Nov 26 (Reuters) - Latvia is seeking up to 3 billion euros ($3.90 billion) from the International Monetary Fund and European Commission, it said on Wednesday, joining a succession of mostly emerging market economies that have turned to the IMF and others for help in weathering the global financial crisis.
Below are details of some of IMF's existing lending packages and current funding:
RECENT RESCUE PACKAGES:
* ARMENIA:
-- The IMF approved a three-year, $13.6 million loan programme this month to support Armenia's economy up to 2011. It allows Armenia to withdraw $1.9 million from the fund immediately.
* BELARUS:
-- On Nov. 24 the Belarussian central bank said it had made good progress in talks with the IMF on a $2 billion loan and negotiations would continue next month. Belarus has said it is seeking the loan as a precautionary measure.
* HUNGARY:
-- The IMF, the EU and World Bank agreed a $25.1 billion economic rescue package for Hungary this month in the biggest loan for an emerging market economy since the global crisis began.
-- Hungary turned to the IMF after its big budget deficit and heavy dependence on foreign borrowing spooked investors when the global crisis intensified, sparking a run on its forint currency.
-- The IMF's conditions forced the government to make additional spending cuts, including in social spending and public sector wages, which had been regarded as taboo so far.
* ICELAND:
-- IMF approved a $2.1 billion loan for Iceland on Nov. 19 after weeks of delays due to wrangling between Iceland and some European nations.
-- Iceland's major banks and currency had collapsed under the weight of billions of dollars of debt accumulated in an aggressive overseas expansion into financial services.
-- The IMF deal will be complemented by more than $3 billion in loans from Nordic countries, Russia and Poland as well as special financing arrangements of close to $5 billion or more by Britain, the Netherlands and Germany, making the whole package worth about $10 billion.
* LATVIA:
-- Latvia's Finance Ministry said on Nov. 26 the country was seeking 1 to 3 billion euros ($1.3-3.90 billion) from the IMF. The actual amount would depend on economic measures which would be the result of talks with the Fund.
* PAKISTAN:
-- The IMF on Nov. 24 approved a $7.6 billion loan for Pakistan to avert a balance of payments crisis. Pakistan will get immediate access to $3.1 billion under the 23-month facility. The rest will be phased in subject to quarterly review, the fund said.
-- The IMF has said that the credit under the emergency funding would be tied to economic reforms, including higher official interest rates, tighter fiscal policies and a well-funded social safety net to protect the poor.
* SERBIA:
-- Serbia agreed a 15-month stand-by programme with the IMF this month to help maintain macroeconomic stability. It said it would tap the $516 million available only if necessary.
-- The agreement includes cutting the 2009 fiscal deficit to 1.5 percent of gross domestic product, from 2.7 percent in 2008.
-- Serbia's dinar currency and hard currency reserves had slumped in the past month as investors fled emerging markets, driving it into talks with the Fund.
* SEYCHELLES:
-- IMF agreed a two-year $26 million rescue package on Nov. 14 for the Seychelles, whose foreign debt had been valued at $800 million. Initially the country will receive $9.1 million.
-- The package is dependent on economic reforms.
* TURKEY:
-- Turkey and the IMF have been locked in negotiations for fresh funding after the country's $10 billion standby deal expired in May, but disagreement, among other issues, over spending by municipalities has hampered progress.
-- Government sources said on Monday that no agreement has been reached on the volume of the credit.
-- Economists say Turkey needs IMF help because its $74 billion currency reserves are no longer a large enough buffer, given the more than $100 billion of external debt falling due in the next 12 months and a current account deficit estimated at around $35 billion for 2009.
* UKRAINE:
-- The IMF approved a $16.5 billion loan package on Nov. 6 to help Ukraine withstand the financial crisis. Ukraine received its first tranche worth $4.5 billion four days later.
-- The programme incorporates monetary and exchange rate policy shifts, banking recapitalisation and fiscal and incomes policy adjustments.
* IMF FUNDING:
-- As of Aug. 28, the fund had $201 billion in loanable funds. It had $18.3 billion loaned out under a variety of programmes to 65 countries.
-- Following the G20 summit in Washington, there was no fresh money for the IMF beyond a unilateral Japanese offer for a $100 billion loan. Saudi Arabia, intensely lobbied by British Prime Minister Gordon Brown to use its oil wealth to augment the Fund, said that it had not come to Washington to pay the bill.
(Writing by Carl Bagh and David Cutler, Editorial Reference Units in Bangalore and London; Additional writing by Jijo Jacob; Editing by Ruth Pitchford)