The Star Early Edition

IMF warn­ing on eco­nomic data


THE IMF has is­sued a warn­ing to Venezuela for fail­ing to pro­vide the in­sti­tu­tion with eco­nomic data on time and gave it six months to ad­dress the lack of some sta­tis­tics. The de­ci­sion was not unan­i­mous, with Rus­sia ob­ject­ing to the move and oth­ers ab­stain­ing, ac­cord­ing to two sources fa­mil­iar with the IMF board dis­cus­sion. The sources said that if Venezuela did not im­prove the flow of data, the IMF could is­sue a “dec­la­ra­tion of cen­sure” un­der ar­ti­cle 8 of the fund’s rules on fur­nish­ing of in­for­ma­tion. An IMF state­ment said Venezuela was late on data re­lated to the operations of the so­cial se­cu­rity in­sti­tute and to­tal ex­ports and im­ports of mer­chan­dise. The data is used in the IMF’s mon­i­tor­ing of world economies. The IMF said that pro­ject­ing an eco­nomic out­look for Venezuela was com­pli­cated by gaps in re­ceiv­ing data, and it was of­ten in­com­plete.

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