## FSB and IMF Publish 2020 Progress Report on G20 Data Gaps Initiative

_IMF News, October 7, 2020_

## Source details

**Canonical URL:** [FSB and IMF Publish 2020 Progress Report on G20 Data Gaps Initiative](https://www.imf.org/en/news/articles/2020/10/06/pr20306-fsb-and-imf-publish-2020-progress-report-on-g20-data-gaps-initiative)

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## Bibliographic details
- Published: October 7, 2020

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### Overview
- Press Release No. 20/306
- Date: October 7, 2020
- Issued by: IMF Communications Department
- PRESS OFFICER: Pemba Sherpa
  - Phone: +1 202 623-7100
  - Email: MEDIA@IMF.org
  - @IMFSpokesperson
- Title of report published: Fifth Progress Report – Countdown to 2021 on the implementation of the second phase of the G20 Data Gaps Initiative (DGI-2).
- 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.

### Key findings and developments
- The report provides an overview of progress since the previous report in September 2019 and sets out challenges and remaining steps to implement the DGI-2 recommendations in 2021.
- The COVID-19 pandemic highlighted the importance of accurate and timely data for policy decisions and increased policymakers’ needs for more granular, relevant, and reliable data.
- Progress continued despite COVID-19, including:
  - enhancements in compilation processes,
  - data sharing arrangements,
  - production and dissemination of additional tables,
  - instrument and sector breakdowns.
- Remaining improvement needs were identified for monitoring risks in the financial and non-financial sectors and analysing interconnectedness and cross-border spillovers.

### Pandemic impact and program timing
- The COVID-19 pandemic posed significant challenges to the 2020 DGI work program.
- Participating economies agreed to extend DGI work by six months to December 2021.
- The COVID-19 crisis increased policymakers’ needs to obtain more granular, relevant, and reliable data.

### Next steps and possible new mandate
- Many participating economies support maintaining an organized international collaboration process to continue addressing data needs beyond 2021.
- A possible new mandate could help address emerging policy questions.
- A general framework could be defined during 2021 and presented in the next DGI-2 progress report, which will be published in the second half of 2021 and delivered to G20 Finance Ministers and Central Bank Governors.

### DGI-2 objectives and structure
- Main objective: implement the regular collection and dissemination of reliable and timely statistics for policy use.
- DGI-2 includes new recommendations to reflect evolving policymaker needs while maintaining continuity with DGI-1.
- DGI-2 contains twenty recommendations clustered under three main headings:
  - (i) monitoring risk in the financial sector;
  - (ii) vulnerabilities, interconnections and spillovers; and
  - (iii) data sharing and communication of official statistics.
- DGI-2 sets more specific objectives for G20 economies to compile and disseminate minimum common datasets for these recommendations.

### Inter-Agency Group on Economic and Financial Statistics (IAG)
- Member agencies of the IAG:
  - Bank for International Settlements,
  - European Central Bank,
  - Eurostat,
  - IMF (Chair),
  - Organisation for Economic Co-operation and Development,
  - United Nations,
  - World Bank.
- The FSB participates in the IAG meetings.

### Press enquiries
- FSB: +41 61 280 8138, press@fsb.org
- IMF: +1 (202) 623-4277, psherpa@IMF.org

*Source: FSB and IMF press release, October 7, 2020.*

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## Content in this bundle

- [100720 (PDF)](/external/np/g20/pdf/2020/100720.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/news/articles/2020/10/06/pr20306-fsb-and-imf-publish-2020-progress-report-on-g20-data-gaps-initiative_