Republic of Latvia: Stand-By Arrangement: Interim Review Under the Emergency Financing Mechanism
Electronic Access:
Free Download. Use the free Adobe Acrobat Reader to view this PDF file
Summary:
This paper discusses key findings of the Stand-By Arrangement–Interim Review under the Emergency Financing Mechanism for the Republic of Latvia. Financial market pressures in Latvia have eased somewhat since program approval: deposit outflows have slowed and the exchange rate has moved off the weaker end of its band. However, new risks are emerging. The recession has intensified, facilitating external adjustment but lowering tax revenues. Though sizable, fiscal policy adjustment has fallen short of commitments in the program, owing to weaknesses in implementation and difficulties in reducing local government expenditure.
Series:
Country Report No. 2009/125
Subject:
English
Publication Date:
April 17, 2009
ISBN/ISSN:
9781451824612/1934-7685
Stock No:
1LVAEA2009002
Pages:
12
Please address any questions about this title to publications@imf.org