Latvia could borrow USD 1bn in 2013.

By bne IntelliNews July 4, 2013

Finance minister Andris Vilks told LETA that if the conditions on international debt markets are favourable, Latvia could borrow USD 1bn by the end of the year. Although currently the government can not afford to make additional borrowing for up to fifteen months, the situation could be favourable in Q3/13 or Q4/13, Vilks added.

In December 2012, FinMin’s spokesman Aleksis Jarockis told the press that Latvia plans to borrow USD 4bn on international markets in 2013-2014 in order to refinance government debt. Next two years will see the repayment of the biggest sums of the anti-crisis support loan to EC, he added. Jarockis also estimated that by fully repaying IMF part of the loan ahead of schedule this year Latvia saved about EUR 284mn.

In December 2012, Latvia successfully placed USD 1.25bn worth of 7-year Eurobonds at the record-low 2.889%. Some EUR 716mn were repaid to IMF from the proceeds of the Eurobond issue. The country borrowed a total of LVL 820.2mn (EUR 1.17mn) from IMF and EUR 2.9bn from EC in late 2008. 

Related Articles

Estonian banks see €368mn profit in Q1 2025

Commercial banks in Estonia earned a combined profit of €368mn in the first quarter of 2025, down from €444mn a year earlier but up from €291mn in the previous quarter, according to Eesti Pank, ... more

Poland’s Orlen signs deal to supply Ukraine with LNG

Ukraine’s Naftogaz will purchase 100mn cubic metres of LNG from Poland’s Orlen, Ukraine’s biggest state-owned energy firm announced on March 7. The LNG will be transported from cargoes ... more

Swedbank Estonia CEO says Lithuania's bank taxes spooked investors' and foreign banks’ interest

Olavi Lepp, CEO of Swedbank’s Estonian branch, stated that Lithuania’s recently imposed temporary bank solidarity levy has dampened interest among new banks and foreign investors in the ... more

Dismiss