PFTAC Technical Assistance and Financial Support Overview

PACIFIC FINANCIAL TECHNICAL ASSISTANCE CENTRE (PFTAC) Richard Wild (RSS resident advisor) and Barend de la Beer (GFS resident advisor)

Background to PFTAC PFTAC opened in Suva in 1993 as a collaborative venture between IMF, recipient countries, bilateral and multilateral donors 7 resident technical advisors, including, as of March 2017, 1 x Real Sector Statistics advisor and 1 x Government Finance Statistics advisor; Statistical work operates in multiple contexts objectives set between advisors in consultation with local country staff and sector experts at IMF-HQ within Results-Based Management framework Also operates in context of TYPPS engaging with SPC and other development partners to address gaps and overlaps in statistical TA provision Bilateral work alongside (Solomon Islands, Papua New Guinea); SPC (Nauru, Tokelau)

Support from other regional IMF initiatives Up to October 2015, government finance statistics (GFS), external sector statistics (ESS) and data dissemination standards work streams were supported by Japanese funding, now ended. GFS now covered from PFTAC via resident GFS advisor Mar 2017 Feb 2020 ESS funding and support through the Technical Assistance Office Laos and Myanmar (TAOLAM) Aug 2017 Jul 2020 Nauru, Papua New Guinea, Samoa, Timor-Lest and Tonga; plus two/three PFTAC- funded missions each year. Enhanced Data Dissemination Standards (e-GDDS) (IMF direct support) Data quality standards; evaluation framework / dissemination guidance

PFTACs practical tasks on regional statistics In line with international standards and best practices and on request we: Build local capacity on GDP, GFS and ESS Work directly on local compilation systems to improve methods and data Run themed, regional and sub-regional workshops, focusing on shared issues essential to developing economic statistics in the region Provide remote support on all the above Participation in regional meetings (PSSC, HOPS, ABS Pac. L ship) Following 13thPSSC agreement virtual working group established Pacific Economic Statistics Technical Assistance Coordination group (PESTAC). Positive response in principle but further work needed

How is PFTACs technical assistance planned out? Standard, holistic planning procedure prior to each new FY December to March: stakeholder consultation (countries, IMF HQ, donors, others) March: outcome is Resource Allocation Plan (RAP) for the IMF s May-April FY RAP sets out all missions and activities, country by country, within area budget envelopes; dates flexible, country and purpose less so Roughly 150 days (incl. travel) per advisor per year, spread over 10 country visits, two workshops and attendance at regional events. Supplemented by short-term expert support (75-150 days per annum per advisor area)

Progress on Real Sector Statistics, May 2011 - present RSS objectives under PFTAC Phase IV budget April 2011 November 2017 Score from zero (no progress) to 4 (objective achieved) for each country Some objectives relate to all sixteen PFTAC countries, others to fewer Relative, not absolute Target score Score % of target Score % of target At least eight countries compile two, independent measures of GDP 32 11 34% 28 88% Constant price GDP estimates are rebased at least every 10 years 64 20 31% 36 56% At least 4 countries compile quarterly GDP 16 6 38% 12 75% Data sources are adequate and methodologies are sound 64 35 55% 43 67% National accounts statistics and associated metadata are readily available 64 31 48% 39 61%

Progress on Government Finance Statistics (GFS) Main focus of GFS TA: Grouping and classification of units under GFSM 2014 sectorization, and expanding coverage Mapping of national fiscal data to the GFSM 2014 and adapt the presentation Compilation of cash flow statement with cross economic-functional classification Compilation of a statement of operations on a non-cash (accrual) basis, inclusive of fully integrated balance sheet data for flows and stocks Japan funded project November 2011 October 2015 - 40 TA missions (13 countries), 3 regional training seminars (14 countries), 3 sub-regional training seminars (8 countries), in-country training seminars (7 countries) PFTAC November 2015 October 2017 14 TA missions (14 countries), 1 regional training seminar (13 countries) (combination of STX and LTX delivery) PFTAC - November 2017 February 2020 1 x one/two week country TA missions, 1 regional training seminar and 1 sub-regional training seminar Challenges Timely, accurate and reliable administrative and fiscal data & resources

Work and challenges over TYPPS phase 3 [talking points] PFTAC s overarching statistical objectives remain compilation of more reliable and timely economic statistics - focuses on: Continuing drive for better dissemination practices Benchmarking and rebasing of GDP and consumer prices many countries now have base years 10+ years old (the accepted limit) Use of administrative data alongside/in place of surveys data-sharing issues Developing additional measures (e.g. quarterly GFS; GDP-E) Availability of good quality, core economic statistics increased risk due to largely external demands for further outputs Need for due diligence by external agencies and better coordination Attractive projects can have detrimental effect on existing core work

Thank You

Work and challenges over TYPPS phase 3 (Cont.) In 2018 the IMF will launch a new initiative Data for Development (D4D), it will aim at complimenting RTACs capacity development initiatives, it will have four distinct modules: Module 1: Sustain and expand the Financial Access Survey Module 2: Address data needs and quality concerns via submodules for: Real sector statistics (high frequency indicators, source data for core outputs and real property price indices) External sector statistics (enhance trade statistics, deepen financial account statistics) Government Finance Statistics (high frequency debt data, provide risk-based support for fiscal issues, enhance institutional measurement, expand scope of flow and stock positions) Module 3: Online learning via eight bespoke courses Module 4: Provision of IT support for data systems and software