IMF calls on Argentina to implement measures on the quality of official data

The International Monetary Fund announced on Tuesday that it “regretted the lack of sufficient progress” with Argentina to address the quality of the official data reported by the country and urged it to come up with a response to the organization’s concerns by December 17th.

 Managing Director Christine Lagarde will again report to the issue December 17

The Executive Board is scheduled to meet again on that day and “may consider additional steps based on Argentina’s response and in line with IMF procedures,” a press release said.

“The IMF’s Executive Board met on September 17, 2012 to consider the Managing Director’s report on Argentina’s progress in implementing the remedial measures to address the quality of the official data reported to the Fund for the Consumer Price Index for Greater Buenos Aires (CPI-GBA) and Gross Domestic Product (GDP).

“The Executive Board regretted the lack of sufficient progress in implementing the remedial measures since its February 1, 2012 meeting and expressed to the authorities its concern that Argentina has not brought itself into compliance with its obligations under the IMF’s Articles of Agreement by implementing the said measures. The Board took note of the ongoing dialogue between the IMF and the authorities regarding the measures, and called on Argentina to implement the measures without delay.

“The Managing Director is required to report to the Executive Board by December 17, 2012 on Argentina’s response to the Fund’s concerns. At that time, the Executive Board will again review this issue, and may consider additional steps based on Argentina’s response and in line with IMF procedures”, concludes the brief communiqué.