Analytics, Economics, EU – Baltic States, Financial Services, Latvia

The programs the Washington-based lender negotiated with governments in exchange for standby credit arrangements included measures ranging from fiscal tightening to restrictive monetary policies, making a recovery more difficult, the study said.

"They don't have as many conditions as they used to have 10 years ago, but the conditions they are using are still often harmful," said Mark Weisbrot, co-director at the Washington-based center, said in an interview.

The amount the IMF agreed to lend to the three countries last year accounts for about half the standby loan arrangements the IMF had committed as of the end of July, according to IMF figures, writes Bloomberg/LETA.

"In all of these countries, it would appear that there were more sensible responses to the crisis that would have reduced the loss of employment and output, cuts in social services, and political instability that have resulted from the downturn," the study said.

The nonprofit center, which gets about 80% of its funding from foundations, lists Nobel laureates Robert Solow and Joseph Stiglitz among the members of its advisory board.