Budget, Economics, EU – Baltic States, Latvia

International Internet Magazine. Baltic States news & analytics Saturday, 22.09.2018, 03:26

Latvia’s contributions to ESM grow by 44.24 mln euros in 2017

BC, Riga, 11.09.2018.Print version
In 2017 Latvia’s contributions to the European Stability Mechanism (ESM) have increased by 44.24 mln euros to 221.2 mln euros, informs LETA referring to the informative report prepared by the Finance Ministry of Latvia.

Latvia joined the euro area on January 1, 2014, and completed the necessary procedures for membership in the ESM, becoming its 18th member state as of March 13, 2014.


Latvia holds 0.2746% of the ESM capital, thus, so far, Latvia has contributed 221.2 mln euros into ESM.


Under the ESM Treaty, all euro area member states are obliged to join the ESM.


The European Stability Mechanism is a permanent crisis resolution mechanism for the countries of the euro area. The ESM issues debt instruments in order to finance loans and other forms of financial assistance to euro area Members States. The ESM took effect on October 8, 2013.

 






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