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IMF confirmed international loan to Latvia
Nina Kolyako, BC, Riga, 24.12.2008.
Print version
Print versionYesterday evening, the International Monetary Fund's (IMF) board confirmed an international loan to Latvia.
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Latvia will receive EUR 7.5 billion (LVL 5.27 billion) worth of financial support, writes LETA.
The European Union plans to allocate a medium-term loan to Latvia worth up to EUR 3.1 billion (LVL 2.18 billion).
Also participating in issuing Latvia the loan is the International Monetary Fund (IMF) - EUR 1.7 billion (LVL 1.19 billion), Sweden, Denmark, Finland and Norway - EUR 1.8 billion (LVL 1.27 billion), and the World Bank – EUR 0.4 billion (LVL 0.28 billion).
The European Reconstruction and Development Bank, the Czech Republic, Poland and Estonia will allocate Latvia another EUR 0.5 billion (LVL 0.35 billion), which is a total of EUR 7.5 billion (LVL 5.27 billion).
The loan will be issued to Latvia gradually over the next three years.
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