## Statement by the IMF Executive Board on Venezuela

_IMF News, May 2, 2018_

## Source details

**Canonical URL:** [Statement by the IMF Executive Board on Venezuela](https://www.imf.org/en/news/articles/2018/05/02/pr18158-statement-by-the-imf-executive-board-on-venezuela)

## Other formats

- [Markdown version](/en/news/articles/2018/05/02/pr18158-statement-by-the-imf-executive-board-on-venezuela/index.md)
- [Structured JSON version](/en/news/articles/2018/05/02/pr18158-statement-by-the-imf-executive-board-on-venezuela/index.json)
- [Bundle manifest](/en/news/articles/2018/05/02/pr18158-statement-by-the-imf-executive-board-on-venezuela/bundle-manifest.json)

## Bibliographic details
- Published: May 2, 2018

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### Purpose and context
- 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.

### Findings from the Board meeting
- 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.

### Board actions and follow-up
- 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*

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## References

- [https://www.imf.org/-/media/images/imf/bios/imfboard.jpg](https://www.imf.org/-/media/images/imf/bios/imfboard.jpg)
- [The Executive Board](https://www.imf.org/external/np/sec/memdir/eds.aspx)
- [República Bolivariana de Venezuela and the IMF](http://www.imf.org/external/country/VEN/index.htm)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [Article VIII, Section 5 of the Fund’s Articles of Agreement](http://www.imf.org/external/SelectedDecisions/Description.aspx?decision=13183-%2804%2F10%29)
- [Statement by the IMF Executive Board on Venezuela](https://www.imf.org/en/News/Articles/2017/11/03/pr17419-statement-by-the-imf-executive-board-on-venezuela)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2018/05/02/pr18158-statement-by-the-imf-executive-board-on-venezuela_