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Republic of Latvia :, Stand-By Arrangement: Interim Review Under the Emergency Financing Mechanism

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
Table Of Contents
Cover; Contents; I. Introduction; II. Recent Developments and Reaction to the Program; A. Macroeconomic Developments; B. Financial Sector Developments; C. Political Developments; III. Staff Appraisal; Figures; 1. Real Sector, 2005-08; 2. Fiscal Sector, 2005-08; 3. Exchange Rate, Interbank Interest Rates, and Intervention; Tables; 1. Selected Economic Indicators, 2006-09
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (13 p.)
Specific Material Designation
Form Of Item

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