IMF Sets Deadlines for Argentina to Improve CPI, GDP Reporting

The International Monetary Fund set deadlines for Argentina to improve reporting of consumer price index and gross domestic product data, giving the country a reprieve from sanctions.

The decision calls on Argentina to implement “an initial set of specified actions, including the public release of a new national CPI and revised GDP estimates, by end March 2014,” the Washington-based fund said today in an e-mailed statement. “Further actions must be implemented by end-September 2014 and end-February 2015.”

The IMF board said it recognizes Argentina’s work and intention to introduce a new national CPI in early 2014 and to address “shortcomings” in GDP data.

The move by the board’s 24 executive directors, which follows IMF Managing Director Christine Lagarde’s recommendation, may help the international standing of a country that hasn’t tapped overseas bond market since a $95 billion default in 2001.

“The fund notes the importance of the ongoing discussions with the Argentine authorities to improve the quality of Argentina’s official CPI and GDP data and stands ready to continue this dialogue, and, more generally, to continue strengthening the relationship between Argentina and the fund,” the IMF said in the statement.

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