Press Release: IMF Welcomes Latvia's Efforts on Budget, Prepares Second Review Under the Stand-By Arrangement

November 27, 2009

Press Release No. 09/432
November 27, 2009

Mr. David Moore, International Monetary Fund (IMF) Resident Representative to Latvia, made the following statement today in Riga:

“An IMF mission led by Mr. Mark Griffiths, working with the European Commission (EC) and in coordination with other program partners, will visit Riga from December 2 to hold discussions on the Second Review under the IMF’s Stand-By Arrangement (SBA). The mission is expected to last about two weeks.

“In the recent weeks, program partners have held fruitful discussions with the Latvian authorities regarding the 2010 budget. The government has now approved a revised budget proposal for 2010 that would meet the authorities’ commitment to implement new fiscal adjustment measures of Ls 500 million, which amount to about 4 percent of GDP.

““We continue to support the authorities’ extraordinary efforts to overcome the country’s crisis, with the principal aim of helping the Latvian people contain the worst of it and to put the country on a faster path to economic growth and recovery.

“Following its approval by the parliament, the EC, the IMF, and other program partners, will review the government’s final budget. This process will take place in the context of the IMF mission’s discussions regarding completion of the Second Review under the SBA. These discussions are also expected to consider other elements of Latvia’s economic program that are being supported by financing from the IMF, the EU and other program partners.”

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