## ppea2026001

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### EXECUTIVE SUMMARY — Purpose, scope, and operational changes
- Purpose and scope:
  - Provides guidance to country teams on application of Fund policies and procedures related to data provision to the Fund for surveillance purposes.
  - Aims to give staff clear procedures and practical tools for:
    - assessment of data adequacy;
    - the Fund’s collaborative framework to identify and address data shortcomings that hamper surveillance;
    - supporting members’ data production and provision capacity.
  - Operationalizes recent Board reviews of the policies on data provision to the Fund and data adequacy to strengthen the Fund’s ability to conduct robust and evenhanded surveillance.
- Key operational enhancements from Board reviews:
  - Redesign of the Data Adequacy Assessment (DAA) with a new Data Issues Annex (DIA).
  - DAA assessment categories increased from three (A, B, and C) to four (A, B, C, and D).
  - Requirement that Article IV consultations report clearly on main data deficiencies that affect surveillance, including those inhibiting financial stability or external sector assessments.
  - Clarified procedures for nonprovision or inaccurate provision of data, including a timeline of approximately twelve months from initial staff awareness to MD notification in typical cases.
  - Expanded list of required data approved in the 2024 Review of Data Provision to the Fund for Surveillance Purposes.
- Implementation and hierarchy:
  - The Guidance Note supports implementation of data adequacy assessment and data provision policies as set forth in relevant Board decisions, summings up, and Board papers.
  - If any provision of the Guidance Note conflicts with those policies, the policies shall prevail.
- Approved and prepared:
  - Approved By: Christian Mumssen, Bert Kroese, and Yan Liu.
  - Prepared by an interdepartmental team from SPR, STA, and LEG; led by Laurent Kemoe (SPR) under overall guidance of Daria Zakharova (SPR), Cheng Hoon Lim (STA), and Nadia Rendak (LEG).
- Date: December 15, 2025

### Revamped Data Adequacy Assessment (DAA) — structure, tools, and use of judgement
- Major features:
  - New Data Issues Annex (DIA) as a stand-alone annex in Article IV staff reports replacing the SIA.
  - DIA to be produced/filled by country teams and STA using an Excel-based DIA template.
  - Four-Category Rating System:
    - A. Data Provision is adequate for surveillance;
    - B. Data Provision is broadly adequate for surveillance;
    - C. Data Provision has some shortcomings that somewhat hamper surveillance;
    - D. Data Provision has significant shortcomings that significantly hamper surveillance.
  - Questionnaire and Heatmap tools guide and visualize assessments; drop-down answers align with A, B, C, D and include a “does not apply” option (requires explanation in DIA commentary).
- DIA composition and responsibilities:
  - A. Data Adequacy Assessment, Commentary and Factsheets:
    - a. Answers to the Questionnaire — produced by the country team;
    - b. Data Adequacy Assessment Rating — provided by the country team;
    - c. Commentary — by the country team;
    - d. Data Quality Factsheets (only for policy notes, not staff reports) — provided by STA.
  - B. Data Standards Initiatives — completed by STA.
  - C. Table of Common Indicators Required for Surveillance (TCIRS) — extended to include selected newly required indicators from the 2024 Review; staff will report frequency and timeliness for a subset benchmarked against e-GDDS, SDDS and SDDS Plus.
- Questionnaire and Heatmap mechanics:
  - Questionnaire covers national accounts, prices, government finance, monetary and financial sector, external sector, and inter-sectoral consistency.
  - Responses A–D are assigned scores 1–4 respectively; sectoral rating is the median of individual sector questionnaire scores.
  - Heatmap visualizes median ratings for individual sectors and the median rating across all sectors.
  - Teams determine a judgement-based overall DAA classification; any deviation from the median must be explained in commentary.
- Use of judgement:
  - Sectoral medians mechanically equal-weight questions but teams may override medians when justified.
  - Any override must be disclosed in DIA (footnote showing initial mechanical median) and rationale explained; overrides subject to review and approval by SPR and STA.
  - Teams may account for important gaps omitted from the questionnaire (e.g., intangible assets) and must explain large discrepancies between DQF indicators and questionnaire responses.

### Engagement with authorities and Article IV consultations — reporting and follow-up
- Article IV consultations:
  - Staff assess adequacy of member countries’ data as part of the Article IV consultation.
  - All staff reports should include the DIA.
  - When discussing data issues, staff should include:
    - (i) description of the nature of data issues in the surveillance context;
    - (ii) assessment of the impact on surveillance;
    - (iii) proposed remedial actions or recommendations, including on technical assistance.
- Category-specific guidance:
  - Category C and D countries:
    - Data adequacy expected to be a key discussion topic during Article IV consultations.
    - Policy notes should include impact of major data deficiencies on staff analysis and advice, and proposed remedial actions and capacity development priorities.
    - Country teams should consult STA and SPR prior to missions for potential/existing C and D cases.
    - Area departments should ensure TA requests are included in CDMAP; Country Engagement Strategies for FCS and Country Engagement Boxes for SDS should include TA needs to address serious shortcomings.
  - Category A and B countries:
    - Staff encouraged to discuss data issues where relevant; key shortcomings, including those needed for financial sector analysis, should be mentioned in Article IV policy notes.
    - For category A countries, data provision is by definition adequate for surveillance, but staff may raise data issues if addressing them could enhance surveillance.

### Article VIII, Section 5 — obligations, general/specific understandings, modalities, and remedial steps
- Core obligations and features:
  - Provision of data required under Article VIII, Section 5 is an obligation of all members; required data identified in Article VIII, Section 5 and the 2024 decision (see Appendix V).
  - Obligation is continuous: compile required information on a regular basis in as up-to-date a form as possible and provide the Fund with such information whenever it becomes available, subject to capacity.
  - “Late provision” is considered a category of nonprovision.
  - Capacity defense: member not in breach if unable to provide due to lack of capacity; assessment of capacity is factual and made first by area department in consultation with STA and SPR.
  - Accuracy requirement: Members must furnish required information “in as detailed and accurate a manner as practicable and, so far as possible, to avoid mere estimates.” Staff should not be the primary source of required data; staff may assist only when capacity constraints prevent member compliance.
- General understandings (baseline expectations):
  - Elements include misreporting procedures, methodology, scope, periodicity, and timeliness.
  - Appendix VII lists these general understandings and default standards.
- Specific understandings:
  - May reflect country-specific circumstances but must be in line with Fund’s data requirements.
  - Specific understandings that are less robust than general understandings must be justified and staff should recommend capacity development where appropriate.
  - Country teams must keep and share written record of specific understandings with SPR, STA, and LEG; transition period up to end-2026 to document existing specific understandings.
- Modalities for provision of required data:
  - Permitted modalities include: directly to staff (norm), publication (if staff can access), directly to the Executive Board (rare), via an official third party (if staff can access).
  - Data from commercial providers do not meet Article VIII, Section 5 unless the series are also published by authorities and freely accessible or provided through other acceptable avenues.
  - A platform for confidential data submission is under development and expected to be operational by early 2026.
- Procedures for handling concerns about noncompliance — remedial framework and timing:
  - Staff should act expeditiously when concerns arise about nonprovision or inaccurate provision of required data. The Decision’s procedural framework moves from Staff Due Diligence (Step 1) to Pre-Letter (Step 2) to Letter Stage (Step 3) and MD report to the Executive Board (Step 4).
  - Timing and escalation:
    - Step 1 triggered once area departments become aware of potential shortcomings.
    - If unresolved within one month, area department should report to LEG, SPR, and STA.
    - If unresolved at Step 1 within four months, move to Step 2 without delay.
    - Failure to resolve within an additional six months requires moving to Step 3.
    - Within a further two months, the MD would be expected to send the letter.
    - Typical overall timeline from initial awareness to MD notification: approximately twelve months; all steps to conclusion of the Letter Stage should not exceed 18 months.
    - More complex cases can take longer; if noncompliance appears unwilling rather than inability, the time between steps should be shortened.
  - Step summaries:
    - Step 1 — Staff Due Diligence Stage: prompt clarification, inform LEG/SPR/STA if unresolved within one month; preparations for mission begin.
    - Step 2 — Pre-Letter Stage: Management informed; measures within six months include enlisting Executive Director cooperation, calling on member to provide information, and missions or higher-level engagement to determine capacity.
    - Step 3 — Letter Stage: If Step 2 fails within six months and Management concludes nonprovision/inaccuracy is not due to capacity, MD sends a letter notifying intention to report under Rule K-1; letter prepared by area department in coordination with LEG and SPR and expected to be sent by MD within approximately two months of Step 2 end.
    - Step 4 — MD reports to Executive Board: If member fails to resolve, MD reports; Executive Board must consider the K-1 Report within 90 days and may take actions per the 2024 Decision.
  - Executive Board remedies and follow-up (summary from Article procedures):
    - If failure due to inability, Board may call on member to strengthen capacity and ask MD to report periodically; member may request technical assistance.
    - If Board finds breach, remedial steps include calling upon member to take measures, specifying deadlines (in principle not to exceed 90 days for certain actions), potential declaration of censure, and possible subsequent measures under Article XXVI including ineligibility to use general resources, suspension of voting rights, and ultimately compulsory withdrawal if noncompliance persists.

### Responsibilities of Area Departments, STA, SPR, and other functional departments
- Area Departments:
  - Prepare and update the DIA for Article IV consultations.
  - Ensure the TCIRS reflects latest data provided to the Fund.
  - Incorporate STA information (TA and data ROSC missions) concisely in DIA.
  - Use Data Quality Factsheets (policy note stage) to inform assessments.
  - For categories C and D, consult STA, SPR, and other functional departments prior to missions; ensure TA requests included in CDMAP.
  - Follow up statistical issues raised in previous staff reports.
- STA:
  - Provide input for DIA preparation, including DQF at policy note stage.
  - Provide comparative information on DAA ratings for peer economies from DAA database to promote evenhandedness.
  - Consider DQAFs and data ROSCs in reviewing DIA; assist in updating TCIRS.
  - Review DIA of selected policy notes and collaborate to schedule TA missions to address deficiencies.
- SPR and other functional departments:
  - SPR to collaborate with STA and area departments in inter-departmental review to ensure data deficiencies hampering surveillance are covered and addressed.
  - Other functional departments to provide input where data issues intersect their responsibilities (e.g., fiscal transparency, financial stability, external sector assessments).

### Questionnaire for the Data Adequacy Assessment — structure and category definitions
- Questionnaire structure:
  - Six sections: Sections 1–2 Real sector statistics (national accounts and price indices); Sections 3–5 Fiscal, external, and financial sectors; Section 6 Inter-sectoral consistency.
  - STA provides DQF for each section covering coverage, consistency, reliability, and timeliness.
- Definition of categories:
  - Category A: The data provided to the Fund is adequate for surveillance.
  - Category B: The data provided to the Fund has some shortcomings but is broadly adequate for surveillance.
  - Category C: The data provided to the Fund has shortcomings that somewhat hamper surveillance.
  - Category D: The data provided to the Fund has serious shortcomings that significantly hamper surveillance.
- Representative questionnaire items (select examples preserved exactly):
  - Real Sector — GDP/National Accounts: Coverage; Granularity; Frequency/Timeliness — Select a category: A / B / C / D.
  - Prices — CPI: Coverage; Frequency/Timeliness — Select a category: A / B / C / D.
  - Fiscal — Government Operations and Debt: Coverage; Granularity of Government Operations; Granularity of Debt Statistics; Consistency; Frequency/Timeliness — Select a category: A / B / C / D.
  - External Sector: Coverage; Granularity; Frequency/Timeliness — Select a category: A / B / C / D.
  - Monetary and Financial Sector: Coverage; Granularity of Monetary and Financial Statistics; Granularity of Financial Soundness Indicators; Frequency/Timeliness — Select a category: A / B / C / D.
  - Inter-sectoral Consistency: assess consistency across sectors and provide commentary.

