TY - BOOK ID - 84548084 TI - Republic of Latvia : Stand-By Arrangement: Interim Review Under the Emergency Financing Mechanism. AU - International Monetary Fund. AU - International Monetary Fund PY - 2009 SN - 1462306985 1452701008 1280882794 1451884036 9786613724106 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Exports and Imports KW - Industries: Financial Services KW - International Lending and Debt Problems KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - International economics KW - Finance KW - External debt KW - Financial institutions KW - Debts, External KW - Loans KW - Latvia, Republic of UR - https://www.unicat.be/uniCat?func=search&query=sysid:84548084 AB - 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. ER -