Republic of Latvia: Fifth Review Under the Stand-By Arrangement and Financing Assurances Review, Request for Waiver of Nonobservance of a Performance Criterion, and Proposal for Post-program Monitoring

February 7, 2012

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Republic of Latvia: Fifth Review Under the Stand-By Arrangement and Financing Assurances Review, Request for Waiver of Nonobservance of a Performance Criterion, and Proposal for Post-program Monitoring, (USA: International Monetary Fund, 2012) accessed November 23, 2024

Summary

Latvia’s economy continues to recover, but the worsening global outlook is likely to hurt growth. Implementation of the program has made the economy more robust to shocks, but risks remain that could derail the recovery and the goal of euro adoption. Spillovers from the euro area crisis could increase—reducing growth and increasing capital outflows—and complicate plans to tap international capital markets. The authorities’ macroeconomic strategy has centered on substantial wage and price cuts and productivity growth to improve competitiveness and reduce external imbalances.

Subject: Banking, Expenditure, External debt, Financial institutions, Fiscal policy, Fiscal stance, Loans, Public debt, Social assistance spending

Keywords: Amount, Authorities' strategy, Baltics, CR, Deficit, Europe, Exchange rate, Fiscal stance, Fund, Global, Government, ISCR, Latvian authorities, Loans, Revenue projection, Scenario government debt, Social assistance spending, World Bank-International Monetary Fund mission

Publication Details

Pages:

88
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2012/031
Stock No:

1LVAEA2012001
ISBN:

9781463940409
ISSN:

1934-7685

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