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IMF warns Argentina to stop releasing false economic data

By Mason White 6:18 AM February 3, 2013
International Monetary Fund building 

By: Eva Fett
Argentina has received a strong warning from the international community to stop releasing false economic data, according to a statement by the International Monetary Fund.

The International Monetary Fund issued a “declaration of no confidence” against Argentina on Friday in its strongest rebuke to date on the quality of inflation and GDP growth data, and gave the country several months to make changes.

The IMF Executive Board said that Argentina had failed to make sufficient progress in improving the accuracy of the data. It appealed to the government to fix their problems with the data without delay.

“As a result, the fund has issued a statement of censure against Argentina in connection with the breach of the obligation for funds,” the IMF said in a statement.

The IMF said it will review progress at a later date, when it could impose sanctions on Argentina, which is one of the largest economies in South America.

The IMF left the door open to changes, saying it was willing to continue discussions with Argentina on improving data and more generally, to strengthen relations with the country.