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Republic of Latvia: First Review and Financing Assurances Review Under the Stand By Arrangement, Requests for Waivers of Nonobservance of Performance Criteria, and Rephasing of Purchases Under the Arrangement
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2009: Issue 297
Language:
English
Publication Date:
30 Sep 2009
DOI:
https://doi.org/10.5089/9781451824629.002
ISBN:
9781451824629
ISSN:
1934-7685
Pages:
114
Keywords:
ISCR; CR; Latvia; Republic of Latvia executive board meeting; CPI inflation rate; surplus; macroeconomic strategy; Latvia's economy; IMF's support; consumer price inflation; Budget planning and preparation; Government debt management; Fiscal stance; Global
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The Latvian authorities have strengthened their intervention capacity, financial supervision, and monitoring framework, and have taken steps to contain risks in Parex Bank. The staff report reviews the Republic of Latvia’s economic developments and policies. Substantial progress has been achieved in stabilizing the financial sector. The collapse in output has revealed significant underlying fiscal weaknesses that risk leading to unsustainable deficits in the absence of strong corrective measures. The deeper downturn is also in part explained by the much worse-than-projected international environment.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund