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UPDATE 2-IMF warns Venezuela over failure to supply data, urges it to re-engage

re-engage@ (Adds IMF statement, background)

WASHINGTON, Nov 3 (Reuters) - The International Monetary Fund issued a warning to Venezuela on Friday for failing to provide the institution with economic data on time and gave it six months to address the problem.

Two board sources, speaking on condition of anonymity after a meeting to discuss Venezuela, said if the country did not comply and improve the flow of data, the IMF could issue a "declaration of censure" under Article 8, section 5 of the Fund's rules on furnishing of information.

An IMF statement said Venezuela was late on data related to the operations of the social security institute, and total exports and imports of merchandise.

The IMF finding, although unrelated to an announcement on Thursday by Venezuelan President Nicolas Maduro that he wants to restructure the country's foreign debt, comes as investors worry that the government is on the verge of a default.

The country is in the middle of a bruising economic crisis that has sparked a wave of protests against Maduro's government and calls by the international community for mediation.

Maduro on Thursday vowed to make a $1.1. billion payment on a maturing bond but also created a commission to study the restructuring of payments.

The cash-strapped government invited bondholders to a Nov. 13 meeting in Caracas, although some have indicated they were first waiting to see whether Caracas makes the $1.1. billion payment and another due next week.

Venezuela, which was a founding member of the fund in 1946, remains a voting member of the IMF, but it has not had any formal engagement with the international institution for more than a decade. The IMF conducted its last economic review of Venezuela's economy in 2004.

The IMF said it was "hopeful" that its decision will encourage Venezuela to re-engage with the IMF by making the data available. It said the data was necessary for the Fund's monitoring of the global economy. (Reporting by Lesley Wroughton, Editing by Clive McKeef and Susan Thomas)