FSB and IMF Set Out Progress on Phase Two of Data Gaps Initiative
FSB and IMF published the fifth 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 the previous report in September 2019. It also sets out the challenges encountered by participating economies during this pandemic and the remaining steps to implement the DGI-2 recommendations in 2021. The report will be submitted to the G20 Finance Ministers and Central Bank Governors ahead of their meetings 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. The twenty recommendations of DGI-2 are clustered under three categories: monitoring risks 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. This report highlights the following key points:
- The COVID-19 pandemic posed significant challenges to the 2020 DGI work program and, thus, participating economies agreed to extend DGI work by six months to December 2021.
- Progress in implementing the DGI-2 recommendations continued, despite the challenges that COVID-19 poses. Positive developments include enhancements in compilation processes, data-sharing arrangements, production and dissemination of additional tables, and instrument and sector breakdowns.
- To continue addressing data needs beyond 2021, many participating economies support maintaining an organized international collaboration process.
- The COVID-19 crisis has increased policymakers’ needs to obtain more granular, relevant, and reliable data. A possible new mandate could help address emerging policy questions. A general framework could be defined during 2021 and presented in the next DGI-2 progress report.
- The IMF staff and the FSB Secretariat will report back to the G20 Finance Ministers and Central Bank Governors through the sixth progress report in the second half of 2021. The 2021 DGI-2 work program will continue to include bilateral technical assistance, technical workshops, and the annual DGI Global Conference.
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Keywords: International, Banking, Securities, COVID-19, Progress Report, Data Gaps Initiative, G20, DGI-2, IMF, FSB
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