## 1. Overall Implementation Status and Progress for the DGI-2 Recommendations

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---

### Key messages and mandate
- Accurate and timely data are essential to assess economic and financial stability risks and to develop effective policy responses.
- Since endorsement of the twenty recommendations in October 2009, significant progress has been made through DGI-1 and DGI-2 in addressing GFC-era data gaps.
- Progress improved policymakers’ understanding of risks and vulnerabilities and supported effective policy responses, including the response to the COVID-19 pandemic.
- Remaining challenges for some participating economies relate to fully implementing certain DGI-2 recommendations; international statistical cooperation will continue and implementation will be monitored annually through a peer pressure mechanism.
- A workplan for a new DGI was developed covering 14 recommendations under four priorities: (i) climate change; (ii) household distributional information; (iii) Fintech and financial inclusion; and (iv) access to private sources of data and administrative data, and data sharing. It is expected that the recommendations are implemented within five years after the launch.

### DGI-1 and DGI-2 objectives
- DGI-1: twenty recommendations structured around:
  - (i) build-up of risk in the financial sector;
  - (ii) cross-border financial linkages;
  - (iii) vulnerability of domestic economies to shocks;
  - (iv) communication of official statistics.
- DGI-2: twenty recommendations classified under:
  - (i) monitoring risks in the financial sector;
  - (ii) vulnerabilities, interconnections and spillovers;
  - (iii) data sharing and communication of official statistics.
- DGI-2 set specific action plans with targets and intermediate targets over a five-year horizon; DGI-2 was extended by six months to December 2021 because of COVID-19 disruptions.

### Main achievements (selected)
- Financial Soundness Indicators (FSIs)
  - Timely indicators essential for assessing strengths and vulnerabilities of financial systems and corporate and household counterparts.
  - FSI database complemented with concentration and distribution measures (CDMs); a ready-to-use tool for economies to compile CDMs is available at the IMF’s FSIs website.
- Global Systemically Important Banks (G-SIBs)
  - Linkages and common exposures reported regularly; information available to limited groups of users on a needed basis.
- Non-bank financial intermediation (NBFI)
  - Annual reporting of global trends and risks; some economies report granular SFTs on a monthly basis.
- Derivatives
  - Regular reporting of global trends; all G20 economies participate in the BIS Triennial Survey of foreign currency and OTC derivatives markets; central clearing counterparties identified in the Semiannual OTC Derivatives Surveys.
- Debt securities markets
  - Quarterly harmonized data on debt securities issuance, holdings and from-whom-to-whom statistics, broken down by sector, currency, maturity, interest rate type and market, compiled in line with the Handbook on Securities Statistics.
- Sectoral accounts
  - Quarterly and annual sectoral accounts in the majority of participating economies provide non-financial transactions, financial accounts, balance sheets and annual stocks of non-financial assets per sector.
- Household distributional information
  - Experimental distributional results on household income, consumption, saving, and, for some economies, wealth.
- International Investment Position (IIP)
  - Trends for almost all participating economies on a quarterly basis under the latest international statistical standard; most economies now separately identify cross-border positions for non-bank financial corporations; majority provide currency exposure information.
- International Banking Statistics (IBS)
  - Cross-border bank exposures for almost all G20 economies on a quarterly basis; two-thirds reporting on a consolidated basis.
- Coordinated Portfolio Investment Survey (CPIS)
  - Semi-annual bilateral portfolio position reporting for almost all participating economies; additional holder-sector detail for many economies.
- Coordinated Direct Investment Survey (CDIS)
  - Annual inward and outward direct investment bilateral data for most participating economies.
- Government finance statistics (GFS) and public debt
  - Enhanced general government financial accounts and data on general government debt with improved instrument and sectoral coverage.
- Residential and Commercial Property Price Indices
  - Nearly all participating economies report RPPI data; about half report CPPI. Significant progress on methodological comparability for RPPIs; less so for CPPIs.
- Data cooperation and data sharing
  - Enhanced cooperation including International Data Exchange Arrangements and SDMX; SDMX version 3.0 launched in 2021.

### COVID-19 impacts on implementation
- Pandemic-related disruptions:
  - Closure of businesses and offices disrupted source data collection and production/dissemination of statistics.
  - Resource shifts to pandemic-related priorities impeded full implementation of some DGI-2 targets.
- Despite disruptions, DGI-2 data proved valuable during COVID-19 for assessing developments, risks, interconnectedness and cross-border spillovers.

### Remaining implementation challenges
- Notable areas where challenges remain for some economies:
  - securities financing transaction (SFT) data,
  - securities statistics,
  - sectoral accounts,
  - IIP,
  - international banking statistics,
  - cross-border exposures of non-bank corporations,
  - public sector debt statistics,
  - CPPI.
- International statistical cooperation will continue under relevant international organizations; implementation will be monitored annually via the peer pressure mechanism.

### New DGI — planning and scope
- Preparatory steps in 2021:
  - Concept Note submitted to G20 FMCBG in July 2021.
  - IMF staff, in cooperation with the FSB and IAG, developed a draft workplan; includes targets and second-best targets accounting for resources and capacity.
  - Workplan coordinates with existing international statistical workstreams to avoid duplication and exploit synergies.
- New DGI priorities (14 recommendations across four areas):
  - (i) climate change;
  - (ii) household distributional information;
  - (iii) Fintech and financial inclusion;
  - (iv) access to private sources of data and administrative data, and data sharing.
- Expected implementation horizon: recommendations expected to be implemented within five years after the launch.

---

### 11. Contributions, Implementation Lessons, and Policy Applications

### Contributions to macroprudential and financial stability analysis
- Improved quality, granularity, and timeliness of data enhanced assessments of macroprudential and financial stability risks and global financial interconnectedness.
- DGI-2 data facilitated policy analysis during the COVID-19 pandemic.
- Examples of country-level embedding of DGI-2 data into policy:
  - Germany: monitors FSIs (Recommendation II.2), G-SIFIs (Recommendation II.4), derivatives and securities statistics (Recommendations II.6-7), and international banking statistics (Recommendation II.11).
  - Canada: quarterly Distributions of Household Economic Accounts (Recommendation II.9) informed policy responses during COVID-19.
  - Japan: securities financing data collection launched in December 2018 in line with FSB Global SFT data standards (Recommendation II.5).

### Challenges in implementation
- Constraints included availability and timeliness of source data, lack of granular detail in existing collections, need to modify data collections or identify new sources, and development of integrated systems for sectoral accounts.
- Competing priorities, resource constraints, data inconsistencies, confidentiality concerns, and increased response burden limited progress.

### Enablers and lessons learned
- Political support and stakeholder commitments (including explicit G20 leader support) were vital.
- Collaboration and coordination across agencies and international organizations strengthened outcomes.
- Technical assistance and knowledge exchange (annual Global Conferences, workshops, courses) were key.
- IT and systems development, including adoption of open-source solutions in some economies, supported collection of more granular data.
- Flexibility in target-setting — feasible targets, second-best targets and fallback solutions — facilitated progress.

