Republic of Latvia: Stand-By Arrangement: Interim Review Under the Emergency Financing Mechanism

April 17, 2009

Preview Citation

Format: Chicago

Republic of Latvia: Stand-By Arrangement: Interim Review Under the Emergency Financing Mechanism, (USA: International Monetary Fund, 2009) accessed November 28, 2024

Summary

This paper discusses key findings of the Stand-By Arrangement–Interim Review under the Emergency Financing Mechanism for the Republic of Latvia. Financial market pressures in Latvia have eased somewhat since program approval: deposit outflows have slowed and the exchange rate has moved off the weaker end of its band. However, new risks are emerging. The recession has intensified, facilitating external adjustment but lowering tax revenues. Though sizable, fiscal policy adjustment has fallen short of commitments in the program, owing to weaknesses in implementation and difficulties in reducing local government expenditure.

Subject: External debt, Financial institutions

Keywords: Bank profit, Core inflation, CR, End-December data, Forward rate, GDP, Global, Government, ISCR, Loans, Parex management, Trading partner depreciation, Wage bill

Publication Details

Pages:

12
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2009/125
Stock No:

1LVAEA2009002
ISBN:

9781451824612
ISSN:

1934-7685

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