The International Monetary Fund’s Executive Board regularly reviews progress and developments under the Data Standards Initiatives. The last review—Eighth Review—undertaken in February 2012 introduced the Special Data Dissemination Standard (SDDS) Plus. In light of the long experience under the Data Standards Initiatives established in the mid-1990s, this review takes a longer term retrospective on what has been achieved so far, and highlights some of the lessons learned. What is evident is the contrast between the progress of countries with more advanced dissemination practices (SDDS and SDDS Plus), and the slow pace of improvement under the General Data Dissemination System (GDDS).

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.

This paper reviews developments under the Fund's Data Standards Initiativ--the Special Data Dissemination Standard (SDDS) and the General Data Dissemination System (GDDS)--and their integration under the Data Quality Program. The paper discusses proposals for updating the SDDS and the GDDS to maintain their relevance and reflect evolving international best practice, and for follow-up on the data module of the Report on the Observance of Standards and Codes (ROSC). The paper also proposes the development of a Compendium on Good Statistical Practices.

The Data Standards Initiatives, the SDDS and the GDDS, have achieved the goals the Executive Board set in its Fifth Review of July 2003. The staff sees the next three years as a period of consolidating these gains by maintaining the credibility of the SDDS through improved monitoring of countries’ observance of its requirements, and further integrating both the SDDS and GDDS under the Fund’s Data Quality Program (DQP) by aligning their structure with the Fund’s Data Quality Assessment Framework (DQAF). The staff proposes to include no new data categories in the SDDS and GDDS. Instead, the staff proposes to deepen descriptive information on how countries cover oil and gas activities and products in selected existing data categories.

The Special Data Dissemination Standard Plus (SDDS Plus) was established in October 2012 to reinforce and supplement the Fund’s Data Standards Initiatives and assist Fund members who decide to adhere to the SDDS Plus with regard to the publication of comprehensive, timely, accessible, and reliable economic and financial statistical data in a world of continuing economic and financial integration. The SDDS Plus also requires adherents to disseminate metadata to promote public knowledge and understanding of their compilation practices with respect to the required data categories. During the Ninth Review of the Fund’s data Standards Initiatives in May 2015 executive directors supported changing the transition period to meet all SDDS Plus requirements to five years after the adherence date. On July 1, 2015, the Executive Board approved the proposed change. The existing rules governing the SDDS Plus are superseded by the new SDDS Plus legal text.

The International Monetary Fund (IMF) launched the data standards initiatives to enhance member countries’ data transparency and to promote their development of sound statistical systems. The need for data standards was highlighted by the financial crises of the mid-1990s, in which information deficiencies were seen to play a role. Under the data standards initiatives, the IMF established the Special Data Dissemination Standard (SDDS) in 1996 to provide guidance to countries that have or seek access to capital markets to disseminate key data so that users in general, and financial market participants in particular, have adequate information to assess the economic situations of individual countries. The SDDS not only prescribes that subscribers disseminate certain data categories, but also prescribes that subscribers disseminate the relevant metadata to promote public knowledge and understanding of their compilation practices with respect to the required data categories. In 1997, the IMF introduced under the initiatives the General Data Dissemination System (GDDS) to provide a framework for countries that aim to develop their statistical systems, within which they can work toward disseminating comprehensive and reliable data and, eventually, meet SDDS requirements. At the Eighth Review of the Fund’s Data Standards Initiatives in February 2012, the IMF’s Executive Board approved the SDDS Plus as an upper tier of the Fund’s data standards initiatives. The SDDS Plus is open to all SDDS subscribers and is aimed at economies with systemically important financial sectors.

The International Monetary Fund (IMF) launched the Data Standards Initiatives to enhance member countries’ data transparency and to promote their development of sound statistical systems. The need for data standards was highlighted by the financial crises of the mid-1990s, in which information deficiencies were seen to play a role. Under the Data Standards Initiatives, the IMF established the Special Data Dissemination Standard (SDDS) in 1996 to provide guidance to countries that have or seek access to capital markets to disseminate key data so that users in general, and financial market participants in particular, have adequate information to assess the economic situations of individual countries. In 1997, the IMF introduced under the initiatives the General Data Dissemination System (GDDS) to provide a framework for countries that aim to develop their statistical systems, within which they can work toward disseminating comprehensive and reliable data and, eventually, meet SDDS requirements. In February 2012, the IMF Executive Board approved the establishment of the SDDS Plus as a third tier of the Fund’s Data Standards Initiatives to address data gaps revealed during the global crisis. The SDDS Plus is open to all SDDS subscribers: those with systemically important financial sectors are encouraged to adhere early to the initiative.

The International Monetary Fund (IMF) launched the Data Standards Initiatives to enhance member countries{u2019} data transparency and to promote their development of sound statistical systems. The need for data standards was highlighted by the financial crises of the mid-1990s, in which information deficiencies were seen to play a role. Under the Data Standards Initiatives, the IMF established the Special Data Dissemination Standard (SDDS) in 1996 to provide guidance to countries that have or seek access to capital markets to disseminate key data so that users in general, and financial market participants in particular, have adequate information to assess the economic situations of individual countries. In 1997, the IMF introduced under the initiatives the General Data Dissemination System (GDDS) to provide a framework for countries that aim to develop their statistical systems, within which they can work toward disseminating comprehensive and reliable data and, eventually, meet SDDS requirements. In February 2012, the IMF Executive Board approved the establishment of the SDDS Plus as a third tier of the Fund{u2019}s Data Standards Initiatives to address data gaps revealed during the global crisis. The SDDS Plus is open to all SDDS subscribers: those with systemically important financial sectors are encouraged to adhere early to the initiative.

The year was marked by difficult challenges and milestone achievements. To reinvigorate modest growth at a time of uncertainty about a complicated global economy, the IMF membership endorsed a three-pronged approach of monetary, fiscal, and structural policies to get the world economy back on a stronger and safer growth track. Highlights of the IMF’s work during the year included entry into effect of its quota and governance reforms approved in 2010, which increase the Fund’s core resources and make it more representative of the membership; commitments for increased financial support, policy advice, expertise, and training to help low-income developing countries achieve the U.N. Sustainable Development Goals; analysis of the international monetary system; inclusion of the Chinese currency in the basket of currencies that make up the Special Drawing Right; and policy advice on the economic repercussions of mass migration of refugees from Syria and other conflict-afflicted states. The IMF Annual Report, which covers the period May 1, 2015 to April 30, 2016, discusses all of these issues, plus a wide range of policy matters that the Executive Board addressed during the year.

This volume documents decisions, interpretations, and resolutions of the Executive Board and Board of Governors of the International Monetary Fund, as well as documents relating to the United Nations and other international organizations.