International Monetary Fund Managing Director Dominique Strauss-Kahn detailed a stabilization package agreed Friday between the international crisis lender and the Latvian government, dpa reported.
In a statement issued from IMF headquarters in Washington, Strauss-Kahn said that the stabilization package would still require fast-track approval from IMF management and the agency's executive board.
The total multinational stabilization package is 7.5 billion euros (10.5 billion dollars), he said.
The package includes a 27-month stand-by arrangement for about 1.7 billion euros from the IMF.
As part of the package, Latvian authorities are implementing a strong package of policy measures aimed at stabilizing the economy," Strauss-Kahn said.
Other participants in the financial package for Latvia include the European Union with a loan of 3.1 billion euros, the Nordic countries with a combined 1.8 billion euros, the Washington-based World Bank with 400 million euros, the Czech Republic with 200 million euros, the European Bank for Reconstruction and Development with 100 million euros and contributions of 100 million euros each from Estonia and Poland.