Press Release…

June 18, 2022. Somalia formally joins the International Monetary Fund Data Standards Initiatives via the implementation of the Enhanced General Data Dissemination System (e-GDDS) requirements. Somalia National Bureau of Statistics (SNBS), hosts the National Summary Data Page (NSDP), where key national macroeconomic and financial data are published.

The e-GDDS, which replaced the General Data Dissemination System (GDDS), was established in 2015 with the aim of encouraging statistical development, enhance transparency and reliability as well as creating synergies between data dissemination and formulations of attendant public policies. 

Giving credence to dissemination, the e-GDDS comes with four main elements: focus on surveillance: the 15 encouraged data categories in the e-GDDS, incentives where IMF staff monitor progress and report to the Executive Board on a regular basis; a standardized platform for data dissemination; and finally capacity development to address data gaps. The close link between e-GDDS and Article IV consultations strengthens the constituency for better data and more resources, thus create a virtuous circle for reform.

Reacting to the attainment of this historic milestone, the SNBS Director General Sharmarke Farah observed, “this is a historic day for the transformation of Somalia’s National Statistical System. Somalia’s macroeconomic and financial data is now available on the IMF’s Dissemination Standards Bulletin Board. All data users will now cite SNBS as their reference for official statistical information on Somalia through the IMF’s DSBB which will enhance timely access to credible and transparent economic and financial data, putting Somalia at per with the rest of the world”.

The Publication of Somalia’s key macroeconomic data via the NSDP will provide national policy makers and domestic and international stakeholders, such as investors and rating agencies, easy access to information that is crucial for monitoring economic conditions and corresponding policy responses. Making this information easily accessible in both human- and machine-readable formats will enable users timely access data and improve transparency.

? The main authorities involved in the provision of data are the Ministry of Finance, National Bureau of Statistics and the Central Bank of Somalia. SNBS is the focal point of Somalia’s e-GDDS, and has since submitted all the necessary data, and has also contacted the Central Bank of Somalia to appoint a focal point that will avail requisite data to the SNBS for publication at the NSDP.