### Policy application examples (Box 1)
- Germany: use of IMF FSIs and BIS IBS to identify systemic risks and analyze fire-sale dynamics during COVID-19.
- Netherlands: participation in FSB NBFI monitoring (Rec. II.5) and improved sectoral accounts aided systemic risk identification.
- Japan: SFT data aligned with FSB standards used to analyze haircuts, collateral and JGB repo market network structure using March 2020 data.
- Brazil: securities statistics (Rec. II.7) broadened credit statistics including loans, external debt and securities.
- China: non-financial accounts transactions data (Rec. II.8) used to analyze distribution of primary and disposable income.
- Canada: quarterly Distributions of Household Economic Accounts (Rec. II.9) informed COVID-19 policy calibration.
- Indonesia: RPPI data (Rec. II.17) used to assess asset price channels and set Loan-To-Value policy.
- Germany and Japan: RPPI and CPPI data (Rec. II.17 and II.18) used for monitoring and detecting market overheating.

### Implementation status highlights (mid 2021 — end 2021) — key statistics and counts
- FSIs and related:
  - All G-20 economies report at least six FSIs (except RPPI), with 16 economies reporting all seven (one economy reports RPPI with a long lag).
  - All, except three, meet SDDS Plus periodicity and timeliness requirements for the six FSIs.
  - The IMF 2019 Financial Soundness Indicators Compilation Guide was published in December 2019.
  - Collection of CDMs expected to start in January 2022 in the context of implementing the 2019 FSI Guide.
- G-SIBs and insurance:
  - G-SIBs Phase 3 data reporting has started in all relevant jurisdictions.
  - Action plan for G-SIIs postponed in light of the new IAIS holistic framework.
- Non-bank financial intermediation and SFTs:
  - FSB conducts annual global monitoring exercises on NBFI.
  - Technical and governance work for global SFT data collection and aggregation completed; reporting of aggregated national data has started.
- Derivatives and CCPs:
  - All G20 economies participated in the 2019 Triennial Surveys, including reporting new data on CCPs.
  - Work on UTI/UPI technical guidance completed in 2018; implementation expected by Q3 2022. Governance work completed in 2019.
- Non-financial and financial accounts:
  - 17 G20 economies fully or mostly implemented the self-commitments for the 2018 intermediate target.
  - 14 G20 economies fully or mostly implemented the self-commitments for the 2021 core data target.
  - 13 G20 economies fully or mostly implemented the self-commitments for the 2021 more advanced ambitions data.
  - Further progress needed, especially for quarterly non-financial accounts transactions, not reported by half of the G20 economies.
  - 16 G20 economies report all or part of the target series for annual non-financial accounts transactions.
  - 10 G20 economies report all or part of the target series for quarterly non-financial accounts transactions.
  - 11 G20 economies report all or part of the target series for annual stocks of non-financial assets.
  - 16 G20 economies report all or part of the target series for annual financial accounts and balance sheets.
  - 14 G20 economies report all or part of the target series for quarterly financial accounts and balance sheets.
- Balance of payments, IIP, and CPIS/BDM:
  - 20 G20 economies report quarterly data on a BPM6 basis.
  - 17 G20 economies identify OFCs.
  - 8 G20 economies are reporting the currency composition data; several plan to start reporting by end-2021.
  - All G20 countries report core CPIS data on a semi-annual basis except for one which reports annually.
  - 16 G20 economies report the sector of holder table.
  - 19 G20 economies report inward data; 19 G20 economies report outward data (16 with net equity and net debt split). One economy can only provide equity data.
  - 13 G20 economies report NFC sector in LBS.
- International banking statistics:
  - 18 G20 economies report the locational banking statistics (only AR does not report).
  - 13 G20 economies report the agreed enhancements.
  - 13 G20 economies report consolidated banking statistics; 10 fully report the agreed enhancements.
- Government finance and public sector debt statistics:
  - 15 G20 economies report annual general government data based on GFSM 2014.
  - 14 G20 economies report quarterly general government data based on GFSM 2014 (or meet the agreed fallback solution).
  - 2 economies report budgetary central government debt; 16 economies report central government debt; 12 G20 economies report general government debt.
- Property price indices:
  - At least one RPPI is available for all G20 economies.
  - 10 G20 economies report CPPI data.
  - Template for internationally comparable RPPI data and related housing indicators endorsed.
  - No harmonized methodological framework nor detailed methodological guidance available yet for CPPI; action plan still to be elaborated.
- Data sharing and international cooperation:
  - Regular exchange of GDP, population, employment, and sectoral accounts data is in progress; implementation for Balance of payments data exchange is ongoing.
  - IAG IDC Steering Group and SDMX-Macro Economic Statistics (MES) Ownership Group merged into new MES Ownership Group.
  - A virtual workshop on promotion of data sharing was held in March 2021.
  - Questionnaire on Data Sharing completed and results shared based on Thematic Workshop recommendations.

### Remaining priorities (selected)
- Key DGI-2 targets still requiring attention:
  - Non-Bank Financial Intermediation (Recommendation II.5),
  - International Investment Position (Recommendation II.10),
  - Cross-border Exposures of Non-bank Corporations (Recommendation II.14),
  - Public Sector Debt Statistics (Recommendation II.16),
  - CPPI (Recommendation II.18).
- Continue efforts to close data gaps and address differing degrees of implementation across participating economies for Securities Statistics (Recommendation II.7), Sectoral Accounts (Recommendation II.8), and International Banking Statistics (Recommendation II.11).

---

### Remaining challenges, Way Forward, and New DGI

### Remaining implementation challenges
- Reprioritization of work due to COVID-19 slowed progress since the beginning of 2020; DGI-2 extended by six months to December 2021.
- Many data compilers faced significant challenges in:
  - keeping adequate human resources with expertise;
  - developing appropriate expertise for their staff.
- For recommendations not fully implemented, continued bilateral technical support and follow-up monitoring by lead international organizations will be provided.

### Follow-up responsibilities by lead agencies (selected DGI-2 recommendations)
- II.5 — FSB (BIS): FSB to continue monitoring national implementation of SFT data collection and, in coordination with BIS, facilitate implementation.
- II.7 — BIS, ECB (WGSD): Follow-up monitoring by WGSD (ECB/BIS/IMF).
- II.8 — IMF, OECD (IAG, ISWGNA): OECD/IMF to continue monitoring compliance and assist via bilateral follow-up and regional workshops.
- II.9 — OECD (Eurostat, ECB): New DGI.
- II.10 — IMF: Continue to work with economies through regular data collection and technical assistance to improve coverage, quality, and timeliness of IIP data.
- II.11 — BIS: Bilateral follow-up to continue data collection on recommended breakdowns.
- II.14 — BIS, IMF, OECD: Bilateral follow-up to continue data collection especially on nonfinancial corporate sector; IMF to engage to migrate economies to Standardised Report Forms and extend coverage to Other Financial Corporations.
- II.16 — WB (IMF, OECD, BIS): World Bank, OECD, and IMF to continue work to improve Public Sector Debt Statistics.
- II.18 — IWGPS (IAG): Follow-up monitoring by relevant International Organizations, such as BIS and Eurostat.
- II.19 — IMF, Eurostat: Some topics included as part of new DGI.
- II.20 — IMF, Eurostat: Some topics included as part of new DGI.

