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IMF censures Argentina over poor data

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WASHINGTON, Feb 1 AFP

February 02 2013, 08:02AM

The International Monetary Fund has censured Argentina for failing to supply accurate economic data, the first time the global crisis lender has taken such an action against a member.

The IMF executive board on Friday found that Argentina's efforts to meet its demands for better GDP and inflation data have "not been sufficient.

As a result, the Fund has issued a declaration of censure against Argentina."

The censure decision opened the way to Argentina possibly losing its voting rights at the IMF, or even lose it membership.

But the executive board put off that decision, giving Buenos Aires another eight months to resolve the problem before it takes further action.

"The Fund stands ready to continue its dialogue with the Argentine authorities to improve the quality" of the official data, the board said in a statement.

"And, more generally, to strengthen the relationship between Argentina and the Fund," it added.