Tuesday, September 18, 2012
Sandrine Rastello and Eliana Raszewski
Argentina is on track to be the first country ever censured by the International Monetary Fund for not sharing accurate data about inflation and the economy.
The IMF’s board of directors, meeting yesterday in Washington, gave the country until Dec. 17 to respond to concerns about the quality of its official data, it said today in an e-mailed statement. If the deadline is missed, the board can issue a declaration of censure, a warning that has never been used and which means sanctions may be applied if the concerns aren’t addressed.
“The Executive Board regretted the lack of sufficient progress in implementing the remedial measures since its Feb. 1, 2012, meeting and expressed to the authorities its concern that Argentina has not brought itself into compliance with its obligations,” according to the statement. The board “took note of the ongoing dialogue between the IMF and the authorities regarding the measures, and called on Argentina to implement the measures without delay.”
For full text of this article, visit http://www.bloomberg.com/news/2012-09-18/imf-to-put-argentina-on-path-toward-censure-over-economic-data.html