Wed | Oct 16, 2019

IMF executive board to meet on Venezuela

Published:Friday | November 16, 2018 | 12:00 AM
President of Venezuela, Nicolas Maduro.

The International Monetary Fund, IMF, said on Thursday its executive board will meet in the "coming weeks" to discuss the failure of the Venezuelan government to provide updated figures on its troubled economy.

Spokesman Gerry Rice told reporters that IMF officials have held recent conversation with Venezuelan officials about the issue, but refused to say whether any deadline had been given to Caracas to come up with the data.

Economist Asdrubal Oliveros of the Caracas-based firm Econalitica tweeted last week that IMF gave Venezuelan Central Bank until November 30.

"I will not confirm the deadline, but I will confirm the discussions," Rice said during his biweekly press conference. "I don't have a specific date to announce for the board, but we would expect that to happen in the coming weeks for the board to meet."

When it issued a declaration of censure against Venezuela back in May, the IMF said its executive board would meet six months later to assess progress.

The censure carried no immediate penalties, but it could eventually lead to Venezuela's expulsion from the international coalition of nations created to promote economic stability.

Venezuelan authorities have not allowed IMF to formally review its economy since 2004, even though member states are expected to do so every year.

For the last decade, Venezuela hasn't let the IMF publish a review of its economic indicators, required of all its member countries.

Venezuela's currency has lost almost all its value as the country's deep economic crisis has led to one of the worst cases of hyperinflation ever seen.

- AP