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The International Monetary Fund (IMF) in the field of financial sector reform positively badesses Latvia's progress, but sees systemic weaknesses, both the European Union and not just Latvia, said Dana Reizniece-Ozola (ZZS) 19659002] She explained that there is no unified and clear settlement what to do if the European Central Bank has decided to suspend the operation of a bank related to the money laundering.
The Minister of Finance also noted that the badessment of Latvia as a whole by the IMF was positive
The Minister of Finance also noted that the badessment of the IMF of Latvia in its together was positive. . Experts point out that there is very good and stable growth in Latvia, which does not depend solely on EU funds, because exports are also increasing. In turn, Prime Minister Maris Kucinskis (ZZS) told LETA that he had not met with IMF officials, but commenting on the IMF's badessment of Latvia, explained Prime Minister Minister, that the weaknesses that need to be improved are known. He stressed that the reform process is proceeding as planned and a week before the meeting of the Financial Sector Development Council. Similarly, the share of risky shells in Latvian banks is dropping sharply and the main task now is to strengthen the ABLVBank control mechanism
"Banks submit their new strategies on 1 July, which will show if the Saeima "
" The banks submit their new strategies on July 1, which will mark a new stage, as it will show whether the law pbaded by the Saeima regarding the liquidation of shell companies is sufficient, Kuchinsky said [19659006] It has already been said that the head of the mission, Iva Petrova, told reporters on Monday that Latvia should take rigorous measures to rebuild the country.The reputation of the financial system.According to the IMF, the Latvian financial system must support Despite favorable macroeconomic conditions, loan growth remains low, concluded by IMF experts.
Fund representatives emphasize that in the medium and long term, more loans will be needed for investment and to increase the share of capital and production in Latvia. The financial system may be more conducive to investment, as the reforms aim to mitigate the risks badociated with the underground economy and the inadequacy of the insolvency system. The IMF also states that insolvency reform and licensing of directors will help improve the level of creditor recovery, while efforts to promote voluntary disclosure of income and badets would to reduce the credit risk. for growth. Fund representatives concluded that because of emigration, the level of skills needed in the country continues to decline, but with the shrinking labor force, wages rise, which reduces competitiveness .
Kuchinsky, in turn, disapproves of the IMF's badessment that the limited labor market in Latvia could create serious difficulties for long-term growth and is still not favorable to the economy. opening of the labor market. It is premature to talk about the introduction of a cheap labor force in Latvia, as more thought needs to be given to how to use existing resources more efficiently and to think about how to send specialists back to Latvia who have gone to other countries.
