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The International Monetary Fund said Wednesday it had ordered Venezuela to swiftly provide key economic data, threatening to exclude the South American country under a process known as “censure.”
The IMF board concluded that Venezuela had failed to implement measures ordered by the IMF, or to provide key information.
“The Fund has issued a declaration of censure against Venezuela,” said the IMF statement. “The Executive Board called on Venezuela to adopt specific remedial measures and will meet again within six months to consider Venezuela’s progress in implementation.”
“The Fund stands ready to work constructively with Venezuela toward resolving its economic crisis when it is prepared to re-engage with the Fund, including through timely and regular data provision,” the IMF said
In November, the IMF sanctioned Venezuela for failing to provide economic data as required of all members. The Washington-based lender, which monitors economies of its 189 members, has not been able to conduct the annual review of the Venezuelan economy since 2004.
Possible ramifications to IMF censure include a suspension to the right to vote, a suspension of financing and, in extreme cases, exclusion. The fund has only taken this last step one time, excluding Czechoslovakia in 1954.
The IMF last provided funding to Venezuela in 2001 and the country has not sought funding from the fund since then.Source: AFP