In a bid to uphold data transparency and adhere to international best practices, Bahrain recently organized a national workshop in collaboration with the International Monetary Fund (IMF). The workshop, held at the Ministry of Finance and National Economy headquarters, aimed to familiarize government entities with the IMF Data Standards Framework and the steps necessary for Bahrain to progress within this framework. Approximately 80 representatives from various government bodies responsible for compiling and disseminating macroeconomic and financial data took part in the discussions. The focus was on the criteria for subscribing to the Special Data Dissemination Standard (SDDS) and the adoption of cutting-edge data exchange technologies like the Statistical Data and Metadata Exchange (SDMX) system.
The workshop coincided with an official IMF mission to Bahrain and marked the launch of Bahrain’s National Summary Data Page (NSDP). This data portal enables users to access a wide array of data, metadata, and links to online datasets, streamlining the 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, emphasized that the directives from His Royal Highness Prince Salman bin Hamad Al Khalifa aim to align Bahrain with international standards in data transparency. These efforts not only enhance data accuracy and timeliness but also create a favorable investment climate, bolstering Bahrain’s global reputation.
HE Noor bint Ali Alkhulaif, the Minister of Sustainable Development and Chief Executive of the Economic Development Board, highlighted the significance of the NSDP launch. She stressed that the portal ensures access to real-time, comprehensive statistics crucial for sustainable development and data-driven decision-making. The increased data accessibility is expected to attract foreign direct investments, thereby contributing to Bahrain’s economic growth. IMF experts led detailed discussions on the IMF Data Standards Framework, outlining the necessary steps for countries to subscribe to the SDDS. Additionally, the workshop explored the applications of the SDMX system, demonstrating how it can enhance data collection, analysis, and dissemination through advanced modeling and artificial intelligence.
This workshop underscores Bahrain’s dedication to adopting international standards in data publication, ensuring that the Kingdom’s progress is accurately portrayed in global reports and further boosting its regional and global standing. By hosting this workshop in collaboration with the IMF, Bahrain is showcasing its commitment to data transparency and excellence in data management. The event not only educates government entities about the IMF Data Standards Framework but also equips them with the knowledge and tools necessary to advance within this framework. The launch of the National Summary Data Page further strengthens Bahrain’s data transparency efforts, providing users with easy access to essential statistical information and contributing to the country’s economic growth and development through data-driven decision-making.
Overall, the workshop serves as a testament to Bahrain’s proactive approach towards aligning with international best practices in data management and transparency. By prioritizing accurate and timely data dissemination, Bahrain aims to enhance its global reputation, attract foreign investments, and foster sustainable development. The collaboration with the IMF underscores Bahrain’s commitment to continuous improvement in data management and adherence to international standards, ultimately benefiting the Kingdom’s economic growth and global standing.
