The International Monetary Fund (IMF) has launched a free data program that makes all its online economic data available to all and sundry free of charge. This grants users unrestricted access to a an abundance of macroeconomic data covering all economic sectors of a large part of the IMF’s member countries.

The rationale for this move is hinged on the understanding that good data can help policymakers identify and manage macroeconomic and financial vulnerabilities. Thus, the IMF’s online free data program seeks to expand usage and facilitate greater transparency and better policy choices.

“The free data program will help all those who draw on our data make better use of this vital statistical resource-from budget numbers to balance of payments data, debt statistics to critical global indicators,” Christine Lagarde, IMF Managing Director, said as she announced this change at the recent Second IMF Statistical Forum.

According to a press release from the IMF, facilitating this has led the global finance authority to set up a new data portal which is an enhanced dissemination platform that allows users to search time series, create visualizations, as well as discover datasets, data news, and related documents, among other features. The new data platform also improves the way the IMF distributes data and statistics to its members and users around the world. Users will have access to a wide range of macroeconomic data, which are compiled in accordance with internationally accepted statistical methodologies and are comparable across countries.

Although a significant chunk of IMF’s data were already free, data compiled and published in the International Financial Statistics, Direction of Trade Statistics, Balance of Payments Statistics, and Government Finance Statistics have been subscription based and, therefore, paid for. The IMF has discontinued charging for online datasets, but the print publications will still be charged to recover the cost of postage and printing.

Data are an important building block to support good policy choices. Without reliable and timely economic data, observers cannot clearly identify turning points in the economy or see looming risks that require policy adjustments or changes in course.

“The IMF will continue to be a vital source of public information that is needed to underpin sound policy decisions,” she concluded.

By Emmanuel Iruobe

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