Bahrain Strengthens Data Transparency with IMF Collaboration Workshop

The workshop, hosted at the Ministry of Finance and National Economy headquarters, focused on the IMF Data Standards Framework and the steps required for Bahrain to advance within this framework. Approximately 80 representatives from various government entities responsible for compiling and disseminating macroeconomic and financial data participated. The discussions centered on the criteria for subscribing to the Special Data Dissemination Standard (SDDS) and the adoption of the latest data exchange technologies, such as the Statistical Data and Metadata Exchange (SDMX) system.

Coinciding with an official IMF mission to Bahrain, the workshop also marked the launch of Bahrain's National Summary Data Page (NSDP). The NSDP is a data portal providing users with access to a wide range of data, metadata, and links to online datasets, facilitating automated exchange and sharing of statistical information through the SDMX system.

HE Hamad bin Faisal Al Malki, the Minister of Cabinet Affairs and Chairman of the National Taskforce for Information and Population, highlighted that the directives from His Royal Highness aim to align Bahrain with international standards in data transparency. These efforts, he noted, not only enhance the accuracy and timeliness of data but also create an attractive investment climate, further boosting Bahrain's global standing.

HE Noor bint Ali Alkhulaif, the Minister of Sustainable Development and Chief Executive of the Economic Development Board, emphasized the significance of the NSDP launch. She noted that it ensures access to real-time, comprehensive statistics crucial for sustainable development and data-driven decision-making. This increased data accessibility is expected to stimulate foreign direct investments, contributing to Bahrain's economic growth.

IMF experts led in-depth discussions on the IMF Data Standards Framework, detailing the steps needed for countries to subscribe to the SDDS. The workshop also explored the applications of the SDMX system, showcasing its potential to enhance data collection, analysis, and dissemination through advanced modeling and artificial intelligence.

This workshop reflects Bahrain's dedication to adopting international standards in data publication, ensuring that the Kingdom's progress is accurately reflected in global reports, and further elevating its regional and global standing.