(MENAFN - Kuwait News Agency (KUNA)) WASHINGTON, May 2 (KUNA) -- The International Monetary Fund (IMF) announced Wednesday that it has issued a "declaration of censure" against Venezuela for its failure to implement "remedial measures and its "failure to comply with its obligation".
The IMF said in a statement that the Executive Board met to "consider the issue of Venezuela's provision of core macroeconomic data to the Fund," adding "adequate data provision was an essential first step to understanding Venezuela's economic crisis and identifying possible solutions".
It stressed that the Executive Board "called on Venezuela to adopt specific remedial measures and will meet again within six months to consider Venezuela's progress in implementation".
"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," the statement added. (end) si.mb