Posted by: mulrickillion | December 26, 2011

Press Release: Statement by the IMF and EC on the Fifth and Final Review to Latvia

Press Release No.11/451
December 8, 2011

Staff teams from the International Monetary Fund (IMF) and the European Commission (EC) visited Riga during 28 October–10 November for discussions on the fifth and final review of the international financial support program with Latvia. Further consultations with the Latvian authorities were needed to conclude discussions due to the failure of Latvijas Krajbanka, which also had an impact on the government’s strategy for airBaltic. The teams have now reached agreement at staff level on the review.

The Latvian government’s policy program aims at helping to sustain the economic recovery, enhancing the country’s ability to borrow on capital markets at affordable interest rates, and bringing Latvia closer to meeting the conditions for Euro adoption on a sustainable basis, in line with its target date of January 2014.

The Latvian economy is now recovering from a severe downturn, with economic growth of 4½–5 percent expected this year. . . .

Press Release: Statement by the IMF and EC on the Fifth and Final Review to Latvia

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