Press Release No. 12/319

Press Release: Statement by the IMF Executive Board on Argentina

September 18, 2012

The IMF’s Executive Board met on September 17, 2012 to consider the Managing Director’s report on Argentina’s progress in implementing the remedial measures to address the quality of the official data reported to the Fund for the Consumer Price Index for Greater Buenos Aires (CPI-GBA) and Gross Domestic Product (GDP). (See: Statement by the IMF Executive Board on Argentina, Press Release No. 12/30, February 1, 2012.)

The Executive Board regretted the lack of sufficient progress in implementing the remedial measures since its February 1, 2012 meeting and expressed to the authorities its concern that Argentina has not brought itself into compliance with its obligations under the IMF’s Articles of Agreement by implementing the said measures. The Board took note of the ongoing dialogue between the IMF and the authorities regarding the measures, and called on Argentina to implement the measures without delay.

The Managing Director is required to report to the Executive Board by December 17, 2012 on Argentina’s response to the Fund’s concerns. At that time, the Executive Board will again review this issue, and may consider additional steps based on Argentina’s response, and in line with IMF procedures.