Government Finance Statistics

Recent Developments
Sag 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 Funds Data Standards Initiatives

Government Finance Division, IMF Statistics Department

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

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

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

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

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

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

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 continueannual and quarterly

Government Finance Division, IMF Statistics Department

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 Funds Data Standards Initiatives

The global financial crisis has highlighted areas for improvements in statistical standards The report explored the possibility to create an improved standardSDDS 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 Funds 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