### Reporting formats, DQF dashboard, and methodological guidance
- Appendix II — Data Quality Factsheets (dashboard):
  - Dashboard compares country dimensions to regional and income-group peers using sectoral factsheets; colored cells: green = good data quality; red = weak data quality.
  - Consistency indicator captures: 5-year average correlation between CPI and GDP deflator inflation; size of unidentified government debt-creating flows; size of net errors and omissions in balance of payments.
- Recommended methodologies (Appendix III. Table 1) — preferred and alternative:
  - Fiscal: Preferred GFSM 2014; Other A Manual on Government Finance Statistics 2001.
  - BOP: Preferred BPM6, 2009; Other BPM5 1993.
  - Monetary and Financial Statistics: Preferred MFSM 2016; Other FSIs Compilation Guide 2006; MFSM 2000.
  - National Accounts: Preferred SNA 2008; Other ESA 2010; QNA Manual 2017; SNA 1993/1968; QNA Manual 2001.
  - International Reserves: Preferred International Reserves and Foreign Currency Liquidity (Guidelines for a Data Template), 2013.
  - External Debt: Preferred External Debt Statistics Guide for Compilers and Users, 2013.
  - Prices: Preferred CPI Manual (2020); Other PPI Manual (2004); CPI Manual 2004.
  - Note: BPM6 is recommended until a critical mass migrates to BPM7, which is expected in 2029/2030; SNA 2008 recommended until migration to SNA 2025 expected in 2029/2030.
- SDDS specifications and benchmarks (Appendix IV) — selected prescriptions:
  - International Reserves: disseminate total official reserve assets and related items monthly; total official reserve assets should be disseminated with a one-week lag; other items with lag no more than one month.
  - External Debt (Prescribed): disseminate quarterly external debt statistics within one quarter of the reference period with information for general government, central bank, deposit takers, and other sectors, including by maturity and instrument.
  - Encouraged items include weekly dissemination of reserves template and additional external debt breakdowns.

### Mandatory indicators, phased reporting dates, and selected timelines (Appendix V and VII)
- Annex A / Decision timing highlights:
  - Items 1–12 to be provided after dates indicated; items 13–22 to start with first reporting periods indicated; members with systemically important financial sectors to provide items 23–27 starting with the first reporting periods indicated.
- Selected first reporting periods and deadlines (preserved exactly):
  - Reserve, or base money — December 31, 2004
  - Broad money — December 31, 2004
  - Interest rates — December 31, 2004
  - Revenue, expenditure, balance and composition of financing; stocks of central government and central government-guaranteed debt — December 31, 2004
  - Balance sheet of the central bank — December 31, 2004
  - External current account balance — December 31, 2004
  - For monetary authorities: international reserve assets and related items — December 31, 2008
  - Total stock of general government debt (and decompositions) — 2025; related decompositions first reporting period 2027 for some breakdowns.
  - Banks’ Financial Soundness Indicators — Q3/2025 for most items; Net open position in foreign exchange to capital — Q3/2027.
  - Total assets of other depository corporations; Total credit from other depository corporations; Sectoral breakdowns; Currency breakdowns — Q3/2025.
  - Residential real estate price index — Q3/2025.
  - FXI by the central bank (spot net amount and derivatives net amount) — H2/2026 (first reporting period).
  - Currency swaps and repurchase agreements entered into by the central bank with other central banks — H2/2026 (first reporting period).
  - For members with Systemically Important Financial Sectors (SIFS): items such as Total financial assets of other financial corporations and Total credit from other financial corporations — Q3/2027.
- Appendix VII — selected mandatory indicator specifications (preserved precisions):
  - Stock of central and general government debt — decomposition of at least 80 percent of the total stock by instruments; First reporting period: 2027; Frequency: Annual; Timeliness: Three quarters for general government and two quarters for central government.
  - Liquid financial assets of central and general government — First reporting period: 2027; Frequency: Annual; Timeliness: Three quarters for general government and two quarters for central government.
  - FXI (spot, net amount) — First reporting period: H2/2026; Frequency: Semi-annual; Timeliness: Six months.
  - FXI (derivatives, net amount) — First reporting period: H2/2026; Frequency: Semi-annual; Timeliness: Six months.
  - Banks’ FSIs (multiple indicators) — First reporting period: Q3/2025 (most items); Frequency: Quarterly; Timeliness: One quarter.
  - Liquid assets to total assets; Liquid assets to short-term liabilities; Nonperforming loans metrics; Return on assets/equity; Interest margin to gross income; Noninterest expenses to gross income — First reporting period: Q3/2025; Frequency: Quarterly; Timeliness: One quarter.
  - Monetary and credit aggregates and sectoral credit — First reporting period: Q3/2025; Frequency: Monthly; Timeliness: Three months.
  - SIFS additional indicators — First reporting period: Q3/2027; Frequency: Quarterly; Timeliness: One quarter.

### Illustrative country-level statistics (Appendix VI — selected numerical series preserved exactly)
- External debt (including arrears):
  - 2020/21: 7,303
  - 2021/22: 7,567
  - 2022/23: 8,103
  - 2023/24: 8,602
  - 2024/25: 9,198
  - 2025/26: 9,898
  - 2026/27: 10,551
- External debt arrears:
  - 2020/21: 3,470
  - 2021/22: 3,549
  - 2022/23: 3,714
  - 2023/24: 3,874
  - 2024/25: 4,008
  - 2025/26: 4,131
  - 2026/27: 4,255
- Terms of trade (percent change) — staff estimates:
  - 2020/21: 16.2
  - 2021/22: 1.5
  - 2022/23: 6.8
  - 2023/24: -1.4
  - 2024/25: -2.4
  - 2025/26: 12.9
  - 2026/27: -3.4
- Official exchange rate (end of period):
  - 2020/21: 5.6
  - 2021/22: 5.2
  - 2022/23: 5.8
  - 2023/24: 5.7
  - 2024/25: 5.4
  - 2025/26: ...
  - 2026/27: ...
- Parallel rate (end of period):
  - 2020/21: 1,272
  - 2021/22: 1,110
  - 2022/23: 992
  - 2023/24: 1,004
  - 2024/25: 861
  - 2025/26: ...
  - 2026/27: ...
- GDP in billions of local currency:
  - 2020/21: 16,853
  - 2021/22: 23,336
  - 2022/23: 28,778
  - 2023/24: 32,351
  - 2024/25: 36,473
  - 2025/26: 40,805
  - 2026/27: 45,016
- GDP in millions of U.S. dollars (staff estimates/projections):
  - 2020/21: 14,503
  - 2021/22: 20,182
  - 2022/23: 31,367
  - 2023/24: 35,225
  - 2024/25: 45,426
  - 2025/26: ...
  - 2026/27: ...

### Policy recommendations and operational expectations (summarized)
- For country teams:
  - Use the Excel-based DIA template and complete the questionnaire across all main sectors.
  - Include the Heatmap and final overall DAA assessment in the DIA for policy notes and staff reports.
  - Provide commentary explaining assessments, remedial plans, and any staff estimates used.
  - For categories C and D, ensure main text of staff reports discusses how shortcomings affect surveillance and include follow-up on prior recommendations.
  - Consult STA and SPR early for potential C and D cases and coordinate TA requests through CDMAP.
- For STA and functional departments:
  - Provide DQFs at the policy note stage and comparative DAA information to promote evenhandedness.
  - Assist area teams with TCIRS updates and schedule TA missions to address identified deficiencies.
- On breaches and enforcement:
  - Follow the remedial framework steps and timing, escalating promptly where resolution is not achieved and shortening timelines when noncompliance appears intentional.
  - Maintain documentation of specific understandings with authorities and disclose overrides and rationale in DIA commentary for internal review.

*Source: DATA PROVISION TO THE FUND FOR SURVEILLANCE PURPOSES—OPERATIONAL GUIDANCE NOTE (ppea2026001), December 15, 2025.*

### EXECUTIVE SUMMARY

### EXECUTIVE SUMMARY

### Purpose and scope
- Provides guidance to country teams on application of Fund policies and procedures related to data provision to the Fund for surveillance purposes.
- Aims to give staff clear procedures and practical tools for:
  - assessment of data adequacy;
  - the Fund’s collaborative framework to identify and address data shortcomings that hamper surveillance;
  - supporting members’ data production and provision capacity.
- Operationalizes recent Board reviews of:
  - the policies on data provision to the Fund; and
  - data adequacy,
  to strengthen the Fund’s ability to conduct robust and evenhanded surveillance by ensuring data provision keeps pace with evolving analytical and policy needs.

### Key areas of guidance (detailed)
- Data Adequacy Assessment
  - Provides a structured framework and practical tools for country teams to systematically assess the adequacy of members’ data for surveillance.
  - Emphasizes transparent and candid reporting of data strengths and weaknesses.
  - Prioritizes remedial actions to address gaps that may hamper effective surveillance.
- Application of Article VIII, Section 5
  - Clarifies baseline expectations regarding required data provision under Article VIII, Section 5 (general understandings).
  - Provides guidance to country teams on how country-specific understandings may be reached with authorities.
  - Strengthens procedures for handling cases of noncompliance with data provision requirements:
    - clarifies roles and responsibilities;
    - ensures evenhandedness;
    - promotes expeditious resolution;
    - preserves flexibility for complex cases.

### Implementation and hierarchy
- The Guidance Note supports implementation of data adequacy assessment and data provision policies as set forth in relevant Board decisions, summings up, and Board papers.
- If any provision of this Guidance Note or its implementation conflicts with those policies, the policies shall prevail.

*December 15, 2025*

### Preparation and approvals
- Approved By: Christian Mumssen, Bert Kroese, and Yan Liu.
- Prepared by an interdepartmental team from Strategy, Policy, and Review Department (SPR), Statistics Department (STA), and Legal Department (LEG), led by Laurent Kemoe (SPR) under the overall guidance of Daria Zakharova (SPR), Cheng Hoon Lim (STA), and Nadia Rendak (LEG).
- Team members included: Sarah Sanya, Dmitry Plotnikov (all SPR), Nombulelo Braiton, Daniela Marchettini (all STA), David McDonnell, Julianne Ams, Miho Kobori (all LEG).
- Administrative assistance by Florence Dotsey (SPR).

---

### Document structure (selected contents)
- List of Acronyms (examples included in the source): BOP; BPM6; CD; CDMAP; DAA; DGI; DIA; DQAF; DQF; e-GDDS; FCS; FSAP; GDDS; IEO; IIP; MD; ROSC; SDDS; SDDS Plus; SDS; SIA; TA; TCIRS.
- SECTION I. BACKGROUND
- SECTION II. COVERAGE OF DATA ISSUES IN THE ARTICLE IV CONSULTATION
  - A. Data Adequacy Classification
  - B. Coverage of Data Issues in Discussions with Authorities and Article IV Staff Reports
  - C. Responsibilities of Area Departments, STA, and Other Functional Departments
- SECTION III. ARTICLE VIII, SECTION 5 IN THE CONTEXT OF SURVEILLANCE
  - A. General and Specific Understandings
  - B. Procedures for Handling Concerns about Noncompliance with Article VIII, Section 5
- BOXES, TABLE, and APPENDICES (listed in source)

### Background — framework and principles (key points)
- Member countries provide economic and financial information to the Fund for many purposes, including surveillance.
- The Fund relies primarily on a cooperative approach with members to obtain information needed for surveillance; Article VIII, Section 5 is a central pillar of the legal framework.
- The current framework for data provision to the Fund was put in place in 1995 and has evolved through a series of Executive Board reviews.
- Underlying principles:
  - timely, accurate, and comprehensive data are essential for effective surveillance;
  - data needs vary according to members’ circumstances;
  - data requirements evolve over time with changes in the scope and focus of surveillance.
- The framework covers four central areas:
  - Timely provision of data required pursuant to Article VIII, Section 5 as updated by the 2024 Review of Data Provision to the Fund for Surveillance Purposes;
  - Provision of additional data to inform surveillance, which can vary according to individual country circumstances and over time;
  - Assessment of the adequacy of data provision in Article IV staff reports in line with the 2023 Review of the Framework for Data Adequacy Assessment for Surveillance;
  - Procedures for cases where a member fails to provide (or provides inaccurate) data required pursuant to Article VIII, Section 5.

