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IMF Venezuela / Argentina / US Fed

Release Date: 07 Feb 2019
The IMF supports the US Federal Reserve call for ‘patience’ as a commitment for data-driven and prudent policy stance, spokesman Gerry Rice told reporters Thursday (February 7) in Washington.
“I would say that we support the Fed's recent policy decision to be patient in determining future changes to the federal funds rate,” said Rice.
Fed Chairman Jerome Powell pointed to muted inflation pressure on the US economy as an indication the institution would pause its tightening measures for the time being.
“In our view the Fed continues to adhere to the principles of data-dependence and clear communication which helps to minimize market disruption and spillovers from its policy decisions,” he added.
An IMF team is scheduled to meet with Argentine officials in Buenos Aires to review progress on that country’s stabilization program with the Fund.
Rice withheld comment pending the conclusion of those meetings set to begin February 11, but noted that Managing Director Christine Lagarde had recently expressed support for measures taken so far.
“In her statement after a meeting with the minister and the governor Madam Lagarde emphasized that the implementation so far of the program have served Argentina well and we think that continued implementation will enhance the economy's Argentine economy's resilience to shocks and preserve macroeconomic stability and bolster growth,” Rice said.
And as economic and political turbulence rocks Venezuela, the IMF
The Fund has had limited official communications with Venezuelan authorities in recent years, with the last Article IV being concluded in 2004. The government of Nicolas Maduro recently offered its first economic data set in many years to the IMF after facing censure by the Executive Board for failure to comply with provisions to share information with the Fund.
The Board is still considering the accuracy and extent of that data, Rice said, and concerning the current competing claims to the Presidency in Caracas, the IMF will take its guidance from the stance of its member nations, Rice told reporters.
“Countries are still establishing their position in terms of recognition. So that process is ongoing. So as I said we are watching that closely and we will be guided by the membership once they feel and they feel that there's an established view with which they could guide us. So I think we're just watching it very closely at this point.”
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