International Monetary Fund managing director Christine Lagarde used a conference in Riga on June 5 to praise the "remarkable achievements" of Latvia and the other Baltic states in overcoming a deep recession in 2008–09.

Lagarde emphasised the strong political will and sense of "ownership" in Latvia that allowed a sharp fiscal tightening, following the country seeking IMF funding support of €7.5 billion ($9.4 billion). The Latvian economy had contracted by more than 20% during the recession, but