The International Monetary Fund censured Venezuela on Wednesday for failing to hand over essential economic data to the fund.
“The [Executive] Board noted that adequate data provision was an essential first step to understanding Venezuela’s economic crisis and identifying possible solutions,” an IMF statement said.
The board is giving Venezuela another six months to comply or face possible expulsion from the IMF.
“The Fund stands ready to work constructively with Venezuela toward resolving its economic crisis when it is prepared to re-engage with the Fund,” the IMF said.
Venezuela has not responded to the IMF’s action. But President Nicolas Maduro’s socialist government has long declined to provide data to the IMF. It regards the IMF as a U.S. tool and part of a Washington-inspired economic war against Venezuela.
Corruption and the collapse of world energy prices has led to an economic calamity in oil-rich Venezuela, including hyperinflation and severe shortages of many basic goods.