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In a coordination meeting held in Stockholm, the parent banks of the four largest foreign-owned banks operating in Latvia reaffirmed their commitments to support their branches and subsidiaries in the country and to promote financial stability in the Baltic region. These commitments, along with the financial support that the Latvian authorities receive from the European Union (EU), the International Monetary Fund (IMF), the World Bank and other bilateral and multilateral donors, will cushion the effects of the economic downturn, strengthen investor confidence, and help Latvia return to sustainable growth. In light of the adverse effects of the global financial crisis on the economic and financial situation in Latvia, the IMF, the EU and other multilateral and bilateral donors agreed in...
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