### New DGI — launch, objectives, and workplan
- Timing and preparatory steps:
  - During 2021-22, steps taken for launch of a new DGI in 2022; Concept Note submitted July 2021.
  - IMF, in cooperation with the FSB and IAG, developed a workplan to be submitted to G20 FMCBG after consultation with participating economies and key user groups.
- Objective:
  - Address most relevant policy needs, build on established statistical infrastructure, and gather political support essential for implementation; coordinate with existing international statistical workstreams.
- Priority areas:
  - (i) Climate change (e.g., energy accounts, green debt and equity financing, physical and transition risk indicators);
  - (ii) Household distributional information (e.g., distribution of income, consumption, saving, and wealth);
  - (iii) Fintech and financial inclusion (e.g., fintech, digital money, fintech-enabled financial inclusion);
  - (iv) Access to private sources of data and administrative data, and data sharing.
- Workplan scope, targets, and timelines:
  - Workplan defines scope and timeline, includes targets and second-best targets to account for resource implications and differing statistical capacity.
  - Development resulted in 14 draft recommendations with lead and contributing international organizations identified.
  - Recommendations drafted to be achievable within five years after the launch.
- Consultation, refinement, and monitoring:
  - Initial workplan benefited from rounds of consultation with participating economies, compilers and some national users.
  - Two key G20 user groups consulted: G20 Sustainable Finance Working Group and Global Partnership for Financial Inclusion.
  - Changes in response to feedback included clarified scope, classifications, taxonomies, definitions, and adjusted second-best targets and timelines.
  - After FMCBG approval, a more detailed statistical workplan will be developed; targets and timelines expected to be reviewed and adjusted; G20 FMCBG will be informed of progress through an annual report.

---

### Annex 3 — Monitoring Traffic Light Dashboard (non-G20 FSB economies, end-2021) — overview and conventions

### Overview
- Non-G20 FSB member economies participate voluntarily and implement those recommendations they deem appropriate.
- Dashboard includes traffic lights only for a subset of recommendations for some jurisdictions; blank cells indicate recommendations/targets not being implemented by those jurisdictions.
- Notes explain reporting shortfalls, phased implementations, and exceptions.

### Selected recommendation targets and notes (high-level)
- II.2 Financial Soundness Indicators (COMMON PRIORITY)
  - Targets: Reporting of Seven FSIs w Q frequency, T+Q timeliness; 2018-Intermediate target: Six FSIs except RPPI w. Q frequency, T+Q timeliness.
  - Notes: (2/1) RPPI is not reported. (2/2) Reporting timeliness is beyond quarterly for some/all seven FSIs. (2/3) Not all seven FSIs are provided with a quarterly frequency.
- II.3 Concentration and Distribution Measures
  - Target: Contribute to the discussions.
- II.4 Globally Systemically Important Financial Institutions
  - Targets include provision of I-A data with T+50 timeliness and work towards I-I weekly data; notes on phased phasing in and jurisdiction participation.
- II.5 Non-Bank Financial Intermediation
  - Targets: Report data to FSB annual monitoring exercise; start reporting to FSB data on SFTs.
- II.6 Derivatives
  - Targets: Participate in BIS 2019 Triennial Survey; separately identify CCPs; support FSB work.
  - Note: (6/1) three jurisdictions (China, Mexico and Saudi Arabia) had outstanding issues in 2018; Mexico later reported it addressed issues.
- II.7 Securities Statistics (COMMON PRIORITY)
  - Targets: Report Core data on Debt Securities Issuance Statistics in line with the HSS; timeline includes 2016 self-commitments, 2018 intermediate target, 2021 targets for market value and more advanced ambitions data.
  - Notes clarify assessment basis and partial implementation markers.
- II.8 Sectoral Accounts (COMMON PRIORITY)
  - Targets: Disseminate annual and quarterly non-financial accounts transactions, annual stocks of non-financial assets, annual and quarterly financial accounts and balance sheets.
  - Note: (8/1) assessment based on revised templates endorsed by a large majority of participating economies.
- II.9 Household Distributional Information
  - Target: Encouraged to compile and disseminate distributional data.
- II.10 International Investment Position
  - Targets: Provide quarterly IIP data including currency breakdown and OFCs; 2018 intermediate target: quarterly IIP; 2019: separate identification of OFCs; 2021: currency breakdown.
  - Note: (10/1) Data for OFCs are separately identified in limited financial instruments.
- II.11 International Banking Statistics (COMMON PRIORITY)
  - Target: Fully implement agreed IBS enhancements; 2018 intermediate target: reporting of LBS.
  - Notes: (11/1–11/6) various subsector and domestic position reporting shortfalls; Indonesia on track to join CBS reporting population in late 2022.
- II.12 CPIS (COMMON PRIORITY)
  - Target: Reporting of semi-annual CPIS data including sector of holder.
  - Note: (12/1) Reporting on an annual basis for some.
- II.13 CDIS
  - Target: Reporting inward and outward data split by equity and debt.
  - Notes on counterpart country info and outward debt positions not reported for some.
- II.14 Cross-border Exposures of Non-bank Corporations
  - Targets: Provide IBS and Securities data separately identifying the NFC sector; report SRF 4SRs.
  - Notes: (14/1–14/4) mixed coverage across LBS/CBS and need to broaden OFC coverage and improve NFC and OFC breakdowns.
- II.15 Government Finance Statistics (COMMON PRIORITY)
  - Target: Disseminate quarterly General Government Data in line with GFSM 2014.
  - Notes: (15/1–15/7) various reporting frequencies and fallback solution statuses; (15/7) fallback solution for 2021 is met though quarterly financial balance sheet dissemination needed to fully meet recommendation.
- II.16 Public Sector Debt Statistics (COMMON PRIORITY)
  - Target: Reporting general and central government debt data.
  - Notes: (16/1–16/5) gaps include non-reporting of general government debt, non-consolidated and non-market-value reporting, and various frequencies.
- II.17 Residential Property Prices
  - Target: Compilation and publishing RPPI in line with the Handbook on RPPI.
  - Note: 2018 intermediate target: some data reported to BIS, Eurostat and OECD.
- II.18 Commercial Property Prices
  - Target: Encouraged reporting of available CPPI.
  - Note: 2018 intermediate target: some nationally available data reported to BIS (or to the ECB for EU economies).

### Dashboard conventions
- Indicators: Target/Intermediate target met; partially met; not met.
- Qualitative targets (II.19 and II.20) not included in the monitoring table.
- Additional flags: *Target supported but commitment depends on further IAG guidance/national consideration; **Suspended in light of the new IAIS holistic framework on systemic risk in the insurance sector; N/A Not Applicable.

