By Vivienne Russell | 10 December 2013

The International Monetary Fund has given Argentina until the end of March next year to improve the quality of the economic and inflation data it submits to the body.

Argentina was censured by the IMF in February this year for its persistent failure to improve the accuracy of its inflation and growth statistics, putting it in breach of its obligations to the fund.

It was given until September 29 to adopt the remedial measures identified by the IMF.

A progress report considered by the IMF’s executive board yesterday revealed that Argentina had still not adopted the recommended measures. However, the country’s intention to address the issues was acknowledged, and the IMF noted that work was underway to introduce a new Consumer Price Index inflation measure, and to address the shortcomings in gross domestic product data.

‘In light of these developments, the executive board adopted a decision calling on Argentina to implement specified actions to address the quality of its official CPI and GDP data according to a specified timetable,’ the IMF said.

‘The decisions 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. Further actions must be implemented by end-September 2014 and end-February 2015.’

The IMF added that it ‘stands ready’ to continue the dialogue with Argentina and strengthen relations between the South American country and the fund. If the IMF concludes that the quality of economic data has not improved, Argentina could be expelled from the body.

Argentina’s inflation rate was officially recorded at 10.5% in October, however, some commentators say in truth in much higher. Critics also say the government habitually overstates growth figures.

Argentina is the only member of the Group of Twenty leading nations that does not allow the IMF to carry out official economic assessments.