IMF, 2019b) and Monetary and Financial Statistics Manual and Compilation Guide (IMF, 2016). - Authorities and staff can agree on country-specific periodicity and timeliness; absent agreement, general understandings in table apply. - * This is the first period for which members would be required to provide data to the Fund except when capacity limitations prevent them from doing so. ### Additional Macrofinancial Indicators for Members with Systematically Important Financial Sectors (SIFS) (Table 4b) - Total financial assets of other financial corporations - Definition: aggregate of (i) Non-money market investment funds; (ii) Other financial intermediaries except insurance corporations and pension funds; (iii) Financial auxiliaries; (iv) Captive financial institutions and money lenders; (v) Insurance corporations; (vi) Pension funds. - First reporting period*: Q3/2027; Frequency: Quarterly; Time Lag: One quarter - Credit from other financial corporations — Total credit and sectoral breakdowns - Definition: comprises debt securities, loans, and trade credit/advances. Sectoral breakdowns include credit to other depository corporations; to other financial corporations; to nonfinancial corporations (public, national private, foreign-controlled); to households; to general government; to non-residents. - First reporting period*: Q3/2027; Frequency: Quarterly; Time Lag: One quarter - Currency breakdown of credit and financial assets - Definition: breakdown between domestic and foreign currency for all credit indicators and total financial assets. - First reporting period*: Q3/2027; Frequency: Quarterly; Time Lag: One quarter - Residential real estate price index - Definition: representative residential real estate price index. - First reporting period*: Q3/2025; Frequency: Quarterly; Time Lag: One quarter - Notes: - Definitions should preferably follow Monetary and Financial Statistics Manual and Compilation Guide (IMF, 2016) and Financial Soundness Indicators Compilation Guide (IMF, 2019b). - Authorities and staff can agree on country-specific periodicity and timeliness; absent agreement, general understandings apply. - * This is the first period for which members would be required to provide data to the Fund except when capacity limitations prevent them from doing so. ### Encouraged Macrofinancial Indicators (Table 4c) - Banks Capital Adequacy - Common Equity Tier 1 capital to risk-weighted assets - Tier 1 capital to assets - Asset Quality - Loan concentration by economic activity - Provisions to nonperforming loans - Liquidity - Liquidity Coverage Ratio for the DTs that have implemented Basel III liquidity standards - Net Stable Funding Ratio for the DTs that have implemented Basel III liquidity standards - Additional non-core FSIs - Geographical distribution of loans to total loans - Gross asset position in financial derivatives to capital - Gross liabilities position in derivatives to capital - Large exposures to capital - Personnel expenses to non-interest income - Other Financial Institutions - Insurance Corporations: Shareholder equity to total invested assets (life and non-life); Return on equity (life and non-life insurance); Combined ratio (non-life insurance); Return on assets (life insurance) - Pension Funds: Liquid assets to estimated pension payments in next year; Return on assets; Composition of investment assets (Underlying series: Financial and non-financial assets) - Mutual Funds (especially money market mutual funds): Sectoral distribution of investments (percentage); Maturity distribution of investments (percentage) - Households - Household debt-to-GDP; Household debt to gross disposable income; Household debt service to gross disposable income; Underlying series: loans, real estate assets, total assets - Note: including breakdowns (e.g., residential real estate loans, consumer loans), if available. - Nonfinancial Corporates - Total debt-to-GDP; Total debt-to-equity; Debt-service to net operating income; Return on equity; Earnings to interest and principal expenses; Foreign currency debt to equity - Residential Real Estate Price Index - For member countries without SIFS. - Definitions guidance: - Preferably follow Financial Soundness Indicators Compilation Guide (IMF, 2019b). - Especially money market mutual funds noted under Mutual Funds. - Household indicators: include breakdowns if available. *Source: REVIEW OF DATA PROVISION TO THE FUND—BACKGROUND PAPER, INTERNATIONAL MONETARY FUND* ### SECTION VI. MAIN FINDINGS FROM THE SURVEYS ON ### SECTION VI. MAIN FINDINGS FROM THE SURVEYS ON DATA PROVISION ### A. Survey Response Rates - The survey of IMF country teams collected information on data provision by all member countries; response rate: 100 percent (perfect response rate). - The survey of country authorities had an average response rate of about 50 percent, with the response rate from advanced economies notably higher. - Comparative note: the 2021 CSR survey had an overall response rate of about 30 percent. - Table 5 — Response Rate for the Survey of Country Authorities (Responses per country group, in percent of respondents): - All: Public sector data 44.2; Foreign exchange intervention 46.8; Macrofinancial indicators 52.1. - AE: Public sector data 74.4; Foreign exchange intervention 84.6; Macrofinancial indicators 84.6. - EM: Public sector data 36.1; Foreign exchange intervention 37.1; Macrofinancial indicators 44.3. - LIC: Public sector data 22.4; Foreign exchange intervention 24.6; Macrofinancial indicators 29.8. - Fragile: Public sector data 21.4; Foreign exchange intervention 14.3; Macrofinancial indicators 16.7. - Note: Fragile countries were defined as per the IMF’s 2019 classification which included about 40 countries. ### B. Main Results — Information on Data Production (Survey of Country Authorities) - The survey inquired about data production for the three data groups: public sector, FXI, and macrofinancial. - Table 6 — Average rate of data production (Responses per country group, in percent of respondents): - Public sector data: AE 71.5; EM 57.1; LIC 61.7; Fragile 62.6. - FXI (Foreign exchange intervention in the spot market): AE 88.2; EM 79.5; LIC 85.7; Fragile 66.7. - Note: The Euro area members are assumed to produce the data, as the currency-union FXI is being reported by the ECB. - Macrofinancial indicators: AE 95.5; EM 96.4; LIC 91.2; Fragile 95.5. ### C. Main Results — Information on Data Provision to the Fund Provision of Public Sector Data - Broad findings: - Surveys of country authorities and IMF country teams yield broadly consistent results for AEs and EMs, pointing to availability of most public sector data proposed for mandatory provision. - Ongoing Fund CD will continue to be needed especially for provision of LIC/fragile states public sector data. - Significant subset of proposed data requirements is already available by member countries, with differences across indicators and country groups. - Data provision by AEs and EMs tends to be considerably better than by LICs and fragile states. - Specific findings: - Data provision is particularly strong for the total stock of general government (GG) debt among AEs and EMs and less so among LICs and fragile states. - Provision rates are substantial for debt breakdowns by creditor type and instrument, although