NEWS PROVIDED BY

International Monetary Fund (IMF)
18 Jun, 2022, 06:00 PDT

WASHINGTON, 17 June 2022 / PRN Africa / -- Somalia has joined the IMF Data Standards Initiatives, implementing the recommendations of the Enhanced General Data Dissemination System (e-GDDS) by publishing essential macro-economic and financial data through a National Summary Data Page (NSDP). Established in 2015, the e-GDDS promotes statistical development and synergies between data dissemination and policymaking. In concluding the Tenth Review of the IMF Data Standards Initiatives in March 2022, the IMF Executive Board recently commended the substantial progress in data transparency achieved by nearly 70 e-GDDS participants over the past five years. The NSDP is a national data portal that serves as a one-stop publication vehicle for essential macroeconomic data on the national accounts, government operations, monetary and financial sector, and external sector.

The NSDP is hosted by the Somalia National Bureau of Statistics, utilizing the Open Data Platform developed by the African Development Bank. A link to Somalia's NSDP is available on the IMF's Dissemination Standards Bulletin Board. The NSDP contains links to statistics published by the Somalia National Bureau of Statistics, Central Bank of Somalia, and Ministry of Finance of the Federal Government of Somalia. Publication of essential macroeconomic data through the NSDP will provide national policy makers and domestic and international stakeholders, including investors and rating agencies, with easy access to information critical for monitoring economic conditions and policies. Making this information easily accessible in both human- and machine-readable formats will allow users to have simultaneous access to timely data and bring greater data transparency.

J. R. Rosales, Acting Director of the IMF's Statistics Department, welcomed this major milestone in the country's statistical development: “I congratulate the authorities on Somalia's participation in the IMF Data Standards Initiatives and the launch of the NSDP, an important step forward in data dissemination. I am confident that Somalia will benefit from using the e‑GDDS as a framework for the further development of its statistical system.”

Somalia has benefitted from a project on Improving Data Dissemination for Globally Selected Countries, financed by the Government of Japan through the Japan Administered Account for Selected Fund Activities (JSA).

SOURCE International Monetary Fund (IMF)