### Objectives of this Guidance Note
- Guides staff on assessing adequacy (coverage, granularity, consistency, frequency, and timeliness) of data used for surveillance in Article IV consultations.
- Aims to:
  - improve robustness of macroeconomic frameworks and policy analysis;
  - better integrate data issues in Article IV discussions;
  - better target technical assistance.
- Supersedes the 2013 operational guidance note on data provision to the Fund for surveillance purposes.
- Pulls together conclusions of Board discussions on data provision and Article VIII, Section 5 and reflects updates from:
  - 2023 Review of the Framework for Data Adequacy Assessment for Surveillance; and
  - 2024 Review of Data Provision to the Fund for Surveillance Purposes.

### Notable operational changes and enhancements from Board reviews
- Redesign of the Data Adequacy Assessment for Surveillance (DAA):
  - New Data Issues Annex (DIA) facilitates more transparent discussion of data issues in Article IV staff reports.
  - Assessment categories increased from three (A, B, and C) to four (A, B, C, and D) to allow more differentiation in assessment of data weaknesses.
- Requirement that Article IV consultations report clearly on the main data deficiencies that affect surveillance, including those inhibiting assessment of financial stability or external sector assessments (Appendix II).
- Clarified procedures to handle cases of nonprovision or inaccurate provision of data and framework to follow for breaches of Article VIII, Section 5:
  - Includes a timeline of approximately twelve months and clearer delineation of responsibilities to improve evenhandedness.
- Clarification of general understandings for required indicators and details for area departments related to general understandings.
- Clarification of manner of provision of the required indicators.
- Expanded list of required data approved in the 2024 Review of Data Provision to the Fund for Surveillance Purposes.

### Coverage of data issues in Article IV consultations (high-level)
- Staff assess adequacy of member countries’ data for surveillance as part of the Article IV consultation.
- Prior to the 2024 Review, data issues were presented in a Statistical Issues Appendix (SIA) anchored by discussion in the main Article IV staff report; major deficiencies had to be covered in the staff appraisal.
- The DAA is not intended to evaluate whether a country’s statistical practices adhere to the latest methodological standards; it focuses on how data provided to the Fund affects country team’s ability to conduct effective surveillance.
- Historical context:
  - Framework for assessing data adequacy first endorsed in 1995 and amended several times.
  - DAA classification framework introduced in 2008 and operational improvements in 2012.
  - Previous classification required country teams to judge data as adequate for surveillance, broadly adequate, or having serious shortcomings that significantly hamper surveillance.
- IEO findings and Board responses:
  - The 2016 IEO report found previous assessments were overly favorable in many cases; noted that in 2022 more than 85 percent of country teams assessed data as either adequate or broadly adequate.
  - The Board supported introduction of a more structured and principle-based framework to highlight data weaknesses more transparently and indicate how they hinder IMF staff analyses and policy advice.
  - Strengthened framework intended to facilitate policy dialogue with authorities and improve prioritization of capacity development efforts, enhancing integration of surveillance and CD.

*Source: DATA PROVISION TO THE FUND FOR SURVEILLANCE PURPOSES—OPERATIONAL GUIDANCE NOTE (EXECUTIVE SUMMARY), December 15, 2025.*

### 8. To enhance the candor, transparency, and usability of data adequacy assessments, the 2023

### ppea2026001 - 8. To enhance the candor, transparency, and usability of data adequacy assessments, the 2023

### Revamped Data Adequacy Assessment (DAA) — key features
- Introduces a New Data Issues Annex (DIA), a stand-alone annex in the Article IV staff reports replacing the SIA previously in the Informational Annex, to ensure visibility and traceability of data weaknesses and remedial action plans.
- DIA consists of sections included in an Excel-based DIA template (to be produced/filled by country teams and STA as specified below).
- Replaces the previous three-tier rating with a four-Category Rating System:
  - A. Data Provision is adequate for surveillance;
  - B. Data Provision is broadly adequate for surveillance;
  - C. Data Provision has some shortcomings that somewhat hamper surveillance;
  - D. Data Provision has significant shortcomings that significantly hamper surveillance.
- Questionnaire and Heatmap tools guide and visualize assessments; drop-down answers align with A, B, C, D and include a “does not apply” option (which requires explanation in the DIA commentary).

### DIA structure and responsibilities
- A. Data Adequacy Assessment, Commentary and Factsheets:
  - a. Answers to the Questionnaire (see Appendix I), feeding into a Heatmap (Appendix II) — to be produced by the country team;
  - b. Data Adequacy Assessment Rating — to be provided by the country team;
  - c. Commentary — to be made by the country team;
  - d. Data Quality Factsheets (only for policy notes, not staff reports) — to be provided by STA.
- B. Data Standards Initiatives: completed by STA, provides information on country participation in IMF Data Standards Initiatives.
- C. Table of Common Indicators Required for Surveillance (TCIRS): extended to include selected newly required indicators from the 2024 Review; staff will report frequency (periodicity) and timeliness of a subset of Article VIII, Section 5 indicators benchmarked against e-GDDS, SDDS and SDDS Plus recommendations/requirements.

### Questionnaire and Heatmap mechanics
- Questionnaire covers main sectors: national accounts, prices, government finance, monetary and financial sector, and external sector; requires assessment of data characteristics (coverage, scope, timeliness and frequency, etc.) for surveillance relevance.
- Drop-down menu responses align with overall classification A/B/C/D; includes “does not apply” (explanation required).
- Heatmap: questionnaire responses automatically generate a heatmap that visualizes median ratings for individual sectors and the median rating across all sectors (Appendix II, Figure 1).
- Teams determine a judgement-based overall DAA classification; if overall rating deviates from the median of questionnaire responses across all sectors, rationale must be explained in the commentary.
- Scoring: for each question, responses A through D are assigned scores 1 through 4, respectively; the sectoral rating is the median of individual sector questionnaire scores.

### Data Quality Factsheets (DQF)
- For policy notes (not to be included in staff reports), STA provides factsheets comparing a country’s official statistics and metadata with peer countries (income and regional groupings) and key methodological standards (e.g., GDP base year, size of BOP errors and omissions).
- Factsheets are supplementary to the team’s country-specific assessment and feed into internal review discussions on assessment factors and evenhandedness.
- DQF will be continuously refined to:
  - expand source data coverage;
  - introduce additional indicators aligned with DQAF dimensions and elements;
  - focus on accuracy, consistency, and methodological soundness.
- STA’s DQF coverage is not comprehensive across members; country teams are encouraged to consult STA once Article IV topics are decided, especially where STA is not otherwise involved.
- Data Quality Factsheet binary ratings (Green/Red) should not be shared outside the Fund without STA’s explicit consent.

### Use of judgment in DAA (Box 1 guidance)
- Overarching principle: relevance of data weaknesses for surveillance, considering country-specific circumstances.
- Weighing importance within a sector:
  - Teams assess relevance of specific weaknesses given economic characteristics (example: GDP base last updated more than ten years ago vs. requirement every five to ten years).
  - Sectoral ratings are mechanically the median of responses (equal weight per question) to promote evenhandedness; teams may override mechanical sectoral ratings when justified.
  - Any override must be disclosed in the DIA via a footnote indicating the initial mechanical median rating and explained in the commentary rationale; overrides are subject to review and approval by SPR and STA.
- Weighing importance across sectors when deriving overall DAA:
  - Median questionnaire rating gives equal weight to each answer, but teams may assign greater weight to sectors more relevant to surveillance (example: weak fiscal data in a high-debt country may lower overall DAA).
- Including factors omitted from the questionnaire:
  - Teams may use judgement to account for important data gaps not covered (e.g., intangible assets); large discrepancies between DQF indicators and team questionnaire responses will be discussed during internal review and explained in the “Rationale for the assessment.”

### Engagement with authorities and Article IV consultations
- Paragraph 8 language should be used to state assessments clearly; individual circumstances and surveillance needs should be emphasized when assessing seriousness of shortcomings.
- Category C and D countries:
  - Data adequacy expected to be a key discussion topic during Article IV consultations; policy notes should include impact of major data deficiencies on staff analysis and advice, and proposed remedial actions and capacity development priorities.
  - Country teams should consult STA and SPR prior to missions for potential/existing C and D cases; STA (or SPR based on STA/area input) is expected to raise key data issues during Policy Consultation meetings.
  - Area departments should ensure TA requests are included in CDMAP; Country Engagement Strategies for FCS and Country Engagement Boxes for SDS should include TA needs to address serious shortcomings; Capacity Development Departments expected to prioritize these TA requests.
- Category A and B countries:
  - Staff are encouraged to discuss data issues where relevant; key shortcomings, including those needed for financial sector analysis, should be mentioned in Article IV policy notes.
  - For category A countries, data provision is by definition adequate for surveillance, but staff may raise data issues if addressing them could enhance surveillance (example: identification of SPEs in corporate micro data per FSAP).
- G20 Data Gaps Initiative and SDDS Plus:
  - For participating countries and adherents/potential adherents, staff are encouraged to follow up with STA ahead of missions to be aware of latest developments.

### Article IV staff reports — required content and emphasis
- All staff reports should include the new Board-approved DIA.
- When discussing data issues in staff reports, country teams should include:
  - (i) description of the nature of data issues in the surveillance context;
  - (ii) assessment of the impact on surveillance;
  - (iii) proposed remedial actions or recommendations, including on technical assistance.
- For category C and D countries:
  - Main text should note how shortcomings affect surveillance (analysis and policy advice), and follow-up on recommendations from prior Article IV consultations and actions in progress to improve data adequacy (Box 3).
  - Major deficiencies in category D countries and their impact should be discussed in the staff appraisal so readers understand how weaknesses might undermine robustness of staff analysis and policy advice.
  - Authorities’ views on data deficiencies should be reported as recommended by the Surveillance Guidance Note.
- In most cases, data shortcomings should be addressed in Article IV consultations, including for members with Fund-supported programs; when not possible (e.g., urgency/severity), area departments are encouraged to work closely with STA to address deficiencies quickly.

*Source: ppea2026001 - 8. To enhance the candor, transparency, and usability of data adequacy assessments, the 2023 (IMF content).*

### 15. For category A and B countries, discussions in the staff report should focus on data

### 15. For category A and B countries, discussions in the staff report should focus on data

### Data enhancements and focus for category A and B countries
- Discussions in the staff report should focus on data enhancements that could further strengthen surveillance, especially those supporting the analysis of financial stability and/or the external sector, and follow-up on measures raised during previous Article IV consultations.

### Tables, charts, and disclosure of data sources
- Tables and charts reporting statistical data included in the staff report should provide the source of the data, distinguishing among official statistics, other sources of data, and staff estimates.
- Distinguish sources particularly if data from different sources are presented in the same table/figure (see Appendix VI for an example).
- Where staff estimation of historical data has occurred:
  - Note staff estimation in the commentary section of the DIA.
  - Explain why estimates were used rather than official data.
- When estimates of key macroeconomic indicators (notably the ones included in the TCIRS) differ significantly from national authorities’ published figures, staff is encouraged to highlight the methodology producing the estimates in the DIA commentary.
- The use of third-party indicators in staff reports should follow the Fund’s guidance on the use of third-party indicators, as described in the 2018 Guidance Note and its 2023 Supplement.
- Table 1 provides a checklist to help guide country teams in preparing the DAA.

