FSB and IMF publish 2019 Progress Report on G20 Data Gaps Initiative

IMF News, October 11, 2019

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The Financial Stability Board (FSB) and International Monetary Fund (IMF) published the Fourth Progress Report - Countdown to 2021 on implementation of the Second Phase of the G20 Data Gaps Initiative (DGI-2).
The report covers progress since September 2018 and assesses challenges remaining to implement DGI-2 recommendations by the final deadline of 2021.
The report will be submitted to the G20 Finance Ministers and Central Bank Governors ahead of their meetings in Washington D.C. in mid-October.

Participating economies made additional progress in closing identified data gaps and promoting the regular flow of timely and reliable statistics for policy use.
Overall improvements were noted in coverage, timeliness, or periodicity of:
- securities statistics
- derivatives data
- sectoral accounts
- international investment position
- international banking statistics
- government finance statistics
The report highlights continued achievements in promoting data sharing.

Challenges remain in fully implementing the DGI-2 recommendations by 2021.
Continued efforts are needed to sustain data sharing improvements.
Retaining high-level political support is essential to overcome remaining challenges.

IMF staff and the FSB Secretariat, in close cooperation with the Inter-Agency Group on Economic and Financial Statistics (IAG), will continue to monitor progress on the DGI-2.
Planned support measures include bilateral technical assistance and technical workshops.
The annual DGI Global Conference scheduled in mid-2020 will monitor results achieved.
The IMF Staff and FSB Secretariat will report back to G20 Finance Ministers and Central Bank Governors in the second half of 2020.

In October 2009 the FSB and IMF published The Financial Crisis and Information Gaps in response to a G20 request; that work led to the first phase (DGI-1).
In September 2015 it was agreed that the DGI work should continue into a second phase (DGI-2).
The main objective of DGI-2 is to implement the regular collection and dissemination of reliable and timely statistics for policy use and includes new recommendations to reflect evolving policymaker needs.
DGI-2 comprises twenty recommendations clustered under three headings:
- (i) monitoring risk in the financial sector;
- (ii) vulnerabilities, interconnections and spillovers; and
- (iii) data sharing and communication of official statistics.
DGI-2 maintains continuity with DGI-1 while setting more specific objectives for G20 economies to compile and disseminate minimum common datasets for these recommendations.

Source: FSB and IMF publish 2019 Progress Report on G20 Data Gaps Initiative, October 11, 2019.