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| Article VIII, Section 5 | ||||
| Furnishing of Information | ||||
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The Acting Chair’s Summing Up—Review of Data Provision to the Fund for Surveillance Purposes, Executive Board Meeting 24/33, April 1, 2024 Executive Directors welcomed the conclusion of the Review of Data Provision to the Fund for Surveillance Purposes. They recalled that, during the meeting of March 2022, they had already endorsed the introduction of more structured and transparent assessment of data adequacy for surveillance, the approach to deal with outdated data requirements, and the introduction of mandatory provision of macrofinancial indicators. Directors also recalled their recent endorsement of the use of the revised data adequacy assessment framework starting in February 2024. Noting that the list of mandatory data series was last updated in 2004, Directors concurred that adapting the perimeter of mandatory data provision to the evolving global economy is crucial for ensuring the effectiveness and evenhandedness of Fund surveillance. Given the priorities identified in the 2021 Comprehensive Surveillance Review, they generally supported updating and expanding the overall envelope of mandatory data provision in the areas of public sector, foreign exchange interventions (FXI), and swaps and repos among central banks, while reiterating their support for expanding macrofinancial data requirements. Directors acknowledged that the streamlined proposals on data on public sector, foreign exchange interventions, and central bank swaps and repos, represent a compromise that aims to enhance the information that the Fund needs for surveillance, while taking into consideration the key concerns raised by Fund members during the Review. Directors endorsed the expansion of the mandatory provision of public sector data, as proposed in the staff paper. Noting the capacity constraints in some Fund members for producing these indicators, Directors called on staff to work closely with the authorities to identify technical assistance priorities that would help countries address these constraints over time. Directors generally agreed with the proposal, as outlined in the staff paper, to introduce mandatory provision of data on foreign exchange interventions. They also endorsed the mandatory provision of information on central bank swaps and repurchase agreements. Many Directors noted, however, that the data on FXI and on swaps and repos can be market sensitive and decontextualized. In this context, Directors called on staff to ensure the upmost care when handling confidential information to avoid undermining the authorities’ policy implementation, while also building trust in the revised data provision policy. In addition, Directors generally saw merit in introducing a secured electronic platform that members may decide to use for transmission to the Fund of mandatory data considered confidential, while stressing the need for cost-effectiveness and efficiency in the implementation of this platform. Directors endorsed the proposed transition periods for introducing the new data provision requirements and the general guidance on frequency and timeliness for the new data to be provided. They emphasized the need to consider capacity constraints and noted that, even after the updated data requirements come into force, the lack of capacity to provide the data to the Fund would not lead to a breach of obligation; although members would be expected to develop the needed statistical capacity over time. In this context, Directors called for continued outreach to Fund members, including provision of tailored capacity development assistance to those countries where data provision capacity is constrained. Capacity development needs will also be informed by the new data adequacy assessment framework. Directors looked forward to the next Review of Data Provision to the Fund for Surveillance Purposes in 5 years or later, as appropriate. SU/24/49 April 3, 2024 | ||||
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