### Box 3 — Assessing data shortcomings and identifying remedial measures in Article IV consultations
- Purpose of Article IV policy notes and staff reports:
  - Assess data shortcomings across key sectors and highlight key issues related to data quality.
  - Explain how deficiencies affect surveillance and introduce uncertainty into staff analysis.
  - Propose remedial measures with emphasis for countries with significant data gaps.
- Assessment of data shortcomings:
  - Cover deficiencies related to coverage, accuracy and reliability, periodicity, timeliness and other aspects of data quality in the real, fiscal, monetary and financial, and external sectors.1
  - Where debt sustainability analysis, financial sector analysis, balance sheet analysis, or external sector assessment are central, note if data weaknesses in these areas materially hampered the analysis.2
  - Draw on findings from FSAPs, fiscal transparency evaluations, or technical assistance reports when available.
  - Indicate when staff are compelled to prepare staff estimates of historical data based on limited information.
- Assessment of implications for surveillance:
  - Specify important areas of uncertainty stemming from data deficiencies (e.g., weaknesses in import/export data affect current account and savings-investment balance; inadequate government revenue and spending data could hamper assessment of the overall fiscal balance, debt, and fiscal policy).
- Identification of remedial measures:
  - Identify possible remedial measures such as technical assistance and work toward subscription to SDDS or participation in GDDS.

Notes cited in the Box 3 text:
- 1 Appendices III and IV provide, respectively, information on recommended methodologies for data provision and benchmarks for international reserves and external debt data for SDDS countries.
- 2 Example: current account deficiencies affecting debt sustainability analysis should be noted in external sector statistics, or weaknesses in monetary statistics affecting balance sheet analysis in monetary and financial sector statistics.

### Table 1 — Checklist for the Preparation of the Data Adequacy Assessment (summary)
- Utilizing the Excel-based DIA template:
  - Review the data quality factsheet (DQF)
    - Use the DQF to check data quality in the different sectors and to inform the team’ data adequacy assessment.
    - The DQF should accompany the DIA for the policy note to inform the review process and should not be included in the DIA for the staff report.
    - Internal document not to be shared with the authorities.
  - Complete the questionnaire in the DIA template
    - Answer all questions for main economic/financial statistics sectors, using information from the DQF and team’s judgement.
  - Review the Heatmap
    - The Heatmap with sectoral data adequacy ratings and a median overall rating will be generated based on responses to the questionnaire.
    - Add the final overall DAA assessment based on team’s judgement at the top of the heatmap.
    - The Heatmap should be included in the DIA of the policy note and the staff report.
  - Add commentary to the DIA
    - Provide explanations for the assessment.
    - Elaborate on data weaknesses and gaps.
    - Indicate where authorities are undertaking corrective action, including with the help of technical assistance and where corrective action remains to be taken.
    - Disclose if staff uses estimates that differ from official data and the methodology to build these estimates.
    - Document country’s participation in IMF Data Standards Initiatives in the last sections.
    - Commentary should be provided in the DIA for the policy note and the staff report.
  - Update the Table of Common Indicators Required for Surveillance (TCIRS)
    - The TCIRS should accompany the DIA of the staff report.
  - Discuss data issues in the main text of the policy note and staff report for countries in categories C and D
    - The main text should include analysis and policy advice on deficiencies in data and statistics.
    - Discussions should: i) describe the nature of data issues in the context of surveillance; ii) assess the impact on surveillance; and iii) propose remedial actions or provide recommendations including on technical assistance.1

Footnote in Table 1:
- 1 The Excel-based DIA template can be found at: https://intlmonetaryfund.sharepoint.com/sites/STA/SitePages/Data-Adequacy-Assessment-.aspx?web=1 .

### Responsibilities of Area Departments, STA, and Other Functional Departments
- Responsibilities of Area Departments (paragraphs 17–19):
  - Prepare and update the Data Issues Annex (DIA) for Article IV consultations, ensuring:
    - The TCIRS reflects the latest data provided to the Fund, including data submitted directly to area departments or to STA.
    - The DIA incorporates information provided by STA, particularly from recent TA and data ROSC missions, in a concise and focused manner to support the assessment of data adequacy for surveillance.
    - The Data Quality Factsheets (provided at the policy note stage) are reflected in the DIA and used to inform the team’s assessment.
  - For countries with significant data deficiencies (categories C and D), consult with STA, SPR, and other relevant functional departments prior to missions to ensure issues and remedial measures are identified and agreed ahead of discussions with authorities.
  - Describe the nature and implications of data issues in policy notes and staff reports, assess impact on surveillance, and propose remedial actions or recommendations, including technical assistance as appropriate.
  - Follow up statistical issues raised in previous staff reports in subsequent reports, especially for countries classified as category C or D.
  - Ensure TA requests to address serious data shortcomings are included in CDMAP, and that Country Engagement Strategies for FCS countries and Country Engagement Boxes for SDS countries include those TA needs.
  - Where a DQAF or a data ROSC has been undertaken, the DIA assessment should include and follow up on identified data gaps/weaknesses.
- Responsibilities of STA (paragraphs 20–21):
  - Provide input for the preparation of the DIA, including Data Quality Factsheets at the policy note stage.
  - Guide area departments to ensure an evenhanded DIA across countries by providing comparative information on DAA ratings for peer economies drawn from the DAA database.
  - Consider findings from DQAFs and data ROSCs in reviewing the DIA.
  - Assist area departments in updating the TCIRS based on data submitted by authorities to STA, while area teams should ensure the TCIRS reflects the latest data provided to the Fund.
  - Provide assistance for the DIA section on IMF Data Standards Initiatives and, upon request, provide latest information regarding a country’s participation in the DGI and progress towards SDDS Plus adherence.
  - Review the DIA of selected Article IV consultation policy notes, raise major issues for discussion, compare issues raised with STA recommendations during TA missions and country plans, and collaborate to schedule TA missions to address identified statistical deficiencies.
- Responsibilities of SPR and Other Functional Departments (paragraph 22):
  - SPR will collaborate with STA and area departments in the inter-departmental review process to ensure data deficiencies hampering surveillance are appropriately covered and addressed.
  - Other functional departments will provide input or support as relevant when data issues intersect their responsibilities (e.g., fiscal transparency, financial stability, external sector assessments, technical assistance).

### Article VIII, Section 5 in the context of surveillance (paragraphs 23–28 and notes)
- Obligation to provide data:
  - Provision of data required under Article VIII, Section 5 is an obligation of all members; required data are identified in Article VIII, Section 5 and the 2024 decision (see also Appendix V).20
  - Failure to provide required data or provision of inaccurate data would be a breach of a member’s obligation, unless the member is unable to do so due to capacity constraints.21
- Continuous nature of the obligation:
  - The obligation is continuous in nature.22 Members must compile the required information on a regular basis in as up-to-date a form as possible and provide the Fund with such information whenever it becomes available, subject to their capacity.
  - “Late provision” of information is considered a category of nonprovision of information because the member did not provide required information when required.23
- Capacity defense:
  - A member is not considered in breach if it lacks capacity to fulfill the obligation; Article VIII, Section 5 requires the Fund to take into consideration the varying ability of members to furnish the data requested.
  - Members judged to have capacity constraints must take steps to remedy underlying issues (through capacity development or otherwise) to provide full and accurate data to the Fund.24
  - The capacity defense applies to all data provision under Article VIII, Section 5.25
  - Assessment of capacity constraints is factual, made in the first instance by the area department in consultation with STA and SPR, with input from the authorities.
- Accuracy requirement:
  - Members must furnish required information “in as detailed and accurate a manner as practicable and, so far as possible, to avoid mere estimates.”26
  - Members should provide the most accurate number available to them; in some circumstances (e.g., civil conflict, political transition) exact figures may be difficult and members must still report data as accurate as possible based on available information.
  - Staff should not be the source of the data; staff may assist authorities to estimate required data only when capacity constraints prevent the member from fulfilling its obligation, though staff may always supplement analysis with staff estimates.27,28,29
- Understandings and metadata:
  - Staff should have common understandings with authorities on statistical practices for data required under Article VIII, Section 5:
    - Specific understandings between staff and authorities are acceptable if members provide adequately detailed specifications consistent with commonly understood meanings of the indicator.
    - In absence of specific understandings, general understandings derived from internationally accepted practices and compilation manuals apply; members are encouraged, but not required, to adopt them.
  - Area department staff should be familiar with the concepts, definitions, compilation practices, approaches to data revisions (metadata), and the basis for revision of metadata.
  - Area department staff should agree with authorities on sources/manner of data provision for surveillance; data provided or revised in line with applicable understandings should not put a member at risk of breach.
  - For analytical purposes, staff may adjust presentation of data provided by authorities; such adjustments must be adequately described and distinguished from official data in staff reports.

*Source: ppea2026001 - 15. For category A and B countries, discussions in the staff report should focus on data*

### 29. General understandings refer to the baseline expectations that are derived from

### 29. General understandings refer to the baseline expectations that are derived from

### General understandings — elements of data provision
- General understandings are baseline expectations derived from internationally accepted best practices.
- Appendix VII (of this Guidance Note) lists these general understandings in more detail and sets out the default standards applicable to member countries in the absence of specific understandings.
- The general understandings include the following elements of data provision:
  - misreporting procedures, with a single letter being sent by the MD detailing the misreporting along with the assessment of the breach of Article VIII, Section 5. For further guidance on the process, country teams should consult Section D of the Operational Guidance Note on Program Design and Conditionality and promptly reach out to SPR and LEG for guidance.
  - Methodology—how member country authorities should calculate, assess, and compile the data so as to ensure comparable data across the membership with certain key traits and characteristics in its calculation. Country teams can reach out to STA should they have questions concerning compilation methodology.
  - Scope—how broad (or how narrow) the provided data must be.
  - Periodicity—the frequency with which the data must be provided (e. g., daily, monthly, quarterly, yearly).
  - Timeliness—the time lag pursuant to which member authorities must actually provide the data to the Fund (i. e., how long after the reporting period ends are the data transmitted).

### Specific understandings — scope, documentation, and limits
- Specific understandings:
  - May reflect country-specific circumstances but must be in line with the Fund’s data requirements.
  - Any specific understandings that provide for less robust data provision than the default general understandings should be clearly justified based on the member’s data provision capacity or relevant country circumstances, and staff should recommend capacity development, where appropriate.
  - Staff should keep, and share with SPR, STA and LEG, a written record of specific understandings reached with country authorities (either explicitly or de facto through practice) to help: 
    - (i) smooth transitions when Fund staff move assignments,
    - (ii) assess a member country’s adherence to said specific understandings,
    - (iii) strengthen evenhandedness across the membership.
  - Specific understandings on definitions are acceptable as long as members provide adequately detailed specifications of the data and that such specifications are consistent with commonly understood meanings of a particular indicator.
  - Specific understandings could offer longer lags or less frequent provision than the general understandings, so long as the frequency and lag are still sufficient for the Fund’s activities.
  - Where members provide information in more detail, at a higher frequency, or with a shorter lag than the default, staff and the authorities should agree on whether such enhanced provision is required given country circumstances or is on a voluntary basis; where the enhanced provision is required as part of the member’s obligation, staff should keep and share a record of this in line with procedures for specific understandings.
- Reporting/documentation expectations:
  - Reporting on specific understandings could be done by sharing a table showing the difference between general understandings and specific understandings reached with the authorities, for all indicators for which there are such understandings, and justifying the deviation(s).
  - This is expected to be a one-off exercise; country teams are neither expected nor encouraged to change specific understandings frequently.
  - A transition period of approximately one year from the publication of this guidance note (up to end-2026) is set for country teams to document existing specific understandings.
  - In arriving at determinations, Fund staff should pay due regard to evenhandedness; differences in understandings should reflect member capacity or characteristics of the country relevant to surveillance (e.g., structure of the government or economy).

