Press Release No. 18/158

Statement by the IMF Executive Board on Venezuela

May 2, 2018

“On May 2, 2018, the Executive Board of the International Monetary Fund (IMF) met to consider the issue of Venezuela’s provision of core macroeconomic data to the Fund. The Board noted that adequate data provision was an essential first step to understanding Venezuela’s economic crisis and identifying possible solutions.

At the meeting, the Executive Board considered a report presented by the Managing Director on progress in implementing the remedial measures approved on November 3, 2017 for the failure by Venezuela to provide data to the Fund that is required under Article VIII, Section 5 of the Fund’s Articles of Agreement (see: Statement by the IMF Executive Board on Venezuela). The Board found that Venezuela has not implemented the remedial measures and has failed to provide information on a number of additional items as required. The Fund has issued a declaration of censure against Venezuela for its failure to implement these remedial measures and its failure to comply with its obligation under Article VIII, Section 5.

The Executive Board called on Venezuela to adopt specific remedial measures and will meet again within 6 months to consider Venezuela’s progress in implementation.

The Fund stands ready to work constructively with Venezuela toward resolving its economic crisis when it is prepared to re-engage with the Fund, including through timely and regular data provision and the resumption of Article IV consultations.”