IMF Executive Board Removes Declaration of Censure on Argentina
IMF News, November 9, 2016
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Bibliographic details
- Published: November 9, 2016
Executive Board decision and immediate findings
- Press Release No. 16/497; November 9, 2016.
- The Executive Board met to consider the Managing Director’s report on Argentina’s progress in improving the quality of the official data reported to the Fund for the Consumer Price Index (CPI).
- The Board concluded that Argentina’s CPI is now in line with international standards.
- Given that Argentina’s GDP had already been considered in line with international standards at the Executive Board meeting that took place in August this year, the Executive Board determined that Argentina is now providing information to the Fund on CPI and GDP data in a manner consistent with its obligations under the Fund’s Articles of Agreement.
- As a result, the Executive Board adopted a decision lifting the Declaration of Censure and Statement of Concern.
Executive Director and staff observations
- Executive Directors praised:
- the authorities’ resolve to address the methodological shortcomings of the CPI, and
- important progress made on the specified actions regarding the inflation data.
- The technical assistance relationship between staff and the authorities has been described as extremely cooperative and productive.
Managing Director statement
- IMF Managing Director Ms. Christine Lagarde stated:
- “Today’s IMF’s Board decision to remove the Declaration of Censure is a testament to the extraordinary efforts made by the new Argentinean administration to strengthen the national statistics agency and produce reliable and trustworthy data. I would like to commend the authorities for their commitment to transparency and determination to improve the accuracy official data in such a short period.”
Background on IMF actions concerning Argentina’s data
- In July 2011, Argentina was found in breach of its obligations under Article VIII, Section 5 due to its inaccurate provision of CPI and GDP data.
- In light of Argentina’s failure to remedy its inaccurate provision, the Executive Board subsequently issued:
- a Statement of Concern on September 17, 2012, and
- a Declaration of Censure on February 1, 2013,
- in accordance with the Fund’s legal framework.
Media relations and contacts
- IMF Communications Department, MEDIA RELATIONS.
- PRESS OFFICER:
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
IMF Press Release No. 16/497, November 9, 2016.