### Modalities for provision of required data to the Fund
- A common understanding should be reached between area department staff and a member country on the manner of provision of required data to the Fund. Regardless of the modality, the obligation is discharged only where the data provided corresponds to the Fund’s data provision requirements.
- Permitted modalities include:
  - Directly to staff (usually the area department)—the most common modality and should continue to be the norm for most member countries.
  - Publication—provided there are understandings in place with the member country, publishing data (for example on a governmental website, etc.) may be deemed provision, if Fund staff can access the data.
  - Directly to the Executive Board—rarely used; member countries can choose to provide data directly to the Executive Board, but this is not encouraged given that data so provided would not be able to be incorporated in staff analysis.
  - Via an official third party—where data is provided by a member country to an official third party (international/supranational organizations of which the IMF member countries are also members), and Fund staff may access the official data via that third party, this is a permitted modality.
- Additional modality/clarity notes:
  - The obligation under Article VIII, Section 5 requires the provision of required data to the Fund (i.e., the Executive Board). In the normal course, members provide required data to Fund staff, which then incorporates that data in the analysis presented to the Executive Board.
  - Provision of data to any Fund staff satisfies the requirement from the perspective of a member country; e.g., providing required data to the area department will suffice and members do not then need to additionally provide the data to STA.
  - Authorities can decide to provide data to staff on a confidential basis. The Fund has a robust framework to safeguard confidential information, allowing for a wide range of modalities for data provision, as noted in the 2024 DPF review (paragraphs 9–10, and Section III of the related background paper).
  - A platform for confidential data submission is currently under development and is expected to be operational by early 2026; country teams may contact STA and SPR for guidance on the process if authorities express the need to submit data confidentially.
  - Data obtained from commercial data providers do not meet the data provision requirement under Article VIII, Section 5, unless the required series are also published by the authorities and freely accessible to staff, or provided through other acceptable avenues listed in paragraph 31.
  - Examples:
    - European Union member countries opting to provide data to Eurostat, where Fund staff can then access the data.
    - Members belonging to currency unions that produce certain required data may fulfill data provision requirements for such data through reporting by the supranational monetary authority to the Fund. Only provision of “national data” will satisfy a member’s obligation; individual members retain responsibility for compliance.

### Procedures for handling concerns about noncompliance with Article VIII, Section 5
- Staff should act expeditiously when concerns arise about whether a member is not providing data or is providing inaccurate data. This applies to items required under Article VIII, Section 5 and in Annex A of the 2024 Decision.
- The Decision outlines a procedural framework: the Managing Director notifying the member of his/her intention to make a report to the Executive Board for breach of obligations (the “letter stage”), followed by remedial measures and eventual sanctions. Before the letter stage, a number of steps seek to resolve the matter collaboratively with the member authorities.
- Timing and escalation:
  - Once area departments become aware of potential data shortcomings, Step 1 of the remedial framework is triggered.
  - If the issue is not fully resolved within one month, the area department should report the matter to LEG, SPR, and STA.
  - Acting “expeditiously” will generally be understood to mean within an overall timeframe of twelve months, moving from step to step in line with suggested timing.
  - If a data provision shortcoming is not resolved at Step 1 (Staff Due Diligence Stage) within four months of the area department becoming aware of the potential shortcoming, this requires moving to Step 2 (Pre-Letter Stage) without delay.
  - Failure to resolve the issue within an additional period of six months would then require moving to Step 3 (Letter Stage).
  - Within a further two months, the MD would be expected to send the letter.
  - This sequence is expected to accelerate cases from initial awareness to notification by the Managing Director within approximately twelve months in the majority of cases.
  - More complex cases can take longer. Factors prolonging timelines include need for enhanced investigations or logistical/practical difficulties (e.g., political transitions, armed conflict).
  - Where staff view noncompliance as unwillingness rather than inability, the time between steps should be shortened.
  - All steps to the conclusion of the Letter Stage (i.e., expiration of the response time set forth in the MD’s Letter) should not exceed 18 months.
  - SPR, in consultation with LEG, is responsible for determining the appropriate timeline for remedial steps, based on inputs from country teams, the authorities, and STA. In case of disagreement between departments, Management should be consulted.

### Remedial framework — Steps
- Step 1 — Staff Due Diligence Stage:
  - Area department staff should promptly seek clarification with the authorities when aware of nonprovision or inaccurate provision that could be a potential breach.
  - If discussions result in staff forming the view that the member is providing required data in a timely and accurate manner to the best of its ability, staff should continue to assist the member in improving/maintaining its data provision.
  - If unresolved within one month, the area department should inform LEG, SPR and STA and, if needed, seek their support.
  - “Resolution” means the authorities’ provision of the data (in non-provision cases) or staff reaching the judgment that the non-provision or inaccurate provision was due to a lack of capacity; in cases of inaccurate provision, provision of the accurate data does not resolve the issue unless the inaccuracy was due to capacity constraints.
  - Discussions should start about the potential need to deploy a mission (virtual or in-person); such a mission should be conducted only once staff have moved to Step 2, but preparations should start as soon as possible.
  - If outstanding questions are not fully resolved within a further three months through inter-departmental consultation and discussions, staff should move promptly to the next required step.

- Step 2 — Pre-Letter Stage:
  - If inter-departmental consultation does not fully resolve concerns such that staff believes the member is not providing required data on a timely basis or is not providing accurate data to the best of its ability, Management should be informed and the following steps should be taken within six months:
    - Enlisting the cooperation of the Executive Director.
    - Where concerns relate to nonprovision of data, calling upon the member to provide the required information.
    - Where concerns relate to inaccurate provision of data, engaging further with the authorities to confirm or dispel these concerns. Engagement can take place through a mission (e.g., from the area department or STA), videoconference, or other modalities, and either at technical or senior level. It can include direct Management contact with the authorities to alert them to the importance of the issue.
  - The objective is to receive the data (in non-provision cases) and/or to determine whether the data provision shortcoming is due to capacity constraints. In assessing capacity, the Fund will give the member the benefit of any doubt.

- Step 3 — Letter Stage:
  - If Step 2 measures fail to resolve the matter within six months, and Management—on staff recommendation—forms the view that the nonprovision or inaccurate provision is not due to the member’s lack of capacity, the Managing Director shall send a letter notifying the member of his/her intention to make a report to the Board under Rule K-1 for breach of obligations, unless, within a specified period of “not less than a month,” the member demonstrates that the problem is due to a lack of capacity, or, in cases of nonprovision, the member provides the information.
  - The letter should be prepared by the area department, in coordination with LEG and SPR, and would be expected to be sent by the MD within approximately two months of the end of Step 2.

- Step 4 — MD reports to the Executive Board on breach of obligation:
  - If the member does not resolve the shortcoming by either providing the data or demonstrating to the MD’s satisfaction that the shortcoming was due to capacity constraints within the time period specified in the MD’s letter, the MD shall report to the Executive Board on the nature of the member’s breach and may recommend remedial actions (a “K-1 Report”).
  - The Executive Board must consider the K-1 Report within 90 days and may take one or more of the actions stipulated in paragraphs 9 through 18 of the 2024 Decision.

*Source: DATA PROVISION TO THE FUND FOR SURVEILLANCE PURPOSES—OPERATIONAL GUIDANCE NOTE (excerpt from ppea2026001)*

### Appendix I.  Questionnaire for the New Data Adequacy

### Appendix I.  Questionnaire for the New Data Adequacy Assessment for Surveillance

### Instructions and purpose
- The questionnaire has six sections that evaluate the adequacy of data provision for surveillance purposes, where adequacy is as defined in the table below (category A, B, C and D).
- Section coverage:
  - Sections 1–2: Real sector statistics (national accounts and price indices).
  - Sections 3–5: Fiscal, external, and financial sectors.
  - Section 6: Inter-sectoral consistency.
- 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 provided for each question and accompanying data quality factsheets are not meant to be exhaustive; country teams should consider all data available to the team 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
- Coverage
  - Question: Is the coverage of sectors, industries, and activities, including those related to the informal/illegal sector, in the national accounts sufficiently comprehensive and up to date for the team’s analysis?
  - Additional: Are revisions to the national accounts well explained, limited in size and frequency, so that the team’s analysis does not yield different outcomes depending on the vintage of the data?
  - Select a category: A / B / C / D (category text preserved).
- Granularity
  - Question: Do measures of economic activity include a breakdown by production, expenditure, and income? Are the breakdowns sufficiently granular, such that the team can differentiate between public and private consumption and investment? Are there differentiated deflators available for the expenditure components?
  - Select a category: A / B / C / D.
- Frequency/Timeliness
  - Question: Are national account statistics available at the frequency and timeliness that are appropriate for the team's analysis?
  - Select a category: A / B / C / D.

### Real Sector Statistics — Consumer Price Index (CPI)
- Coverage
  - Question: Is the coverage of the CPI sufficiently comprehensive for the team’s analysis, considering factors such as geographic coverage, coverage of social groups, informal markets, and illegal goods and services? Does the CPI reflect appropriately current spending patterns? Are differences between the national accounts’ household consumption expenditure deflator and the CPI well explained?
  - Select a category: A / B / C / D.
- Frequency/Timeliness
  - Question: Is the CPI available at the frequency and timeliness that are appropriate for the team's analysis?
  - Select a category: A / B / C / D.

### Fiscal Sector Statistics — Government Operations and Debt
- Coverage
  - Question: Is the coverage of government operations and debt statistics sufficiently comprehensive for the team’s analysis of the fiscal stance, one-off fiscal measures and risks, including risks from quasi-fiscal activities? Are arrears, guarantees, public-private partnerships (PPPs), and other contingent liabilities distinctly identified in the debt statistics?
  - Select a category: A / B / C / D.
- Granularity of Government Operations
  - Question: Are the breakdowns of revenue (by type of tax, etc.) and expenditure (by economic and functional classification) sufficiently granular for the team’s analysis?
  - Select a category: A / B / C / D.
- Granularity of Debt Statistics
  - Question: Is the structure of the debt (based on factors such as residency, creditor, instrument, currency, maturity) sufficiently granular for the team’s analysis, including for their assessment of debt sustainability?
  - Select a category: A / B / C / D.
- Consistency
  - Question: Are above-and below-the-line transactions consistent, so that revenues less expenditures equals financing/net lending? In cases where there are discrepancies, are these well explained (for instance by providing information on off-budget accounts) so that the fiscal stance and fiscal risks are clearly identified? Are differences between the annual change in the stock of public debt and identified debt-creating flows (e.g., primary balance, automatic debt dynamics, exchange rate), also known as stock-flow adjustments, large and unexplained? In cases where the stock-flow adjustments are large, do they significantly affect the margin of error around the team's baseline debt projections?
  - Select a category: A / B / C / D.
- Frequency/Timeliness
  - Question: Are fiscal statistics available at the frequency and timeliness that are appropriate for the team’s analysis?
  - Select a category: A / B / C / D.

