IMF's Lagarde: Argentina has made 'positive progress' on data reform

Argentina has made "positive progress" in reforming the quality of its economic data, the head of the International Monetary Fund said last night, adding that the IMF's board is set to review the country's moves in a few days.

The IMF, which requires accurate statistics to analyze the world's economies, censured Argentina in February over failing to improve the accuracy of its inflation and gross domestic product growth data and gave the country until Sept. 29 to take action.

"We are in a process with Argentina at the moment of clarifying the numbers, establishing those reliable and shared numbers with the membership," IMF Managing Director Christine Lagarde said in an interview with CNN en Espanol.

"We are making positive progress but it's a matter that will be reviewed by the board in a few days' time and I would not want to prejudge what the outcome will be."

If Argentina fails to make progress, the IMF board could choose to impose sanctions, barring Latin America's third-largest economy from voting on IMF policies and accessing financing.

In the CNN interview, Lagarde said it was difficult to figure out what was going on in Venezuela's economy, given the lack of access and reliable data.

"I don't think that the economy is doing well at the moment and we certainly understand that they are using reserves in a very significant amount," she said. "And that it's an economy that will really have to face difficult policy issues probably shortly."

Lagarde added that she was most optimistic about economic progress in Chile, Colombia, Mexico and Peru.