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World Bank welcomes Latvia's agreement with IMF

25
Dec '08
The World Bank welcomes the agreement reached between Latvia and the International Monetary Fund on a policy package to address economic and financial vulnerabilities in the wake of the global economic crisis.

As part of this €7.5 billion package (US$10.5 billion) supported by the European Union (EU), International Monetary Fund (IMF), and a number of multilateral and bilateral donors, the World Bank is ready to contribute up to €400 million (about $550 million equivalent), subject to agreement on a strong program of reforms in the financial sector and social sectors.

“This is a fragile period,” said Shigeo Katsu, Vice President for Europe and Central Asia, World Bank, “so we must do everything we can to prevent the financial crisis from becoming a human crisis. As part of the international effort, the World Bank stands ready to do its part to provide financing and help tackle long-term structural problems.”

“We are ready to assist the Latvian authorities in their request for an International Financial Package to support the country during the financial crisis,” said Orsalia Kalantzopoulos, Director for Central Europe and the Baltic Countries, World Bank. “Our proposed support would focus on the financial system and social sectors – including health and education – as well as public sector reform.”

Latvia joined the World Bank in August 1992. Since then, the Bank has played an important role in supporting Latvia's transition through lending, policy dialogue, and analytical and advisory assistance. Following graduation in 2007, Bank assistance to Latvia has concentrated on demand-driven analytical and advisory services, including in public finance management, establishing a framework for Latvia's participation in international emissions trading, support to PPP projects, and technical assistance on regional development of rural areas.

World Bank


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