The World Bank welcomes the agreement reached between Latvia and the International Monetary Fund on a policy package to address economic and financial vulnerabilities in the wake of the global economic crisis.

As part of this €7.5 billion package (US$10.5 billion) supported by the European Union (EU), International Monetary Fund (IMF), and a number of multilateral and bilateral donors, the World Bank is ready to contribute up to €400 million (about $550 million equivalent), subject to agreement on a strong program of reforms in the financial sector and social sectors.