Press Release No. 15/252

Statement by the IMF Executive Board on Argentina

June 3, 2015

The Executive Board of the International Monetary Fund (IMF) met on June 3, 2015 to consider the Managing Director’s report on Argentina’s progress in implementing the third set of specified actions called for by the Executive Board in December 2013 to address the quality of the official data reported to the Fund for the Consumer Price Index (CPI) and Gross Domestic Product (GDP).

The Executive Board recognized the ongoing discussions with the Argentine authorities and their material progress in remedying the inaccurate provision of CPI and GDP statistics since 2013.

However, it determined that Argentina is not yet in full compliance with its obligation under Article VIII, Section 5 with respect to the accurate provision of CPI and GDP data to the Fund. It found that some specified actions called for by end-February 2015 had not yet been completely implemented.

For this reason, the Executive Board decided to extend the ongoing process by one year to give additional time to remedy the provision of inaccurate official data and to undertake an additional set of specified actions. The Managing Director will report to the Executive Board on the status of Argentina’s implementation of the specified actions by July 15, 2016. At that time, the Executive Board will again review this issue, in line with IMF procedures.