The Bank of Latvia

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Bank of Latvia

When Latvia became a member of the IMF, it also joined the Nordic-Baltic Constituency established to represent its members' interests in the IMF administration.

The Nordic-Baltic Constituency is comprised of eight countries (Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden) and is one of the 24 constituencies in the IMF. The Nordic-Baltic Constituency has a voting share of 3.44% in the total number of votes. Countries within the constituency develop joint views about all topics discussed by the IMF Executive Board. An Executive Director represents the Constituency at the Executive Board. According to the present rotation arrangement, the Executive Director is appointed by one Nordic country in the Constituency for two years. At present, the Executive Director of the Nordic-Baltic Constituency is Jens Henriksson from Sweden and the Central Bank of Sweden is responsible for coordinating the cooperation within the Constituency.

The Executive Director also heads the Nordic-Baltic Office in Washington, where all countries of the Constituency are permanently represented according to the established rotation arrangement. The Office assists the Executive Director and the Alternate Executive Director in their work. The Office employs both the country's representatives appointed for two years and two permanent secretariat staff.

Latvia's representative in the Nordic-Baltic Office is appointed in the capacity of either a Senior Advisor or an Advisor to the Executive Director. This person acts in the interests of the Constituency and, if necessary, as a coordinator between the IMF and the Latvian authorities. The Bank of Latvia and the Ministry of Finance provide this person with all relevant information and their views and comments regarding issues discussed at the Executive Board meetings. At present, Latvia's representative in the Nordic-Baltic Office is Gundars Dāvidsons, Advisor to the Executive Director.