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IMF sees Argentina progress toward better economic data

The International Monetary Fund headquarters building is seen in Washington, DC on May 15, 2011The International Monetary Fund said Monday that Argentina, censured for failing to meet its statistical quality standards, was making progress in improving the data but more was needed. 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.

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