StartCounter

Saturday, 2 February 2013

Argentina Becomes First Nation Censured by IMF on Economic Data - Bloomberg

'Argentina  became the first country to be censured by the International Monetary Fund for not providing accurate data on inflation  and economic growth under a procedure that can end in expulsion.

The declaration of censure was adopted yesterday by the IMF's 24-member board of directors, the Washington-based fund said in a statement. While it doesn't have immediate effects, the decision takes the country a step closer to sanctions that include being barred from access to IMF loans.

The IMF's executive board found that Argentina's progress in implementing so-called remedial measures "has not been sufficient," according to the statement. The board called on Argentina to "address the inaccuracy" of economic data no later than Sept. 29, 2013. Managing Director Christine
Lagarde is required to report to the board on Argentina's progress by Nov. 13, 2013. '

More on Bloomberg http://mobile.bloomberg.com/news/2013-02-01/argentina-becomes-first-nation-censured-by-imf-on-inflation-data.html

Now do you understand why Argentinian government are trying to ramp up tensions over Falklands? It's a distraction.

No comments: