International or foreign trading is arguably the most important factor in the prosperity and growth of economies that participate in the exchange. The growing popularity and rate of globalization has magnified the importance of international finance. Another aspect to consider, in terms of international finance, is that the United States has shifted from being the largest international creditor (lending money to foreign nations) and has since become the world's largest international debtor; the United States is taking money and funding from organizations and countries around the world. These aspects are key elements of international finance.
This paper reports on the further developments since 2013 in the implementation of the 2010 Board decision concerning Government Finance Statistics (GFS) to Strengthen Fiscal Analysis, and develops a path to continued improvement of fiscal data in the Fund. The Board decision approved (i) developing a staggered migration strategy, including tailored capacity development inside and outside the Fund taking into consideration country-specific and fiscal surveillance needs; (ii) encouraging staff to continue the effort to routinely assess financial balance sheets during surveillance; (iii) gradually expanding the coverage of fiscal data, taking into consideration country-specific circumstances and fiscal risk assessments; and (iv) reaffirming the support for the phased implementation of the GFS over the medium term.