### External Sector Statistics
- Coverage
  - Question: Do external sector data, such as the Balance of Payments (BoP) and international investment position (IIP), cover the main components of the BoP (viz., current account, financial account, and capital account) and IIP (e.g. assets and liabilities) and their corresponding functional categories (e.g. direct investment, portfolio investment, financial derivatives and other investments)? Is the size of the net errors and omissions large and does it affect the quality of team’s analysis and projections? Are BoP flows consistent with the IIP stocks? Is information regarding changes in exchange rate valuations, variation in asset and liability prices, and other relevant information available, to ensure a consistent stock-flow reconciliation between BoP and IIP?
  - Select a category: A / B / C / D.
- Granularity
  - Question: Is the breakdown of external sector data (e.g., by type of good/service/income, functional category, institutional sector, currency, maturity structure of financing instruments, IIP asset/liability structure, etc.) sufficiently granular for the team’s analysis of current account risks and/or of risks from capital flows and excessive leverage? Is information on net international reserves sufficiently detailed, including pledged or encumbered assets and foreign exchange swap lines?
  - Select a category: A / B / C / D.
- Frequency/Timeliness
  - Question: Are external sector statistics available at the frequency and timeliness that are appropriate for the team’s analysis?
  - Select a category: A / B / C / D.

### Monetary and Financial Sector Statistics
- Coverage
  - Question: Is the coverage of monetary and financial statistics, including of financial activities beyond the banking system, sufficiently comprehensive for the team's analysis of the monetary policy stance and financial stability risks?
  - Select a category: A / B / C / D.
- Granularity of Monetary and Financial Statistics
  - Question: Are the breakdowns of financial sector assets and liabilities by debtor/creditor type, residency, currency, instruments, maturity, and so on, sufficiently granular for the team’s analysis of financial stability risks?
  - Select a category: A / B / C / D.
- Granularity of Financial Soundness Indicators
  - Question: Are measures of capital adequacy, liquidity, asset quality, profitability, and other relevant measures, available and sufficiently granular for the team's analysis of vulnerabilities in the financial sector?
  - Select a category: A / B / C / D.
- Frequency/Timeliness
  - Question: Are the monetary survey, financial sector balance sheet, and financial soundness indicators available at the frequency and timeliness that are appropriate for the team’s analysis?
  - Select a category: A / B / C / D.

### Inter-sectoral Consistency of Macroeconomic Statistics
- Inter-sectoral consistency
  - Question: Please assess if statistics across sectors of the macroeconomic framework are consistent and provide support to the team's analysis. Consider the following inter-sectoral issues when answering the question: 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?
  - Select a category: A / B / C / D.
  - Comment: (space provided for team commentary).

*Appendix I.  Questionnaire for the New Data Adequacy Assessment for Surveillance — ppea2026001*

### Appendix II. Figure 2. Data Issues Annex Reporting Format for Policy Notes

### Appendix II. Figure 2. Data Issues Annex Reporting Format for Policy Notes

### Summary of Data Quality Factsheets (Dashboard structure and indicators)
- Presentation: Summary dashboard comparing different dimensions of the country’s data quality to its regional and income group peers, based on sectoral data quality factsheets.
- Sectors and indicator headings included in the dashboard:
  - National Accounts: Granularity: Production; Granularity: Expenditure; Base Year; Weight Update; Frequency; Timeliness; Consistency 3/
  - Prices: Coverage: CPI; Frequency; Timeliness; Consistency 3/
  - Fiscal: Coverage: GO 4/; Granularity: ESS 4/; Granularity: Debt; Coverage: Debt; Consistency 3/; Frequency; Timeliness; Frequency: GO 4/; Timeliness: GO 4/; Frequency: Debt; Timeliness: Debt
  - External: Coverage: Debt; Granularity: Ext. Debt 4/; Consistency 3/; Frequency; Timeliness
  - Monetary and Financial: Granularity: MFS 3/; Granularity: FSI 3/; Granularity: M2 and Credit; Frequency; Timeliness
- Scoring system and cell coloring:
  - Good data quality = countries that meet or exceed benchmarks established in statistical manuals or the Fund’s dissemination standards (shown as green-colored cells).
  - Weak data quality = countries that lag behind these benchmarks or do not report the data (shown as red-colored cells).
  - Where no statistical standard exists, good quality = at or above the median of the Fund membership; weak quality = below the median or without data.
- Notes on presentation:
  - All colored cells are also presented in sectoral data quality factsheets (worksheets starting with "DQF-") as bar charts and heatmaps, with additional details and sources.
  - For granularity-related indicators (heatmaps), the median rating of individual data categories determines cell color (green if above or equal to Fund median; red if not).

### Key methodological and indicator definitions (footnotes and consistency measures)
- 1/ Dashboard compares country dimensions to regional and income-group peers using sectoral factsheets.
- 2/ Colored cells appear in "DQF-" worksheets; median of individual categories used for granularity heatmaps.
- 3/ Consistency indicator captures:
  - 5-year average correlation between CPI and GDP deflator inflation in the real sector ("Prices");
  - Size of unidentified government debt-creating flows in the fiscal sector;
  - Size of net errors and omissions in the balance of payments in the external sector.
- 4/ Abbreviations defined:
  - GO: Government Operations;
  - ESS: External Sector Statistics;
  - Ext. Debt: External Debt;
  - MFS: Monetary and Financial Statistics;
  - FSI: Financial Soundness Indicators.
- Disclaimer text: Information reported in the map—sourced from FAD, SPR, STA, and RES databases, and authorities' National Summary Data Page—may be incomplete or outdated. The information is input to the team's overall assessment of data adequacy, which should also reflect each country's surveillance priorities and specific circumstances.

### Data Standards Initiatives and Table of Common Indicators required for surveillance
- Purpose: Illustrative Table (Appendix II. Figure 3) corresponds to a country participating in the e-GDDS (as of [Date]) and shows items such as:
  - Date of Latest Observation; Date Received; Frequency of Data 6; Frequency of Reporting 6; Expected Frequency 6,7; Expected Timeliness 6,7
- Examples of indicators listed:
  - Liquid financial assets of central and general government 4
  - Currency breakdown (domestic vs. FX) of other financial corporations’ total financial assets and credit indicators 12
  - Total credit from other financial corporations 12,13
  - Total financial assets of other financial corporations 12,13
  - Reserve/Base Money; Broad Money; Central Bank Balance Sheet 5 (including currency and maturity composition)
  - Consolidated Balance Sheet of the Banking System; Interest Rates 2; Consumer Price Index
  - Revenue, Expenditure, Balance and Composition of Financing ‒ General Government 3 ‒Central Government 3
  - International Investment Position; Stocks of Central Government and Central Government‑Guaranteed Debt 5
  - External Current Account Balance; Exports and Imports of Goods and Services; GDP/GNP; Gross External Debt
  - Exchange Rates; International Reserve Assets and Reserve Liabilities of the Monetary Authorities 1
  - Total stock of general government debt 4
  - Swap and repurchase agreements entered into by the Monetary Authorities with other central banks 10
  - Foreign exchange intervention by the Monetary Authorities undertaken with derivative instruments 9; in the spot market 9
  - Total credit from other depository corporations 11; Total assets of other depository corporations 11
- Footnotes and clarifications:
  - 1 Any reserve assets that are pledged or otherwise encumbered should be specified separately; include short-term liabilities linked to a foreign currency and notional values of financial derivatives.
  - 2 Interest rates include market-based and officially determined rates (discount rates, money market rates, rates on treasury bills, notes and bonds).
  - 3 Foreign, domestic bank, and domestic nonbank financing.
  - 4 General government definition: central government (budgetary funds, extra budgetary funds, social security funds) and state and local governments. Total stock of general government debt required for SDDS Plus and encouraged for SDDS and e-GDDS.
  - 5 Including currency and maturity composition.
  - 6 Frequency and timeliness codes: (“D”) daily; (“W”) weekly or with a lag of no more than one week after the reference date; (“M”) monthly or with lag of no more than one month after the reference date; (“Q”) quarterly or with lag of no more than one quarter after the reference date; (“A”) annual.; ("SA") semiannual; ("I") irregular; ("NA") not available or not applicable; and ("NLT") not later than.
  - 7 Encouraged frequency/timeliness under e-GDDS and required under SDDS and SDDS Plus; flexibility options or transition plans under SDDS/SDDS Plus not reflected. For non-participants, SDDS requirements shown for New Zealand and e-GDDS encouraged shown for Eritrea, Nauru, South Sudan, and Turkmenistan. Indicators not in the IMF Data Standards Initiatives shown as "...".
  - 8 Based on Summary of Observance for SDDS and SDDS Plus participants and Summary of Dissemination Practices for e-GDDS participants from the IMF Dissemination Standards Bulletin Board.
  - 9 Only net amounts required.
  - 10 Data should cover total amounts available under swap or repurchase agreements, aggregated, independently of use.
  - 11 Other depository corporations include all deposit-taking corporations (except central bank) and money market funds.
  - 12 Required only from Members with Systemically Important Financial Sectors.
  - 13 Other financial corporations definition includes categories (i)–(vi).

### Recommended Methodologies for Data Provision (Appendix III. Table 1)
- Purpose: Lists preferred and alternative recommended methodologies by dataset.
- I. Fiscal:
  - Preferred: Government Finance Statistics Manual 2014 (GFSM 2014)
  - Other: A Manual on Government Finance Statistics 2001
- II. BOP:
  - Preferred: Balance of Payments and International Investment Position Manual, 6th Edition (BPM6), 2009 2/
  - Other: Balance of Payments Manual, 5th Edition (BPM5) 1993
- III. Monetary and Financial Statistics:
  - Preferred: Monetary and Financial Statistics Manual and Compilation Guide, 2016
  - Other: Financial Soundness Indicators Compilation Guide (2006); Monetary and Financial Statistics Compilation Guide 2008; MFSM 2000
- IV. National Accounts:
  - Preferred: System of National Accounts (SNA) 2008 3/
  - Other: European System of Accounts (ESA) 2010; IMF Quarterly National Accounts Manual, 2017; SNA 1993, SNA 1968; Quarterly National Accounts Manual 2001
- V. International Reserves:
  - Preferred: International Reserves and Foreign Currency Liquidity (Guidelines for a Data Template), 2013
- VI. External Debt:
  - Preferred: External Debt Statistics Guide for Compilers and Users, 2013
- VII. Prices:
  - Preferred: Consumer Price Index Manual (2020)
  - Other: Producer Price Index Manual (2004); Handbook on the International Comparison Program (ICP); Consumer Price Index Manual 2004
- Notes:
  - 1/ Internationally accepted statistical methodologies are updated periodically; consult IMF’s website for a list of manuals and guides.
  - 2/ BPM6 is the recommended methodology until a critical mass of countries migrate to the BPM7, which is expected in 2029/2030.
  - 3/ The SNA 2008 is the recommended methodology until a critical mass of countries migrate to the SNA 2025, which is expected in 2029/2030.

### SDDS Specifications for International Reserves and External Debt (Appendix IV)
- Principle: SDDS prescriptions serve as benchmarks (not compulsory floors/ceilings). Fund surveillance may require more detailed or timely data than benchmarks.
- International Reserves and Foreign Currency Liquidity (Prescribed):
  - Disseminate data on total official reserve assets; other foreign currency assets; predetermined short-term drains on foreign currency assets; contingent short-term drains; and other related items in national currency and/or U.S. dollars with monthly periodicity.
  - Data on total official reserve assets should be disseminated with a one-week lag; for all other items, a lag of no more than one month is prescribed.
- International Reserves and Foreign Currency Liquidity (Encouraged):
  - Disseminate weekly data on the full template with a lag of no more than one week.
  - For contingent short-term drains, stress testing of exposure (in terms of foreign exchange liquidity) arising from options positions to different exchange rate scenarios is encouraged.
- External Debt (Prescribed):
  - Disseminate quarterly external debt statistics within one quarter of the reference period with information for the general government, the central bank, deposit takers sector, and other sectors, including by maturity (long- and short-term) on an original maturity basis and by instrument as set out in the Fund’s Balance of Payments Manuals.
- External Debt (Encouraged):
  - Disseminate twice yearly, within one quarter of the reference quarter, a debt service schedule identifying principal and interest components for four quarters and two subsequent semesters. Disaggregate by sector as prescribed.
  - Disseminate a domestic-foreign currency breakdown of external debt each quarter within one quarter of the reference period.
  - External debt by remaining maturity containing principal and interest payments due with one year or less, disaggregated by sector, is encouraged with quarterly periodicity and timeliness.

