IMF Staff Country Reports

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

Publication Date:

January 28, 2013

Electronic Access:

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Summary:

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.

Series:

Country Report No. 2013/030

Subject:

Banking Commercial banks Economic sectors External debt Financial institutions Financial sector Fiscal policy Fiscal stance Public debt