## _040615 — Executive Summary (Ninth Review of the Data Standards Initiatives)

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---

### Overview and context
- The Ninth Review takes a longer-term retrospective of the Data Standards Initiatives, noting a contrast between progress under SDDS/SDDS Plus and the slow pace of improvement under the GDDS.
- Eighth Review introduced the SDDS Plus in February 2012.
- Participation as of end-March 2015:
  - 113 participants in the General Data Dissemination System (GDDS).
  - 63 subscribers of the SDDS.
  - 8 adherents to the SDDS Plus.
- SDDS Plus launched in November 2014; adherents at launch: France, Germany, Italy, the Netherlands, Portugal, Spain, Sweden, and the United States.
- SDDS Plus transition rules:
  - Transition period lasting through end-2019.
  - During transition, adherents may observe requirements for at least five of the nine new data categories.
  - After end-2019, adherents must observe all nine additional data categories.

### Assessment of the three tiers (findings and monitoring stance)
- Special Data Dissemination Standard (SDDS)
  - Given the generally good track record in the observance of SDDS requirements, lighter monitoring is warranted.
  - Consolidate prior modifications to avoid perceptions the standard is a moving target.
  - Priority: assist GDDS participants to graduate to the SDDS.
- Special Data Dissemination Standard Plus (SDDS Plus)
  - Implementation is in early stages; no further modifications proposed at this time.
  - Staff will remain open to feedback and prioritize promotion of adherence by economies with systemically important financial systems that play a leading role in international capital markets.
- General Data Dissemination System (GDDS)
  - Framework largely unchanged since 1997 (some 2008 modifications).
  - Lack of incentives and absence of monitoring inhibit statistical development.
  - Proposal: enhance (not replace) the GDDS with an e-GDDS package to create incentives and monitoring.

### e-GDDS proposal: objectives, core elements, and thresholds
- Objective:
  - Re-focus the framework on publication of data essential for IMF surveillance and markets.
  - Leverage Article IV consultation dialogue to direct authorities along a three-stage path towards SDDS subscription.
- Monitoring change:
  - Under e-GDDS, STA staff would prepare progress reports on data dissemination for discussion with authorities during Article IV missions; current GDDS has no monitoring.
- Four core elements:
  - A revision to the encouraged data categories (align with TCIRS).
  - Renewed focus on disseminating data in a standardized format (SDMX/NSDPs/ODP options).
  - Annual monitoring of progress and developments.
  - Leveraging IMF surveillance activities to support statistical improvement.
- Three dissemination thresholds for readiness to transition to SDDS:
  - Baseline: disseminate metadata, plans for improvement; GDDS participants without an NSDP remain at baseline.
  - Threshold one: disseminate—at least quarterly—through an NSDP the 15 data categories according to country metadata; maintain NSDP with quarterly updating.
  - Threshold two: disseminate the 15 data categories according to e-GDDS recommendations; maintain NSDP with monthly updating.
  - Threshold three: disseminate data according to, or better than, e-GDDS coverage/periodicity/timeliness and in line with an ARC; maintain up-to-date NSDP. Participants meeting Threshold three are nearing SDDS requirements.

### Revised data coverage, periodicity, and encouraged indicators (high-level)
- Proposal aligns GDDS data categories with those required under Article VIII, Section 5, as listed in the Table of Common Indicators Required for Surveillance (TCIRS), yielding 15 encouraged data categories across real, fiscal, monetary and financial, and external sectors.
- Participants encouraged to provide three supplementary data categories: production index, labor market indicators, and producer price index.
- Periodicity/timeliness under e-GDDS is generally less stringent than SDDS except for national accounts and balance of payments where proposed requirements match SDDS.
- e-GDDS encourages dissemination of Financial Soundness Indicators (FSIs), listing the seven FSIs to be encouraged.
- Contextual data: of the 100 countries submitting FSI data to the IMF on a regular basis, 34 are GDDS participants.

### Participation, milestones, and outreach
- Near-universal acceptance: by end-March 2015 only eight IMF members remain outside the Initiatives.
- Historical timeline: SDDS (est. 1996), GDDS (est. 1997), SDDS Plus (est. 2012).
- Since 1998, SDDS subscribers required/encouraged to disseminate additional data categories in line with emerging needs (reserves data template, IIP, external debt; encouraged FSIs, sectoral balance sheets, government gross debt).
- SDDS Plus outreach highlights:
  - Workshops: September 26–28, 2012 (Washington, D.C.) and November 12–13, 2014 (Frankfurt).
  - 23 SDDS subscribers have expressed interest in transitioning to SDDS Plus.
  - Bilateral consultations and missions undertaken to prospective adherents.
  - Guidance notes published: Users Guide, Technical Guide, Clarification Notes.
- Early SDDS Plus adherent experience:
  - March 2014 framework tweaks lengthened timeliness for three categories from three to four months, adjusted one FSI for Basel consistency, and encouraged revamped NSDPs with SDMX.
  - STA capacity under current resources to assist about 5–6 adherences per year; once required data produced, adherence takes about 3–4 months of close collaboration.

### Lessons learned and impediments to progress
- Resources matter:
  - Progress heavily influenced by available human, financial, and technological resources.
  - Slow graduation from GDDS to SDDS: only 12 countries since mid-1990s graduated to SDDS.
  - Statistical development gap widened with establishment of SDDS Plus.
- Political will and institutional framework:
  - Strong political support, statistical legislation, and effective inter-agency coordination are essential.
  - GDDS participation often shows initial metadata and plans followed by stagnation and rare updates.
  - Lack of incentives and absence of monitoring have led to loss of initial impetus.
- IMF policy dialogue:
  - Article IV consultations can elevate quality data priorities, highlight resource constraints, and strengthen coordination.
  - Staff can leverage data standards, capacity building, and surveillance to promote statistical development.