*Source: IMF staff and FSB Secretariat, "1. Overall Implementation Status and Progress for the DGI-2 Recommendations," g20-data-gaps-initiative-dgi-2-closing-report.*

### 1. Overall Implementation Status and Progress for the DGI-2 Recommendations............... 15

### 1. Overall Implementation Status and Progress for the DGI-2 Recommendations

### Key messages
- Accurate and timely data are essential to assess economic and financial stability risks and to develop effective policy responses.
- Since the G20 FMCBG endorsed the twenty recommendations prepared by the IMF staff and the FSB Secretariat in October 2009, significant progress has been made in addressing the data gaps identified during the global financial crisis (GFC) of 2007-08 through DGI-1 and DGI-2.
- Progress has improved policymakers’ understanding of risks and vulnerabilities and supported effective policy responses, including the response to the COVID-19 pandemic.
- Remaining challenges for some participating economies relate to fully implementing certain DGI-2 recommendations; international statistical cooperation will continue and implementation will be monitored annually through a peer pressure mechanism.
- A workplan for a new DGI was developed covering 14 recommendations under four main priorities: (i) climate change; (ii) household distributional information; (iii) Fintech and financial inclusion; and (iv) access to private sources of data and administrative data, and data sharing. It is expected that the recommendations are implemented within five years after the launch.

### Introduction and mandate of DGI-1 and DGI-2
- DGI-1: endorsed by G20 FMCBG; focused on development of conceptual frameworks and enhancements of statistical collection and reporting. Its twenty recommendations were structured around four themes:
  - (i) build-up of risk in the financial sector;
  - (ii) cross-border financial linkages;
  - (iii) vulnerability of domestic economies to shocks;
  - (iv) communication of official statistics.
- DGI-2: main objective was to implement regular collection and dissemination of reliable and timely statistics for policy use. Its twenty recommendations were classified into three headings:
  - (i) monitoring risks in the financial sector;
  - (ii) vulnerabilities, interconnections and spillovers;
  - (iii) data sharing and communication of official statistics.
- DGI-2 set specific action plans with targets and intermediate targets over a five-year horizon, accounting for national priorities and resource constraints. Annual progress reports were provided to the G20 FMCBG by the FSB Secretariat and IMF staff.
- The DGI-2 was extended by six months to December 2021 because of COVID-19 disruptions.

### Main achievements (progress in addressing data gaps identified during the 2007-08 GFC)
- Considerable efforts during DGI-1 and DGI-2 produced a comprehensive set of information allowing consistent, frequent, and timely assessments of trends and risks. Notable achievements include:

  - (i) Financial Soundness Indicators (FSIs)
    - A set of timely indicators essential for assessing strengths and vulnerabilities of financial systems and corporate and household counterparts.
    - The FSI database is complemented with concentration and distribution measures (CDMs). A ready-to-use tool for economies to compile CDMs is available at the IMF’s FSIs website.

  - (ii) Global Systemically Important Banks (G-SIBs)
    - Linkages and common exposures reported regularly to help identify risk concentrations and systemic risk build-up. Information is available to limited groups of users on a needed basis.

  - (iii) Non-bank financial intermediation (NBFI)
    - Annual reporting of global trends and risks across participating economies, including interconnectedness with the banking system.
    - Some economies report granular SFTs on a monthly basis to shed light on linkages and procyclicality.

  - (iv) Derivatives
    - Regular reporting of global trends in derivatives and improved transparency via trade data reporting to trade repositories and legal entity and transaction/product identifiers.
    - All G20 economies participate in the BIS Triennial Survey of foreign currency and OTC derivatives markets; central clearing counterparties are identified in the Semiannual OTC Derivatives Surveys.

  - (v) Debt securities markets
    - Quarterly harmonized data on debt securities issuance, holdings and from-whom-to-whom statistics, broken down by sector, currency, maturity, interest rate type and market, compiled in line with the Handbook on Securities Statistics.

  - (vi) Sectoral accounts
    - Quarterly and annual sectoral accounts in the majority of participating economies provide insights into non-financial transactions, financial accounts, balance sheets and annual stocks of non-financial assets per sector.

  - (vii) Household distributional information
    - Experimental distributional results on household income, consumption, saving, and, for some economies, wealth, allowing measurement of levels and trends in household inequalities.

  - (vii) International Investment Position (IIP)
    - Trends for almost all participating economies on a more frequent (i.e., quarterly) basis under the latest international statistical standard.
    - Most participating economies now separately identify cross-border positions for non-bank financial corporations; the majority provide currency exposure information by releasing currency composition data for their IIPs.

  - (viii) International Banking Statistics (IBS)
    - Cross-border bank exposures for almost all G20 economies on a quarterly basis with wider coverage and more granularity; bilateral information on cross-border banking stocks and flows available for almost all G20 economies, with two-thirds reporting on a consolidated basis.

  - (ix) Coordinated Portfolio Investment Survey (CPIS)
    - Semi-annual bilateral portfolio position reporting for almost all participating economies; additional holder-sector detail for many economies.

  - (x) Coordinated Direct Investment Survey (CDIS)
    - Annual inward and outward direct investment bilateral data for most participating economies.

  - (xi) Government finance statistics (GFS) and public debt
    - Consistent and comparable fiscal conditions for many economies with enhanced general government financial accounts and data on general government debt (including enhanced instrument and sectoral coverage).

  - (xii) Residential and Commercial Property Price Indices
    - Nearly all participating economies now report RPPI data; about half report CPPI. Significant progress on methodological comparability for RPPIs; less so for CPPIs.

  - (xiii) Data cooperation and data sharing
    - Enhanced cooperation including International Data Exchange Arrangements and SDMX.
    - SDMX version 3.0 launched in 2021 to better handle large micro data sets and alternative types of data.
    - Regular exchange of GDP, population, employment, and sectoral accounts data is in progress.

### Challenges and impacts of COVID-19 on implementation
- The COVID-19 pandemic posed significant challenges from 2020, including:
  - Closure of businesses and offices disrupted source data collection and production/dissemination of statistics.
  - Resource shifts to pandemic-related priorities impeded full implementation of some DGI-2 targets in affected economies.
- Despite these challenges, DGI-2 proved valuable during COVID-19 by improving access to key information for assessing developments and risks and analyzing interconnectedness and cross-border spillovers.

### Remaining implementation challenges and areas needing further work
- Challenges remain for some participating economies in fully implementing DGI-2 recommendations, notably in:
  - securities financing transaction (SFT) data,
  - securities statistics,
  - sectoral accounts,
  - IIP,
  - international banking statistics,
  - cross-border exposures of non-bank corporations,
  - public sector debt statistics,
  - CPPI.
- International statistical cooperation will continue under relevant international organizations and implementation will be monitored annually via the established peer pressure mechanism.

