Press Release: IMF Executive Board Approves the Special Data Dissemination Standard
IMF News, April 16, 1996
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Bibliographic details
- Published: April 16, 1996
Approval and purpose
- The Executive Board of the International Monetary Fund approved the Special Data Dissemination Standard (SDDS) on April 16, 1996.
- Purpose: to guide IMF members in the provision to the public of comprehensive, timely, accessible, and reliable economic and financial statistics in a world of increasing economic and financial integration.
- Subscription:
- Voluntary; IMF will make public the list of subscribers.
- Invitations for subscription have been sent to all IMF member countries and a detailed package of subscription materials will be sent forthwith.
Context and timeline
- Background:
- The IMF's Interim Committee emphasized timely publication of comprehensive economic and financial data at its April 26, 1995 meeting in the aftermath of the Mexican financial crisis of early 1995.
- The Interim Committee requested the Executive Board to work toward establishment of standards and subsequently endorsed the establishment at its meeting on October 8, 1995.
- Parallel work: a General Data Dissemination Standard (GDDS) is being developed for all IMF members; a proposal is expected to be considered by the Executive Board in late 1996.
- Implementation milestones:
- The IMF will establish and maintain an electronic Dissemination Standards Bulletin Board (DSBB) on the Internet.
- The DSBB is expected to be open to the public by the end of August 1996.
- The SDDS will operate in a transition period running through December 31, 1998.
Core elements of the SDDS
- The SDDS comprises four elements:
- a) Coverage, periodicity, and timeliness of data
- Specifies dissemination covering the real, fiscal, financial, and external sectors with the components, periodicity and timeliness for the several data categories.
- Examples: dissemination of GDP on a quarterly basis within one quarter; international reserves data on a monthly basis within one week.
- b) Access by the public
- Calls for advance dissemination of data release calendars and the simultaneous release of data to all interested parties to support ready and equal access.
- c) Integrity
- Supports transparency of practices and procedures, including dissemination of the terms and conditions under which official statistics are produced (including confidentiality provisions); identification of internal government access to data before release; identification of ministerial commentary on the occasion of statistical releases; and provision of information about revision and advance notice of major changes in methodology.
- d) Quality
- Prescribes dissemination of documentation on methodology and sources; dissemination of component detail, reconciliations with related data, and statistical frameworks that support cross-checks and provide assurance of reasonableness.
Implementation mechanics and IMF role
- DSBB functions:
- Identify members subscribing to the SDDS.
- Provide wide and easy access to information about their statistical practices ("metadata") prescribed under the SDDS.
- IMF is exploring ways to establish easy electronic links from the DSBB to sites where actual country economic data can be found.
- Subscriber obligations and review:
- Members that subscribe may notify the Managing Director of the IMF.
- No later than three months after subscription, the member is expected to provide most information describing its data dissemination practices.
- Such practices will be reviewed to ensure they are comprehensive and presented in a reasonably internationally comparable way.
- During the transition period, members may subscribe even though they are not able to observe the SDDS in full; they must identify elements not met and present a plan to meet the SDDS by the end of the transition period.
- Members that subscribe after the transition period must do so on the basis of full observance of the SDDS.
- The IMF will, in dialogue with members, elaborate procedures to deal with cases of severe and persistent non-observance.
Public access and contacts
- Materials on the SDDS have been released and are available from the IMF on request.
- Contact numbers provided in the press release:
- Members of the press: IMF's Information Division, telephone (202) 623-7100.
- Members of the general public: IMF's Public Affairs Division, telephone (202) 623-7300.
Press Release No. 96/18, April 16, 1996.