### Specific recommendations and priorities
- SDDS:
  - Consolidate prior modifications.
  - Adopt lighter, risk-based monitoring given strong observance.
  - Prioritize assisting GDDS participants to graduate to SDDS.
- SDDS Plus:
  - No new modifications proposed at this time; remain open to feedback and prioritize promotion among systemically important financial economies.
- GDDS → e-GDDS:
  - Enhance GDDS with the four-element e-GDDS package to create incentives and monitoring.
  - Use Article IV missions to discuss staff-prepared progress reports to stimulate peer competition and stakeholder pressure.
  - Monitor via NSDPs; staff would assess progress against thresholds and post status on DSBB and Summaries in the Statistical Issues Appendix (SIA).

### Monitoring, reporting, implementation support, and resource implications
- Monitoring and reporting:
  - Staff will prepare an annual report and brief semiannual update based on monitoring NSDPs.
  - STA staff will assess which dissemination threshold each NSDP participant meets and post a status table on the DSBB.
  - A short summary on data dissemination issues will be included in the SIA accompanying each Article IV staff report.
- Implementation capacity and assistance:
  - With current resources, STA could assist 10–15 countries per year to implement e-GDDS.
  - IMF technical assistance would involve re-calibration of priorities with area departments and donors.
  - Staff would prioritize participants that: (i) demonstrate ownership (regular metadata updates); (ii) have or desire access to international capital markets; (iii) regularly submit data to IFS.
- Data dissemination platforms:
  - Proposed NSDP modeled on SDDS Plus platform; use of SDMX to enable machine-readable files.
  - Open Data Platform (ODP) option: centrally-hosted cloud portal; example access cost (AfDB-IMF project): initial one-time setup cost about US$10,000 and annual fees about US$3,000.
- Resource implications (medium-term expectations and figures):
  - Data dissemination of the 15 data categories envisaged for about two-thirds of e-GDDS participants.
  - Total project cost estimated at about 12–18 full-time (staff) equivalents (FTEs), or about 2½–3 FTEs per year.
  - Initial capital investment in first year: about US$ 100,000 (to assist IT infrastructure for NSDP monitoring).
  - Staffing (full-time staff equivalents) by fiscal year:
    - FY16 2.5; FY17 2.5; FY18 3.0; FY19 3.0; FY20 3.0.
  - Project development FTEs by fiscal year:
    - FY16 2.0; FY17 2.0; FY18 2.5; FY19 2.5; FY20 2.5.
  - Monitoring FTEs by fiscal year:
    - FY16 0.5; FY17 0.5; FY18 0.5; FY19 0.5; FY20 0.5.
  - Number of missions (2 staff per mission) by fiscal year:
    - FY16 10-15; FY17 10-15; FY18 10-15; FY19 10-15; FY20 10-15.
  - Capital investment (infrastructure setup, US$) by fiscal year:
    - FY16 100,000; FY17 0; FY18 0; FY19 0; FY20 0.
  - Memorandum item: E-GDDS Participants' Information technology costs (US$) by year:
    - 1 195,000; 240,000; 285,000; 330,000; 375,000.
    - Note: costs include initial startup investment about US$10,000 per participant plus annual fee about US$3000; assumes nearly all e-GDDS participants use the ODP.

### Key statistics and exact figures (verbatim from the document)
- 113 participants in the General Data Dissemination System (GDDS) (as of end-March 2015).
- 63 subscribers of the SDDS (as of end-March 2015).
- 8 adherents to the SDDS Plus (as of end-March 2015): France, Germany, Italy, the Netherlands, Portugal, Spain, Sweden, and the United States.
- SDDS Plus transition period: implementation lasting through end-2019; adherents may observe requirements for at least five of the nine new data categories during the transition; after end-2019 adherents must observe all nine additional data categories.
- Table 3 (GDDS Participants: Status of Metadata/Plans for Improvement Updates, number of participants, as of March 2015) — Total: 42 14 11 10 29.
- Since the Eighth Review in 2012, 13 countries became participants in the GDDS.
- Regional distribution of GDDS participants (as of end-March 2015):
  - 39 in sub-Saharan Africa.
  - 25 in Asia and the Pacific.
  - 22 in the Western Hemisphere.
  - 20 in the Middle East and Central Asia.
  - 6 in Europe.
- GDDS update behavior:
  - During the past three years, only 42 of the 106 GDDS participants (excluding those that joined only in the last two years) have modified metadata/plans.
  - 50 have not done so in over seven years, including 29 that have never revised this information.
- Graduations to SDDS (chronological list and years):
  - Kazakhstan, Armenia, and Bulgaria (2003); Kyrgyz Republic (2004); Romania (2005); Moldova (2006); Malta (2009); Jordan and Georgia (2010); Macedonia, FYR (2011); Mauritius and West Bank and Gaza (2012).
- Two GDDS participants have graduated to the SDDS since 2012 (Mauritius and West Bank and Gaza).
- SDDS subscriber compliance examples:
  - As of end-March 2015, 43 of the 63 subscribers (and all eight SDDS Plus adherents) provided hyperlinks to time series for all data categories on NSDPs.
  - 53 of the 63 subscribers complied with the request for metadata to reflect full methodological disclosure; all eight SDDS Plus adherents met this requirement.
  - No SDDS subscriber disseminates sectoral balance sheet data; only one disseminates general government total gross debt in nominal values; 56 of the 63 provide the seven FSIs.
  - All eight SDDS Plus adherents disseminate sectoral balance sheets data; six SDDS Plus adherents disseminate general government total gross debt in nominal values; three SDDS Plus adherents disseminate the FSIs (including residential real estate prices).

### Issues for Executive Directors (as listed in the document)
- Do IMF Executive Directors agree that the SDDS and SDDS Plus require no modifications at this time, and that the focus should remain on promoting subscription and adherence, respectively?
- Do IMF Executive Directors agree with staff’s proposal to enhance the GDDS by aligning the GDDS data categories to the TCIRS?
- Do IMF Executive Directors agree with staff’s proposal for dissemination thresholds for the e-GDDS, and to monitor progress using these thresholds?
- Do IMF Executive Directors agree with staff’s proposal that data dissemination issues should be discussed during Article IV consultation missions, when warranted?
- Do IMF Executive Directors agree that the Tenth Review of the Data Standards Initiatives should be in five years time?