### Way forward and planning for a new DGI
- During 2021, preparatory steps for a new DGI were taken:
  - A Concept Note was submitted to the G20 FMCBG in July 2021.
  - IMF staff, in cooperation with the FSB and IAG, developed a draft workplan benefiting from consultations with participating economies and G20 user groups.
  - The workplan includes carefully formulated targets and second-best targets, accounting for resource implications, timelines, feasibility and varying statistical capacity.
  - The workplan coordinates with existing international statistical workstreams to avoid duplication and exploit synergies.
- The proposed new DGI covers 14 recommendations under four priorities:
  - (i) climate change;
  - (ii) household distributional information;
  - (iii) Fintech and financial inclusion;
  - (iv) access to private sources of data and administrative data, and data sharing.
- Expected implementation horizon: the recommendations are expected to be implemented within five years after the launch.

*Source: IMF staff and FSB Secretariat, "1. Overall Implementation Status and Progress for the DGI-2 Recommendations," g20-data-gaps-initiative-dgi-2-closing-report.*

### 11.      The two phases of the DGI contributed to better and more detailed assessments of

### g20-data-gaps-initiative-dgi-2-closing-report - 11.      The two phases of the DGI contributed to better and more detailed assessments of

### Contributions to macroprudential and financial stability analysis
- Improved quality, granularity, and timeliness of data enhanced assessments of macroprudential and financial stability risks and the global financial system’s interconnectedness.
- Improved data facilitated policy analysis during the COVID-19 pandemic.
- In some participating economies, DGI-2 data are embedded in regular financial stability monitoring and policy development:
  - Germany: monitors FSIs (Recommendation II.2), G-SIFIs (Recommendation II.4), derivatives and securities statistics (Recommendations II.6-7), and international banking statistics (Recommendation II.11) to assess systemic risk stemming from the banking sector.
  - Canada: quarterly Distributions of Household Economic Accounts (Recommendation II.9) informed changes in households’ wealth and the impact of government measures on income, consumption, saving, and wealth during COVID-19.
  - Japan: securities financing data collection in line with the November 2015 FSB Global SFT data standards (Recommendation II.5) launched in December 2018 to analyze securities financing market trends.
  - Various participating economies: data on portfolio and direct investment positions (Recommendations II.10, II.12, and II.13) used to assess evolution of international financial integration since the onset of the GFC.

### Challenges faced in implementing DGI-2 recommendations
- Availability and timeliness of source data were constraints.
- Existing data collections and compilation systems often lacked the granular detail required to meet targets.
- Participating economies needed to modify data collections or identify new data sources.
- Development of sectoral accounts required integrated systems for data management and data reconciliation.
- Competing priorities and resource constraints limited implementation.
- Data inconsistencies, confidentiality concerns, and increased response burden were additional challenges.

### Lessons learned and enablers of progress
- Political support and stakeholder commitments are vital:
  - Explicit G20 leader support was essential to closing policy-relevant data gaps.
  - Extensive consultation with compilers and users and consensual stakeholder support sustained engagement.
  - Strong backing from central banks and ministries of finance provided the policy imperative to resource statistical program expansion.
  - Continuous engagement with reporting entities improved reporting and data quality.
- Collaboration and coordination:
  - Greater national coordination among agencies was often required; new partnerships and memoranda of understanding were forged.
  - Effective cross-jurisdiction coordination, including with international organizations, was important.
  - The DGI fostered progress in statistics and strengthened dialogue between compilers and users.
- Role of technical assistance and knowledge exchange:
  - Technical assistance and support from international organizations were vital.
  - Annual Global Conferences, thematic workshops, and courses facilitated experience exchange and were cited as keys to success.
  - Development of handbooks and reporting templates clarified methods and requirements.
- IT and systems development:
  - Implementation required IT resources and integrated systems for data collection and compilation.
  - Most participating economies improved IT systems to capture more granular data and harmonize collection across statistical domains.
  - Some economies extended direct observation frameworks from banking to non-banking sectors.
  - Less traditional IT solutions (e.g., open-source software) were used by some economies to improve agility and speed.
- Flexibility in target-setting:
  - Feasible and achievable targets were set, taking into account differing statistical infrastructure and capacity.
  - Targets were revisited regularly and adjusted when needed (e.g., during workshops).
  - Fallback solutions were agreed in some cases to ensure a minimum level of statistical information.

### Policy applications — examples (Box 1)
- Macroprudential monitoring and policy for banking sector (Germany): use of IMF FSIs (Rec. II.2), G-SIFIs (Rec. II.4), derivatives and securities statistics (Rec. II.6 and II.7), and BIS International Banking Statistics (Rec. II.11) to identify and quantify systemic risks and analyze fire-sale dynamics and spillovers under different shock scenarios (e.g., COVID-19).
- Identification of systemic risks in NBFI (Netherlands): participation in FSB annual monitoring exercise on NBFI (Rec. II.5) and improved sectoral account data aided understanding and identification of systemic risks.
- Transparency in securities financing markets (Japan): SFT data aligned with FSB’s Global SFT data standards (Recommendation II.5) used to understand haircuts, collateral types, and trading activities; detailed transaction data enabled Bank of Japan analyses of the JGB repo market network structure and stress-period behavior using March 2020 data.
- Enhanced information on funding sources (Brazil): securities statistics (Recommendation II.7) broadened credit statistics to include loans, external debt, and securities, informing policy design and financial system surveillance.
- Analysis of income distribution (China): non-financial accounts transactions data (Recommendation II.8) used to analyze distribution of primary and disposable income across sectors and advise on improving income distribution.
- Changes in household wealth (Canada): quarterly Distributions of Household Economic Accounts (Recommendation II.9) informed calibration of policy response during COVID-19.
- Property market and macroprudential/monetary policy (Indonesia): RPPI data (Recommendation II.17) used to assess asset price channels and set Loan-To-Value policy for real estate financing.
- Real estate market monitoring (Germany, Japan): RPPI and CPPI data (Recommendations II.17 and II.18) used by Deutsche Bundesbank and Bank of Japan for indicators and monitoring to detect market overheating and assess financial stability risks, including during the COVID-19 pandemic.

