ADB says most FBS data unreliable
ADB says most FBS data unreliable
Staff Report
ISLAMABAD: Most economic data compiled by the Federal Bureau of Statistics (FBS) is not reliable and there is a need to make the data based on facts so that the future line of action could be drawn more realistically, said the Asian Development Bank (ADB) here on Monday.
"The economic data of FBS is, often, not based on facts. It is often contradicted by senior officers of the government," said ADB official Ghulam Qadir while replying to a question at a briefing in the presence of the ADB country director Peter L. Fedon.
He said the FBS had given data recently that had suggested that the country's exports were growing by 28 percent. While the fact was that Pakistan's exports were growing at around 13 percent in the first six months of the current financial year, he said.
Mr Qadir hoped that the government would take notice of this serious flaw and everything will be streamlined by December this year.
Update: There's a history of such actions
In response, a mission from the IMF's Fiscal Affairs Department went to Islamabad in January 2000 to assess the magnitude of the discrepancies, and the factors responsible for the discrepancies. As a result of subsequent data revisions, Pakistan's budget deficit for 1997/98 was revised upward by 2 percent of GDP to 7.5 percent of GDP, and the deficit for 1998/99 was raised by 1.4 percent of GDP to 5.9 percent of GDP.
They noted that the misreporting of fiscal data had in part resulted from negligence in compiling and reconciling the fiscal reports for 1997/98 and 1998/99. In addition, weaknesses in the fiscal accounting, reporting, and audit procedures--including the absence of systematic data reconciliation processes and a mechanism to fully involve the Accountant General Pakistan Revenue (AGPR) in the preparation of fiscal reports--contributed to the discrepancies in the fiscal data.
Staff Report
ISLAMABAD: Most economic data compiled by the Federal Bureau of Statistics (FBS) is not reliable and there is a need to make the data based on facts so that the future line of action could be drawn more realistically, said the Asian Development Bank (ADB) here on Monday.
"The economic data of FBS is, often, not based on facts. It is often contradicted by senior officers of the government," said ADB official Ghulam Qadir while replying to a question at a briefing in the presence of the ADB country director Peter L. Fedon.
He said the FBS had given data recently that had suggested that the country's exports were growing by 28 percent. While the fact was that Pakistan's exports were growing at around 13 percent in the first six months of the current financial year, he said.
Mr Qadir hoped that the government would take notice of this serious flaw and everything will be streamlined by December this year.
Update: There's a history of such actions
IMF Executive Board Reviews Pakistan Misreporting, Remedial Steps
In response, a mission from the IMF's Fiscal Affairs Department went to Islamabad in January 2000 to assess the magnitude of the discrepancies, and the factors responsible for the discrepancies. As a result of subsequent data revisions, Pakistan's budget deficit for 1997/98 was revised upward by 2 percent of GDP to 7.5 percent of GDP, and the deficit for 1998/99 was raised by 1.4 percent of GDP to 5.9 percent of GDP.
They noted that the misreporting of fiscal data had in part resulted from negligence in compiling and reconciling the fiscal reports for 1997/98 and 1998/99. In addition, weaknesses in the fiscal accounting, reporting, and audit procedures--including the absence of systematic data reconciliation processes and a mechanism to fully involve the Accountant General Pakistan Revenue (AGPR) in the preparation of fiscal reports--contributed to the discrepancies in the fiscal data.
posted by India News Watch at 3:44 PM
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