Via IMF (Den Internationale Valutafond)

FSB and IMF Publish 2020 Progress Report on G20 Data Gaps Initiative







October 7, 2020















Washington, DC:
The Financial Stability Board (FSB) and International Monetary Fund (IMF)
today published the
Fifth Progress Report – Countdown to 2021 in light of COVID-19 on the implementation of the second phase of the G20 Data Gaps Initiative
(DGI-2). 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.

Accurate and timely data are crucial for informing policy decisions,
especially during a crisis. The progress made to date by participating
economies under the DGI-2 has proven its value during the COVID-19
pandemic. Policymakers have been able to gain better access to key
information to monitor risks in the financial and non-financial sectors as
well as to analyse interconnectedness and cross-border spillovers, although
further improvement is needed.

This report provides an overview of the progress since the previous report
in September 2019. It 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 highlights that:

  • 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.
  • Nevertheless, 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, as well as
    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, which will be
    published in the second half of 2021 and delivered to G20 Finance Ministers
    and Central Bank Governors.
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Notes to editors

In October 2009, the FSB and IMF published

The Financial Crisis and Information Gaps
, a report which responded to a request from the G20 Ministers and
Governors to explore information gaps and provide appropriate proposals for
strengthening data collection. The report, which set out a series of
recommendations to address identified data gaps, was endorsed by G20
Ministers and Governors and led to the first phase of work (DGI-1). In
September 2015 it was agreed that the DGI work should continue into a
second phase

(DGI-2).

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: (i)
monitoring risk in the financial sector; (ii) vulnerabilities,
interconnections and spillovers; and (iii) 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 member agencies of the Inter-Agency Group on Economic and Financial
Statistics (IAG), are the Bank for International Settlements, European
Central Bank, Eurostat, IMF (Chair), Organisation for Economic Co-operation
and Development, United Nations and the World Bank. The FSB participates in
the IAG meetings.

Press enquiries:

FSB: +41 61 280 8138, press@fsb.org

IMF: +1 (202) 623-4277, psherpa@IMF.org


IMF Communications Department
MEDIA RELATIONS

PRESS OFFICER: Pemba Sherpa

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson




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