*Prepared by staff in the Strategy, Standards and Review Division of the Statistics Department, led by Messrs. Robert York and Louis Venter; Approved by J. R. Rosales.*

### EXECUTIVE SUMMARY

### _040615 - EXECUTIVE SUMMARY

### Overview and context
- The Ninth Review takes a longer-term retrospective of the Data Standards Initiatives, noting a contrast between progress under SDDS/SDDS Plus and the slow pace of improvement under the GDDS.
- The Eighth Review (February 2012) introduced the Special Data Dissemination Standard (SDDS) Plus.
- By end-March 2015, there are 113 participants in the General Data Dissemination System (GDDS), 63 subscribers of the SDDS, and eight adherents to the SDDS Plus.
- The SDDS Plus was launched in November 2014; eight countries have adhered: France, Germany, Italy, the Netherlands, Portugal, Spain, Sweden, and the United States.
- SDDS Plus allows a transition period through end-2019 during which adherents may observe requirements for at least five of the nine new data categories; after end-2019, adherents must observe all nine additional data categories.

### Assessment of the three tiers
- Special Data Dissemination Standard (SDDS)
  - Given the generally good track record in the observance of SDDS requirements, lighter monitoring is now warranted.
  - Modifications introduced in previous reviews should be consolidated to avoid perceptions that the standard is a moving target.
  - Priority for the SDDS: assisting GDDS participants to graduate to the SDDS.
- Special Data Dissemination Standard Plus (SDDS Plus)
  - Implementation is in its early stages; no further modifications are being proposed at this time.
  - Staff will remain open to feedback from current and prospective adherents on problem areas and suggestions to accelerate implementation, with high priority to promoting adherence by economies with systemically important financial systems that play a leading role in international capital markets.
- General Data Dissemination System (GDDS)
  - The GDDS framework has remained largely unchanged since its establishment in 1997 despite some 2008 modifications.
  - Feedback points to a lack of incentives to disseminate data, inhibiting statistical development.
  - The review proposes enhancements to the GDDS (e-GDDS) to address these issues.

### e-GDDS proposal: objectives and key elements
- Objective: re-focus the framework on publication of data essential for surveillance by the IMF and markets, and leverage Article IV consultation dialogue to direct authorities’ attention on progress along a three-stage path towards subscription to the SDDS.
- Monitoring change: under the e-GDDS staff would prepare progress reports on data dissemination for discussion with the authorities by Article IV missions; the present GDDS framework has no monitoring.
- Four elements to the proposed e-GDDS:
  - a revision to the encouraged data categories;
  - a renewed focus on disseminating data in a standardized format;
  - annual monitoring of progress and developments;
  - leveraging IMF surveillance activities to support statistical improvement.
- Under the proposal, the GDDS would be “enhanced” but not replaced by a new standard.

### Recent participation and milestones
- Near-universal acceptance: by end-March 2015 only eight IMF members remain outside the Initiatives.
- Historical participation: the Data Standards Initiatives were launched after the financial crisis of 1994/95; SDDS (est. 1996), GDDS (est. 1997), and SDDS Plus (est. 2012).
- Since 1998, SDDS subscribers have been required/encouraged to disseminate additional data categories in line with emerging needs (reserves data template, IIP, external debt; encouraged FSIs, sectoral balance sheets, government gross debt).
- SDDS subscribers are required to disseminate data on a National Summary Data Page (NSDP) and according to an Advance Release Calendar (ARC), and agree to non-observance procedures and sanctions.

### Lessons learned and impediments to progress
- Resources matter:
  - Progress heavily influenced by available human, financial, and technological resources.
  - Slow graduation from the GDDS to the SDDS (only 12 countries since mid-1990s) reflects insufficiency of resources in many low-income countries.
  - The statistical development gap has widened with establishment of the SDDS Plus.
- Political will and institutional framework:
  - Strong political support, statistical legislation, and effective inter-agency coordination are essential for data transparency.
  - Participation in the GDDS often shows an initial push to prepare metadata and plans for improvement followed by stagnation in updates and implementation.
  - Lack of incentives for implementing plans and absence of monitoring have led to loss of initial impetus for statistical development.
- IMF policy dialogue:
  - The IMF’s policy dialogue, including Article IV consultations, can elevate the priority of quality data and dissemination, especially in countries with weak capacity.
  - The IMF can leverage data standards initiatives, capacity building, and surveillance to promote statistical development.

### Specific recommendations and priorities
- SDDS
  - Consolidate prior modifications and adopt lighter monitoring given strong observance.
  - Prioritize assisting GDDS participants to graduate to the SDDS.
- SDDS Plus
  - No new modifications proposed at this time due to the early stage of implementation; remain open to feedback from adherents and prospective adherents.
- GDDS → e-GDDS
  - Enhance (not replace) GDDS with the four-element e-GDDS package to create incentives and monitoring to stimulate statistical development and data dissemination.
  - Use Article IV missions to discuss progress reports prepared by staff to stimulate peer competition and stakeholder pressure.

### Key statistics and exact figures (as presented)
- 113 participants in the General Data Dissemination System (GDDS) (as of end-March 2015).
- 63 subscribers of the SDDS (as of end-March 2015).
- 8 adherents to the SDDS Plus (as of end-March 2015): France, Germany, Italy, the Netherlands, Portugal, Spain, Sweden, and the United States.
- SDDS Plus transition period: implementation lasting through end-2019; adherents may observe requirements for at least five of the nine new data categories during the transition; after end-2019 adherents must observe all nine additional data categories.
- Table 3 (GDDS Participants: Status of Metadata/Plans for Improvement Updates, number of participants, as of March 2015) — Total: 42 14 11 10 29.

