Republic of Latvia : Ex Post Evaluation of Exceptional Access Under the 2008 Stand-By Arrangement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Latvia

Journal Issue

Volume/Issue:: 2013/30
Series:: IMF Staff Country Reports
Author(s):: International Monetary Fund. Strategy, Policy, & Review Department
Publisher:: INTERNATIONAL MONETARY FUND
Published Date:: January 2013
DOI:: http://dx.doi.org/10.5089/9781475526677.002
ISBN:: 9781475526677
ISSN:: 1934-7685
Page:: 49

The IMF has approved an exceptional access Stand-By Arrangement for Latvia. The program is part of a coordinated international effort that has improved financial and economic stability. By early 2008, the fast growth has leveled off but severe vulnerabilities turned the slowdown into a crisis. Immediate steps to stabilize the financial sector and help stem reserve losses has focused on resolving the systemic Parex Bank, which is experiencing a deposit run. Measures to ensure long-term external viability has focused on fiscal and income policies.

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Republic of Latvia: Ex Post Evaluation of Exceptional Access Under the 2008 Stand-By Arrangement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Latvia