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International Monetary Fund. Independent Evaluation Office

across institutions, and data management frameworks must adapt to the needs of each organization, the 2005 Towe Report and the interviews conducted for this evaluation identified a number of successful practices in organizations comparable to the Fund. 1 These practices imply higher levels of centralization and coordination than those currently in place in the IMF: A single unit is responsible for the institution’s database that provides inputs to all or most publications. This unit is responsible for collecting, validating, and documenting the data, and

International Monetary Fund. Independent Evaluation Office

Abstract

5. This evaluation focuses on the broad spectrum of data activities associated with the IMF’s core strategic operations—surveillance and lending2—and also on the role of the IMF as a key provider of a public good, namely economic and financial statistics for the use of the international community.3 It emphasizes data practices and developments during the past five years and addresses the following questions:

International Monetary Fund. Independent Evaluation Office

Abstract

This report examines whether the IMF has effectively leveraged an important asset: data. It finds that in general, the IMF has been able to rely on a large amount of data of acceptable quality, and that data provision from member countries has improved markedly over time. Nonetheless, problems with data or data practices have, at times, adversely affected the IMF’s surveillance and lending activities. The roots of data problems are diverse, ranging from problems due to member countries’ capacity constraints or reluctance to share sensitive data to internal issues such as lack of appropriate staff incentives, institutional rigidities, and long-standing work practices. Efforts to tackle these problems are piecemeal, the report finds, without a clear comprehensive strategy that recognizes data as an institutional strategic asset, not just a consumption good for economists. The report makes a number of recommendations that could promote greater progress in this regard.

International Monetary Fund. Independent Evaluation Office

Abstract

8. The provision of data by member countries to the IMF is rooted in the IMF’s Articles of Agreement.7 Specifically, Article VIII, Section 5(a) describes the obligations of member countries to furnish the IMF with “the minimum [information] necessary for the effective discharge of the Fund’s duties. . . .” The provision of data by member countries has remained under review since the IMF’s early years, and the information that is now expected to be provided by member countries has grown significantly beyond what is mandated by the Articles (De Las Casas, 2016).

International Monetary Fund. Independent Evaluation Office

Abstract

103. In general, the Fund has been able to rely on a large amount of data of sufficiently acceptable quality. Nonetheless, this evaluation finds—as have other reports in the past—that data deficiencies still affect the Fund’s strategic operations (Figure 14). In particular, inadequate data and data practices have implied that the Fund has been, at times, not fully equipped to play its critical role of helping to secure global macro-financial stability.96

International Monetary Fund. Independent Evaluation Office

Abstract

There is hardly any greater service the Fund can do than provide up-to-date barometers of the monetary problems of the world. We hope that the very greatest importance will be given to the statistical branch of the Fund and that they will be encouraged to make reports [for] the instruction and benefit [of] all of us on a scale that has never been possible heretofore.

International Monetary Fund. Independent Evaluation Office

Abstract

118. In today’s interconnected world, where local policies and crises can have almost instantaneous global spillovers, it is critical that the IMF has access to the high-quality and timely data it needs to fulfill its mandate. In fixing inherited data problems, and trying to get ahead of the coming ones, it will be important to take into account the interaction among the Fund’s various data-related activities to sustain the needed transformation.

International Monetary Fund

approved by Parliament in January 2008. Strengthening the authorities’ debt data management framework by establishing, with assistance from FAD, a contingent liability reporting regime to cover state-owned enterprises, public institutions and the NBT. 11 14. This debt strategy should serve to stabilize the external public and publicly guaranteed debt-to-GDP ratio in the medium-term at about 40 percent. The authorities accepted the need for this limit, but stressed that it would could constrain their ability to finance urgently needed investments in new

International Monetary Fund
The proposed Staff-Monitored Program (SMP) in Tajikistan includes a balanced budget objective with a view to securing the inflation goal. While public financial management has improved, there is an agreement that monitoring and corporate governance of state-owned enterprises should be enhanced. Monetary policy will aim at containing inflation by targeting reserve money while building up official foreign exchange reserves. To mitigate risks of future debt problems, the program includes a well-defined and cautious debt strategy. The authorities are taking steps to reinvigorate their cotton sector reform efforts.
International Monetary Fund

to the conduct of sound macroeconomic policies. 25. Strengthening our debt data management framework is a priority. We have completed an inventory of government domestic debt and domestic and external debt of SOEs. This information has been published, together with a report on government and government-guaranteed external debt, in the 2011 budget documents. In addition, the NBT continues to strengthen the monitoring system of private external debt, and began publishing these data on the NBT website on a semi-annual basis starting as of June 2010—sharing this data