IMF Warn Argentina For Their Financial Report

Argentina became the first country affected by the warning from the International Monetary Fund (IMF) due to provide economic data that is not accurate. IMF urges Argentina to overcome this problem at least until 29 September. If not, Argentina must be ready to accept the sanctions.

Sanctions could include access to IMF loans. The IMF gave this warning yesterday, because the IMF executive board found that the corrective measures undertaken Argentina is not enough.

In 2010, Argentine President Cristina Fernandez de Kirchner has said it will establish a new consumer price index. However, since there was no significant progress on the plan.

It all started in 2007 when President Nestor Kirchner, Fernandez's late husband, replacing senior staff at the statistics agency INDEC. Last year, the statistics agency estimated the Argentine inflation rose 10.8%. However, private economists expect inflation shot 25.6%.

Private economists refused to be identified because they are exposed to the risk of government fines for releasing data that differs from the official data.

However, the difference between official figures and private inflation data has helped the country's U.S. $ 6.8 billion cut corners since 2007, according to calculations ACM Consultores research institute in Buenos Aires.

Argentina Economy Minister denies warning IMF. In the government's official release on the site, he calls baseless reprimand and a new error. He said that Argentina will start using a new consumer price index from the fourth quarter of this year after consumer surveys since March 2012.

Record, Argentina has banned borrow from international markets since defaulted bonds worth U.S. $ 95 billion in 2001.