Republic of Latvia: Request for Stand-By Arrangement: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Latvia
IMF Staff Country Reports, January 9, 2009
Source details
- Canonical URL
- Republic of Latvia: Request for Stand-By Arrangement: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Latvia
Other formats
Bibliographic details
- Authors: Arrangement. The Latvian
- Published: January 9, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451824605.002
Context and Crisis Overview
- The Latvian authorities are launching a decisive economic reform program and are seeking substantial international financial assistance to quell the crisis.
- International reserves were falling precipitously and reserves barely covered base money, prompting the authorities to seek IMF assistance under the emergency financing procedures.
- The proposed IMF-supported program is part of a coordinated international effort.
- The program is centered on maintaining Latvia’s exchange rate peg through strong domestic policies and substantial international financial assistance.
Program Objectives and Features
- Primary objective: maintain Latvia’s exchange rate peg.
- Strategy: combine strong domestic policies with substantial international financial assistance as part of a coordinated international effort.
- Instrument sought: Stand-By Arrangement under IMF emergency financing procedures.
Key Policy Themes and Areas of Focus
- Banking and financial sector stability: Banking; Commercial banks; Financial institutions.
- Exchange rate policy: Exchange rate peg; Exchange rates; Foreign exchange.
- Public and external finances: Public debt; External debt; Loans; Credit.
- Governance and administration: State administration; Government's budget.
- Competitiveness and EU accession context: Latvia; Latvia's competitiveness; accession to the EU; Baltics.
Subjects and Keywords
- Subject: Banking, Commercial banks, Credit, Exchange rates, External debt, Financial institutions, Foreign exchange, Loans, Public debt
- Keywords: accession to the EU, authority, Baltics, bank, Commercial banks, CR, exchange rate peg, Exchange rates, fund, Global, government's budget, ISCR, Latvia, Latvia's competitiveness, Loans, state administration
International Monetary Fund. "Republic of Latvia: Request for Stand-By Arrangement: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Latvia", IMF Staff Country Reports 2009, 003 (2009).