Press Release No. 12/314

Latvia today made an early repayment of obligations to the International Monetary Fund (IMF) amounting to SDR 178.448 million (€211.1 million).

The early repayment is about 18 percent of the SDR 982.24 million (€ 1.16 billion) that Latvia borrowed from the IMF under the Stand-By Arrangement (SBA) (see Press Release 08/345). The early repayment is part of the obligations falling due in 2012–14 under the original repayment schedule.

This early repayment reduces Latvia’s outstanding obligations to the IMF to SDR 669.956 million (about €792.7 million). This outstanding balance is scheduled to be repaid during 2012–15.