Toward a new, collaborative global financing architecture for fragile, low, and middle-income countries' data priorities

Abstract

The COVID-19 pandemic has occurred against a sobering global backdrop: national data collection programs and the production of core economic statistics have long been under-funded (by national government as well as the international development community), and data gaps are still significant. The pandemic has highlighted the importance of NSOs and the urgent need to strengthen and modernize core data collection programs as the backbone of national data systems. As the severity of this problem and its damaging implications are becoming more salient, members of the international development and national statistics communities have joined forces in an effort to address it. A collective, high-level effort is now being mobilized by senior leadership of the World Bank and the United Nations, in close collaboration with the Global Partnership for Sustainable Development Data, to join forces to increase global investments in fragile, low-and-middle-income countries' data priorities and to better put data to work for green, resilient, inclusive development. Specifically, two new complementary funds have recently been launched by the World Bank and United Nations to support countries' data systems, data capital, and risk analytics in a coordinated way: the World Bank-hosted Global Data Facility and the UN-hosted Complex Risk Analytics Fund (CRAF'd).