Photo: Blockchain News

So, the IMF just issued a “declaration of censure” against Venezuela, because it failed to provide economic data (you know, stuff the Venezuelan Constitution clearly states the government must do). This comes in the hopes that Venezuela implements remedial measures in the next six months.

Back in November, Reuters reported that the IMF could issue a declaration of censure under Article VIII, Section 5 (of the Articles of Agreement of the International Monetary Fund) if Venezuela didn’t provide information “necessary for the Fund to discharge its duties effectively.” In other words: the IMF showed Venezuela a yellow card on transparency.

We don’t have much hope for the BCV or INE to catch up on all they owe us, but this administration now faces actual costs for hiding data. To give you context, when the IMF did this against Argentina in February 2013, The Economist reported that if that country didn’t comply with the Fund’s rules, Argentina could lose its ability to borrow from the IMF and it could be barred from voting on all policies.

The Maduro government could ignore this declaration and move on, since chavismo has been openly critical of the IMF, but such declarations are issued against the country and not Maduro and his combo. So, even if Maduro says this “declaration of censure” is yet another attack from la derecha imperial, an eventual opposition-led regime would face the consequences of not taking this seriously today.

Our rights are our rights — and we have a right to this data.


Update: A previous version of the headline stated “Just In: The IMF Censors Venezuela for Not Providing Economic Data”. It was adjusted to properly reflect the ideas portrayed in the post.

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  1. Maduro and his people behave as if they want to “do a Cuba” and renounce all foreign debt, thumbing their nose at the IMF. That makes sense only if they think they can line up financial support from China and (much less likely) Russia. Of course, on past history Chavismo does not have to make any sense.

  2. Laughable. Unless Mike Pompeo and the Trump administration do anything about Cubazuela, military, of course, brief yet effective, nothing will freaking happen in decades to come.

    I’m actually willing to bet HARD CASH about that. Any CCS Chronicles takers? Lets bet on it.Put your mouths whre the walllet is. (resurfacing the pool costs, and CC chronicles doesn’t pay..) Let’s bet.

  3. And pleauuuuse, before any reader with scarce neurons left starts to wonder, mostly silently here.. “why woulf thje USA do that? SELFISH shit, as always. That’s the only time we act, historically, for sorry helpless hellholes as Kleptozuela. It’s not about you, it’s about the Civilized World’s interests.

  4. IMF.. “Internationally Monetary Fund..” “Fondo Monetario Internacional”

    Free money, huh?

    Nuff said.

  5. (La poeta is texting from a local bar.. don’t upset her just yet.. she’ll pass out soon enuf)

  6. Is there any possibility that any of this data is being recorded with any semblance of accuracy anyway? I’m talking the simple logistics and competency required to do so.

    Because as we all know, the one thing Chavismo excels in is incompetency. We’re talking about a regime that can’t even supply water during a flood.

    Or do you think that these numbers ARE accurately maintained, and just hidden because of the associated corruption, embarrassment and other fuck-ups?

    • Several years ago there was a scandal in one faja operation.. Chubez showed up with ramirez congratulating the team on achieving production goals, despite not having the resources, experienced engineer, money, procurement, rigs etc.. it was almost a miracle. But then the loop they’d installed to double measure production was found, the little experienced (and creative, intelligent) people they had were thrown in jail. So, Ira, it’s highly unlikely the procedures, processes, people or resources exist to provide the information to the IMF.

  7. The IMF’s problem with Venezuelan data didn’t begin in 2018. Compare Venezuela and Colombia in the IMF’s World Economic Outlook database. For “Gross domestic product per capita, constant prices,” both national currency and constant dollars, “Estimates start at 2017” for Colombia. For Venezuela, “Estimates start at 2010.” (Estimate of per capita decline of 48.5% in per capita income from 2013 to 2018. Guess the country.)

  8. Is there any possibility that any of this data is being recorded with any semblance of accuracy anyway? I’m talking the simple logistics and competency required to do so.

    No chance. If the wild corruption said to go on in Chavismo is remotely accurate, any actual accounting would be cooked to hide actual figures. What’s more, when you have financial jefes who insist that “inflation” is a right wing fictional term, can you imagine how the accounting department does business. To say nothing of the rotating “ministers,” who probably clear the books the moment they start, and again when they are reassigned. Someone probably knows what reserves are on hand, and what bills need to be paid to keep the wolves at bay, but rational figures on the rest of Chavismo – given all the whacky currency controls and shenanigans – probably don’t exist.

    • So my next question is, what the hell took the IMF so long to come to the party? And what the hell do they expect to learn in 6 months that they don’t already know is going to be pure fiction?

      The IMF is always vilified as being a far right infrastructure that’s responsible for ALL of the developing world’s problems, but yet here, we see them acting quite differently, that they’re letting their leftism tolerance interfere with the actual math.


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