depending on country grouping. - Differences between the two surveys may reflect self-selection and different interpretations by respondents (example: aggregated profit/loss of NFPCs reported at a much higher rate in the IMF country teams survey than in the country authorities survey). - Results for decomposition of debt by creditor type differ between surveys, especially for AEs, partly due to different definitions used (Arslanalp and Tsuda (2014) and World Bank’s International Debt Statistics vs. refined definitions used by staff). - Recalibration and classification of indicators: - Lower data provision rates for some indicators led to recalibration of staff proposals; some indicators moved from mandatory to voluntary. - GG-guaranteed debt availability is considerably lower than total GG debt; staff propose GG-guaranteed debt be classified as an encouraged indicator, considering cost implications and limited legal authority in some cases. - NFPCs’ debt stock and aggregated profit/loss show heterogeneity across country groups and surveys; NFPC indicators will be classified as encouraged rather than mandatory given concerns about specifications. - Certain indicators with low current availability—debt stock by unrelated collateral, debt stock decomposed by fixed/flexible interest rate, and liquid financial assets of NPFCs—would be encouraged but not required. - Additional operational note: - The results of the IMF country team survey suggest that 32 LICs of which 19 fragile states do not currently provide general government debt to the Fund. Provision of Foreign Exchange Intervention (FXI) and Currency Swaps/Repurchase Agreements among Central Banks - Many countries provide data to the Fund on intervention in the spot market; other proposed FXI indicators are provided less frequently. - Spot FXI intervention is the most frequently reported FXI category to the Fund according to both surveys. - Data on derivatives FXI, and currency swaps and repo agreements with other central banks are reported much less frequently, likely because: - Many central banks intervene primarily in the spot market and do not engage in other types of FXI transactions. - Many central banks do not engage with swaps or repos with other central banks. - Table 8 — Shares of Countries that Provide FXI and Swaps/Repos Data to the Fund — by Categories: - FXI by the central bank in the spot market, net amount — Country Authorities: AE 85.3; EM 55.3; LIC 78.6; Fragile 80.0. IMF Country Teams: AE 100.0; EM 61.1; LIC 83.1; Fragile 78.0. - FXI by the central bank undertaken with derivative instruments, net amount — Country Authorities: AE 61.8; EM 34.2; LIC 28.6; Fragile 20.0. IMF Country Teams: AE 5.7; EM 6.3; LIC 1.7; Fragile 0.0. - Foreign exchange swaps and repo agreements by the central bank with other central banks — Country Authorities: AE 61.8; EM 26.3; LIC 14.3; Fragile 20.0. IMF Country Teams: NA for these categories. - Notes: Responses of the authorities of currency union members augmented with reporting by their central banks. The survey of country teams did not include the swaps/repos question. Provision of Macrofinancial Data - The macrofinancial indicators proposed for mandatory provision are already largely provided to the Fund. - Both surveys confirm a vast majority of members already provide most core financial sector indicators and other depository corporations data to the Fund, generally across all country groups. - Notable exceptions where provision is weaker: - Net open position in foreign exchange to capital (banks’ FSI) and credit and asset indicators for other financial corporations. - Transition periods proposed: - For weaker indicators (net open position in foreign exchange to capital; other financial corporations indicators), staff propose a transition period of three years. - For most other macrofinancial indicators, transition period proposed is one year. - Table 9 — Provision of Macrofinancial Indicators to the Fund (Share of countries, in percent): - Banks' Financial Soundness Indicators — Country Authorities / IMF Country Teams: - Regulatory capital to risk-weighted assets: AE 97.1 / 100.0; EM 95.7 / 90.5; LIC 94.4 / 89.3; Fragile 85.7 / 76.3. - Tier 1 capital to risk-weighted assets: AE 97.1 / 100.0; EM 95.7 / 87.4; LIC 88.9 / 87.5; Fragile 71.4 / 76.3. - Nonperforming loans net of provisions to capital: AE 97.1 / 100.0; EM 97.9 / 85.3; LIC 88.9 / 85.7; Fragile 85.7 / 76.3. - Nonperforming loans to total gross loans: AE 97.1 / 100.0; EM 93.6 / 92.6; LIC 94.4 / 92.9; Fragile 85.7 / 81.6. - Return on assets: AE 97.1 / 100.0; EM 97.9 / 89.5; LIC 94.4 / 92.9; Fragile 85.7 / 78.9. - Return on equity: AE 97.1 / 100.0; EM 95.7 / 85.3; LIC 94.4 / 92.9; Fragile 85.7 / 78.9. - Interest margin to gross income: AE 97.1 / 100.0; EM 95.7 / 83.2; LIC 77.8 / 71.4; Fragile 57.1 / 60.5. - Noninterest expenses to gross income: AE 97.1 / 100.0; EM 95.7 / 81.1; LIC 83.3 / 73.2; Fragile 71.4 / 60.5. - Liquid assets to total assets: AE 97.1 / 100.0; EM 95.7 / 86.3; LIC 94.4 / 87.5; Fragile 85.7 / 73.7. - Liquid assets to short-term liabilities: AE 97.1 / 100.0; EM 93.6 / 86.3; LIC 88.9 / 69.6; Fragile 71.4 / 60.5. - Net open position in foreign exchange to capital: AE 64.7 / 68.6; EM 87.2 / 73.7; LIC 66.7 / 66.1; Fragile 57.1 / 52.6. - Other Depository Corporations — Country Authorities / IMF Country Teams: - Total assets: AE 94.1 / 94.3; EM 97.9 / 89.5; LIC 88.9 / 87.5; Fragile 85.7 / 78.9. - Credit from other depository corporations — Total: AE 94.1 / 91.4; EM 95.7 / 88.4; LIC 77.8 / 85.7; Fragile 85.7 / 76.3. - Sectoral breakdowns (interbank, to other financial corporations, to nonfinancial corporations, to households, to non-residents) show generally high provision by AEs and EMs and lower provision by LICs and fragile states; specific percentages are provided in Table 9. - Currency breakdown (domestic vs. FX) of total assets and credit: Country Authorities AE 76.5; EM 78.7; LIC 50.0; Fragile 57.1. IMF Country Teams AE 94.3; EM 86.3; LIC 85.7; Fragile 73.7. - Other Financial Corporations — Country Authorities / IMF Country Teams: - Total financial assets: AE 70.8 / 91.7; EM 46.7 / 66.7; LIC 92.3 / 100.0; Fragile 85.0 / 95.0. - Credit from other financial corporations — Total: AE 62.5 / 94.3; EM 40.0 / 66.7; LIC 53.9 / 100.0; Fragile 70.0 / 95.0. - Sectoral breakdowns and currency breakdown of total financial assets and credit show varied provision rates; specific percentages are provided in Table 9. - Residential real estate price index: Country Authorities AE 91.7; EM 66.7; LIC 100.0; Fragile 95.0. IMF Country Teams values are reported in Table 9. ### D. Additional Results — Reasons for Data Non-Provision (Survey of Country Authorities) - The survey asked reasons for not providing data to the Fund and how these could be resolved; responses highlighted capacity, legal, and confidentiality constraints. Public sector data — main impediments: - Capacity constraints and challenges with obtaining source data are primary impediments. - About one third of countries do not currently provide the newly requested categories of public sector data to the Fund due to capacity constraints. - Of respondents indicating capacity constraints, 28 countries suggested remedies: - Additional staffing resources: 20 out of 28 