IMF closes its representation in Riga; says Latvia has regained macroeconomic stability

On Tuesday, the International Monetary Fund (IMF) announced that it will close its representation office in Latvia, pointing out that the country has regained macroeconomic stability.

The IMF representation in Latvia will be close this summer, when David Moore, the IMF's representative in the country, will end his mission.

The IMF opened up an office in Riga in 2009 after the loan program to Latvia was confirmed.

''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 points out in an announcement.

The IMF says that it 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.