The IMF sanctioned Argentina by the INDEC

February 1, 2013
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The International Monetary Fund (IMF) sanctioned to Argentina with a “vote of no confidence” by the poor quality of its statistics.

The organization conducting by Christine Lagarde said it had no alternative in the absence of compliance of Cristina Kirchner government to improve transparency of public statistics.

Statement by the IMF executive board

The IMF Executive Board met to consider the report on the progress of Argentina in implementing corrective measures to address the quality of the official data reported to the Fund for the Consumer Price Index for Greater Buenos Aires (IPC -GBA) and Gross Domestic Product (GDP).

The Executive Board has found that “Argentina’s progress in implementing corrective measures since September 17, 2012 has not been enough.” As a result, the Fund has issued a “declaration of no confidence” against Argentina in “connection with its breach of the obligation under the articles of agreement with the IMF “.

The IMF Board urged Argentina to “take corrective measures to address the lack of precision of the CPI-GBA and GDP data, without further delay, and in any event no later than 29 September 2013″.

Likewise, that Argentina fits “the measures applicable to the CPI-GBA and the target of GDP to the alignment of these indicators with statistical international agreements and guidelines that ensure accurate measurement.”

“The IMF stands ready to continue the dialogue with the Argentine authorities to improve the quality of the official CPI-GBA and GDP data, and, more generally, to strengthen the relationship between Argentina and the Fund.”