countries. - Financial resources: 15 out of 28 countries. - Knowledge building through technical assistance: 8 out of 28 countries. - The main unidentified (“other”) reason for not providing public sector data is limitations on source data; country-specific issues include: - Decentralized nature of the government. - Interest in reducing administrative burden. - Insufficient interconnectedness of IT systems. - In a few cases, lack of legal authority to collect necessary data. - Timeframe expectations for starting to provide missing public sector data: - Approximately one quarter stated they could start in one to two years. - One half expected to start in three to five years. - The remainder expected to start in more than five years. - These responses informed staff proposals to require most new public sector indicators in three years, with some indicators having one-year or five-year transition periods. - Figure 7 — Reasons for Not Providing Public Sector Data to the Fund (By country groups) — summary percentages cited in the figure: - Capacity constraints on the part of the authorities: LICs 32%; EMs 31%; AEs 29%. - Domestic legal constraints other than confidentiality issues above: LICs 2%; EMs 6%; AEs 8%. - Not available: LICs 6%; EMs 12%; AEs 6%. - Not requested by the Fund: LICs 1%; EMs 8%; AEs 61% (note: 61% appears in figure under an unlabeled category sequence—figure denotes responses by country groups and categories; refer to Figure 7 in source for exact mapping). - Other: percentages shown in figure correspond to the “other” category across country groups. - Foreign Exchange Intervention and Swaps/Repos among Central Banks: - Confidentiality concerns are cited as one of the reasons for not providing FXI data to the Fund. - Lack of provision for derivatives FXI and swaps/repos likely reflects the nature of transactions undertaken (many central banks do not engage in these). *Source: Survey of country authorities and IMF country teams, as summarized in SECTION VI. MAIN FINDINGS FROM THE SURVEYS ON DATA PROVISION.* ### 41. The main identified reasons for not providing FXI data are the lack of relevant ### ppea2024016 - 41. The main identified reasons for not providing FXI data are the lack of relevant ### Reasons for not providing FXI (foreign exchange interventions) data - Main identified reasons: lack of relevant transactions and confidentiality issues (Figure 8). - Some countries do not conduct FXI using derivative instruments and/or do not engage with swaps and repos with other central banks, and hence do not collect and report this data (these answers are included in the “other” component of Figure 8). - Several country authorities expressly stated a preference for not publishing FXI data, although the DPF framework allows for a confidential provision of the required indicators to the Fund without a presumption of publication. - Swaps and repos with other central banks can be subject to non-disclosure agreements and consent from third parties may need to be sought before data can be provided to the Fund. - Most countries did not respond to questions about a suitable transition period for introducing mandatory FXI data provision; a few respondents noted that data provision could be accomplished within one to two years. - Staff proposal: mandatory provision of FXI and other central bank data introduced with a transition period of approximately three years, so confidentiality and legal constraints can be addressed internally or cooperatively with third parties. - Figure 8 data categories shown by country groups (LICs, EMs, AEs): Capacity constraints on the part of the authorities; Confidentiality issues; Domestic legal constraints other than confidentiality issues above; Member of the Eurosystem; Not available/applicable; Not requested by the Fund; Other. (Exact percentages appear in Figure 8 in the source.) ### Macrofinancial data: coverage, capacity constraints, and sequencing - Vast majority of members already report most macrofinancial indicators to the Fund, but survey revealed remaining capacity constraints (Figure 9). - Capacity constraints are especially relevant for detailed decompositions (e.g., the net FX open position) and data for the non-bank financial sector. - Within the “other reasons” category, limited availability of source data was the most common response. - Several members reported domestic legislation prevents sharing data disaggregated by individual financial institutions; note: the DPF framework calls only for aggregated financial sector data. - Reported remedies from a small number of members (out of 15 respondents): additional staffing resources (9 countries), financial resources (9 countries), knowledge building through technical assistance (9 countries). - Of 22 countries that reported estimated time needed to start providing macrofinancial data: - 9 countries: could start providing data in one to two years - 5 countries: expected to start in three to five years - 8 countries: expected to start in more than five years - Staff sequencing proposal: - Most new required macrofinancial indicators phased in within 1 year - A few indicators phased in within 3 years - Even after new requirements become effective, members required to provide data only to the extent they have the capacity to do so - Figure 9 data categories shown by country groups (LICs, EMs, AEs): Capacity constraints on the part of the authorities; Confidentiality issues; Domestic legal constraints other than confidentiality issues above; Not available; Not requested by the Fund; Other. (Exact percentages appear in Figure 9 in the source.) ### Voluntary template for FXI and swaps/repos data provision (Section VII) - Use of the template would be voluntary; authorities and staff can agree on a different modality of data provision. - Table 10 lists mandatory and encouraged data series. - Mandatory provision of FXI-related indicators and swaps/repos among central banks expected to commence with data for the second half of 2026. - Mandatory indicators (time period): Spot FXI; Derivatives FXI; Swaps and repos with other central banks. Template shows semi-annual rows for H2/2026 through H2/2029 with currency specification fields (Specify currency). - Voluntary indicators (time period): Total net FX transactions of the monetary authorities; Customer/agency net FX transactions; FX transactions with other central banks (excluding swaps and repos) or on their behalf; Direct FX transactions between the monetary authorities and the government and public sector agencies (e.g., SOEs). Template shows semi-annual rows for H2/2026 through H1/2029 with currency specification fields (Specify currency). - Footnotes in Table 10: - 1/ As a general understanding, data would be provided on a semi-annual basis with a six-month lag. Country authorities can reach understandings with the Fund staff on a different periodicity and timeliness of data provision, as long as these meet IMF surveillance needs. - 2/ Please see Background Paper, Section V. Decomposition of derivatives FXI by instrument is encouraged on a voluntary basis. ### Electronic platform for confidential data transmission and access (Section VIII) - Section outlines a framework for an electronic platform to facilitate confidential data provision to the Fund. - Main