### Implementation status highlights and remaining gaps (mid 2021 — end 2021)
- FSIs and related:
  - All G-20 economies report at least six FSIs (except RPPI), with 16 economies reporting all seven (one economy reports RPPI with a long lag).
  - All, except three, meet SDDS Plus periodicity and timeliness requirements for the six FSIs.
  - The IMF 2019 Financial Soundness Indicators Compilation Guide was published in December 2019.
  - Collection of Concentration and Distribution Measures (CDMs) expected to start in January 2022 in the context of implementing the 2019 FSI Guide.
- G-SIBs and insurance:
  - G-SIBs Phase 3 data reporting has started in all relevant jurisdictions.
  - Action plan for G-SIIs postponed in light of the new IAIS holistic framework on systemic risk in the insurance sector.
- Non-bank financial intermediation and SFTs:
  - FSB conducts annual global monitoring exercises on non-bank financial intermediation.
  - Technical and governance work for global SFT data collection and aggregation completed; reporting of aggregated national data has started.
- Derivatives and CCPs:
  - All G20 economies participated in the 2019 Triennial Surveys, including reporting new data on CCPs.
  - Work on UTI/UPI technical guidance completed in 2018; implementation expected by Q3 2022. Governance work completed in 2019.
  - Economies are addressing barriers to OTC derivatives trade data reporting.
- Non-financial and financial accounts:
  - 17 G20 economies fully or mostly implemented the self-commitments for the 2018 intermediate target.
  - 14 G20 economies fully or mostly implemented the self-commitments for the 2021 core data target.
  - 13 G20 economies fully or mostly implemented the self-commitments for the 2021 more advanced ambitions data.
  - Further progress needed, especially for quarterly non-financial accounts transactions, not reported by half of the G20 economies.
  - 16 G20 economies report all or part of the target series for annual non-financial accounts transactions.
  - 10 G20 economies report all or part of the target series for quarterly non-financial accounts transactions.
  - 11 G20 economies report all or part of the target series for annual stocks of non-financial assets.
  - 16 G20 economies report all or part of the target series for annual financial accounts and balance sheets.
  - 14 G20 economies report all or part of the target series for quarterly financial accounts and balance sheets.
- Balance of payments, international investment, and CPIS/BDM:
  - 20 G20 economies report quarterly data on a BPM6 basis.
  - 17 G20 economies identify OFCs.
  - 8 G20 economies are reporting the currency composition data; several economies plan to start reporting data by the end of 2021.
  - All G20 countries report core CPIS data on a semi-annual basis except for one which reports annually.
  - 16 G20 economies report the sector of holder table.
  - 19 G20 economies report inward data; 19 G20 economies report outward data (16 with net equity and net debt split). One economy can only provide equity data.
  - 13 G20 economies report NFC sector in LBS.
- International banking statistics:
  - 18 G20 economies report the locational banking statistics (only AR does not report).
  - 13 G20 economies report the agreed enhancements.
  - 13 G20 economies report consolidated banking statistics; 10 fully report the agreed enhancements.
- Government finance and public sector debt statistics:
  - 15 G20 economies report annual general government data based on GFSM 2014.
  - 14 G20 economies report quarterly general government data based on GFSM 2014 (or meet the agreed fallback solution).
  - 2 economies report budgetary central government debt; 16 economies report central government debt; 12 G20 economies report general government debt.
  - Progress made to broaden instrument and sectoral coverage.
- Property price indices:
  - At least one RPPI is available for all G20 economies.
  - Progress on methodological issues affecting RPPI comparability is being made.
  - Template for internationally comparable RPPI data and related housing indicators endorsed.
  - 10 G20 economies report CPPI data.
  - Publication of “Commercial Property Price Indicators: Sources, Methods and Issues” in December 2017 by Eurostat; Eurostat launched Task Force on Commercial Real Estate Indicators in 2018.
  - No harmonized methodological framework nor detailed methodological guidance available yet for CPPI; action plan still to be elaborated.
- Data sharing and international cooperation:
  - Regular exchange of GDP, population, employment, and sectoral accounts data is in progress; implementation for Balance of payments data exchange is ongoing.
  - IAG IDC Steering Group and SDMX-Macro Economic Statistics (MES) Ownership Group merged into new MES Ownership Group.
  - A virtual workshop on promotion of data sharing was held in March 2021.
  - Questionnaire on Data Sharing completed and results shared based on recommendations from the Thematic Workshop.

### Way forward — remaining priorities
- Key DGI-2 targets still requiring attention: Non-Bank Financial Intermediation (Recommendation II.5), International Investment Position (Recommendation II.10), Cross-border Exposures of Non-bank Corporations (Recommendation II.14), Public Sector Debt Statistics (Recommendation II.16), and CPPI (Recommendation II.18).
- Continue efforts to close data gaps and address differing degrees of implementation across participating economies for Securities Statistics (Recommendation II.7), Sectoral Accounts (Recommendation II.8), and International Banking Statistics (Recommendation II.11).

*Source: g20-data-gaps-initiative-dgi-2-closing-report — excerpt.*

### 20.      The remaining challenges in implementing  the DGI-2 recommendations stem from

### g20-data-gaps-initiative-dgi-2-closing-report - Remaining challenges, way forward, and New DGI

### Remaining challenges in implementing DGI-2 recommendations
- Reprioritization of work due to the COVID-19 pandemic slowed progress since the beginning of 2020.
- DGI-2 was extended by six months to December 2021.
- COVID-19 posed significant challenges for the full implementation of some targets in economies where the respective recommendation was not yet achieved.
- Many data compilers in participating economies faced significant challenges in:
  - keeping adequate human resources with expertise;
  - developing appropriate expertise for their staff.
- For recommendations with targets not completely implemented by some participating economies, continued bilateral technical support and follow-up monitoring by lead international organizations will be provided.

### Way forward for DGI-2 recommendations not fully implemented
- International statistical cooperation and implementation monitoring will be continued under the relevant international organizations.
- Statistical cooperation will continue through work programs of the lead agencies for each recommendation, with continued bilateral technical support to participating economies.
- Annual monitoring based on inputs from the lead international organizations will be continued and the findings will be published on the DGI webpage.
- The report highlights follow-up responsibilities by lead agency for selected DGI-2 recommendations (excerpt):
  - II.5 — FSB (BIS): FSB to continue monitoring national implementation of SFT data collection and, in coordination with BIS, facilitate implementation.
  - II.7 — BIS, ECB (WGSD): Follow-up monitoring by WGSD (ECB/BIS/IMF).
  - II.8 — IMF, OECD (IAG, ISWGNA): OECD/IMF to continue monitoring compliance on a regular basis and assist economies via bilateral follow-up and organizing regional workshops.
  - II.9 — OECD (Eurostat, ECB): New DGI.
  - II.10 — IMF: Through regular data collection processes and technical assistance activities, the IMF will continue to work with economies to improve the coverage, quality, and timeliness of their IIP data.
  - II.11 — BIS: Bilateral follow-up with respective economies to continue data collection in particular on recommended breakdowns.
  - II.14 — BIS, IMF, OECD: Bilateral follow-up with respective economies to continue data collection especially on nonfinancial corporate sector. IMF will continue to engage with the authorities to migrate these economies to Standardised Report Forms and extend coverage to Other Financial Corporations as part of its Monetary and Financial Statistics workstream.
  - II.16 — WB (IMF, OECD, BIS): Through regular data collection processes and technical assistance activities, the World Bank, OECD, and IMF will continue to work with economies to improve the coverage, quality and timeliness of their Public Sector Debt Statistics data.
  - II.18 — IWGPS (IAG): Follow-up monitoring by the relevant International Organizations, such as BIS and Eurostat.
  - II.19 — IMF, Eurostat: Some topics included as part of new DGI.
  - II.20 — IMF, Eurostat: Some topics included as part of new DGI.

