16 October, 2009

IMF Gross Negligence towards the people of Latvia

Jens Henriksson, and
Jarle Bergo
International Monetary Fund 16/10/2009
1900 Pennsylvania Ave NW
DC, 20431

My family and many others in Latvia are sufferring from the negligence the IMF and its partners like the EU and the ERBD. The average Latvian has more common sense than the IMF with regards to how to manage the Latvia economy. These letters I have sent to the IMF I intend to be latter used in a court of law as part evidence to prove the IMF's gross negilgence towards the people of Latvia through the IMF's continued mismanagement in the face of all advice it has received. Most specifically the people with the IMF that choose to hide behind the three letters of I,M, and F that behave like professors who theorise but can not take action will be shamed and brought to justice.

The IMF has vast experience in dealing with economies and as a result should have a pool of experience and resources to draw upon to more comprehensively assist the Latvian economy to recover. Anyone that has a basic understanding of statistics and probability could reasonably predict that the Parex Bank bailout would have been full of monetary leakages that the IMF should have prevented as part of its financial assistance to Latvia.

The State Audit Authority of Latvia for many years has written many reports pointing to inefficiencies and corruption that the IMF could use to plug holes and improve the Rule of Law in Latvia. The IMF trying pouring money in to Latvia without making an effort to improve the management of that money is part of the gross negligence towards Latvia. The IMF fly-in / fly-out policy towards Latvia is further evidence.

The IMF itself is treating the sections of the Latvian economy as a set of numbers and is ignoring the human aspects that are part of any economy. There are clearly areas where budget cuts and new taxes are destructive to families and undermining businesses. If the IMF had contributed more expertise that is expected of it by all people worldwide then monetary leakages would be plugged a lot sooner negating the need to be so destructive to businesses and families.

The IMF has to start performing in Latvia with full capability in Latvia to get off of the path of being grossly negligent towards the people of Latvia.


Dean Strautins
Australian Chamber of Commerce in Riga
Suite 11, Krisjana Barona iela 25
Riga, Latvia, LV-1011
Mob +371 2639 4789