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Argentina, the first International Monetary Fund member to be censured for misreporting economic data, would escape sanctions by the lender under a recommendation by Managing Director Christine Lagarde, according to two IMF board officials.

Lagarde included the guidance in a report submitted yesterday to the executive board’s 24 directors, who will decide next month whether to bar Argentina from access to loans, according to the officials, who asked not to be identified because the report is confidential.

“We are making positive progress” and “I would not want to prejudge what the outcome will be,” Christine Lagarde, managing director of the International...

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