Republic of Latvia; Request for Stand-by Arrangement — Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement on Behalf of the Authorities of the Republic of Latvia

Latvia's economy has emerged from the recession triggered by the Russian crisis. Executive Directors commended the strong economic growth and low inflation. They appreciated the open and liberal trade system and the soundness of the banking system. They emphasized the need to maintain fiscal and monetary policies, and accelerate structural reforms. They urged the authorities to implement reforms to improve private sector development, increase foreign direct investment, enhance governance, and also to privatize state-owned enterprises, and approved a Stand-By Arrangement for the country.