*Prepared by staff in the Strategy, Standards and Review Division of the Statistics Department, led by Messrs. Robert York and Louis Venter; Approved by J. R. Rosales.*

### 5.      Two GDDS participants have graduated to the SDDS since 2012 (Mauritius and

### 5. Two GDDS participants have graduated to the SDDS since 2012 (Mauritius and West Bank and Gaza)

### SDDS observance, modifications, and monitoring
- Two GDDS participants have graduated to the SDDS since 2012 (Mauritius and West Bank and Gaza) and five over the past five years.
- Low numbers indicate challenges in graduating from the GDDS to the SDDS and a statistical-development gap between GDDS participants and those in the higher standards.
- During the Eighth Review, the IMF Executive Board endorsed modifications to the SDDS, with the main change involving strengthened non-observance procedures. The timeline for actions by staff and management, and the authorities in the event of non-observance were clearly spelled out under the new procedures.
- Close collaboration and consultation between staff and subscribers (through the SDDS Coordinator) on emerging issues have so far effectively pre-empted the need to invoke these procedures.
- Subscribers generally have strong capacity and observe the requirements diligently, making the standard largely “self-policing” and requiring less staff resources for effective oversight.
- Timely observance of the dissemination requirements for quarterly IIP data (effective September 2014, as prescribed by the Executive Board in 2010) was met by all but one subscriber.
- Under the new non-observance procedures, the authorities have up to six months to resolve an inability to observe a dissemination requirement before it is considered a serious deviation.

### Remaining implementation issues and subscriber compliance
- NSDP hyperlinks:
  - As of end-March 2015, 43 of the 63 subscribers (and all eight SDDS Plus adherents) provided hyperlinks to time series for all data categories.
  - The remaining 20 subscribers have one or more data categories that do not have such links.
  - Staff is working with authorities to ensure NSDPs have the required hyperlinks as soon as feasible (no specific timeframe provided).
- Metadata and methodological disclosure:
  - Through March 2015, 53 of the 63 subscribers complied with the request for metadata to reflect full methodological disclosure.
  - All eight of the SDDS Plus adherents met this requirement.
  - Under the SDDS, subscribers are encouraged but not required to adopt the latest internationally-accepted methodologies.
- Encouraged data categories introduced in 2010:
  - Modifications encouraged dissemination of sectoral balance sheets and general government total gross debt in nominal values, as well as seven financial soundness indicators (FSIs).
  - No SDDS subscriber disseminates sectoral balance sheet data.
  - Only one disseminates general government total gross debt in nominal values.
  - 56 of the 63 provide the seven FSIs.
  - All eight SDDS Plus adherents disseminate sectoral balance sheets data.
  - Six SDDS Plus adherents disseminate data on general government total gross debt in nominal values.
  - Three SDDS Plus adherents disseminate the FSIs (including residential real estate prices, which are not included under the SDDS).

### Monitoring approach and priorities
- Given the generally good track record of subscribers, lighter monitoring is warranted.
- Staff plans to take a more risk-based approach to monitoring the SDDS.
- Priority actions:
  - Move subscribers with systemically important financial systems to the SDDS Plus.
  - Assist GDDS participants to graduate to the SDDS.
  - Consolidate modifications introduced in previous reviews.

### Promotion of graduation to the SDDS and country engagement
- Staff promotes graduation, especially among members demonstrating strong commitment to high data standards and those with large economies.
- Countries working closely with staff to implement plans to meet SDDS requirements in the near term: Albania, Bolivia, Guatemala, Montenegro, Panama, Serbia, Sri Lanka, and Seychelles.
- Countries building good statistical capacity but likely to meet requirements over the medium term: Botswana, Bangladesh, Namibia, Mongolia, Pakistan, and Uganda.
- Staff is working closely with China and Saudi Arabia, the only two G20 economies that are not subscribers to the SDDS (or adherents to the SDDS Plus).
  - Following the November 2014 announcement by President Xi Jinping of his government’s intention to subscribe to the SDDS, a mission assessed China’s data compilation and dissemination practices against the standard’s requirements. Staff understands that China could subscribe by end-2015.
  - A mission visited Riyadh in March 2013 at the request of the Saudi Arabian authorities to assess practices; authorities have been working to meet the SDDS requirements, but no timeframe for subscription has been conveyed to staff.

---

### SDDS Plus: design, implementation, and outreach
- The SDDS Plus was established in 2012 as the third and highest tier, featuring rigorous standards for nine additional data categories beyond those in the SDDS and complementing the G-20 Data Gaps Initiative (DGI).
- The nine additional data categories are: sectoral balance sheets; quarterly general government operations; quarterly general government total gross debt; other financial corporations survey; financial soundness indicators; debt securities; and participation in the Coordinated Portfolio Investment Survey, Coordinated Direct Investment Survey, and Currency Composition of Official Foreign Exchange Reserves database.
- Adherence rules:
  - Countries must observe at least five of the nine data categories during the transition period and have plans to meet the remaining categories by end-2019.
  - Countries wishing to participate after 2019 must meet all nine data categories at the time of adherence.
- Challenges delaying launch included:
  - Tight budget constraints.
  - Trade-offs in allocating scarce resources to meet SDDS Plus standards or competing statistical priorities.
  - Uncertainty about capacity to meet requirements by the end of the transition period, particularly for partially or not-yet-compiled categories (e.g., debt securities).
  - Technological challenges related to use of SDMX—the platform supporting the SDDS Plus.
- March 2014 framework tweaks (decision DEC/15564 and related staff report):
  - Lengthened the timeliness of three data categories (sectoral balance sheets, other financial corporations survey, and debt securities) from three to four months after the reference period.
  - Changed one FSI (ratio of liquid assets to short-term liabilities) to ensure consistency with updated Basel Accords methodologies.
  - Staff worked with authorities to revamp NSDPs and incorporate an SDMX platform; revamped NSDPs are user friendly, machine readable, remove need for manual updating, but require an upfront investment.
- Launch and early adherents:
  - Launch took place in November 2014.
  - First cluster of countries met the requirements in February 2015: France, Germany, Italy, the Netherlands, Portugal, Spain, Sweden, and the United States.
  - Metadata and links to their respective NSDPs are posted on the DSBB.
- Staff stance:
  - No further modifications are envisaged at this stage; staff will remain open to feedback from current and prospective adherents.
- Priority for promotion:
  - Economies with systemically important financial systems that play a leading role in international capital markets—those for which the IMF Executive Board has mandated FSAP financial stability assessments every five years.
  - Under the current resource envelope, STA has the capacity to assist the adherence of about 5–6 countries per year.
  - Experience indicates that—once the country is producing the required data—adherence would take about 3–4 months of close collaboration between staff and authorities, primarily transitioning all data categories to the revamped NSDP using SDMX.

