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Europe > Latvia, Republic of

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Cover IMF Staff Country Reports
Republic of Estonia: Staff Report for the 2010 Article IV Consultation
International Monetary Fund
Despite enduring one of the sharpest contractions in the EU, Estonia has been successful in its all-out efforts to join the euro area. Core prices have also begun increasing but at a moderate rate. Recent wage increases have defied not only high unemployment but also increases in vacancies and long-term unemployment. Executive Directors welcomed the authorities’ medium-term goal of returning to budget surpluses to restore fiscal reserves and keep public debt at low levels. Directors observed that the financial sector had weathered the crisis relatively well.
Keywords:
ISCR; CR; Estonia; economy; Eurozone membership; core inflation; inflation risk; inflation expectation; competitiveness gain; Financial derivatives; Income; Loans; Global; Baltics
Cover IMF Staff Country Reports
Republic of Estonia: Staff Report for the 2009 Article IV Consultation
International Monetary Fund
This 2009 Article IV Consultation highlights that the credit-fueled boom has resulted in a relatively large nonfinancial private sector debt stock in Estonia. With declining incomes, unemployment increasing sharply, and asset prices depressed, balance sheets of households and firms are under strain, weighing on domestic demand. Nonperforming loans have increased to more than 6 percent of total, and some banks are reporting losses. Executive Directors have supported the authorities’ aim toward speedy adoption of the euro, noting its effects in fostering stability and confidence.
Keywords:
ISCR; CR; debt; BoE balance-sheet data; Estonia; quarter; inflation rate; value; staff appraisal; interbank interest rate differential; statement report; Maastricht reference value; C. government finance statistics; Income; Fiscal stance; Financial derivatives; Global; Baltics
Cover Policy Papers
Review of Fund Facilities-Analytical Basis for Fund Lending and Reform Options
International Monetary Fund
In the context of the ongoing review of Fund facilities, this paper examines the analytical basis for Fund lending in emerging market countries and provides a broad-ranging perspective for reforming the General Resources Account (GRA) lending toolkit. The Fund’s important lending role in crisis prevention and resolution is buttressed by its unique characteristics: (i) its ability as a nonatomistic lender to provide large-scale financing and reduce the likelihood of a run by private creditors; (ii) its ability as a cooperative institution with near-universal membership to agree conditionality with members, thus providing national authorities with a policy commitment tool to underpin confidence and catalyze private lending; and (iii) its de facto preferred creditor status, which allows it to provide crisis financing when private creditors may be reluctant to lend.
Keywords:
PP; Fund financing; Fund lending; Fund resource; private sector; Fund crisis lending; commitment fee; prevention instrument; Crisis prevention; Capital account crisis; Balance of payments need; Crisis resolution; Options; Global