LV: Latvia and EC sign memorandum of understanding.

By bne IntelliNews February 24, 2010
Representatives of Latvia and monetary and economic department of Latvia and EC signed an additional memorandum of understanding, LETA reports. As announced this week by the head of the EC agency in Latvia Iveta Shulca, the signing of additional memorandum would mean that another transfer of EUR 500mn out of international credit line will be granted to Latvia in mid-March. That would bring the total amount already received by Latvia from EC to EUR 2.7bn out of total amount granted of EUR 3.1bn. The memorandum should be published next week, Shulca added, and it should list the reforms performed carried out by the government, including support for SME's, employment facilitation, etc. Last week IMF approved granting EUR 200mn tranche to Latvia, out of total EUR 1.7mn granted by the fund, bringing total amount received by Latvia from IMF to EUR 600mn.

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