After failing to receive the appropriate economic information from the Venezuelan government, the International Monetary Fund (IMF) issued a declaration of censure against Venezuela.
The decision came after a meeting of the Executive Board of the IMF, according to a press release.
“The Board found that Venezuela has not implemented the remedial measures and has failed to provide information on a number of additional items as required.”
The Executive Board plans to meet again in six months to evaluate Venezuela’s progress in adopting the remedial measures.
The Board concluded by saying, “The Fund stands ready to work constructively with Venezuela toward resolving its economic crisis when it is prepared to re-engage with the Fund, including through timely and regular data provision and the resumption of Article IV consultations.”