OREANDA-NEWS. The International Monetary Fund (IMF) announced today that it will close its office in Riga in the summer of 2013, after Resident Representative David Moore completes his posting. The IMF had opened the office in mid-2009 following the Executive Board’s approval of a Stand-By Arrangement for Latvia in late 2008.

Latvia successfully completed the Arrangement in 2011 and repaid all of its outstanding obligations ahead of schedule in 2012. Latvia has regained macroeconomic stability and its economic recovery is now well established, though significant remaining challenges include the ongoing need to address still-high unemployment and to continue microeconomic reforms.

The IMF looks forward to continued close cooperation with Latvia, primarily in the context of regular bilateral policy consultations as with other IMF member countries. Contacts will continue through the IMF headquarters as well as through the IMF’s Regional Resident Representative Office for Central and Eastern Europe in Warsaw.