19 Dec 2018
High-level Meeting “Statistical Status for Economic and Monetary Integration in the GCC Countries”
Gulf Monetary Council (GMCo) in collaboration with Central Bank of Kuwait (CBK) organized, on December 19, 2018 in Kuwait City a High-level Meeting on discussing a joint report “Assessment of Statistical Readiness for Economic and Monetary Union in the GCC Region”. The meeting successfully attended with a strong participation from all relevant national authorities in GCC countries (such as: NCBs; National Statistical Centers (NSCs); Ministries of Finance etc.) and GCC & regional institutions (Secretariat General, GCC-Stat, EDAC, AMF).
The main discussion among participants focused, in principle, on the current status of data dissemination standards as documented by joint report in addition to other international sources such as IMF and regional agencies. However, All GCC countries are still on e-GDDS with relative discrepancy among countries in comply with that depending on progress in adopting methodologies and international statistical standards.
Based on the importance of this topic, and in order to fulfill all requirements in a way that pursue the ultimate goals, whether at the national or GCC level. The joint meeting after discussion concluded with consensus to adopt IMF Special Data Dissemination Standard, provided that the Monetary Council, in cooperation with the GCC-Stat, should follow up with recommendations and submit a report on that to the Board of Directors