government finance statistics recent developments

Government Finance

Statistics

Recent Developments

Sagé de Clerck

Statistics Department

March 8, 2012

Content of Presentation

Data dissemination in GFS formats

G-20 Data gap initiatives

GFSM 2001 update

Eights review of Fund’s Data Standards Initiatives

Government Finance Division, IMF Statistics Department 2

Data dissemination in GFS Formats

IMF Executive Board Decision – present fiscal data in

the framework of GFSM 2001 in IMF staff reports

Common format for presenting fiscal data

Enhance cross-country comparability

Transparent linkage between stocks and flows

Compatible with National Accounts data

Progress with

Started in May 2011

Exception for program countries

Approximately 80 countries were converted


Data dissemination in GFS Formats

Several conversion models

Full conversion, partial conversion, supplementary information

Benefits derived from conversions

• Identify data gaps

• Illustrate discrepancies between source data and international

standards

• Increase demand/raises awareness for standardized presentation of

fiscal data

GFS Yearbook, International Financial Statistics (IFS),

World Economic Outlook, Other IMF publications to

follow – best effort basis



G-20 Ministers and Central Bank Governors adopted

the following recommendations directly related to

GFS:

#17 - promote timely and comparable GFS data based on

GFSM 2001 framework

#18 - launch public sector debt database

#20 - enhance the Principle Global Indicators website and

close data gaps

Board Paper and G-20 Recommendations provide a

significant impetus to further enhance fiscal data,

using GFSM 2001 framework



Recommendations under the G-20 Data Gaps

Initiative can be divided into two broad categories

Those recommendations for which the conceptual/statistical

framework needs development

Those recommendations for which conceptual/statistical

frameworks exist and ongoing collection needs enhancement


G-20 Conceptual guidance initiatives

Public Sector Debt Statistics: Guide for Compilers and

Users (PSDSG) published in 2011

Available on GFS Website:

http://www.imf.org/external/pubs/ft/gfs/manual/gfs.htm

Several regional courses and workshops were conducted

Progress with revisions to other statistical manuals

GFSM 2001 update (more later)

Monetary and Financial Statistics Manual

External Debt Statistics: Guide for Compilers and Users

http://www.imf.org/external/pubs/ft/gfs/manual/gfs.htm


G-20 Data collections initiatives

Principal Global Indicators Website was launched

Efforts to improve the availability of data continues

Ongoing process of consulting on progress with

implementing recommendations

Bilateral consultations completed in 2011

IMF is organizing regional conferences in first half of 2012


G-20 Data collections initiatives World Bank, in coordination with IMF and TFFS, launched

the public sector debt statistics database in December

2010 for developing countries

http://go.worldbank.org/9PIAZORON0

62 Countries have agreed to participate

34 have started to report debt data

December 2011: OECD, IMF and World Bank issued a

joint invitation to participate

OECD members other than developing countries

A few non-OECD advanced economies to participate (December

2011).

Collaborative effort

Efforts to improve availability of integrated GFS data

continue—annual and quarterly


GFSM 2001 Update

Objective of update

Align GFS with 2008 SNA

Improve and clarify, using country experiences

Purpose

Update not a revision

Will not re-open debates settled in the update of the SNA

Strategy

To follow an international consultative process

• Electronic GFS Discussion Forum

• GFS Advisory Committee


GFSM 2001 Update

7 Revised chapters were posted

http://forums.imf.org/gfsm/forum.php

Work on remaining chapters and appendixes continues

GFS Advisory Committee will meet in May 2012 to

discuss

Comments and suggestions will be incorporated before

world wide comment period in second half of 2012.


GFSM 2001 Update

Highlighted the need to continue with efforts to

harmonize statistical guidelines and public sector

accounting reforms

IMF/IPSASB Alignment Taskforce are working on:

GFSM appendix on accounting and statistical linkages

Update of matrix of remaining differences

Model Chart of Accounts to illustrate how to harmonize

reporting requirements, following a building block approach


Eighth Review of the Fund’s Data Standards

Initiatives

The global financial crisis has highlighted areas for

improvements in statistical standards

The report explored the possibility to create an improved

standard—SDDS Plus

The SDDS Plus proposals were in principle agreed to

SDDS Plus

takes into account the ongoing work in the context of the Data

Gaps Initiative of the G-20 economies

was designed to be fully consistent with the Fund’s mandate

on the stability of the international monetary system


SDDS Plus – implications for GFS

Discussions of the report included proposals for:

hyperlinks to longer time series

more detailed data via the National Summary Data Pages

(NSDP)

set timelines in the context of the SDDS nonobservance

procedures

streamline the SDDS by adding structure to the Forward

Looking Indicators

delete the Advance Release Calendar flexibility options

Details of data categories are still under consideration

research revealed fragmentation/inconsistencies in fiscal data

sources


The way forward …

Continue technical assistance to support member

countries

Regional focus – several projects

Continue to provide several training opportunities –

courses, workshops and seminars

Headquarter based

Regional

Invite consultation/participation

Appreciate all opportunities to collaborate with other

international organizations and member countries


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