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IMF board approves second part of loan to Latvia

By Editor. 28.08.2009

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The Executive Board of the International Monetary Fund (IMF) has approved the Latvian government's further economic stabilization plans.

And approved the disbursement of the next part of the IMF loan to Latvia of approximately EUR 200 million, as the Finance Ministry informed LETA.

Of this amount, approximately EUR 150 million will be used to cover budget deficit and refinancing government debt, and the remaining EUR 50 million will go to stabilization of the financial sector.
Finance Minister Einars Repse said that the decision of the IMF board proves that the IMF trusts the Latvian government. "With this decision, the international partners have recognized that the Latvian government has been working in the right direction in preparing the amendments to the 2009 state budget, slashing unnecessary state expenditures and implementing reforms to the public sector," he said.

In Repse's opinion, the IMF board's decision acknowledges that the steps being taken by the government are aimed at solving the economic crisis, however, the government must continue with these steps and has to prepare quality budget for next year.

As reported, Latvia received the first part of the IMF loan, approximately EUR 600 million, at the end of 2008. So far Latvia has also received two loans from the European Commission, EUR 1 billion this past February and EUR 1.2 billion in July.


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