05.04.15

Seychelles to follow IMF standard for data dissemination

Posted in Business and Economy, International Organisations, Seychelles' statistics at 12:38 pm by Robert Klien

Seychelles has committed itself to make available economic and financial data to the public in a more frequent and timely manner. The jurisdiction has subscribed to the International Monetary Fund (IMF), IMF’s Special Data Dissemination Standard (SDDS).

This platform was established by the IMF in 1996 to encourage member countries to provide good quality data that can be accessible to the public.

In a press statement on May 1, 2015, IMF said Seychelles has become its 64th member country and the third Sub-Saharan African nation to subscribe to the SDDS after South Africa and Mauritius. According to Director of the IMF’s Statistics Department, “Seychelles’ subscription to the SDDS represents a major step forward for official statistics in the country and for those who use these data”. He said that “The subscription to the standards underscores Seychelles’ strong commitment to transparency, as well as the adoption of internationally accepted best practices in statistics.”

There are 4 main categories of information required:
– the real sector which comprises for example of national accounts, labour market and consumer price index among others which are information compiled by the Seychelles National Bureau of Statistics (NBS);
– the fiscal sector which includes general government operations and government debt which is the Ministry of Finance, Trade and the Blue Economy’s responsibility to compile;
– the financial sector which has to do mainly with the monetary issues;
– the external sector including balance of payments, investment position among others.

By adhering to the IMF standard, all the above-mentioned information is to be presented in a more collective manner and it is the National Bureau of Statistics that has been mandated to ensure that data from the 4 sectors are collected and passed on to the International Monetary Fund.

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