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LATVIA

Latvia is an upper middle-income country with a Gross National Income per capita of $6,750 in 2005 (GNI, Atlas method). Since Latvia joined the World Bank in 1992, the Bank has supported social sector reforms, including in health, education, and public administration. Latvia was hard hit by the global recession. In the context of the global financial crisis, significant macroeconomic imbalances in Latvia, including a large current account deficit, high external debt, rapid credit growth, heavy reliance on external financing, and a real estate bubble, coalesced into a severe financial and balance of payments crisis. The World Bank provided a Development Policy Loan of €200 million to the Government of Latvia to reform its financial sector. (Country Brief; Latvia: Maintaining Financial Sector Stability)

Active financed activities as of March 28, 2012.
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