Statement by the IMF Executive Board on ArgentinaPress Release No. 13/497
December 9, 2013
The International Monetary Fund’s Executive Board met today to consider the Managing Director’s report on Argentina’s progress in implementing remedial measures 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).
While noting that Argentina has not adopted the measures called for by the Fund to address the inaccurate provision of CPI-GBA and GDP data, the Executive Board recognized Argentina’s ongoing work and intention to introduce a new national CPI in early 2014. The Board also noted that Argentina is working to address the shortcomings in its GDP data.
In light of these developments, the Executive Board adopted a decision calling on Argentina to implement specified actions to address the quality of its official CPI and GDP data according to a specified timetable. The decision calls on Argentina to implement an initial set of specified actions, including the public release of a new national CPI and revised GDP estimates, by end March 2014. Further actions must be implemented by end-September 2014 and end-February 2015. The Managing Director is required to report to the Executive Board by within 45 days of each of the aforementioned deadlines on the status of Argentina’s implementation of the specified actions. At each such time, the Executive Board will review this issue in line with IMF procedures1.
The Fund notes the importance of the ongoing discussions with the Argentine authorities to improve the quality of Argentina’s official CPI and GDP data and stands ready to continue this dialogue, and, more generally, to continue strengthening the relationship between Argentina and the Fund.
1 Strengthening the Effectiveness of Article VIII, Section 5. http://www.imf.org/external/pubs/ft/sd/index.asp?decision=13183-(04/10)