IMF approves 1.68 bln euro Latvia rescue package

WASHINGTON, Dec 23 (Reuters) - The International Monetary Fund approved a 1.68 billion euro ($2.35 billion) rescue package for Latvia on Tuesday, finance ministers for Denmark, Finland, Norway and Sweden said in a jont statement.

“The IMF Executive Board has today approved a financial package for Latvia. The package is linked to an extraordinary strong economic reform programme that includes a fiscal consolidation of around 7 percent of GDP already in 2009,” the ministers said in a statement.

The IMF aid is part of a broader 7.5 billion euro package announced on Friday for Latvia, which includes financing from the European Union, Nordic countries, the Czech Republic, Poland, Estonia and the World Bank.

An IMF announcement on the approval is expected later.

Reporting by Lesley Wroughton; Editing by Chizu Nomiyama