Belgium Adheres to the IMF's Special Data Dissemination Standard Plus
IMF News, January 26, 2023
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Bibliographic details
- Published: January 26, 2023
Adherence and context
- Belgium adhered to the IMF’s Special Data Dissemination Standard (SDDS) Plus.
- Date of announcement: January 26, 2023.
- Belgium is the 30th country to achieve SDDS Plus adherence.
- Press Release No. 23/19; issued by IMF Communications Department, MEDIA RELATIONS.
- Press officer contact: Pemba Sherpa; Phone: +1 202 623-7100; Email: MEDIA@IMF.org; @IMFSpokesperson.
Significance and benefits
- SDDS Plus is described as the highest tier of the IMF’s Data Standards Initiatives.
- Benefits cited:
- Fosters efficiency in markets.
- Supports better policies and greater accountability in policymaking.
- Enables richer and well-informed debate and analysis of the country’s economic policy issues.
- Demonstrates Belgium’s commitment to data transparency vis-à-vis the public, markets, and the international community.
New data dissemination commitments under SDDS Plus
- Compared to Belgium’s previous commitments under the SDDS, the upgrade to SDDS Plus results in:
- Regular dissemination of new data categories on general government operations and debt.
- Regular dissemination of new data categories on financial soundness indicators.
- Regular dissemination of new data categories on sectoral balance sheets.
- Regular dissemination of new data categories on debt securities.
- More granular information for several data categories previously provided under the SDDS.
National Summary Data Page (NSDP) and metadata
- All data is disseminated on the National Summary Data Page (NSDP).
- Users can find up-to-date descriptions of each data category (metadata) on the NSDP.
- Metadata provides a standardized framework to assess data quality and facilitates cross-country comparability.
- All data series are also available in a machine-readable format for automated transmission of data, facilitating data dissemination.
IMF commentary
- Bert Kroese, Chief Statistician and Data Officer, and Director of the IMF’s Statistics Department, stated:
- “the dissemination of the new data sets under the SDDS Plus will foster a more informed assessments of the performance of Belgium’s macroeconomic conditions and the cross-border financial linkages.”
Background on the Data Standards Initiatives
- The IMF Data Standards Initiatives were established in the mid-1990s to enhance member countries’ data transparency as a global public good and promote the development of sound statistical systems.
- The need for data dissemination standards was highlighted by the financial crises of the mid and late 1990s when information deficiencies were seen to play a role.
- Significant progress by a number of SDDS countries to adhere to SDDS Plus since 2015 was acknowledged by the IMF Executive Board in its latest review of the Data Standards Initiatives, encouraging more countries to make the transition.
- In addition to SDDS Plus, the Data Standards Initiatives include the SDDS and the Enhanced General Data Dissemination System (e-GDDS).
Accessibility of Belgium’s SDDS Plus data
- Belgium’s SDDS Plus data, including an advance release calendar, are accessible through the IMF’s Dissemination Standards Bulletin Board.
- Detailed information on the Data Standards Initiatives can be found on the IMF’s Dissemination Standards Bulletin Board.
Source: IMF press release, January 26, 2023