Box 1 (outreach and consultation highlights)
- Workshops:
  - Two SDDS Plus workshops: September 26–28, 2012 (Washington, D.C.) for delegations from 23 countries; November 12–13, 2014 (Frankfurt) for 47 delegates from 29 countries.
- Correspondence:
  - Staff invited expressions of interest in the SDDS Plus and offered technical support to all 71 SDDS subscribers in 2012. To date, 23 subscribers have expressed interest in transitioning to the SDDS Plus.
- Meetings:
  - Presentations to the European Commission’s Committee on Monetary, Financial, and Balance of Payments (July 2013, January 2014, July 2014), Bank of France (June 2013), and a Regional Meeting on the SDDS Plus in Frankfurt (May 2014).
- Bilateral consultations:
  - SDDS Plus consultation missions undertaken to the eight countries in the first cluster of adherents and to Austria, Chile, Czech Republic, and Japan.
- Publication of guidance notes:
  - Special Data Dissemination Standard Plus: Guide for Adherents and Users (Users Guide).
  - National Summary Data Page: Technical Implementation Guide (Technical Guide).
  - Clarification Notes on the treatment of Nonautonomous Unfunded Government Employee Pension Schemes and Other Accounts Payable in relevant data categories.

### General Data Dissemination System (GDDS) participation and progress
- Since the Eighth Review in 2012, 13 countries became participants in the GDDS.
- As of end-March 2015, there are 113 GDDS participants.
  - Of the 113 GDDS participants, 39 are in sub-Saharan Africa, 25 in Asia and the Pacific, 22 in the Western Hemisphere, 20 in the Middle East and Central Asia, and 6 in Europe.
- At the time of the Seventh Review in 2008, substantive modifications to the GDDS included aligning data categories with the SDDS, encouraging development of NSDPs and Advance Release Calendars (ARCs), and addressing data quality through regular updates of plans for statistical improvement.
- Implementation outcomes:
  - While some participants developed NSDPs and ARCs (14 participants in sub-Saharan Africa), the majority of participants’ metadata are rarely updated and data dissemination and plans for improvement have largely not materialized.
  - During the past three years, only 42 of the 106 GDDS participants (excluding those that joined only in the last two years) have modified this information.
  - 50 have not done so in over seven years, including 29 that have never revised this information.
  - Only 12 GDDS participants have graduated to the SDDS after nearly two decades of the SDDS’ existence (chronological list): Kazakhstan, Armenia, and Bulgaria (2003); Kyrgyz Republic (2004); Romania (2005); Moldova (2006); Malta (2009); Jordan and Georgia (2010); Macedonia, FYR (2011); Mauritius and West Bank and Gaza (2012).

Box 2 (donor support for the GDDS)
- DFID support:
  - DFID project (2010–15) provided financing of US$7.5 million for 10 modules, including one on the Enhanced Data Dissemination Initiative (EDDI) to assist 25 Anglophone countries in sub-Saharan Africa.
  - Under the project: Burundi became a GDDS participant; 11 countries created NSDPs; 13 produced ARCs; Mauritius was the first of the countries covered by the project to graduate to the SDDS (February 2012).
  - In February 2015, DFID approved the second phase of the EDDI for a five-year period beginning in April 2015 and amounting to about US$9.5 million.
- Japan support:
  - First project (initiated 2011) provides US$1.3 million to assist 13 economies to participate in the GDDS, leading to 11 new GDDS participants.
  - Second project (initiated May 2014) provides US$2.1 million to assist 12 countries in Southeast Asia and the Pacific to disseminate data and graduate to the SDDS.

*Source: Ninth Review of the Data Standards Initiatives (excerpts provided).*

### 20.      Consultation and outreach with GDDS participants and other stakeholders suggested a

### _040615 - 20.      Consultation and outreach with GDDS participants and other stakeholders suggested a

### Consultation findings on insufficient progress in data dissemination
- Main factor cited: stagnation of the current system that treats development of metadata and plans for statistical improvement as sufficient impetus for data dissemination.
- Other factors cited: inadequate financial and human resources and technical capacity, especially in sub-Saharan Africa and fragile states.
- Stakeholders stressed link between incentives and political support for statistics and urged a stronger statistical dimension in the IMF’s surveillance dialogue.
- Senior statistical officials argued sharpening the GDDS focus on disciplined data dissemination is essential to mobilize resources and political support, with Article IV consultations highlighted as a vehicle to:
  - (i) elevate data issues in internal/domestic policy discussions;
  - (ii) highlight resource and capacity constraints;
  - (iii) strengthen coordination and collaboration among members of the national statistical system.

### Why graduation to the SDDS has been slow
- SDDS premise: promote transparency for countries aspiring to access international capital markets.
- Estimated potential benefit from SDDS subscription found in a study: lower borrowing costs in international capital markets of about 20–50 basis points.
- Since the global financial crisis, accommodative monetary conditions and the “search for yield” appear to have softened investors’ demands for data transparency.
- Empirical observation: 17 GDDS participants during 2009–14 accessed international capital markets or received sovereign credit ratings without subscribing to the SDDS.
- Implication: the potential “fiscal benefit” of SDDS subscription has diminished since 2008.

### Data dissemination as a public good and its benefits
- Data dissemination identified as a global public good, critical for proper functioning of financial markets and global financial stability.
- Benefits listed:
  - Provides information to markets and constrains policymaker actions.
  - Promotes interactions with the outside world and strengthens IMF surveillance effectiveness.
  - Public access to data promotes data quality through external assessment of methodologies, accuracy, and reliability.
  - Enables international comparisons and peer review.

### Assessment of GDDS participants as SDDS candidates
- Using 2005-based analysis: SDDS subscribers tended to have relatively high per capita GDP, with nearly all subscribers above US$2,000 (2005).
- Using the 2005 threshold at 2013 prices (approximately US$2,600, based on a 5 percent annual inflation rate), about half of the current GDDS participants might have been expected to move to the SDDS.
- Broader analysis combining real per capita GDP, Polity2 score, and the UN Human Development Index suggests about 50 GDDS participants share similar income and institutional and human development characteristics as the average SDDS subscriber.
- Caveat: identifying candidates is indicative only; many factors matter including per capita income (proxy for financial constraints), strength of institutions, and political commitment. Without strong political commitment other factors may lose importance.