principles of staff proposal were discussed with Executive Directors during a technical session in May 2023; further operational details would be developed should the Board request staff to establish this platform. - Revised DPF policy—if endorsed by the Board—would require members to provide several new data categories on a mandatory basis. - Many Executive Directors tentatively expressed interest in a dedicated electronic platform to facilitate data transmissions from central banks to the IMF and to facilitate strict controls on data access within the Fund. - Not all authorities are interested; use of the platform would be voluntary and some members would prefer other modalities. - A suitable electronic data collection platform is already in place at the Fund and most members are its active users. - A new data transmission module could be set up for provision of data under Article VIII, Section 5 and could be expanded to include confidential reporting of any proposed mandatory indicators. - Countries could instead choose to provide data through other established channels (including direct provision to IMF country teams or data publication). ### Executive Board meeting on review of data provision to the Fund, March 14, 2022 — Summing up (Section IX) - Directors welcomed the stock-taking of experience with Data Provision to the Fund for Surveillance Purposes since the last review in 2012 and considered proposals to expand mandatory data provision, introduce a structured assessment of data adequacy for surveillance, and address outdated requirements. - Directors agreed the framework under Article VIII, Section 5 has fostered collaboration and promoted production of key macroeconomic data; virtually all members continued to provide most required indicators, even during the pandemic. - Directors endorsed updating mandatory data provision to reflect evolving global economy, with priorities in public sector and macrofinancial indicators and broadly supported requiring more data on foreign exchange interventions while seeking clarifications and flexibility. - On public sector data: Directors broadly agreed with staff proposals but some requested more time to verify feasibility given domestic standards and legal constraints; some sought flexibility in scope of general government; a few had reservations about mandatory provision on non-financial public corporations. - On macrofinancial data: Directors agreed to expand requirements for all members; members with systemically important financial sectors should provide a larger set of macrofinancial indicators. - On FXI and central bank swaps/repos data: Many Directors supported expansion but many expressed reservations citing market sensitivity, risk of undermining policy implementation from disclosure, and need for utmost caution and safeguards for confidentiality. Suggestions included reducing frequency, increasing reporting lag, using a narrow definition of interventions, favoring voluntary approach for these data, and that swap/repo transactions among central banks might not be required. - Transition periods: Many Directors agreed with staff-outlined transition periods; others requested flexibility and longer transition periods due to domestic institutional and legal constraints and pandemic-related limitations. - Directors endorsed a new principles-based approach for assessing data adequacy for surveillance to facilitate policy dialogue and prioritize capacity development. - Periodicity and timeliness should remain guided by Fund surveillance needs; in absence of country-specific understandings, internationally accepted practices including the IMF Data Standards Initiatives should be used; flexibility on specific indicator definitions is allowed given member-specific circumstances. - Directors agreed some minimum required indicators in Article VIII, Section 5 and Annex III have become outdated; they agreed to maintain practice of not applying remedial framework to members not providing data considered outdated. - Emphasis on taking account of country capacity and pandemic constraints when refining reforms; importance of outreach and tailored capacity development assistance; continued collaboration with other international organizations. - The review would not expand required data to sustainability indicators; Directors recommended working with other international organizations to gather data on climate change, inequality, and digitalization. - In sum, Directors agreed with the new principles-based approach for assessing data adequacy, the approach to outdated macroeconomic indicators, and enhanced macrofinancial data provision, while agreeing to resolve remaining issues with national authorities on public sector, FXI, and central bank swaps/repos data and to return as soon as possible to conclude the review. ### Governance, sequencing, and legal/operational notes - Mandatory provision of FXI-related indicators and swaps/repos among central banks expected to commence with data for H2/2026. - Staff propose a transition period of approximately three years for mandatory FXI and other central bank data to address confidentiality and legal constraints. - For macrofinancial indicators, staff propose phased implementation: most within 1 year, a few within 3 years; members provide data only to the extent they have capacity. - Existing electronic data collection platform at the Fund can be expanded with a new transmission module; use is voluntary. *Source: REVIEW OF DATA PROVISION TO THE FUND—BACKGROUND PAPER, INTERNATIONAL MONETARY FUND (sections and figures as provided in the supplied content).* ### Section 5 or in a decision of the Fund adopted pursuant to that Article including information listed ### Section 5 or in a decision of the Fund adopted pursuant to that Article including information listed ### Scope and general principles - The procedural framework in paragraphs 5 through 17 applies when a member fails to provide information required under Article VIII, Section 5 (Annex A: information required under Article VIII, Section 5). - "Failure to provide information" includes both nonprovision and provision of inaccurate information. - A member has an obligation to provide information required under Article VIII, Section 5 to the best of its ability. - There is no breach if a member is unable to provide required information or to provide more accurate information than it has provided; however, a member unable to provide final data is obligated to provide provisional data to the best of its ability until final data are available. - When assessing a member’s ability to provide information, the Fund will give the member the benefit of any doubt. ### Procedures prior to report by the Managing Director (paragraphs 5–7) - Managing Director actions when it appears a member is not providing required information: - Call upon the member to provide the required information and inform/enlist the cooperation of the Executive Director for the member before making a formal representation. - If the member persists and has not demonstrated inability to provide the information to the Managing Director’s satisfaction, the Managing Director shall notify the member of intention to report to the Executive Board under Rule K-1 for breach of obligation unless, within a