Statement by the IMF Executive Board on Venezuela

IMF News, November 3, 2017

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The Executive Board approved a decision that finds Venezuela in breach of its obligation under Article VIII, Section 5 of the Fund’s Articles of Agreement.
The breach stems from Venezuela’s failure to provide, by the required date, certain data on:
- the operations of the social security institute; and
- total exports and imports of merchandise, in terms of local currency values, according to countries of destination and origin.
Reporting these data, along with other key economic indicators, is an obligation of all Fund members to allow for effective surveillance of macroeconomic developments within each country as well as that country’s effects on other countries.
Press Release No. 17/419

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

The Executive Board expressed hope that the decision will encourage the Venezuelan authorities to re-engage with the Fund through:
- timely and regular data provision; and
- the resumption of Article IV consultations.
The Board noted that such re-engagement would benefit Venezuela and the international community.

Statement by the IMF Executive Board on Venezuela (Press Release No. 17/419, November 3, 2017).