### Proposal to enhance the GDDS (e-GDDS): objectives and core elements
- Proposal objective: refocus the GDDS on publication of data essential for IMF surveillance and markets, leveraging Article IV consultations to direct authorities along a three-stage path towards SDDS subscription.
- Under the proposal, staff (STA) would prepare progress reports on data dissemination for discussion with authorities during Article IV missions.
- The GDDS would be “enhanced” (e-GDDS) but not replaced by a new standard.
- Four elements of the proposed e-GDDS:
  - a revision to the encouraged data categories;
  - a renewed focus on disseminating data in a standardized format;
  - annual monitoring of progress and developments;
  - leveraging surveillance activities to support statistical improvement.
- The e-GDDS would apply to all current and future GDDS participants; members may withdraw participation at any time.
- Staff would only be able to monitor progress when countries disseminate data through a National Summary Data Page (NSDP).

### Revised data categories, coverage, and related monitoring
- Proposal to align GDDS data categories with those required under Article VIII, Section 5, as listed in the Table of Common Indicators Required for Surveillance (TCIRS).
- Alignment would result in 15 encouraged data categories covering real, fiscal, monetary and financial, and external sectors, mirroring the TCIRS.
- Participants would be encouraged to provide statistics for three supplementary data categories—production index, labor market indicators, and producer price index—that are not part of the TCIRS but are included in the SDDS.
- Participants would continue to be required to provide metadata, including for the supplementary data categories.
- Periodicity and timeliness of the e-GDDS would be much less stringent than the SDDS (except for national accounts and balance of payments, where they are proposed to be the same).
- Rationale for stricter requirements on national accounts and balance of payments:
  - (i) importance of these data for surveillance;
  - (ii) many GDDS participants (about one quarter) are already publishing these data as proposed.
- The e-GDDS would encourage dissemination of Financial Soundness Indicators (FSIs) as in the SDDS. The FSI set includes:
  - regulatory Tier 1 capital to risk-weighted assets;
  - regulatory Tier 1 capital to assets;
  - nonperforming loans net of provisions to capital;
  - nonperforming loans to total gross loans;
  - return on assets;
  - liquid assets to short-term liabilities;
  - net open position in foreign exchange to capital.
- Contextual data point: of the 100 countries submitting FSI data to the IMF on a regular basis, 34 are GDDS participants.

*Italicized source: NINTH REVIEW OF THE DATA STANDARDS INITIATIVES, INTERNATIONAL MONETARY FUND (excerpt).*

### Box 5 Table 1. Table of Common Indicators Required for Surveillance

### Box 5 Table 1. Table of Common Indicators Required for Surveillance

### Memo Items: Data Quality
- Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
- Reflects the assessment provided in the data ROSC or the Substantive Update (published in July 2010, and based on the findings of the mission that took place during December 09-22, 2009) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).
- Same as footnote 7, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, and revision studies.

### e-GDDS: Proposed Data Coverage, Periodicity and Timeliness — Core Macroeconomic and Financial Data
- National accounts (GDP): GDP in current prices and volume by production approach, or by expenditure approach. — Quarterly — 1 quarter
- Consumer price index: Monthly — 2 months
- General government operations: Statement of government operations (revenue; expense; gross operating balance; net operating balance; net acquisition of nonfinancial assets; net lending (+)/net borrowing (-); net acquisition of financial assets: (1) domestic; (2) foreign; net incurrence of liabilities: (1) domestic; (2) foreign; statistical discrepancy). — Annual — 3 quarters
- Central government operations: Statement of government operations (same components as general government operations). — Quarterly — 1 quarter
- Central government gross debt: Domestic and foreign gross debt. — Quarterly — 2 quarters
- Depository corporations survey: Broad money; Domestic claims; and Net foreign assets. — Monthly — 1 quarter
- Central bank survey: Monetary base; Domestic claims; and Net foreign assets. — Monthly — 2 months
- Interest rates: Short and long-term government security rates, policy-oriented rate. — Monthly — (timeliness not specified in table)
- Stock market (if applicable): Monthly — (timeliness not specified in table)
- Balance of payments: Current account; Capital account; Financial account; and Net errors and omissions. — Quarterly — 1 quarter
- External debt: Public and publicly guaranteed external debt, broken down by maturity(short-term and long-term); and Private external debt not publicly guaranteed, broken down by maturity (short-term and long-term). — Quarterly — 2 quarters
- Official reserve assets: Gross official reserve assets. — Monthly — 1 month
- Merchandise Trade: Total exports and total imports. — Monthly — 12 weeks
- International investment position (IIP): Assets and liabilities, disaggregated by: direct investment; portfolio investment; other investment; and reserve assets (included only in assets). — Annual — 3 quarters
- Exchange rates: Spot rates. — Daily — (timeliness implicit as daily)

Notes:
- 1 Based on BPM6 categories; BPM5 basis data should be presented in equivalent detail.

### e-GDDS: Proposed Data Coverage, Periodicity and Timeliness — Supplementary Macroeconomic and Financial Data
- Production index: Manufacturing or industrial, primary commodity, or sector coverage as relevant. — Monthly (as relevant) — 12 weeks
- Labor market: Employment, unemployment, wages/earnings, as relevant. — Annual — 3 quarters
- Producer price index: Monthly — 2 months
- Financial soundness indicators (FSIs): Regulatory Tier 1 capital to risk-weighted assets; Regulatory Tier 1 capital to assets; Nonperforming loans net of provisions to capital; Nonperforming loans to total gross loans; Return on assets; Liquid assets to short-term liabilities; Net open position in foreign exchange to capital. — Quarterly — 1 quarter

### Demographic and Selected Socio-Economic Indicators
- Population: Population characteristics: size. — Annual (Census every ten years) — 3–6 months for annual updates; 9–12 months for Census
- Selection of socio-demographic indicators: Sustainable development goals and other indicators of the authorities’ choosing.

