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Vilks becomes longest-serving finance minister of Latvia

BC, Riga, 22.08.2014.Print version
Finance Minister Andris Vilks (Unity) has become the longest-serving finance minister of Latvia.

Today, August 22, is the 1,388th day since Vilks became the finance minister.


Former Finance Minister Oskars Spurdzins spent 1,382 days in office, which is the second longest term, the Finance Ministry told LETA.

 

Vilks began working as the finance minister on November 3, 2010. At the time, Latvia was going through a severe economic crisis, therefore a lot of effort had to be put into improving the financial situation and facilitating economic growth in the country. For several years now Latvia has been among the fastest-growing economies in the European Union. In 2011, the International Monetary Fund appreciated Latvia's efforts and agreed concluded a loan agreement with Latvia to help the country overcome the crisis.

 

Latvia's accession to the eurozone was also very high of the minister's agenda.

 

Vilks presented Latvia's budget portfolio to Saeima four times. Last year, the Finance Ministry prepared not only the 2014 state budget, but also the medium-term budget. Budget planning will be a tough challenge now due to the upcoming Saeima elections. Vilks says that it is important to be as pragmatic as possible when planning the budget, and to avoid populist promises and deceiving society.

 

Latvia currently has one of the lowest budget deficits in the EU – it was 1% in 2013. The country's external debt was 38.1% of gross domestic product at the end of 2013.






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