Statement by IMF Managing Director Strauss-Kahn on Latvia

November 21, 2008

Press Release No. 08/300

Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), issued the following statement today on Latvia:

"Against the background of the global financial crisis, Latvia is experiencing a sharp downturn in output growth and external funding pressures. Accordingly, the Latvian authorities have asked the Fund, together with the EU, to provide technical and financial support.

The IMF's Executive Board has initiated fast-track procedures. I have informed the authorities that the IMF stands ready to rapidly assist their efforts in the context of a comprehensive economic program, and in close cooperation with the EU."

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