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

January 28, 2013

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.

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

Keywords: authorities face, authority, Commercial banks, CR, emigration country, Financial sector, Global, ISCR, Latvian authorities, Maastricht deficit criterion, Non-resident deposits, staff

Pages:
49
Volume:
2013
DOI:
https://doi.org/10.5089/9781475526677.002
Issue:
030
Series:
Country Report No. 2013/030
Stock No:
1LVAEA2013003
ISBN:
9781475526677
ISSN:
1934-7685

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