### SDDS/e-GDDS Coverage and Flexibility (selected tabulated highlights)
- Table 6: Number of SDDS subscribers using flexibility options (number of subscribers per data category): examples include Production Index — 18; Labor market — 13; General government operations — 14; Central government operations — 21; Central government debt — 3; Depository corporations survey — 4; Central bank survey — 4; Producer price index — 4; Merchandise trade — 1; International investment position — 1; Balance of payments — 1; Stock market — 1. (n.a. implies no flexibility option is available for periodicity and/or timeliness.)
- Table 7: Comparison of SDDS and e-GDDS coverage, periodicity, and timeliness highlights:
  - National accounts: Required Yes — Periodicity Q1 — Timeliness Q
  - Production Index: Required Yes — Periodicity M6W — Supplementary M12W
  - Consumer price index: Required Yes — Periodicity M1 — Timeliness M; Encouraged Yes — Periodicity M2 — Timeliness M
  - General government operations: Required Yes — Periodicity A2 — Timeliness Q; Encouraged Yes — Periodicity A3 — Timeliness Q
  - Central government operations: Required Yes — Periodicity M1 — Timeliness M; Encouraged Yes — Periodicity Q — Timeliness 1Q
  - Official reserve assets: Required Yes — Periodicity M1 — Timeliness W; Encouraged Yes — Periodicity M1 — Timeliness M
  - Merchandise trade: Required Yes — Periodicity M8 — Timeliness W; Encouraged Yes — Periodicity M12 — Timeliness W
  - International investment position: Required Yes — Periodicity Q1 — Timeliness Q; Encouraged Yes — Periodicity A3 — Timeliness Q

### Current Practice and Compilation (Table 8 highlights)
- Number of participants compiling, by data category (examples):
  - National accounts: 11226
  - Consumer price index: 11293
  - General government operations: 5222
  - Central government operations: 10961
  - Central government debt: 10164
  - Depository corporations survey: 10895
  - Central bank survey: 10791
  - Interest rates: 10787
  - Balance of payments: 11252
  - Official reserve assets: 10277
  - Merchandise trade: 10955
  - International investment position: 6631
  - Exchange rates: 10090
- Supplementary data categories (examples):
  - Production Index: 7926
  - Labor market: 9247
  - Price indices (Producer price index): 4118
  - Financial soundness indicators: 3434

### Thresholds for Readiness to Transition to the SDDS (e-GDDS three thresholds)
- Baseline: Participants disseminate metadata, plans for improvement, and none or some of the encouraged data categories. GDDS participants without an NSDP will be considered as in the baseline until they meet the requirements of the first threshold.
- Threshold one:
  - Disseminating—at least quarterly—through an NSDP the 15 data categories according to the coverage, periodicity, and timeliness stated in a country’s metadata, some of which may fall short of the e-GDDS framework.
  - Maintain an NSDP with quarterly updating, or more often if warranted.
- Threshold two:
  - Disseminating the 15 data categories according to the coverage, periodicity, and timeliness recommended under the e-GDDS framework, with monthly updating of the NSDP.
  - Maintain an NSDP with monthly updating, or more often if warranted.
- Threshold three:
  - Disseminating data according to, or better than the coverage, periodicity, and timeliness recommended under the e-GDDS framework and in line with an ARC, while maintaining an up-to-date NSDP.
  - Participants meeting this threshold are nearing the requirements of the SDDS, although strong political commitment would be needed to reach this standard.
- Additional elements across thresholds:
  - Disseminate metadata and plans for improvement; observe an ARC covering all TCIRS data (or all SDDS data at higher thresholds); disseminate TCIRS data plus additional data categories as higher thresholds are met.

### Data Dissemination Platforms and Tools
- Proposed NSDP characteristics:
  - Modeled on the information-technology platform established under the SDDS Plus.
  - Use of SDMX as the enabler: provides push/pull capabilities, machine readable format, reduces human errors, and is easily accessible.
  - Simple web layout, customizable columns indicating GDDS data categories, hyperlinks to authorities’ dissemination sites, hyperlinks to electronic SDMX data files.
- Open Data Platform (ODP) option (Box 6):
  - ODP is a centrally-hosted, third-party provided portal (cloud).
  - Agencies can create and customize web-based NSDPs; data uploaded via Excel-based files and can be converted into tables, charts, dashboards, and SDMX machine-readable formats.
  - Access cost example (AfDB-IMF project): initial one-time setup cost about US$10,000 and annual fees about US$3,000.
  - Staff partnerships with AfDB to train officials and use ODPs established in countries.

### Monitoring, Reporting, and Implementation Support
- Monitoring and reporting:
  - Staff will prepare an annual report and a brief semiannual update based on monitoring NSDPs.
  - For each participant with an NSDP, STA staff will assess progress against core data categories and judge which dissemination threshold the participant meets.
  - A status table for each country with an NSDP will be posted on the DSBB and a short summary on data dissemination issues will be included in the Statistical Issues Appendix (SIA) accompanying each Article IV staff report.
- Implementation capacity and assistance:
  - With the current resource envelope, STA would be able to assist 10–15 countries to implement the e-GDDS each year.
  - IMF technical assistance to e-GDDS countries would involve re-calibration of priorities in consultation with country teams and donors; in case of large demand, STA staff would work with area departments to establish priorities as part of the consultative Resource Allocation Program.
- International support dimensions:
  - Aligning e-GDDS data categories with IMF surveillance data likely will increase interest in country performance by rating agencies and market participants.
  - Monitoring progress via thresholds will guide technical assistance and donor support; assistance could include strengthening plans for improvement, targeting specific data categories, and regional training to exploit synergies.
  - Establishing/strengthening dissemination platforms in collaboration with regional development banks will facilitate publication of social and demographic data, including SDG-related indicators.

