FSB and IMF Report Progress on Phase Two of G20 Data Gaps Initiative
FSB and IMF published the fourth progress report on implementation of the second phase of the G20 Data Gaps Initiative (DGI-2). The report provides an overview of the progress since September 2018 and the challenges that remain in implementing the DGI-2 recommendations by 2021. The progress report was submitted to the G20 Finance Ministers and Central Bank Governors ahead of their meeting in Washington D.C. in mid-October.
The main objective of DGI-2 is to implement the regular collection and dissemination of reliable and timely statistics for policy use. DGI-2 also includes new recommendations to reflect evolving policymaker needs. Its twenty recommendations are clustered under three main headings—monitoring risk in the financial sector; vulnerabilities, interconnections, and spillovers; and data sharing and communication of official statistics. DGI-2 maintains continuity with the DGI-1 recommendations while setting more specific objectives for G20 economies to compile and disseminate minimum common datasets for these recommendations. The report seeks endorsement from the G20 Finance Ministers and Central Bank Governors on the achievements, the remaining challenges, and the next steps toward the completion of the DGI-2 by 2021. The key points covered in the report include the following:
- Participating economies made additional progress in closing the identified data gaps and promoting the regular flow of timely and reliable statistics for policy use. Overall, improvements were noted in coverage, timeliness, or periodicity of securities statistics, derivatives data, sectoral accounts, international investment position, international banking statistics, and government finance statistics.
- Challenges remain in fully implementing the DGI-2 recommendations by 2021. While substantial achievements have been made in promoting data sharing, continued efforts are still needed. Retaining high-level political support is essential to overcome remaining challenges.
- To facilitate full implementation of the agreed DGI-2 recommendations, the IMF staff and the FSB Secretariat, in close cooperation with the Inter-Agency Group on Economic and Financial Statistics (IAG), will continue to monitor progress on the DGI-2. Given the relatively short time ahead to implement the recommendations, monitoring will be done twice a year, with the first mid-year progress review to be conducted by mid-January 2020.
- The IAG member agencies will also provide guidance, support, or consultation on the relevant recommendations, as appropriate. The 2020 DGI-2 work program will continue to include bilateral technical assistance, technical workshops, and the annual DGI Global Conference. The IMF Staff and the FSB Secretariat will report back to the G20 Finance Ministers and Central Bank Governors through the Fifth Progress Report on DGI-2 in the second half of 2020.
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Keywords: International, Banking, Securities, G20 Data Gap Initiative, G-SIB, IMF
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