UAE joins IMF initiative on data collection

Dubai: The UAE has joined 92 other countries in streamlining its economic data under the International Monetary Fund's (IMF's) General Data Dissemination System (GDDS).

The UAE is the fifth Gulf state to join the move, which according to an IMF statement, marks "a major step forward in the development of its statistical system."

The scheme's objective is to encourage member countries to improve data quality and provide a framework for evaluating needs for data improvement.

"The UAE is committed to building a national statistical system consistent with best international practices, and the IMF's GDDS provides an excellent framework for the development of statistical systems. The GDDS addresses the full range of issues critical for compiling and disseminating statistics and makes explicit plans for developments to align national procedures with best international practices," Sultan Bin Saeed Al Mansouri,UAE Minister of Economy, said.

In the absence of credible economic data, economists in the UAE have been relying on the UAE Central Bank data, many of which used to be disputed by bankers.

The UAE Cabinet approved in June the country's participation in the IMF scheme for developing a statistical system.

"I am very pleased that the UAE has begun to participate in the GDDS," Al Mansouri said.

"I am confident that the UAE's participation in the GDDS will ultimately lead to the production and dissemination of more reliable and timely statistics needed for economic policymaking and monitoring developments."

William Alexander, acting director of the IMF Statistics Department, said, "The UAE's participation in the GDDS is a major milestone in the country's statistical development. I am confident that the UAE will benefit from using the GDDS as a framework for further development of its statistical system."

Bahrain is the only GCC country outside the system after the UAE became a GDDS participant on Thursday.