Government Finance Statistics

Transcription

1 Government Finance Statistics Recent Developments Sagé de Clerck Statistics Department March 8, 2012

2 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

3 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

4 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

5 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

6 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

7 G-20 Conceptual guidance initiatives Public Sector Debt Statistics: Guide for Compilers and Users (PSDSG) published in 2011 Available on GFS Website: 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 Government Finance Division, IMF Statistics Department 7

8 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

9 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 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

10 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

11 GFSM 2001 Update 7 Revised chapters were posted 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 Government Finance Division, IMF Statistics Department 11

12 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

13 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

14 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

15 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