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

International Monetary Fund

No 2013/030, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; authority; Maastricht deficit criterion; staff; Latvian authorities; authorities face; Non-resident deposits; emigration country; Financial sector; Commercial banks; Global (search for similar items in EconPapers)
Pages: 49
Date: 2013-01-28
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