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. Last Updated: 07/27/2016

Latvia, IMF Accord

RIGA, Latvia () -- Latvia and the International Monetary Fund said Thursday they signed a new standby agreement for the Baltic state worth about $45 million.

With the old stand-by arrangement about to expire, a new accord had looked unlikely because the planned 1996 budget deficit lay outside IMF recommendations. But an IMF representative said steps by the new government to cut the deficit and speed privatization convinced the fund that meeting the recommendations was possible.