The International Monetary Fund (IMF) has threatened Venezuela with barring it from voting on policies after it failed to provide economic data when requested.
The warning came in the form of a statement that was issued after the IMF Executive Board ruled that the South American country had not met the remedial measures approved late in 2017 that mean Venezuela must provide the IMF with the required data.
In November last year, the IMF concluded that Venezuela had violated its duty to provide “core macroeconomic data” on “on the operations of the social security institute and on total exports and imports of merchandise, in terms of local currency values, according to countries of destination and origin,” promising to meet again six months later to assess the progress made by the country on its compliance.
However, since then the board has “found that Venezuela has not implemented the remedial measures and has failed to provide information on a number of additional items as required.” The data, the IMF said, was a first step to understanding “Venezuela’s economic crisis and identifying possible solutions.”
Alejandro Werner, director of IMF’s Western Hemisphere Department said that inflation in Venezuela was expected to reach 13,000% – one of the most extreme economic collapses in recent times.
If it continues to fail to comply the IMF has warned that it could revoke Venezuela’s voting right on IMF policies.
With elections scheduled for 20th May, further chaos looks imminent across Venezuela as new sanctions look increasing possible if its democracy continues to be undermined by its current leaders.