Republic of Latvia:2010 Article IV Consultation Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Latvia

Author: International Monetary Fund

Volume/Issue: Volume 2010 Issue 356

Publication date: December 2010

ISBN: 9781455212798

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Topics covered in this book

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Banks and Banking , Exports and Imports , Finance , Economics- Macroeconomics , Public Finance , ISCR , CR , end-June performance criteria , compromise proposal , proposal , debt , deficit rule , year-on-year inflation , cost saving , strategy paper , Competition , Loans , Fiscal stance , Western Europe , Global

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Summary

Policy efforts in Latvia have supported stabilization. Immediate risks are much lower, but medium-term challenges remain. The government should focus on durable spending cuts, but revenue measures may also be required. Efforts to strengthen regulation and supervision to improve financial stability, including reducing reliance on wholesale external funding, is commended. With monetary and fiscal policy constrained by the fixed exchange rate and the need to reduce the deficit, growth depends on structural reform. While economic and financial conditions are much improved, risks remain significant.