specified period of not less than a month, the information is provided or the member demonstrates inability to provide it. - Managing Director actions when inaccurate data appear to have been provided: - Consult with the member to assess whether inaccuracy is due to lack of capacity. - In de minimis cases (as defined in paragraph 1 of Decision No. 13849), preliminary communications and consultations may be conducted by the Area Department. - If, after consultation, the Managing Director finds no reason to believe the inaccuracy is due to lack of capacity, he shall notify the member of intention to report to the Executive Board under Rule K-1 unless the member demonstrates inability to provide more accurate information within a period of not less than one month. - If the Managing Director concludes nonprovision or inaccuracy is due to inability to provide timely and accurate information, he may inform the Executive Board; the Executive Board may decide to apply provisions of paragraph 10. ### Report by the Managing Director (paragraph 8) - After expiration of the specified period in the Managing Director’s notification, the Managing Director shall make a report to the Executive Board under Rule K-1 for breach of obligation unless satisfied that the member’s response meets the notification’s requirements. - The report shall: - Identify the nature of the breach. - Include the member’s response (if any). - May recommend remedial actions for the member. ### Consideration of the report by the Executive Board (paragraphs 9–11) - The Executive Board will consider the Managing Director’s report within 90 days of its issuance to decide whether the member has breached its obligations. - Before deciding, the Executive Board may request additional clarification from staff and authorities and will specify a deadline for such clarification. - If the Executive Board finds failure to provide information is due to inability to provide it timely and accurately: - The Executive Board may call upon the member to strengthen capacity and ask the Managing Director to report periodically on progress. - The member may request technical assistance from the Fund. - If the Executive Board finds a breach has occurred: - (a) The Board may call upon the member to prevent recurrence and take specific remedial measures (e.g., improvements in statistical systems or other measures deemed appropriate). - (b) The Board will call upon the member to provide the required information if still not provided. - (c) The Board will specify a deadline for remedial actions; in principle, the deadline will not exceed 90 days for actions under (b). The decision may note the Managing Director’s intention to recommend issuance of a declaration of censure if actions are not implemented in time. The member may provide, before the Board meeting, a statement specifying remedial actions and proposed timeframe and may request technical assistance. - (d) At expiration of the Board-specified period, the Managing Director shall report on status. If the member has not taken specified actions, the Managing Director may recommend and the Executive Board may decide to: (1) extend the period before further steps; (2) call upon the member to take additional remedial actions within a specified timeframe; or (3) issue a declaration of censure. ### Declaration of censure (paragraphs 12–13) - If a member fails to implement Board-specified actions before the deadline, the Managing Director may recommend and the Executive Board may decide to issue a declaration of censure. - Before adopting a declaration of censure, the Executive Board may issue a statement setting out concerns and giving the member a specified period to respond. - The declaration of censure will: - Identify the breach under Article VIII, Section 5 and the remedial actions the member failed to take within the specified timeframe. - May specify a new deadline and identify further remedial actions to be implemented before that deadline. - Note that failure to implement any actions called for in the declaration within the specified timeframe may result in issuance of a complaint for ineligibility under Article XXVI(a) and imposition of that measure. - At the expiration of the period specified by the Executive Board, the Managing Director shall report on the status of the specified actions. ### Sanctions under Article XXVI and subsequent steps (paragraphs 14–16) - After adoption of a declaration of censure, if the member fails to implement actions called for within the specified timeframe: - The Managing Director may issue a complaint and recommend the Executive Board declare the member ineligible to use the general resources of the Fund for its breach under Article VIII, Section 5. - The Executive Board decision declaring ineligibility will note that persistence may result in a complaint for suspension of the member’s voting and related rights and imposition of that measure. - If the member persists in failing obligations for six months after declaration of ineligibility: - The Managing Director may issue a complaint and recommend suspension of the member’s voting and related rights. - The Executive Board decision suspending voting and related rights will note that persistence may result in a complaint for compulsory withdrawal and initiation of compulsory withdrawal proceedings. - If the member persists for six months after suspension of voting rights: - The Managing Director may initiate proceedings for compulsory withdrawal of the member from the Fund. ### Publication and transparency (paragraph 17) - All Executive Board decisions arising from a breach of obligation under the described procedures, including a decision to issue the statement of concern referred to in paragraph 12, will give rise to a public announcement with prior review of the text by the Executive Board. ### De minimis inaccurate reporting procedures (paragraph 18) - Paragraph 18 applies where a member provides inaccurate information required under Article VIII, Section 5: - (a) for the purposes of a performance criterion under an arrangement in the General Resources Account, or - (ii) for another purpose where the relevant information is reported with respect to a performance criterion under an arrangement under a facility of the Poverty Reduction and Growth Trust, a quantitative target under a Policy Coordination Instrument, or an assessment criterion under a Policy Support Instrument, and understandings exist that such reporting shall be made also for other purposes, and where the deviation from the relevant performance or assessment criterion is judged to be de minimis as defined in paragraph 1 of Decision No. 13849. - Whenever the Managing Director considers a deviation described in paragraph 18(a) to be de minimis: - (i) consultations and notifications in paragraph 6 may be made by a representative of the relevant Area Department, and - (ii) the Managing Director’s report (paragraph 8) shall, wherever possible, be included in a staff report on the member dealing with other issues and shall recommend that no further action be taken by the Fund. If such a staff report cannot be issued promptly, the Managing Director shall consult Executive Directors and, if appropriate, prepare a stand-alone report under Rule K-1 for Board