Press Release No. 17/419

Statement by the IMF Executive Board on Venezuela

November 3, 2017

On November 3, 2017, the Executive Board met to consider a report presented by the Managing Director on data provision by Venezuela.

The Board approved a decision that finds Venezuela in breach of its obligation under Article VIII, Section 5 of the Fund’s Articles of Agreement for the failure to provide, by the required date, certain data on the operations of the social security institute and on total exports and imports of merchandise, in terms of local currency values, according to countries of destination and origin. Reporting these data along with other key economic indicators, is an obligation of all Fund members to allow for effective surveillance of macroeconomic developments within each country as well as that country’s effects on other countries.

The Board called on Venezuela to adopt specific remedial measures and will meet again within 6 months to consider Venezuela’s progress in implementation.

The Executive Board remains hopeful that the decision will encourage the Venezuelan authorities to re-engage with the Fund through timely and regular data provision and the resumption of Article IV consultations. Such re-engagement would benefit Venezuela and the international community.