2018年-IMF国际货币组织全球_Dominican_Republic_Technical_Assistance_Report_19页_769kb

Summary of the Technical Assistance Mission on Financial Accounts Topics in the Dominican Republic (March 16–26, 2015)

Core Content

This report outlines the findings and recommendations of a Technical Assistance (TA) mission conducted by the International Monetary Fund (IMF) in the Dominican Republic (DR) from March 16 to March 26, 2015. The mission aimed to improve the compilation and dissemination of external sector statistics (ESS), specifically focusing on the balance of payments (BP), international investment position (IIP), and external debt statistics (EDS). The mission was part of the Regional Harmonization Project on External Sector Statistics (RHPESS) for the Central America, Panama, Dominican Republic Regional Technical Assistance Center (CAPTAC-DR).

Main Objectives

• Improve the quality and consistency of financial account data.
• Implement recommendations from the March-April 2014 TA mission.
• Enhance data collection and reporting methodologies for coordinated surveys (CDIS and CPIS).
• Address issues related to the recording of trade credits and advances, and the financial flows associated with the construction of a coal-based thermal power plant in Punta Catalina.

Key Findings and Recommendations

I. Follow-up of the March-April 2014 Mission Recommendations

• Three of five recommendations were implemented, with two benchmark actions fully executed and one partially implemented.
• Benchmark Action 1: In coordination with the Monetary Statistics Section (SEM), document the information submitted by insurance companies on financial instruments recorded in account 1110 and reclassify them in the ESS. This was completed by June 2015.
• Benchmark Action 2: Report the CDIS and CPIS as of end-2013. This was completed by September 2015.
• Other Recommendations:
  • Recommendation 3: Request information from the Superintendentcy of Banks (SB) on investments made by residents in portfolio instruments issued abroad by residents and non-residents. This was to be completed by September 2015.
  • Recommendation 4: Reiterate the need to implement the legal framework for requiring statistical information from businesses. This was to be done immediately.
  • Recommendation 5: Adopt a conservative approach for recording new direct investments until direct information is received, focusing on income identified through the domestic financial system. This is a continuous process.

II. Other Activities Undertaken

A. Table 3.1 in the QEDS

• The mission reviewed and prepared the version of Table 3.1 in the Quarterly External Debt Statistics (QEDS) as of December 2013, reconciled with the IIP.
• The Ministry of Finance (MF) will prepare the report based on World Bank data, while the BCRD will provide data not included in the SIGADE.
• The mission emphasized the importance of accurate valuation of sovereign bonds held by non-residents and the need to update the EDS accordingly.
• The table is included as Annex I.

B. Assistance Required by the SDBP

• The mission reviewed the methodology for estimating border trade with Haiti, highlighting the need for a more accurate approach than the fixed percentage.
• The SDBP consulted with local construction companies and the Dominican Corporation of State-Owned Power Companies (CDEEE) regarding the financing of the coal-based thermal power plant in Punta Catalina.
• The mission recommended that the pre-payments for the construction of high-value capital goods be recorded under BPM6 paragraph 10.28 if sufficient information is available to identify economic ownership transfer.
• Otherwise, the advances should be recorded as trade credits and advances under BPM6 paragraph 5.70, to be extinguished upon Customs recording the import of the goods.
• A standardized form for monitoring the project was suggested for use in the SDBP, as included in Annex II.

Final Considerations

• The mission highlighted the importance of establishing a more efficient Chart of Accounts for better identification of residency in financial transactions.
• It emphasized the need for timely and in-depth validation of data received from business surveys, ideally within two weeks of receipt.
• The creation of an Information Monitoring Unit (USI) was noted as a positive step toward improving data collection and monitoring.
• Budgeting for IT development is essential to support the SDBP in maintaining an efficient data repository, including the use of data warehouses and OLAP tools.
• The mission recommended unifying data forms based on comparable criteria to facilitate future data migration and reduce the risk of exceeding storage capacity.
• The legal framework is considered adequate, but mechanisms for its implementation must be strengthened to ensure compliance and data availability.
• The SDBP should maintain close coordination with the Superintendentcy of Banks (SB) and the Superintendentcy of Insurance to improve data quality and consistency.

Key Information

• The BCRD is responsible for compiling the BP, IIP, and EDS.
• The SDBP (Balance of Payments Subdirectorate) is tasked with implementing the recommendations.
• The CDIS (Coordinated Direct Investment Survey) and CPIS (Coordinated Portfolio Investment Survey) are critical for improving the accuracy of FDI and portfolio investment data.
• The CDEEE is involved in the construction of the coal-based thermal power plant in Punta Catalina.
• The RHPESS aims to harmonize external sector statistics across the region.
• The IMF recommends a conservative approach for recording financial data in cases of non-response or lack of direct information.
• The ESS should be updated using BPM6 guidelines to ensure consistency with international standards.

Action Plan Summary

This report provides a comprehensive overview of the challenges and recommendations related to financial account data compilation in the Dominican Republic, with a focus on improving accuracy, consistency, and legal compliance.