### Launch and objectives of the New Data Gaps Initiative (New DGI)
- Timing and preparatory steps:
  - During 2021-22, steps were taken for the launch of a new DGI in 2022.
  - The Concept Note was submitted to the G20 FMCBG in July 2021.
  - The IMF, in close cooperation with the FSB and IAG, developed a workplan for the New DGI to be submitted to the G20 FMCBG, after consultation with participating economies and key user groups of the G20.
- Objective:
  - The objective of the new DGI is to address the most relevant policy needs, where possible building on and further developing the established statistical infrastructure, and to gather the political support essential for successful implementation.
  - The effort should be carefully coordinated with existing international statistical workstreams to avoid duplication and exploit synergies.

### Priority areas for the New DGI
- Four main statistical and data priorities were identified to be covered by the new DGI:
  - (i) Climate change (e.g., energy accounts, green debt and equity financing, physical and transition risk indicators);
  - (ii) Household distributional information (e.g., distribution of income, consumption, saving, and wealth);
  - (iii) Fintech and financial inclusion (e.g., fintech, digital money, fintech-enabled financial inclusion);
  - (iv) Access to private sources of data and administrative data, and data sharing.

### Workplan scope, targets, and timelines
- The workplan:
  - Defines the scope and timeline for the new initiative.
  - Includes carefully formulated targets and second-best targets to take into account resource implications, timelines, feasibility, and different statistical capacity across the participating economies.
  - Targets, second-best targets, and timelines in the workplan are expected to be further refined during workshops organized by the relevant international organizations and coordinated with other international initiatives.
- Ambition and feasibility:
  - The development of the workplan resulted in 14 draft recommendations.
  - For each recommendation, lead and contributing international organizations were identified according to mandate and previous contributions.
  - The recommendations establish the role of international organizations and participating economies, according to the targets and timelines defined.
  - Given the urgency of the data needs in the identified priority areas, the recommendations were drafted to be achievable within five years after the launch of the new DGI.

### Consultation, refinement, and monitoring
- Consultation process:
  - The initial workplan drafted by international organizations benefited from feedback from several rounds of consultation with participating economies, including compilers and some national users.
  - Two key user groups of the G20 were consulted: the G20 Sustainable Finance Working Group and Global Partnership for Financial Inclusion.
- Changes made in response to feedback:
  - (i) Clarified the scope of some recommendations;
  - (ii) Further clarified classifications, taxonomies, and definitions and referred to underlying frameworks;
  - (iii) Adjusted the requirements of second-best targets and relaxed timelines to take into account feasibility for less advanced statistical systems or availability of methodological guidelines and data sources.
- Next steps after FMCBG approval:
  - A more detailed statistical workplan will be developed by international organizations in collaboration with participating economies after approval from the G20 FMCBG for the launch of a new DGI.
  - It is expected that targets and timelines will be reviewed and adjusted as needed to align with availability of data sources, development of methodological guidelines, and other developments.
  - The G20 FMCBG will be informed of progress through an annual report.

*Source: g20-data-gaps-initiative-dgi-2-closing-report (excerpt).*

### ANNEX 3. MONITORING TRAFFIC LIGHT DASHBOARD: STATUS OF PROGRESS IN THE

### ANNEX 3. MONITORING TRAFFIC LIGHT DASHBOARD: STATUS OF PROGRESS IN THE VOLUNTARY IMPLEMENTATION OF SELECTED DGI-2 RECOMMENDATIONS BY NON-G20 FSB ECONOMIES AT END-2021

### Overview
- Non-G20 FSB member economies participate in the DGI-2 on a voluntary basis, implementing those recommendations they deem appropriate for their respective economy.
- The dashboard includes traffic lights only for a subset of recommendations for some jurisdictions, reflecting their current decisions on implementation.
- Cells left blank indicate recommendations/targets that are currently not being implemented by the non-G20 FSB member jurisdictions.
- Notes explain specific reporting shortfalls, phased implementations, and exceptions.

### Recommendation II.2. Financial Soundness Indicators (COMMON PRIORITY)
- Targets:
  - Reporting of Seven FSIs w Q frequency, T+Q timeliness
  - 2018-Intermediate target: Six FSIs except RPPI w. Q frequency, T+Q timeliness
- Table markers: (2/3), (2/1), (2/2)
- Notes:
  - (2/1) RPPI is not reported.
  - (2/2) Reporting timeliness is beyond quarterly for some/all seven FSIs.
  - (2/3) Not all seven FSIs are provided with a quarterly frequency.

### Recommendation II.3. Concentration and Distribution Measures
- Target: Contribute to the discussions

### Recommendation II.4. Globally Systemically Important Financial Institutions
- Targets:
  - Target 1: Provision of I-A data with T+50 timeliness
  - Target 2: Work towards provision of I-I data on a weekly frequency
  - Target 3: Support sharing of GSIBs data
  - Target 4: Participate in the work on GSIIs
- Table markers: N/A
- Notes:
  - Some economies are also submitting data for selected Domestically Systemically Important Banks and this is reflected in the table for Rec. II.4.
  - Action plan on Global Systemically Important Insurers (G-SIIs) postponed until after the completion of the FSB’s review, together with national authorities, of the effectiveness of the International Association of Insurance Supervisors (IAIS) holistic framework on systemic risk in insurance, planned for late 2022.
  - (4/1) As reporting has just started the agreed timeliness for reporting (T+50) will be gradually phased in.
  - (4/2) China is not participating in the Global Systemically Important Banks (G-SIBs) data collection exercise.
  - (4/3) Work is well underway and full implementation is scheduled for Q2/2022 aligning with the effective date of recent International Data Hub guideline revisions.

### Recommendation II.5. Non-Bank Financial Intermediation (previously called Shadow Banking)
- Targets:
  - Target 1: Report data to FSB annual monitoring exercise on non-bank financial intermediation
  - Target 2: Start reporting to the FSB data on SFTs

### Recommendation II.6. Derivatives
- Targets:
  - Target 1: Participate in the BIS 2019 Triennial Survey
  - Target 2: Separately identify CCPs in BIS Semiannual Survey
  - Target 3: Support the FSB work
- Notes:
  - (6/1) The FSB reported in November 2018 on actions taken by economies to implement recommendations of the 2015 thematic peer review of OTC derivatives trade reporting. The report concluded that three jurisdictions (China, Mexico and Saudi Arabia) have outstanding issues with implementing the recommendations to remove barriers to full trade reporting and/or to authorities’ access to Trade Repository data. Subsequently in 2020, Mexico reported that it addressed the issues identified in the November 2018 report.

