In the context of the Wald statistic $W = \frac{(\hat{\theta} - \theta_0)^2}{\widehat{Var}(\hat{\theta})}$, if the standard error of the estimator $\hat{\theta}$ is calculated as $0.2$, and the observed difference $|\hat{\theta} - \theta_0| = 0.5$, what is the value of the Wald statistic?