Statement by the IMF Executive Board on Venezuela

IMF News, May 2, 2018

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The Executive Board met to consider 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.

The Board considered a report by the Managing Director on progress implementing remedial measures approved on November 3, 2017 for Venezuela’s failure to provide data required under Article VIII, Section 5 of the Fund’s Articles of Agreement.
The Board found that Venezuela has not implemented the remedial measures.
The Board found that Venezuela has failed to provide information on a number of additional items as required.
As a result, the Fund has issued a declaration of censure against Venezuela for:
- failure to implement the remedial measures; and
- failure to comply with its obligation under Article VIII, Section 5.

The Executive Board called on Venezuela to adopt specific remedial measures.
The Executive Board will meet again within 6 months to consider Venezuela’s progress in implementation.
The Fund stated it stands ready to work constructively with Venezuela toward resolving its economic crisis when Venezuela is prepared to re-engage with the Fund, including through:
- timely and regular data provision; and
- the resumption of Article IV consultations.

Statement by the IMF Executive Board on Venezuela — May 2, 2018