### Article VIII, Section 5, and 2024 Decision (Appendix V)
- Article VIII, Section 5 (Furnishing of Information) summary of national data categories the Fund may require as minimum necessary:
  - i. Official holdings at home and abroad of (1) gold (2) foreign exchange 1
  - ii. Holdings at home and abroad by banking and financial agencies, other than official agencies, of (1) gold 1, (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
  - viii. National income
  - ix. Price indices (indices of commodity prices in wholesale and retail markets and of export and import prices)
  - x. Buying and selling rates for foreign currencies
  - xi. Exchange controls (comprehensive statement at time of membership and details of subsequent changes)
  - xii. Where official clearing arrangements exist, details of amounts awaiting clearance and length of time outstanding
- Footnote 1: Members remain obligated to provide all categories listed under Article VIII, Section 5, but Fund practice has long not applied remedial measures when data identified as outdated is not provided. Outdated categories marked in red text are: indices of commodity prices in wholesale and retail markets; holdings of gold at home and abroad by banking and financial agencies (other than official agencies); production of gold; gold exports and imports by country; and gold transactions in the international balance of payments.
- Decision No. 13183-(04/10), January 30, 2004, as amended by Decision No. 14107-(08/38), adopted May 2, 2008 and Decision No. 17692-(24/33), adopted April 1, 2024:
  - Paragraph 1: All members shall provide information listed in Annex A necessary for Fund duties; items 1–12 to be provided after dates indicated; items 13–22 to start with first reporting periods indicated; members with systemically important financial sectors to provide items 23–27 starting with the first reporting periods indicated, with phased provision for members identified after adoption date.
  - Paragraph 2: If a member fails to provide information required under Article VIII, Section 5 or Fund decisions, the procedural framework in paragraphs 5–17 will apply. Failure includes nonprovision and provision of inaccurate information.
  - Paragraph 3: Members obliged to provide information to the best of their ability; no breach if unable to provide required information or more accurate information than provided. Members unable to provide final data must provide provisional data to the best of their ability until final data available. Fund will give member the benefit of the doubt when assessing ability to provide information.
  - Paragraph 4: In context of performance criteria associated with use of Fund general resources, a member may be found in breach of Article VIII, Section 5 only if (i) it reported a performance criterion met when it was not, or reported a criterion not observed by a certain margin and it is discovered the margin was greater than reported, and (ii) a purchase was made on basis of the information provided or information was reported to Executive Board in a review or decision context.

*Source: Appendix II. Figure 2. Data Issues Annex Reporting Format for Policy Notes (ppea2026001)*

### 5.  Whenever it appears to the Managing Director that a member is not providing information

### ppea2026001 - 5.  Whenever it appears to the Managing Director that a member is not providing information

### Procedures when a member is not providing required information
- The Managing Director shall call upon the member to provide information required under Article VIII, Section 5.
- Before making a formal representation, the Managing Director shall inform, and enlist the cooperation of, the Executive Director for the member.
- If the member persists in not providing such information and has not demonstrated to the satisfaction of the Managing Director that it is unable to provide such information:
  - The Managing Director shall notify the member of his intention to make a report to the Executive Board under Rule K-1 for breach of obligation unless, within a specified period of not less than a month, such information is provided or the member demonstrates to his satisfaction that it is unable to provide such information.

### Procedures when a member has provided inaccurate information
- The Managing Director shall consult with the member to assess whether the inaccuracy is due to a lack of capacity on the part of the member.
- 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 his intention to make a report to the Executive Board for breach of obligation under Rule K-1 unless the member demonstrates to his satisfaction within a period of not less than one month that it was unable to provide more accurate information.

### Inability-to-provide findings and Executive Board options
- If the Managing Director concludes the nonprovision or provision of inaccurate information is due to the member's inability to provide required information in a timely and accurate fashion, he may so inform the Executive Board.
- In that case, the Executive Board may decide to apply the provisions of paragraph 10 (see below).

### Report by the Managing Director
- After the expiration of the period specified 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 requirements specified in his notification.
- The report shall:
  - Identify the nature of the breach;
  - Include the member’s response (if any) to the Managing Director’s notification;
  - May recommend the type of remedial actions to be taken by the member.

### Executive Board consideration and timelines
- Within 90 days of issuance of the Managing Director’s report, the Executive Board will consider the report to decide whether the member has breached its obligations.
- Before deciding, the Executive Board may request additional clarification from staff and the authorities, and will specify a deadline for such clarification.

### Executive Board remedies and follow-up (paragraphs 10–11)
- If the Executive Board finds the failure is due to inability to provide information in a timely and accurate fashion:
  - 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 the member has breached its obligation:
  (a) The Executive Board may call upon the member to prevent recurrence and to take specific measures (including improvements in statistical systems or other measures).
  (b) If the member is still not providing required information, the Executive Board will call upon the member to provide such information.
  (c) The Executive 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, before the Board meeting, provide a statement specifying remedial actions and a proposed timeframe and may request technical assistance.
  (d) At the expiration of the period specified by the Executive Board:
  - The Managing Director shall report to the Executive Board on status of specified actions.
  - If the member has not taken specified actions within the specified period, the Managing Director may recommend and the Executive Board may decide:
    1. To extend the period before further steps under the procedural framework are taken;
    2. To call upon the member to take additional remedial actions within a specified timeframe; or
    3. To issue a declaration of censure against the member.

### Declaration of censure (paragraphs 12–13)
- If a member fails to implement Executive Board–specified actions before the established 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 to the member setting out concerns and giving a specified period to respond.
- The declaration of censure will:
  - Identify the breach of obligation under Article VIII, Section 5 and the specified remedial actions not taken;
  - May specify a new deadline and identify further remedial actions;
  - Note that failure to implement actions called for in the declaration within the specified timeframe may result in issuance of a complaint for ineligibility under Article XXVI (a) and the imposition of that measure.
- At the expiration of the period specified by the Executive Board, the Managing Director shall report to the Executive Board on the status of the specified actions.

### Sanctions under Article XXVI (paragraphs 14–16)
- Following adoption of a declaration of censure, if the Executive Board finds the member failed to implement actions in the declaration within the specified timeframe:
  - The Managing Director may issue a complaint to the Executive Board and recommend the member be declared ineligible to use the general resources of the Fund for breach of obligation under Article VIII, Section 5.
  - The Executive Board decision declaring the member ineligible will note that persistence in failure following declaration of ineligibility may result in a complaint for suspension of voting and related rights and imposition of that measure.
- If the member persists for six months after the 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 following suspension may result in a complaint for compulsory withdrawal and initiation of proceedings for compulsory withdrawal.
- 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.

### Public announcement and handling of de minimis cases (paragraphs 17–18)
- All Executive Board decisions arising from a breach of obligation under these procedures, including a decision to issue the statement of concern in paragraph 12, will give rise to a public announcement with prior review of the text by the Executive Board.
- Special procedures for inaccurate information that is de minimis in nature (as defined in paragraph 1 of Decision No. 13849) when related to:
  (i) performance criteria under an arrangement in the General Resources Account, or
  (ii) other reporting tied to performance criteria under a facility of the Poverty Reduction and Growth Trust, or an assessment criterion under a Policy Support Instrument,
  and where deviation is judged de minimis:
  - Consultations and notifications under paragraph 6 may be made by a representative of the relevant Area Department.
  - The Managing Director’s report under paragraph 8 shall, wherever possible, be included in a staff report on the member dealing with other issues, and with respect to remedial actions, shall include a recommendation that no further action be taken by the Fund.
  - If such a staff document 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.
  - If the Executive Board finds a breach 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.
    (ii) Under paragraph 17, the finding of breach shall not be published by the Fund.

### Annex A — Information Required under Article VIII, Section 5 (overview and first reporting periods)
- Annex A lists national data required under Article VIII, Section 5 and first reporting periods. Selected items and their reporting commencement dates:
  - Reserve, or base money — December 31, 2004
  - Broad money — December 31, 2004
  - Interest rates, both market-based and officially determined — December 31, 2004
  - Revenue, expenditure, balance and composition of financing for general and central governments; stocks of central government and central government-guaranteed debt — 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 monetary authorities: international reserve assets and related items — 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
- Selected items with later first reporting periods (Annex A. Table 1, continued):
  - Total stock of general government debt (and decompositions) — 2025; decomposition by maturity/currency/residency coverage requirements and decomposed coverage rules noted; related decompositions first reporting period 2027 for some breakdowns.
  - Stock of central and general government debt — decomposition by creditor type and instrument — 2027
  - Liquid financial assets of central and general government — 2027
  - Foreign exchange intervention (FXI) by the central bank (spot net amount and derivatives net amount) — H2/2026
  - Currency swaps and repurchase agreements entered into by the central bank with other central banks (aggregated net amount) — H2/2026
  - Banks’ Financial Soundness Indicators (multiple indicators) — Q3/2025 for most items; Net open position in foreign exchange to capital — Q3/2027
  - Total assets of other depository corporations — Q3/2025
  - Total credit from other depository corporations — Q3/2025
  - Sectoral breakdown of credit from other depository corporations — Q3/2025
  - Currency breakdown of other depository corporations’ total assets and credit indicators — Q3/2025
  - For members with Systemically Important Financial Sectors:
    - Total financial assets of other financial corporations — Q3/2027
    - Total credit from other financial corporations — Q3/2027
    - Sectoral breakdown of credit from other financial corporations — Q3/2027
    - Currency breakdown of other financial corporations’ total financial assets and credit indicators — Q3/2027
  - Residential real estate price index — Q3/2025

*International Monetary Fund — Data Provision to the Fund for Surveillance Purposes—Operational Guidance Note (excerpt).*

### Appendix VI Table 1. [Country Name]: Selected Economic Indicators, 20020/21–2026/27 1/ (Concluded)

### Appendix VI Table 1. [Country Name]: Selected Economic Indicators, 20020/21–2026/27 1/ (Concluded)

### External debt and arrears
- Total external debt (including arrears):
  - 2020/21: 7,303
  - 2021/22: 7,567
  - 2022/23: 8,103
  - 2023/24: 8,602
  - 2024/25: 9,198
  - 2025/26: 9,898
  - 2026/27: 10,551
- External debt arrears:
  - 2020/21: 3,470
  - 2021/22: 3,549
  - 2022/23: 3,714
  - 2023/24: 3,874
  - 2024/25: 4,008
  - 2025/26: 4,131
  - 2026/27: 4,255
- Notes:
  - External debt data source: CSO data; includes a structural break from FY 2021/22 onward, with increased coverage in the later data. (footnote 3/)

### Terms of trade
- Terms of trade (in percent change) — staff estimates:
  - 2020/21: 16.2
  - 2021/22: 1.5
  - 2022/23: 6.8
  - 2023/24: -1.4
  - 2024/25: -2.4
  - 2025/26: 12.9
  - 2026/27: -3.4
- Note: Terms of trade figures are staff estimates (footnote 4/).

