In­creased in­ter-agency col­lab­o­ra­tion to im­prove data for debt

The Pak Banker - - COMPANIES/BOSS -

The Task Force on Fi­nance Sta­tis­tics (TFFS) con­vened in Wash­ing­ton to dis­cuss progress on work to in­crease the avail­abil­ity and qual­ity of ex­ter­nal and pub­lic sec­tor debt data. The meet­ing was hosted by the IMF, and brought to­gether rep­re­sen­ta­tives from the Bank for In­ter­na­tional Set­tle­ments ( BIS), the Com­mon­wealth Sec­re­tar­iat (ComSec), the Euro­pean Cen­tral Bank ( ECB), Euro­stat, the Or­ga­ni­za­tion for Eco­nomic Co­op­er­a­tion and De­vel­op­ment (OECD), the United Na­tions Con­fer­ence on Trade and De­vel­op­ment ( UNCTAD), and the World Bank.

The meet­ing fo­cused on en­hanc­ing in­ter- agency col­lab­o­ra­tion, in­clud­ing ca­pac­ity build­ing ef­forts to im­prove the avail­abil­ity of ex­ter­nal and pub­lic sec­tor debt data for anal­y­sis and pol­icy mak­ing while low­er­ing the data re­port­ing bur­den for coun­tries. Par­tic­i­pants ben­e­fited from a demon­stra­tion of the World Bank's re­cently-re­leased pub­lic sec­tor debt data­base matrix ap­proach to im­prove com­pa­ra­bil­ity of data across coun­tries.

They noted the im­por­tant progress made in coun­tries' re­port­ing to the World Bank's quar­terly ex­ter­nal debt sta­tis­tics (QEDS) data­base-in­clud­ing with re­spect to an­a­lyt­i­cal ta­bles on cur­rency com­po­si­tion, debt ser­vice pay­ments sched­ule, and net ex­ter­nal debt-in line with the new in­ter­na­tional method­olog­i­cal stan­dards such as the Bal­ance of Pay­ments Man­ual 6 (BPM6) and the 2013 Ex­ter­nal Debt Guide. The par­tic­i­pants agreed on a medium-term strat­egy to im­prove ex­ter­nal and pub­lic sec­tor debt sta­tis­tics to ad­dress data gaps, with the aim to im­prove data cov­er­age and re­duce coun­tries' re­port­ing bur­dens.

0The par­tic­i­pants also dis­cussed how to fur­ther en­hance the datasets by cov­er­ing fis­cal risks, in­clud­ing con­tin­gent li­a­bil­i­ties and net debt.

Mr. Louis Marc Ducharme, Di­rec­tor of the IMF's Sta­tis­tics Depart­ment, praised the work of the TFFS say­ing that "The im­por­tance of the work on debt sta­tis­tics con­tin­ues to be re­in­forced by global de­vel­op­ments. Any­one can­not help but to ap­pre­ci­ate the need for good debt sta­tis­tics, both pub­lic and ex­ter­nal." Ms. Hais­han Fu, Di­rec­tor of the World Bank's De­vel­op­ment Data Group, ap­plauded the TFFS for "lead­ing the sig­nif­i­cant im­prove­ments in fill­ing gaps in debt sta­tis­tics through a co­op­er­a­tive and col­lab­o­ra­tive ap­proach".

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