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International Monetary Fund. Strategy, Policy, & and Review Department
The first data and statistics strategy for the Fund comes at a critical time. A fast-changing data landscape, new data needs for evolving surveillance priorities, and persisting data weaknesses across the membership pose challenges and opportunities for the Fund and its members. The challenges emerging from the digital revolution include an unprecedented amount of new data and measurement questions on growth, productivity, inflation, and welfare. Newly available granular and high-frequency (big) data offer the potential for more timely detection of vulnerabilities. In the wake of the crisis, Fund surveillance requires greater cross-country data comparability; staff and authorities face the complexity of integrating new data sources and closing data gaps, while working to address the weaknesses noted by the IEO Report (Behind the Scenes with Data at the IMF) in 2016. The overarching strategy is to move toward an ecosystem of data and statistics that enables the Fund and its members to better meet the evolving data needs in a digital world. It integrates Fund-wide work streams on data provision to the Fund for surveillance purposes, international statistical standards, capacity development, and data management under a common institutional objective. It seeks seamless access and sharing of data within the Fund, enabling cloud-based data dissemination to support data provision by member countries (e.g., the “global data commons”), closing data gaps with new sources including Big Data, and improving assessments of data adequacy for surveillance to help better prioritize capacity development. The Fund also will work with policymakers to understand the implications of the digital economy and digital data for the macroeconomic statistics, including new measures of welfare beyond GDP.
International Monetary Fund. Strategy, Policy, & and Review Department

streams on data provision to the Fund for surveillance purposes, international statistical standards, capacity development, and data management under a common institutional objective. It seeks seamless access and sharing of data within the Fund, enabling cloud-based data dissemination to support data provision by member countries (e.g., the “global data commons”), closing data gaps with new sources including Big Data, and improving assessments of data adequacy for surveillance to help better prioritize capacity development. The Fund also will work with policymakers to

International Monetary Fund. Strategy, Policy, & and Review Department

universe of data and statistics is heading. Addressing each priority involves recommendations (i.e., what the Fund should do to meet the new data challenges and tap new opportunities) and concrete actions (i.e., how the strategy can be implemented— Figure 3 ). The six strategic priorities are to: 1. be agile in identifying data needs for effective surveillance; 2. build the global data commons—a cloud-based network of official websites publishing data essential for surveillance according to a pre-announced schedule; 3. support the use of Big Data in Fund

International Monetary Fund. Finance Dept.
The Ninth Periodic Monitoring Report (PMR) on the Status of Management Implementation Plans (MIPs) in Response to Board-Endorsed Independent Evaluation Office (IEO) Recommendations assesses the progress made over the last year on actions contained in two “new” MIPs arising from recent IEO evaluations, and another seven for which individual management actions were classified as “open” in the Eighth PMR. Overall, 42 of the 96 actions included in the Ninth PMR remain open, representing roughly the same proportion as the previous PMR. A 25 percent net increase in open management actions over the past year is accounted for by 24 new actions from two MIPs, and 16 actions that have been implemented over the period. There is positive traction on the last four MIPs, but older actions appear challenging to implement. Better progress has been made with the implementation of the actions contained in recent MIPs. Fourteen of the actions implemented since the Eighth PMR relate to MIPs approved after October 2015, while only two actions (out of 24) from earlier MIPs were implemented. Improvements in the follow-up process approved by the Board in October 2015 have contributed to speedier implementation of recent actions, but some challenges remain. There are lingering challenges with defining measures of success for numerous actions, but accountabilities are now clearer and many actions are at advanced stages at the time of the Board’s discussion of the MIPs. This PMR introduces indicators to support the process for resolving challenges with long-standing actions. Despite the slower progress with the older actions, significant advances have been made over the past year in several key areas. These include: protocols for engaging the IEO; risk management and analysis; the mainstreaming of macrofinancial surveillance; an overarching strategy on data and statistics; guidance on cooperation with other organizations, including Regional Financing Arrangements (RFAs); improvements in External Stability Assessments; and ongoing analytical work on surveillance and program, including macrostructural issues, emerging topics, and debt sustainability analysis. On the other hand, progress has been slower on macro forecasting, outward spillovers, and cross-country knowledge sharing.
International Monetary Fund. Finance Dept.

Executive Board endorsed the Overarching Strategy on Data and Statistics at the Fund in the Digital Age , supporting its forward-looking approach to gathering, processing, and sharing economic data and statistics . 4 The strategy is based on a framework consisting of six strategic priorities: (i) be agile in identifying data needs for effective surveillance; (ii) build a global data commons through a cloud-based data dissemination system; (iii) support the use of Big Data in the Fund’s operations; (iv) ensure secure and seamless access and sharing of high-quality data

International Monetary Fund. Statistics Dept.

with surveillance priorities, data provision to the Fund, and capacity development. The strategy also set a long-term vision for a cloud-based network of country websites (NSDPs) publishing data essential for surveillance under the Data Standards Initiatives (the global data commons ) to inform global markets and improve data sharing. The Data Standards Initiatives differ from other data policy frameworks but shares important linkages. Unlike the member countries’ obligatory provision of data to the Fund for surveillance, the data dissemination framework serves to

International Monetary Fund

integrated approach to prioritizing the IMF’s evolving data needs; (2) the establishment of global data commons; (3) the use of big data and other innovations; (4) the seamless access and sharing of data within the IMF; (5) the production of data that are comparable across countries; and (6) the exploration of weaknesses in official data. Outreach and Engagement with External Stakeholders IMF outreach involves two objectives: (1) to listen to external stakeholders to better understand their concerns and perspectives and to improve the relevance and quality of IMF

International Monetary Fund. Statistics Dept.
The IMF Data Standards Initiatives enhance data transparency as a global public good. The Tenth Review updates the framework, in light of new data priorities, through a parsimonious and principles-based expansion of encouraged data categories covering selected aspects in the areas of public debt, macro-financial indicators, foreign exchange intervention, climate change-related policy, and gender- disaggregated labor market statistics. The Review also focuses on strengthening the monitoring of the first tier of the Data Standards Initiatives, the enhanced General Data Dissemination System (e-GDDS), and encouraging subscribers of the second tier, the Special Data Dissemination Standard (SDDS), to modernize data publication technology.
International Monetary Fund

institutions, with much of the national accounts data for EU countries now sourced from Eurostat, and production and labor market data from the OECD, with plans to expand data sharing with the BIS beyond interest rate data. STA has also started to ingest data machine-to-machine via the SDDS plus and e-GDDS National Summary Data Pages (NSDPs), to reduce reporting burdens by member countries. Staff do not anticipate any additional significant changes at this stage but expect additional benefits from the planned Global Data Commons, which will eventually replace direct country

International Monetary Fund
The Tenth Periodic Monitoring Report (PMR) on the Status of Management Implementation Plans (MIPs) in Response to Board-Endorsed Independent Evaluation Office (IEO) Recommendations assesses the progress made over the last year on actions contained in 10 MIPs with open management actions.