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Europe > Latvia, Republic of

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Cover IMF Staff Country Reports
Spain: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper analyzes household savings ratio in Spain. The household savings ratio has fallen to its lowest historical rate in 2012, as households cut back savings to support consumption in response to negative income shocks. Household savings fell across all households, but the declines were likely more material among lower income and highly indebted groups. Declining household income and savings slowed deleveraging and put household balance sheets under pressure. Looking ahead, households may need to restrain consumption further to free resources for repaying debt. Household savings rates will likely stay below historical levels for some time then slowly increase.
Keywords:
ISCR; CR; insolvency; saving; Spain; household saving; AIReF; insolvency regime; financial market spillover; AIReF staffing; AIReF president; Solvency; Disposable income; Pension spending; Fiscal law; Personal income; Global; Europe; North America; Africa
Cover IMF Staff Country Reports
Republic of Latvia: Fourth Review Under the Stand-By Arrangement and Financing Assurances Review, Request for Rephasing of Purchases Under the Arrangement and Request for Waiver of Nonobservance of a Performance Criterion
International Monetary Fund
Strong policy implementation under the Stand By-Arrangement (SBA) has contributed to Latvia’s economic recovery and put attainment of Maastricht criteria for euro adoption within reach. The government has continued to achieve substantial fiscal savings and strengthened its active labor market policy. Executive Directors stressed the need to implement plans for reforming state-owned banks and to promote market-based debt restructuring. Directors advised to maintain strong budget implementation in 2011 and focus on reducing taxes in the 2012 budget. They encouraged to enhance efficiency of state-owned enterprises to keep inflation under control.
Keywords:
ISCR; CR; request for waiver of nonobservance; request; request for Rephasing; waiver; state; IMF's support; request for Rephasing of purchase; authorities' strategy; Inflation; PFM legal and regulatory frameworks; Budget planning and preparation; Global; Baltics; Europe