[ 2011-04-14 ]

IMF to improve data collection for accurate policy prescriptions
The International Monetary Fund says it is working
on improving the quality of data it uses for its
policy prescriptions.

It comes after sharp criticism from Ghanaians in
recent times that the fund employs double
standards in its assessment of economic
performance.

Head of Joy Business, Kojo Oppong-Nkrumah reported
from Washington, IMF officials are promising
better data to improve the quality of policy
prescriptions.

The IMF basically relies on data provided by
governments for its analysis and prescriptions
lending it to manipulation by crafty governments.
This accounts for the situation where the Fund’s
assessments of economies can change easily and
quickly. This is what the Fund is seeking to
avoid.

A Research Advisor at the IMF, Mr Prakash Lougani
said the Fund had learnt a great deal from the
recession that hit developed economies recently
and was determined to make better predictions of
risks to economies.

Assessments, he said, will no longer just be based
on “the baseline scenario but [also] some of the
tail risks – what are the things that can go
wrong – so I think the crisis has been a great a
learning experience for us to really tell
countries about the risks that face them.”

Source - MyjoyOnline

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