### Recommendation II.7. Securities Statistics (COMMON PRIORITY)
- Target: Report Core data on Debt Securities Issuance Statistics in line with the HSS
- Timeline and intermediate targets:
  - 2016-Provide self commitments for reporting of securities statistics
  - 2018-Intermediate Target: Reporting of Core stock data at nominal value on Debt Securities Issuance Statistics in line with the HSS
  - 2021-Target: Reporting of Core data at market value on Debt Securities Issuance Statistics in line with HSS
  - 2021-Target: Reporting of More Advanced Ambitions data on Debt Securities Issuance, Holdings and From-Whom-To-Whom Statistics in line with HSS
- Table markers: (7/1), (7/3), (7/5)
- Notes:
  - (7/1) The assessment of implementation of the target is based on the self-commitments provided by all participating economies. The reporting templates for debt securities issuance, holdings and from-whom-to-whom statistics including Core data and More Advanced Ambitions data, as well as the economies’ self-commitments are available at the IMF site referenced in the report.
  - (7/2) Some self-commitments of the target have been implemented.
  - (7/3) Most self-commitments of the target have been implemented.
  - (7/4) Most or all self-commitments of the target have not been implemented.
  - (7/5) The self-commitments do not cover this target.

### Recommendation II.8. Sectoral Accounts (COMMON PRIORITY)
- Target: Disseminate non-financial, financial accounts and balance sheet data, including:
  - Dissemination of non-financial accounts transactions (Annual data)
  - Dissemination of non-financial accounts transactions (Quarterly data)
  - Dissemination of stocks of non-financial assets (Annual data)
  - Dissemination of financial accounts and balance sheets (Annual data)
  - Dissemination of financial accounts and balance sheets (Quarterly data)
- Notes:
  - Explanatory notes elaborating on the status of reporting by G20 economies are separately provided.
  - (8/1) The assessment of the implementation is based on the revised templates following discussions at the February 2018 thematic workshop on institutional sectoral accounts. These templates have been explicitly endorsed by a very large majority of the participating economies, while the others did not express any objections.

### Recommendation II.9. Household Distributional Information
- Target: Encouraged to compile and disseminate distributional data

### Recommendation II.10. International Investment Position
- Targets:
  - Target: Provide quarterly IIP data including currency breakdown and OFCs
  - 2018-Intermediate target 1: Quarterly IIP
  - 2019-Intermediate target 2: Separate identification of OFCs
  - 2021-Intermediate target 3: Currency breakdown
- Notes:
  - (10/1) Data for OFCs are separately identified in limited financial instruments.

### Recommendation II.11. International Banking Statistics (COMMON PRIORITY)
- Target: Fully implement the agreed IBS enhancements
- Table markers: (11/1), (11/4)
- Intermediate target: 2018-Reporting of LBS
- Notes:
  - (11/1) Required subsectors in LBS are not yet reported.
  - (11/2) Required subsectors in CBS are not yet reported.
  - (11/3) CBS data are not yet reported.
  - (11/4) Domestic positions in LBS are not yet reported.
  - (11/5) Domestic positions in CBS are not yet reported.
  - (11/6) Indonesia has submitted three quarters of test CBS data, and is on track to join the CBS reporting population in late 2022.

### Recommendation II.12. Coordinated Portfolio Investment Survey (COMMON PRIORITY)
- Target: Reporting of semi-annual CPIS data including sector of holder
- Intermediate target: Semi-annual CPIS (reporting of the core table)
- Notes:
  - (12/1) Reporting on an annual basis.

### Recommendation II.13. Coordinated Direct Investment Survey
- Target: Reporting inward and outward data split by equity and debt
- Intermediate target: inward data with net equity and net debt split
- Notes:
  - (13/1) Counterpart country information is not provided for debt.
  - (13/2) Outward debt positions are not reported.

### Recommendation II.14. Cross-border Exposures of Non-bank Corporations
- Targets:
  - Target 1: Provision of IBS and Securities data separately identifying the NFC sector
  - Target 2: Reporting of SRF 4SRs
- Table marker: (14/3)
- Notes:
  - (14/1) Non-financial sector is reported as required, but not subsectors (its breakdown in subsectors is encouraged but not required). Japan reports in CBS but not in LBS.
  - (14/2) OFC coverage needs to be broadened.
  - (14/3) Non-financial sector is not reported.
  - (14/4) NFC and OFC coverage and breakdown needs to be improved.

### Recommendation II.15. Government Finance Statistics (COMMON PRIORITY)
- Target: Disseminate quarterly General Government Data in line with GFSM 2014
- Table markers: (15/7), (15/5)
- 2019-Intermediate target: General Government data with annual frequency
- Notes:
  - (15/1) General government data are reported with annual frequency. Quarterly financial balance sheet data not available.
  - (15/2) Annual GFS covering consolidated central government operations are reported. Financial balance sheet data not available.
  - (15/3) General government institutional coverage is under discussion regarding local government financing vehicles, while expenditure data is currently only available as Classification of the Functions of Government data, economic transaction breakdown is under development.
  - (15/4) Budgetary central government and SSFs reported with annual frequency. EBFs and balance sheets under development.
  - (15/5) Annual GFS covering consolidated general government operations are reported. Financial balance sheet data not available.
  - (15/6) Currently reported quarterly (cash) and annual (combination of accrual and adjusted cash) stock and flow data is not fully GFSM2014 compliant.
  - (15/7) Fallback solution for 2021 is met, although quarterly data including financial balance sheet information require dissemination to fully meet the recommendation.

### Recommendation II.16. Public Sector Debt Statistics (COMMON PRIORITY)
- Target: Reporting general and central government debt data
- 2018-Intermediate target: Reporting central government
- Notes:
  - (16/1) General government debt is not reported.
  - (16/2) Annual data reported.
  - (16/3) Data are not consolidated and reported at market value.
  - (16/4) Budgetary central government data reported.
  - (16/5) Bi-annual data reported.

### Recommendation II.17. Residential Property Prices
- Target: Compilation and publishing RPPI in line with the Handbook on RPPI
- Notes:
  - 2018-Intermediate target: Some data reported to the relevant international organisations, including BIS, Eurostat and OECD
  - (Rec. table markers show varying provision statuses; RPPI specifically noted as not reported for some jurisdictions in Rec. II.2 notes.)

### Recommendation II.18. Commercial Property Prices
- Target: Encouraged reporting of available CPPI
- Notes:
  - 2018-Intermediate target: Some nationally available data reported to the BIS (or to the ECB for EU economies)

### Additional status indicators and conventions used in the dashboard
- Target/Intermediate target met.
- Target/Intermediate target partially met.
- Target/Intermediate target not met.
- *Given that targets of Recommendations II.19 and II.20 have a qualitative nature, they are not included in this monitoring table.
- **Target supported but commitment depends on further IAG guidance/national consideration.
- ***Suspended in light of the new IAIS holistic framework on systemic risk in the insurance sector.
- N/A Not Applicable

*Annex 3, Monitoring Traffic Light Dashboard — status of progress in the voluntary implementation of selected DGI-2 recommendations by non-G20 FSB economies at end-2021 (as provided in the source).*

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_Source: https://www.imf.org/-/media/files/research/imf-and-g20/2022/g20-data-gaps-initiative-dgi-2-closing-report.pdf_