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
Government Finance Division, IMF Statistics Department 3
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
Government Finance Division, IMF Statistics Department 4
G-20 Data gap initiatives
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
Government Finance Division, IMF Statistics Department 5
G-20 Data gap initiatives
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
Government Finance Division, IMF Statistics Department 6
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
Government Finance Division, IMF Statistics Department 7
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
Government Finance Division, IMF Statistics Department 8
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
Government Finance Division, IMF Statistics Department 9
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
Government Finance Division, IMF Statistics Department 10
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.
Government Finance Division, IMF Statistics Department 11
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
Government Finance Division, IMF Statistics Department 12
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
Government Finance Division, IMF Statistics Department 13
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
Government Finance Division, IMF Statistics Department 14
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
Government Finance Division, IMF Statistics Department 15