*Source: Box 5 Table 1. Table of Common Indicators Required for Surveillance (excerpted from the provided IMF PDF content).*

### Box 7. Monitoring Under the e-GDDS

### Box 7. Monitoring Under the e-GDDS

### Role of the Statistical Issues Appendix (SIA) and e-GDDS enhancements
- Every Article IV report has a Statistical Issues Appendix (SIA) that provides information necessary to form a view on the adequacy of data provision to the Fund for surveillance purposes.
- The SIA includes:
  - the TCIRS;
  - staff’s assessment of data shortcomings that have implications for surveillance;
  - a country’s data adequacy classification: “A” (adequate for surveillance), “B” (has some shortcomings but is broadly adequate for surveillance), and “C” (has serious shortcomings that significantly hamper surveillance);
  - date of the latest data ROSC, if applicable;
  - adherence to the SDDS Plus, subscription to the SDDS, or participation in the GDDS.
- Under the e-GDDS:
  - country teams would elaborate further on assessment of data adequacy informed by a discussion on data dissemination with respect to the e-GDDS data categories;
  - the summary text in the SIA would be augmented to reflect the e-GDDS participant’s dissemination practices;
  - STA staff’s assessment on Current Dissemination Practices Compared with the e-GDDS data categories would be prepared and updated semi-annually by STA and posted on each e-GDDS participant’s country page on the DSBB.

### Template content for the SIA under e-GDDS (Box 7 Table 1 highlights)
- I. Assessment of Data Adequacy for Surveillance (as of [Date])
  - General: Data provision [is adequate for surveillance; has some shortcomings but is broadly adequate for surveillance; has serious shortcomings that significantly hamper surveillance].
  - Most affected areas are: [for example] national accounts, prices, and external sector statistics.
  - National Accounts: [Brief description of current situation and any outstanding issues].
  - Price Statistics: [Brief description of current situation and any outstanding issues].
  - Government Finance Statistics: [Brief description of current situation and any outstanding issues].
  - Monetary and Financial Statistics: [Brief description of current situation and any outstanding issues].
  - External sector statistics: [Brief description of current situation and any outstanding issues].
- II. Data Standards and Quality
  - Participant in the Fund’s GDDS since [Date].
  - Metadata and improvement plan were last updated on [date].
  - Data ROSC was published on [Date].
  - [Country name] disseminates [x] of the 15 data categories under the GDDS as shown in Table 2.
  - [Short description of data dissemination issues prepared by area department country teams in collaboration with STA.]

### Monitoring, technical assistance, and prioritization
- Subject to resource availability, staff would stand ready to provide technical assistance in support of the e-GDDS, including as regards information technology.
- Many participants may not require such assistance, especially those well advanced in data dissemination (e.g., 19 participants that have had SDDS assessments and are making progress toward that standard), have strong capacity, and are already developing ODPs.
- In collaboration with the AfDB, staff has provided technical assistance to 20 countries in sub-Saharan Africa; donor financing will allow the Fund to continue this work in Africa, the Middle East and Central Asia, and in Asia and the Pacific.
- On current resources, STA could support 10–15 participants each year to develop NSDPs.
- To optimize scarce resources, staff would give high priority to participants that:
  - (i) demonstrate strong ownership of statistical development, evidenced by regular and timely updates of their metadata and plans for improvement;
  - (ii) have or desire access to international capital markets; and
  - (iii) regularly submit data to the IMF’s International Financial Statistics (IFS).

### Resource implications and staffing (Table 11 and accompanying text)
- Overall medium-term expectation:
  - Data dissemination of the 15 data categories is envisaged for about two-thirds of e-GDDS participants.
  - Total project cost estimated at about 12–18 full-time (staff) equivalents (FTEs), or about 2½–3 FTEs per year.
- Initial capital investment:
  - During the first year of the project, an initial investment of about US$ 100,000 would be needed to assist in establishment of the IT infrastructure to monitor e-GDDS participants’ NSDPs.
  - The initial investment would form part of the Fund’s administrative budget for capital projects.
- Staffing and activity breakdown (text and Table 11):
  - About 2½–3 FTEs per year over the medium-term.
  - Staff resources allocated for e-GDDS participants would include:
    - collaboration with data compiling agencies to setup the NSDP/ODP, including pre-populating data files using standardized data definitions, and website or ODP/dashboard design;
    - a (two-person) mission to work hands-on with each participant;
    - post-mission follow-up activities, including establishing the monitoring process and other technical issues.
  - Somewhat less than 2 FTEs per year to monitor the e-GDDS framework in the post-implementation phase (system largely automated, but staff needed for metadata updates, technical failures, changes in web and data links).
- Table 11. e-GDDS: Resource Implications (in units indicated)
  - Staffing (full-time staff equivalents): FY16 2.5, FY17 2.5, FY18 3.0, FY19 3.0, FY20 3.0
  - of which Project development (e.g., develop NSDPs): FY16 2.0, FY17 2.0, FY18 2.5, FY19 2.5, FY20 2.5
  - Monitoring: FY16 0.5, FY17 0.5, FY18 0.5, FY19 0.5, FY20 0.5
  - Number of missions (2 staff per mission): FY16 10-15, FY17 10-15, FY18 10-15, FY19 10-15, FY20 10-15
  - Capital investment (infrastructure setup, US$): FY16 100,000, FY17 0, FY18 0, FY19 0, FY20 0
  - Memorandum item: E-GDDS Participants' Information technology costs (US$): 1 195,000, 240,000, 285,000, 330,000, 375,000
    - Note: Costs include intitial startup investment of about US$10,000 per participant plus annual fee (about US$3000).
    - The figure assumes the cost of nearly all e-GDDS participants use of the ODP.
    - Staff envisages undertaking back-to-back missions to two countries, to economize on resources.

### Issues for Executive Directors' discussion (as listed)
- Do IMF Executive Directors agree with staff’s position that the SDDS and SDDS Plus requires no modifications at this time, and that the focus should remain on promoting subscription and adherence, respectively?
- Do IMF Executive Directors agree with staff’s proposal to enhance the GDDS by aligning the GDDS data categories to the TCIRS?
- Do IMF Executive Directors agree with staff’s proposal for dissemination thresholds for the e-GDDS, and to monitor progress using these thresholds?
- Do IMF Executive Directors agree with staff’s proposal that data dissemination issues should be discussed during Article IV consultation missions, when warranted?
- Do IMF Executive Directors agree that the Tenth Review of the Data Standards Initiatives should be in five years time?

*Source: Box 7. Monitoring Under the e-GDDS, Ninth Review of the Data Standards Initiatives, International Monetary Fund.*

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_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2015/_040615.pdf_