IMF issues ‘declaration of censure’ against Venezuela over lack of data

WASHINGTON (Reuters) – The International Monetary Fund’s board on Wednesday issued a “declaration of censure” against Venezuela, saying it had failed to provide necessary economic data to the institution, and gave the government six months to take action.

“The board found that Venezuela has not implemented the remedial measures and has failed to provide information on a number of additional items as required,” the IMF said in a statement, after warning Venezuela in November that it needed to improve the flow of data under IMF rules.

“The Fund has issued a declaration of censure against Venezuela for its failure to implement these remedial measures,” it added.

The move does not impose immediate penalties against Venezuela but could lead to the Fund eventually barring the country from voting on IMF policies.

Venezuela, which was a founding member of the fund in 1946, remains a voting member of the IMF, but it has not had any formal engagement with the international institution for more than a decade.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.