### Exchange rates (end of period)
- Official exchange rate (end of period):
  - 2020/21: 5.6
  - 2021/22: 5.2
  - 2022/23: 5.8
  - 2023/24: 5.7
  - 2024/25: 5.4
  - 2025/26: ...
  - 2026/27: ...
- Parallel rate (end of period):
  - 2020/21: 1,272
  - 2021/22: 1,110
  - 2022/23: 992
  - 2023/24: 1,004
  - 2024/25: 861
  - 2025/26: ...
  - 2026/27: ...
- Note: Official and parallel rates reported as end-of-period values.

### GDP — local currency and U.S. dollar equivalents
- GDP in billions of local currency:
  - 2020/21: 16,853
  - 2021/22: 23,336
  - 2022/23: 28,778
  - 2023/24: 32,351
  - 2024/25: 36,473
  - 2025/26: 40,805
  - 2026/27: 45,016
- GDP in millions of U.S. dollars (staff estimates/projections):
  - 2020/21: 14,503
  - 2021/22: 20,182
  - 2022/23: 31,367
  - 2023/24: 35,225
  - 2024/25: 45,426
  - 2025/26: ...
  - 2026/27: ...
- Note on currency conversion (footnote 5/):
  - Staff estimate of GDP converted at a weighted exchange rate, and the weights on the official and market rates are about 8 and 92 percent, based on the respective shares of the public and private sectors in GDP.

### Data sources, coverage, and methodology notes
- Sources: Data for the period FY 2020/21 to FY 2023/24 are provided by the authorities, with some adjustments by IMF staff; data from FY 2024/25 onward are IMF staff estimates and projections.
- Fiscal year definition: Fiscal year (April–March). (footnote 1/)
- Staff estimate note: Staff estimate using leading indicators such as energy consumption, harvest volumes in major crops, and retail sales (due to the methodological inadequacy of official data). (footnote 2/)
- External debt methodology references: External Debt Statistics Guide for Compilers and Users 2014 and the Balance of Payments and International Investment Manual and the BPM6 Compilation Guide. (referenced in Appendix VII material)
- Terms of trade and other estimates: Staff estimates where indicated in footnotes.

*Source: Appendix VI Table 1. [Country Name]: Selected Economic Indicators, 20020/21–2026/27 (Concluded) (as provided in the source content).*

### Appendix VII. Table 2. Mandatory Public Sector Indicators (Concluded)

### ppea2026001 - Appendix VII. Table 2. Mandatory Public Sector Indicators (Concluded)

### Stock of central and general government debt — decomposition of at least 80 percent of the total stock by instruments
- Instruments include: monetary gold and SDR allocations, currency and deposit (as liabilities), debt securities, loans, insurance/pension/standardized guaranteed scheme, and other accounts payable.
- Coverage requirement:
  - Coverage of decomposed debts at the central government level and the general government level must be 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 each reporting year.
  - For debt for which the breakdown is not provided, information on instrument types or issuing government units (e.g., state government or local government) will have to be provided as part of the member’s obligation.
- First reporting period: 2027
- Frequency: Annual
- Timeliness:
  - Three quarters for general government and two quarters for central government
- Additional specification:
  - Data should preferably follow practices set forth in “Government Finance Statistics Manual (GFSM) 2014, IMF”.1
  - Residence should preferably follow definitions set forth in “Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6), IMF”.4
  - This practice stems from “External Debt Statistics—Guide for Compilers and Uses—2014, IMF”.5
  - The authorities and staff can agree on country-specific understandings regarding the periodicity and timeliness of data provision as long as these meet surveillance needs of Fund.6

### Liquid financial assets of central and general government
- Scope:
  - This includes debt securities, currency and deposit as well as monetary gold and SDR holdings.
- First reporting period: 2027
- Frequency: Annual
- Timeliness:
  - Three quarters for general government and two quarters for central government
- Note:
  - The central government counterpart is already required under the 2004 Board Decision.1

*Source: IMF Staff. Notes 1–6 as presented in the source document.*  

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### Appendix VII. Table 3. Mandatory Indicators for Foreign Exchange Intervention (FXI)

### FXI by the central bank (or corresponding monetary authority) in the spot market, net amount
- Definition:
  - The difference between all purchases and sales of foreign exchange undertaken by the central bank (or corresponding monetary authority) in the spot foreign exchange market 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);
    - (iii) transferring exchange rate risk.
- First reporting period: H2/2026
- Frequency: Semi-annual
- Timeliness: Six months

### FXI by the central bank (or corresponding monetary authority) undertaken with derivative instruments, net amount
- Definition:
  - The difference between all transactions to purchase and sell foreign exchange undertaken by the central bank (or corresponding monetary authority) with derivative instruments, expressed in notional amounts,1 for the purposes of:
    - (i) influencing foreign exchange market conditions—i.e., the level of volatility of the exchange rate—including those 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);
    - (iii) transferring exchange rate risk, including through non-deliverable derivative financial instruments that settle in local currency.
- Instruments included:
  - 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 the central bank (or corresponding monetary authority) 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
- Timeliness: Six months
- Notes:
  - The notional value refers to the nominal amount of the foreign exchange transaction underlying the derivative. It is different from the market value of the derivative and the price at which the foreign exchange can be bought or sold to execute the derivative.1
  - Decomposition of derivatives FXI by instrument is encouraged on a voluntary basis.3
  - Authorities and staff can agree on country-specific understandings regarding periodicity and timeliness.2

*Source: IMF Staff. See Box 2 of the 2024 DPF Board paper for further details on transactions presumed or not presumed to constitute foreign exchange intervention.*

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### Appendix VII. Table 4. Mandatory Indicators for Swaps and Repurchase Agreements among Central Banks

### Currency swaps and repurchase agreements entered into by the central bank with other central banks
- Definition:
  - Aggregated net amount of all the currency swaps and repurchase agreements agreed by the central bank (or corresponding monetary authority) with other central banks (or corresponding monetary authority) (“standing facilities”) which may be used for maintaining the stability of financial markets and the financial system.
  - The data cover the total amounts that may be drawn under existing standing facilities, in an aggregated form, independently of their use.
  - If such amounts are unlimited or only constrained by the amount of eligible collateral, these facts should be noted as part of the data provision.
- First reporting period: H2/2026
- Frequency: Semi-annual
- Timeliness: Six months
- Note:
  - Authorities and staff can agree on country-specific understandings regarding periodicity and timeliness.1

*Source: IMF Staff.*

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### Appendix VII. Table 5a. Mandatory Macrofinancial Indicators for All Member Countries

### Banks’ Financial Soundness Indicators (first reporting period: Q3/2025 unless otherwise stated)
- Regulatory capital to risk-weighted assets
  - Definition: Capital adequacy of banks, where regulatory capital and risk-weighted assets are calculated following the corresponding regulatory framework in each country (e.g., Basel I, II, III).
  - First reporting period: Q3/2025
  - Frequency: Quarterly
  - Timeliness: One quarter
- Tier 1 capital to risk-weighted assets
  - Definition: Narrower measure of capital adequacy using Tier 1 regulatory capital, compiled in accordance with BCBS core capital guidelines.
  - First reporting period: Q3/2025
  - Frequency: Quarterly
  - Timeliness: 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
  - Timeliness: One quarter
- Nonperforming loans to total gross loans
  - Definition: Nonperforming loans in percent of the total loan portfolio (including nonperforming loans, before deduction of specific loan loss provisions).
  - First reporting period: Q3/2025
  - Frequency: Quarterly
  - Timeliness: One quarter
- Return on assets
  - Definition: Net income before extraordinary items and taxes in percent of the average value of total (financial and nonfinancial) assets.
  - First reporting period: Q3/2025
  - Frequency: Quarterly
  - Timeliness: One quarter
- Return on equity
  - Definition: Net income before extraordinary items and taxes in percent of the average value of capital.
  - First reporting period: Q3/2025
  - Frequency: Quarterly
  - Timeliness: 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
  - Timeliness: One quarter
- Noninterest expenses to gross income
  - Definition: Administrative expenses in percent of gross income.
  - First reporting period: Q3/2025
  - Frequency: Quarterly
  - Timeliness: One quarter
- Liquid assets to total assets
  - Definition: Liquid assets in percent of total assets; liquid assets are those readily available to meet a demand for cash with reasonable certainty of conversion into cash with speed and without significant loss under normal business conditions.
  - First reporting period: Q3/2025
  - Frequency: Quarterly
  - Timeliness: One quarter
- Liquid assets to short-term liabilities
  - Definition: Liquid assets in percent of short-term liabilities (preferred or original maturity of up to one year).
  - First reporting period: Q3/2025
  - Frequency: Quarterly
  - Timeliness: 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 foreign-currency-denominated items and foreign currency-linked domestic currency items.
  - First reporting period: Q3/2027
  - Frequency: Quarterly
  - Timeliness: One quarter

### Monetary and credit aggregates; sectoral credit (first reporting period: Q3/2025 unless otherwise stated)
- Total assets of other depository corporations
  - Definition: Comprising deposit-taking corporations (excluding the central bank) and money market funds.
  - First reporting period: Q3/2025
  - Frequency: Monthly
  - Timeliness: Three months
- Credit from other depository corporations — Total credit
  - Definition: Comprises debt securities, loans, and trade credit/advances.
  - First reporting period: Q3/2025
  - Frequency: Monthly
  - Timeliness: Three months
- Sectoral breakdown of credit (To other depository corporations; To other financial corporations; To nonfinancial corporations; To households; To general government; To non-residents)
  - First reporting period: Q3/2025
  - Frequency: Monthly
  - Timeliness: Three months
- Currency breakdown of credit and total assets
  - Definition: Breakdown between domestic and foreign currency for all credit indicators (total and sectoral) and total assets.
  - First reporting period: Q3/2025
  - Frequency: Monthly
  - Timeliness: Three months
- Definitions guidance:
  - Financial Soundness Indicators Compilation Guide (IMF, 2019b) recommended for definitions.1
  - Monetary and Financial Statistics Manual and Compilation Guide (IMF, 2016) recommended for credit definitions.3

*Source: IMF Staff.*

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### Appendix VII. Table 5b. Additional Macrofinancial Indicators Required from Members with Systematically Important Financial Sectors (SIFS)

### Additional indicators (first reporting period: Q3/2027 unless otherwise stated)
- Total financial assets of other financial corporations
  - Definition: Total financial assets (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
  - Timeliness: One quarter
- Credit from other financial corporations — Total credit
  - Definition: Comprises debt securities, loans, and trade credit/advances.
  - First reporting period: Q3/2027
  - Frequency: Quarterly
  - Timeliness: One quarter
- Sectoral breakdown of other financial corporations’ credit (To other depository corporations; To other financial corporations; To nonfinancial corporations; To households; To general government; To non-residents)
  - First reporting period: Q3/2027
  - Frequency: Quarterly
  - Timeliness: One quarter
- Currency breakdown of credit and financial assets
  - Definition: Breakdown between domestic and foreign currency for all credit indicators (total and sectoral) and total financial assets.
  - First reporting period: Q3/2027
  - Frequency: Quarterly
  - Timeliness: One quarter
- Residential real estate price index
  - Definition: Representative residential real estate price index.
  - First reporting period: Q3/2025
  - Frequency: Quarterly
  - Timeliness: One quarter
- Definitions guidance:
  - Monetary and Financial Statistics Manual and Compilation Guide (IMF, 2016) recommended for definitions.1
  - Financial Soundness Indicators Compilation Guide (IMF, 2019b) recommended for residential real estate price index.2
- Note:
  - Authorities and staff can agree on country-specific understandings regarding periodicity and timeliness.3

*Source: IMF Staff.*

*DATA PROVISION TO THE FUND FOR SURVEILLANCE PURPOSES—OPERATIONAL GUIDANCE NOTE — INTERNATIONAL MONETARY FUND*

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_Source: https://www.imf.org/-/media/files/publications/pp/2026/english/ppea2026001.pdf_