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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 07:42

Zatlers: agreement with IMF saved Latvia from bankruptcy

Nina Kolyako, BC, Riga, 21.01.2009.Print version
The agreement with the International Monetary Fund (IMF) saved Latvia from bankruptcy, President Valdis Zatlers admitted today.

Valdis Zatlers.

''This is completely clear. The agreement with the IMF saved the country from bankruptcy,'' said the president.

 

Zatlers pointed out that the loan has allowed to pay pensions to senior citizens and wages to civil servants, writes LETA.

 

The president emphasized that certain guarantees have been achieved, but that this is not enough – the next steps in revitalizing the economy must be taken.

 

As reported, the total amount of financial aid to Latvia from international donors is EUR 7.5 billion.

 

The Commission will allot EUR 2.9 billion in 2009, EUR 100 million in 2010 and another EUR 100 million in 2011.

 

The International Monetary Fund will give Latvia EUR 1.2 billion this year, EUR 400 million in 2010 and EUR 100 million in 2011.

 

The governments of Denmark, Sweden, Finland and Norway will allot EUR 1.8 billion for Latvia in 2010.

 

The World Bank will give Latvia EUR 200 million in 2009 and another EUR 200 million in 2011.

 

The European Bank for Reconstruction and Development, the Czech Republic, Poland and Estonia will give Latvia EUR 200 million in 2009 and EUR 300 million in 2010.

 

LETA also reported, the State Treasury received the first part of the IMF loan, EUR 589.57 million, on December 29 last year.

 

The European Commission's financial aid for Latvia was officially endorsed in Brussels yesterday; Latvia will receive EUR 3.1 billion overall as a medium-term loan.






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