IMF warns Venezuela over failure to supply data: sources

 03 Nov 2017 - 22:42

IMF warns Venezuela over failure to supply data: sources
Venezuelan President Nicolas Maduro speaking during a meeting with ministers at the Miraflores presidential palace in Caracas on May 13, 2016 (AFP / Venezuelan Presidency / Marcelo Garcia)

Reuters

WASHINGTON:  The International Monetary Fund issued a warning to Venezuela on Friday after finding the country had failed to provide regular economic data to the institution, two board sources with knowledge of discussions said.

The sources, speaking after an IMF board meeting, said if Venezuela did not comply and improve the flow of data, the IMF could issue a “declaration of censure” against the country.

The findings, although unrelated to an announcement on Thursday by Venezuelan Nicolas Maduro that he wants to restructure the country’s foreign debt, come amid rising concerns that the government is on the verge of a default.

Maduro on Thursday vowed to make a $1.1. billion payment on a maturing bond but also created a commission to study the restructuring of payments.

The cash-strapped government on Friday invited bondholders to a Nov. 13 meeting in Caracas, although cautious bondholders have indicated they were first waiting to see whether Caracas makes the $1.1. billion payment and another due next week.

Venezuela remains a member of the IMF but has not had any formal engagement with the international institution for more than a decade. The IMF conducted its last economic review of Venezuela’s economy in 2004.

(Reporting by Lesley Wroughton, Editing by Clive McKeef)