Press Release No. 12/30

Given the obligations of all member countries to provide accurate data to the International Monetary Fund (IMF), on February 1, 2012, the Executive Board met to consider the Managing Director’s report on proposals for remedial measures that Argentina has to implement to address the quality of the official data reported to the Fund for the Consumer Price Index for Greater Buenos Aires (CPI-GBA) and Gross Domestic Product (GDP).

The Executive Board regretted the absence of progress in aligning the CPI-GBA with international statistical guidelines and took note of the authorities’ intentions to adopt some remedial measures to address the quality of its reported GDP data.

The Executive Board approved a decision that calls on Argentina to implement specific measures, within a period of 180 days, to address the quality of reported CPI-GBA and GDP data, with a view to bringing the quality of the data into compliance with the obligation under the Articles of Agreement. The Managing Director shall, by September 6, 2012, report to the Executive Board on the status of implementation by Argentina of the above-mentioned measures.