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The European Commission approves EUR 3.1 billion loan for Latvia

By Editor . 21.01.2009

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

Latvia will receive the funds in six transfer over a three-year period. It is planned that Latvia will receive the first tranche of the funds already at the beginning of March 2009. Informs news agency LETA.

The decision was made during the meeting of Economic and Financial Affairs Council  in Brussels. According to the agreement, there are certain  preconditions that Latvia must meet to receive the funds, like a clear-cut medium-term program to bring the budget deficit under 3 % of GDP until 2011.

The budget deficit next year must not exceed 5 % of GDP in cash flow terms. According to the program, wages in the government sector must be cut 15 % and the number of employees in the government sector must also be reduced, the budget administration and salary policy must be reformed, stability of the banking sector must be ensured as well as restructuring of private debt, structural reforms must also take place in accordance with Latvia's national reform program, and projects financed with money from EU funds must be implemented.

The total amount of financial aid to Latvia from international donors is EUR 7.5 billion and the State Treasury already received the first part of the IMF loan, EUR 589.57 million, on December 29 last year.




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