consideration normally on a lapse-of-time basis. - If the Executive Board finds a breach occurred but the deviation was de minimis as defined in paragraph 1 of Decision No. 13849: - (i) the Executive Board shall decide that no further action be taken by the Fund with respect to the breach, and - (ii) under paragraph 17, the finding of breach shall not be published by the Fund. ### Annex A — Required national data categories and reporting timelines - The national data referred to in paragraph 1 include the following matters (annex numbering preserved): - (i) reserve, or base money; - (ii) broad money; - (iii) interest rates, both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds; - (iv) revenue, expenditure, balance and composition of financing (i.e., foreign financing and domestic bank and nonbank financing) for the general and central governments respectively; the stocks of central government and central government-guaranteed debt, including currency and maturity composition and, if amenable to classification by residency of holder, the extent to which the debt is held by residents or nonresidents; - (v) balance sheet of the central bank; - (vi) external current account balance; - (vii) exports and imports of goods and services; - (viii) for the monetary authorities: international reserve assets (specifying separately any reserve assets that are pledged or otherwise encumbered), reserve liabilities, short-term liabilities linked to a foreign currency but settled by other means, and the notional values of financial derivatives to pay and to receive foreign currency (including those linked to a foreign currency but settled by other means); - (ix) gross domestic product, or gross national product; - (x) consumer price index; - (xi) gross external debt; and - consolidated balance sheet of the banking system. - Definitions and further reporting guidance are noted in referenced tables (SM/24/39 Sup. 1) and Decision SM/03/386, Sup. 1, 1/23/04 as cited in the annex. - Required information with first reporting periods (preserved exactly as listed): - reserve, or base money — December 31, 2004 - broad money — December 31, 2004 - interest rates, both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds — December 31, 2004 - revenue, expenditure, balance and composition of financing (i.e., foreign financing and domestic bank and nonbank financing) for the general and central governments respectively; the stocks of central government and central government-guaranteed debt, including currency and residual maturity composition and the extent to which the debt is held by residents or nonresidents — December 31, 2004 - balance sheet of the central bank — December 31, 2004 - external current account balance — December 31, 2004 - exports and imports of goods and services — December 31, 2004 - for the monetary authorities: international reserve assets (specifying separately any reserve assets that are pledged or otherwise encumbered), reserve liabilities, short-term liabilities linked to a foreign currency but settled by other means, and the notional values of financial derivatives to pay and to receive foreign currency (including those linked to a foreign currency but settled by other means) — December 31, 2008 - gross domestic product, or gross national product — December 31, 2004 - consumer price index — December 31, 2004 - gross external debt — December 31, 2004 - consolidated balance sheet of the banking system — December 31, 2004 - Additional required information with timing (preserved exactly): - 13 Total stock of general government debt; decomposition by maturity, by currency, and, if debt data are amenable to classification on the basis of the residency or nonresidency of the holder, the extent to which the debt is held by residents or nonresidents. Coverage of decomposed debts must be at least 80 percent of the total stock of debt at the general government level (excluding guaranteed debt) for each reporting year. For debt without the breakdown, provide information on instrument types or issuing government unit. — 2025 (first reporting period); decomposition by residency/nonresidency — 2027 - 14 Stock of central and general government debt—decomposition by creditor type, by instrument, and by individual multilateral and official bilateral creditors. Decomposition by creditor type and by instrument only must cover at least 80 percent of the total stock of debt at the central government level and the general government level respectively (both excluding guaranteed debt). For debt without the breakdown, provide information on instrument types or issuing government unit. — 2027 - 15 Liquid financial assets of central and general government — 2027 - 16 Foreign exchange intervention (FXI) by the central bank (or corresponding monetary authority) (i) in the spot market (net amount), and (ii) undertaken with derivative instruments (net amount) — H2/2026 - 17 Currency swaps and repurchase agreements entered into by the central bank (or corresponding monetary authority) with other central banks (or corresponding monetary authorities) (aggregated net amount) which may be used for maintaining the stability of financial markets and the financial system. — H2/2026 - 18 Banks’ Financial Soundness Indicators (FSIs) — first reporting periods preserved exactly: - Regulatory capital to risk-weighted assets — Q3/2025 - Tier 1 capital to risk-weighted assets — Q3/2025 - Nonperforming loans net of provisions to capital — Q3/2025 - Nonperforming loans to total gross loans — Q3/2025 - Return on assets — Q3/2025 - Return on equity — Q3/2025 - Interest margin to gross income — Q3/2025 - Non-interest expenses to gross income — Q3/2025 - Liquid assets to total assets — Q3/2025 - Liquid assets to short-term liabilities — Q3/2025 - Net open position in foreign exchange to capital — Q3/2027 - 19 Total assets of other depository corporations — Q3/2025 - 20 Total credit from other depository corporations — Q3/2025 - 21 Sectoral breakdown of credit from other depository corporations — Q3/2025 - 22 Currency breakdown (domestic vs. foreign currency) of other depository corporations’ total assets and credit indicators (total and sectoral breakdowns) — Q3/2025 - Members with Systemically Important Financial Sectors: - 23 Total financial assets of other financial corporations — Q3/2027 - 24 Total credit from other financial corporations — Q3/2027 - 25 Sectoral breakdown of credit from other financial corporations — Q3/2027 - 26 Currency breakdown (domestic vs. foreign currency) of other financial corporations’ total financial assets and credit indicators (total and sectoral breakdowns) — Q3/2027 - 27 Residential real estate price index — Q3/2025 *Source: ppea2024016 - Section 5 or in a decision of the Fund adopted pursuant to that Article including information listed* ### Appendix I. Strengthening the Effectiveness of ### Appendix I. Strengthening the Effectiveness of Article VIII, Section 5 ### Scope of Decision and Data Provision Requirements - All members shall provide the information listed in Annex A necessary for the Fund to discharge its duties effectively. - Members shall provide the data specified in items 1-12 of Annex A for the periods commencing after the dates indicated therein for each data category. - Members shall