Financial Crisis: FSB, IMF Complete Initiative to Close Data Gaps
The Financial Stability Board (FSB) and International Monetary Fund (IMF) today published a report to mark the completion of the second phase of the G20 Data Gaps Initiative (DGI-2), according to a statement.
According to the statement issued, this report also lays out priorities for a new initiative led by the IMF to address gaps relating to emerging policy needs.
The report finds that significant progress has been made in addressing data gaps identified during the global financial crisis of 2007-08 through the two phases of the Data Gaps Initiative, including in the development of conceptual frameworks, and improvements in data coverage, timeliness, and periodicity, IMF said.
“Building on the close collaboration among the participating economies and international organizations, the peer pressure mechanism, and explicit support from the G20, policy makers now have a better understanding of the risks and vulnerabilities their economies face.
“The data improvements have helped them to develop effective policy responses including, for example, to the COVID-19 pandemic”.
However, despite the progress made during the initiative, IMF explains that challenges remain for some participating economies in fully closing data gaps related to some DGI-2 recommendations.
In particular, challenges remain on: securities financing transaction data, securities statistics, sectoral accounts, international investment position, international banking statistics, cross-border exposures of non-bank corporations, public sector debt statistics, and commercial property price indices.
Participating economies and international organizations will continue to address these remaining challenges. Implementation will be monitored, on an annual basis, as in DGI-2, and the findings will be published on the DGI webpage.
Building on the success of DGI-2, participating economies and international organizations support further work to address data gaps relating to emerging policy needs.
The IMF staff, in close cooperation with the FSB and the Inter-Agency Group on Economic and Financial Statistics, and in consultation with participating economies, have developed a high-level work plan for the new initiative.
The work plan covers 14 recommendations under four main statistical and data priorities including climate change; household distributional information; fintech and financial inclusion; and access to private sources of data and administrative data, and data sharing.
It will be submitted to G20 Finance Ministers and Central Bank Governors later this year and its recommendations are expected to be implemented within five years after the launch, IMF said. #Financial Crisis: FSB, IMF Complete Initiative to Close Data Gaps