Thursday, November 14th 2013 - 07:38 UTC

IMF to review Argentina's 'new' stats on inflation and GDP, next 9 December

The International Monetary Fund said Wednesday it will review Argentina's progress on improving its economic statistics in December, after censuring the country last February for supplying poor data.

Last week Rice said talks with Argentina over its data improvement had been “constructive”.

 Spokesman Gerry Rice said the IMF management had sent a report to the executive board Wednesday on Buenos Aires's response to IMF “concerns” about the country's inflation and gross domestic product data.

He would not reveal anything about the report's conclusions, but said the board would review the report on December 9.

After a critical report on Argentina last year, the board took the unprecedented step of censuring an IMF member, saying the country had made insufficient efforts to meet its standards for inflation and GDP data.

Though the board took no further action, giving Buenos Aires the rest of 2013 to improve its statistics, the censure decision has the potential to open the way for the Latin American country to lose its voting rights or membership at the IMF.

Last week Rice said talks with Argentina over its data improvement had been “constructive”.

Government critics in Argentina have said for years that the government vastly understates inflation and overstates growth for political and other ends.

In October, the official year-on-year inflation rate stood at 10.3%, while a group of private sector economists put the figure at 26%. Relations between the IMF and Argentina have been troubled for years.

In January 2006, the government paid off Argentina's debt with the IMF -- some 9.5 billion dollars -- and cut links with the Fund.

Since then Argentina has been the only country in the G20 that does not allow annual economic assessments by official IMF teams.

15 comments Feed

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1 toxictaxitrader2 (#) Nov 14th, 2013 - 09:42 am Report abuse
Kicking the can down the road again?
2 bushpilot (#) Nov 14th, 2013 - 12:59 pm Report abuse
What does that mean, “censured”. What happened to Argentina for that?

“the censure decision has the potential to open the way for the Latin American country to lose its voting rights or membership at the IMF.”

In other words, the IMF didn't lift a finger, they just used a serious sounding word.
3 ChrisR (#) Nov 14th, 2013 - 02:54 pm Report abuse
Bullshit from the IMF regarding censures.

They will do nothing against The Dark Country.
4 Conqueror (#) Nov 14th, 2013 - 03:27 pm Report abuse
Just sack Lagarde. She's as bent as CFK. Imagining she could support argieland before a court!
5 RICO (#) Nov 14th, 2013 - 04:09 pm Report abuse
Argentina is laying the ground for borrowing money again. Followed 10 years later by another default.

Argentina, spending other people's money since 1810.
6 ChrisR (#) Nov 14th, 2013 - 06:22 pm Report abuse
5 RICO

Brilliant strap line!
7 Briton (#) Nov 14th, 2013 - 08:00 pm Report abuse
Never have we seen the desperation of and organisation like the mighty IMF,
So desperate to give ones money away, as if they are swimming in it,

If they don’t give to em very soon, no doubt mr Cameron will,

Still
With so much of the worlds money to give away,
Why not give some of it the Philippines as they are desperate right now..

[ IMF, very shamfull ].
8 DanyBerger (#) Nov 14th, 2013 - 08:54 pm Report abuse
@bushpilot

“What does that mean, “censured”. What happened to Argentina for that?”

Absolutely nothing and nothing have changed since then so this is another Soap Opera from IMF.

The some numbers and statistics that before were bad now seem to start to be good.

@Briton

Of course you are right argies planed to borrow at least 20 millions dollar per head (including me) and the make a “God pays”

Ha ha
9 yankeeboy (#) Nov 15th, 2013 - 01:34 pm Report abuse
Argentina will have reduced funding from the only 2 banks that are currently loaning them U$, IDB and WB will cut funding in 2014.

If at the next meeting IMF chooses to suspend membership they will have no further funding from either and will possible be removed.
The wheels of large bureaucracies turn slowly both ways. So once they are kicked out I don't see them getting back in quickly either.

It's a dangerous game CFK is playing with the lives of 40MM people.
I hope they all realize it, but I think that most of them are as dumb as Dany.
10 DanyBerger (#) Nov 15th, 2013 - 05:24 pm Report abuse
@YankeeBobo

I will stick with what you do best if I would be you..

Lets say singing like crazy Lovumba live from Miami
www.youtube.com/watch?v=9TeyuDnwyrw

ah ha ha ha
11 yankeeboy (#) Nov 16th, 2013 - 01:54 pm Report abuse
Dany, When you figure out the difference between a freight train and a passenger train maybe you feeble attempts at insults may have some meaning.
Your too stupid to bother with.
12 DanyBerger (#) Nov 16th, 2013 - 03:28 pm Report abuse
@YankeeBobo

And what have to do a “freight train” with your Lovumba live performance from Miami???

Are you planning to transport your sound equipment for the GiG in it?
13 bushpilot (#) Nov 17th, 2013 - 03:41 pm Report abuse
?
14 ChrisR (#) Nov 17th, 2013 - 09:15 pm Report abuse
12 DanyBerger

Can you clock off at La Camping It Up now and let the DanyBerger version who actually has a brain and good English back to work.

Either that or STFU.
15 bushpilot (#) Nov 18th, 2013 - 01:51 am Report abuse
I pulled up this MercoPress article from 9/2012 about the IMF and INDEC:

en.mercopress.com/2012/09/24/imf-warns-argentina-on-stats-next-time-december-17-it-s-a-red-card#comment167401

It seems the IMF brought this up with the Argentine administration in 2/2012.

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