provide the data specified in items 13-22 of Annex A starting with the first reporting period indicated therein for each data category. - Members identified as having systemically important financial sectors, in accordance with Decision No. 1436-(10-92), as amended, as of the date of adoption of this decision, shall provide the data specified in items 23-27 of Annex A starting with the first reporting period indicated therein for each category. - Members identified after the date of the adoption of this decision as having systemically important financial sectors shall additionally provide: - items 23-26 of Annex A for the periods commencing three years after the date of such identification, and - item 27 of Annex A for the periods commencing one year after the date of such identification. - Reviews of Annex A shall be conducted together with reviews of data provision to the Fund for surveillance purposes. ### Definition of Failure and Member Obligation - Failure to provide information includes both the nonprovision of information and the provision of inaccurate information. - A member has an obligation to provide information required under Article VIII, Section 5 to the best of its ability. - There is no breach of obligation if the member is unable to provide required information or to provide more accurate information than the information it has provided. - A member that is unable to provide final data is obligated to provide provisional data to the best of its ability until it can provide final data. - When assessing a member’s ability to provide information, the Fund will give the member the benefit of any doubt. ### Special Rule for Performance Criteria Context - In the context of performance criteria associated with the use of the Fund’s general resources, a member may be found in breach of its obligation under Article VIII, Section 5 only if: - (i) it has reported that a performance criterion was met when in fact it was not, or that a performance criterion was not observed by a particular margin and it is subsequently discovered that the margin of non-observance was greater than originally reported, and - (ii) a purchase was made on the basis of the information provided by the member, or the information was reported to the Executive Board in the context of a review which was subsequently completed or of a decision of the Executive Board to grant a waiver for non-observance of the relevant performance criterion. ### Procedural Framework Prior to Report by the Managing Director - Managing Director actions when it appears a member is not providing required information: - Call upon the member to provide required information and inform the member’s Executive Director. - If member persists in nonprovision and has not demonstrated inability, notify member of intention to report to the Executive Board under Rule K-1 unless information is provided or inability demonstrated within a specified period of not less than a month. - Managing Director actions when it appears a member has provided inaccurate data: - Consult with the member to assess whether inaccuracy is due to lack of capacity; in de minimis cases (Decision No. 13849, paragraph 1) preliminary communications may be conducted by the Area Department. - If no reason to believe inaccuracy is due to lack of capacity, notify member of intention to report unless member demonstrates inability to provide more accurate information within a period of not less than one month. - If Managing Director concludes nonprovision or inaccuracy is due to inability to provide timely and accurate information, he may inform the Executive Board; the Executive Board may decide to apply paragraph 10 remedies. ### Report by the Managing Director and Executive Board Consideration - After expiration of the specified period, the Managing Director shall make a report to the Executive Board under Rule K-1 for breach of obligation unless satisfied the member’s response meets notification requirements. - The report shall identify the nature of the breach, include the member’s response (if any), and may recommend remedial actions. - Within 90 days of the Managing Director’s report, the Executive Board will consider whether the member breached its obligations; the Board may request additional clarification and will specify deadlines for such clarification. ### Executive Board Remedies and Deadlines - If the Executive Board finds failure is due to inability to provide information in a timely and accurate fashion: - The Board may call upon the member to strengthen capacity and ask the Managing Director to report periodically on progress; the member may request technical assistance from the Fund. - If the Executive Board finds a breach of obligation: - (a) The Board may call upon the member to prevent recurrence and take specific measures (e.g., improvements in statistical systems). - (b) The Board will call upon the member to provide the required information if still not provided. - (c) The Board will specify a deadline for remedial actions; in principle, the deadline will not exceed 90 days for actions under (b). The decision may note the Managing Director’s intention to recommend issuance of a declaration of censure if actions are not implemented within the specified period. The member may provide a statement of intended remedial actions and timeframe and request technical assistance. - (d) At expiration of the specified period, the Managing Director shall report on status. If actions are not taken, the Managing Director may recommend and the Executive Board may decide to: (1) extend the period; (2) call for additional remedial actions within a specified timeframe; or (3) issue a declaration of censure. ### Declaration of Censure and Further Sanctions - If a member fails to implement actions specified by the Executive Board before the established deadline: - The Managing Director may recommend and the Executive Board may decide to issue a declaration of censure. - Before adoption, the Executive Board may issue a statement setting out concerns and giving the member a specified period to respond. - Contents and consequences of a declaration of censure: - The declaration will identify the breach and the remedial actions the member failed to take within the timeframe. - The declaration may specify a new deadline and identify further remedial actions. - It will note that failure to implement actions within the specified timeframe may result in a complaint for ineligibility under Article XXVI(a) and imposition of that measure. - At expiration of the period specified, the Managing Director shall report to the Executive Board on status. - Sanctions under Article XXVI: - Following a declaration of censure, if the member failed to implement any actions within the specified timeframe, the Managing Director may issue a complaint and recommend that the Executive Board declare the member ineligible to use the general resources of the Fund for breach of Article VIII, Section 5. - The Executive Board decision declaring ineligibility will note that persistence may result in a complaint for suspension of the member’s voting and related rights and imposition of that measure. - If the member persists in failure for six months after declaration of ineligibility, the Managing Director may issue