(MENAFN- AFP) The International Monetary Fund said Wednesday that it could remove its unprecedented 2013 censure of Argentina in November after the country improved its reporting of key economic statistics.
The IMF Executive Board said that Buenos Aires had made "extraordinary efforts and important progress" in improving the accuracy of growth and inflation data that they are required to supply the Fund as a member.
"Beyond the advances regarding the quality of the data, the Executive Board also commended the authorities' intention to strengthen the national statistics agency," they said in a statement.
The IMF formally censured Argentina on February 1, 2013 for failing to supply accurate economic data, the first time ever that the Fund had taken such an action against a member.
The move marked a low point in the long-strained relations between the Fund and the government of then-president Cristina Kirchner, whose data on growth and inflation were notoriously inaccurate, masking deep economic troubles.
Since Kirchner was replaced by President Mauricio Macri in December, the government has moved to rebuild relations with the Washington-based global crisis lender, and has begun reporting what are widely regarded as genuine data on inflation, unemployment, and growth.
The board said that with more evidence of how Argentina's new consumer price index performs, and a bit more strengthening of the statistical process, it would again review the issue in November.
"With continued progress and with a positive report to the Board by the managing director, the Executive Board would be in a position to lift the Declaration of Censure at that time," it said.
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