International Monetary Fund held an informal meeting on Venezuela
According to the executive borad of the organism Venezuela has not submitted to the IMF expert review since 2006
The international finance organism FMI reported on Friday, through a statement the realization of a meeting to discuss recent developments in the economy of Venezuela.
“Following the routine procedures applied to members whose consultations under Article IV with the FMI are extremely delayed, on September 19, 2019, the technical staff informed the Executive Board about recent economic developments in Venezuela,” said the organization.
Since 2006, Venezuela has not been subject to on-site review by IMF experts, a process called Article IV.
“Informal meetings in relation to members whose consultations under article IV were delayed more than 18 months are held routinely approximately every 12 months to inform the Executive Board and are based on public information available,” said the financial entity.
According to FMI forecasts, Venezuela would be going through an inflation rate of 1,000,000% with a contraction of the economy of 35% in 2019.
K.Villarroel
Source: el-carabobeno