a complaint and recommend suspension of the member’s voting and related rights. - If the member persists for six months after suspension of voting rights, the Managing Director may initiate proceedings for compulsory withdrawal. - Public announcements: - All Executive Board decisions arising from a breach of obligation under these procedures, including a statement of concern, will give rise to a public announcement with prior review of the text by the Executive Board. ### Special Procedures for Inaccurate Information in De Minimis Cases - Paragraph 18 applies to cases in which a member provides inaccurate information required under Article VIII, Section 5: - (a) where the information concerns: - (i) a performance criterion under an arrangement in the General Resources Account, or - (ii) another purpose where reporting was made with respect to a performance criterion under a facility of the Poverty Reduction and Growth Trust, a quantitative target under a Policy Coordination Instrument, or an assessment criterion under a Policy Support Instrument, and understandings were reached that such reporting would serve other purposes, and where the deviation is judged de minimis as defined in paragraph 1 of Decision No. 13849. - (b) Whenever the Managing Director considers such a deviation to be de minimis: - (i) consultations and notifications in paragraph 6 may be made by a representative of the relevant Area Department, and - (ii) the Managing Director’s report contemplated in paragraph 8 shall, wherever possible, be included in a staff report on the relevant member that deals with other issues and shall include a recommendation that no further action be taken by the Fund. If such a staff report cannot be issued promptly, the Managing Director shall consult Executive Directors and, if appropriate, prepare a stand-alone Rule K-1 report normally on a lapse-of-time basis. - (c) Whenever the Executive Board, under paragraph 11(a), finds a breach has occurred but the deviation was de minimis: - (i) the Executive Board shall decide that no further action be taken by the Fund with respect to the breach, and - (ii) under paragraph 17, the finding of breach shall not be published by the Fund. ### Annex A — Required National Data and First Reporting Periods - Items 1–12 (Required Information and first reporting periods): - 1 reserve, or base money — December 31, 2004 - 2 broad money — December 31, 2004 - 3 interest rates, both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds — December 31, 2004 - 4 revenue, expenditure, balance and composition of financing (i.e., foreign financing and domestic bank and nonbank financing) for the general and central governments respectively; the stocks of central government and central government-guaranteed debt, including currency and residual maturity composition and the extent to which the debt is held by residents or nonresidents — December 31, 2004 - 5 balance sheet of the central bank — December 31, 2004 - 6 external current account balance — December 31, 2004 - 7 exports and imports of goods and services — December 31, 2004 - 8 for the monetary authorities: international reserve assets (specifying separately any reserve assets that are pledged or otherwise encumbered), reserve liabilities, short-term liabilities linked to a foreign currency but settled by other means, and the notional values of financial derivatives to pay and to receive foreign currency (including those linked to a foreign currency but settled by other means) — December 31, 2008 - 9 gross domestic product, or gross national product — December 31, 2004 - 10 consumer price index — December 31, 2004 - 11 gross external debt — December 31, 2004 - 12 consolidated balance sheet of the banking system — December 31, 2004 - Items 13–22 (First reporting periods and specific reporting requirements): - 13 Total stock of general government debt - First Reporting Period: 2025 - Decomposition by maturity (residual maturity or amortization schedule), by currency, and, if amenable, by residency of holders; coverage of decomposed debts must be at least 80 percent of total stock at the general government level (excluding guaranteed debt) for each reporting year. For debt lacking breakdown, provide instrument types or issuing government unit. (Second listed date: 2027) - 14 Stock of central and general government debt—decomposition by creditor type, by instrument, and by individual multilateral and official bilateral creditors - First Reporting Period: 2027 - Coverage requirement: decomposed debts at the central government level and general government level must be at least 80 percent of total stock (excluding guaranteed debt) for each reporting year. For debt lacking breakdown, provide instrument types or issuing government unit. - Decomposition by individual multilateral and official bilateral creditors required only where share of debt to multilateral and official bilateral creditors is at least 20 percent of total stock at the central or general government level (excluding guaranteed debt) for each reporting year. - 15 Liquid financial assets of central and general government — First Reporting Period: 2027 - 16 Foreign exchange intervention (FXI) by the central bank (i) in the spot market (net amount), and (ii) undertaken with derivative instruments (net amount) — First Reporting Period: H2/2026 - 17 Currency swaps and repurchase agreements entered into by the central bank with other central banks (aggregated net amount) which may be used for maintaining the stability of financial markets and the financial system — First Reporting Period: H2/2026 - 18 Banks’ Financial Soundness Indicators: - Regulatory capital to risk-weighted assets — Q3/2025 - Tier 1 capital to risk-weighted assets — Q3/2025 - Nonperforming loans net of provisions to capital — Q3/2025 - Nonperforming loans to total gross loans — Q3/2025 - Return on assets — Q3/2025 - Return on equity — Q3/2025 - Interest margin to gross income — Q3/2025 - Non-interest expenses to gross income — Q3/2025 - Liquid assets to total assets — Q3/2025 - Liquid assets to short-term liabilities — Q3/2025 - Net open position in foreign exchange to capital — Q3/2027 - 19 Total assets of other depository corporations — Q3/2025 - 20 Total credit from other depository corporations — Q3/2025 - 21 Sectoral breakdown of credit from other depository corporations — Q3/2025 - 22 Currency breakdown (domestic vs. foreign currency) of other depository corporations’ total assets and credit indicators (total and sectoral breakdowns) — Q3/2025 - Items 23–27 (Members with Systemically Important Financial Sectors): - 23 Total financial assets of other financial corporations — Q3/2027 - 24 Total credit from other financial corporations — Q3/2027 - 25 Sectoral breakdown of credit from other financial corporations — Q3/2027 - 26 Currency breakdown (domestic vs. foreign currency) of other financial corporations’ total financial assets and credit indicators (total and sectoral breakdowns) — Q3/2027 - 27 Residential real estate price index — Q3/2025 *Source: Appendix I. Strengthening the Effectiveness of Article VIII, Section 5 (Annex A and procedural framework) contained in the supplied content.* --- _Source: https://www.imf.org/-/media/files/publications/pp/2024/english/ppea2024016.pdf_