IMF sees Argentina progress toward better economic data

[WASHINGTON] The International Monetary Fund said on Monday that Argentina, censured for failing to meet its statistical quality standards, was making progress in improving the data but more was needed.

Argentine authorities have taken a second set of specific steps the IMF called for reforming its long-distorted data on consumer prices and economic growth by the end-September deadline, the Fund said in a statement without disclosing the nature of the actions.

Now Argentina must take further actions by end-February, with a progress update to the board by IMF managing director Christine Lagarde due by April 15.

"The Fund will pursue discussions with the authorities and also welcomes the efforts made and initial advances achieved to improve the quality of Argentina's official CPI and GDP data and stands ready to continue this dialogue, and, more generally, to further strengthen relations with Argentina," the global lender said.

Argentina had vastly underreported inflation and skewed gross domestic product figures for years, in part for domestic political reasons and also because it had some domestic and foreign debt service payments linked to the key figures.

The IMF repeatedly had warned the country of the need to fall in line with standards for members to provide accurate data, and finally, in February 2013, took the unprecedented action to censure the country.

The censure decision has the potential to open the way for the Latin American country to lose its voting rights or membership at the 188-nation IMF.

AFP