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LatinNews Daily - 03 May 2018

In brief: Venezuela

Venezuela: The Executive Board of the International Monetary Fund (IMF) has issued a declaration censuring the Venezuelan government for failing to provide official macroeconomic data. In a statement, the IMF Board said that after analysing a report by its managing director, Christine Lagarde, on the progress that Venezuela has made in implementing remedial measures issued by the IMF in November 2017 over its failure to provide official GDP, inflation, and other key macroeconomic data, the board has decided to issue “a declaration of censure against Venezuela for its failure to implement these remedial measures and its failure to comply with its obligation under Article VIII”. The IMF Board has given Venezuela six months to adopt remedial measures, noting that “the provision of accurate data is the first essential step for understanding the economic crisis in Venezuela and identifying possible solutions”. This comes after, in its recent Spring Meetings, the IMF forecasted that Venezuela’s GDP will contract by 15% this year, while the inflation rate will reach 14,000%.

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