At this time, the IMF recommends no regional and global aggregates be established. While we see no issues in terms of the feasibility and suitability of 17.1.2 for cross-country comparisons, we question the relevance of one single global indicator that combines data for advanced economies with those of emerging market and low-income countries.

For reporting this indicator, budgetary central government is considered the most appropriate level of institutional coverage as it will encompass all countries. In principle, GFS should cover all entities that materially affect fiscal policies. However, for most developing and many emerging market economies compiling data for the consolidated general government and its subsectors is problematic owing to limitations in the availability and/or timeliness of source data. A country may have one central government; several state, provincial, or regional governments; and many local governments, and the GFSM 2014 recommends that statistics should be compiled for all such general government units. This reporting structure is illustrated below:

Structure of the general government sector and its subsectors

		General Government							Memorandum: Central Govt. (incl. SSF of central level)
Central Government (excluding social security funds)				Social Security Funds	State Governments	Local Governments	Consolidation Column	General Government
Budgetary	Extrabudgetary	Consolidation Column	Central Government	Social Security Funds	State Governments	Local Governments	Consolidation Column	General Government
BA = GL1	EA	CC	CG	SSF	SG	LG	CT	GG = GL3	GL2

There are some countries that report “consolidated central government” without necessarily providing the budgetary central government sub-sector separately. The IMF intends to provide data for the budgetary central government and will work to address this issue, where needed, as outlined under section 5, above.

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Rætta metadátur: 17.1.2