LV: Latvia receives another EUR 200mn tranche from EC.

By bne IntelliNews October 21, 2010
Latvia received another EUR 200mn tranche of the international support loan from EC, State Treasury reports. This makes total amount transferred by EC EUR 700mn (all of the funding planned this year). Total amount of international loan to Latvia stands at EUR 4.4bn, out of which EUR 2.9bn is granted by EC and EUR 1.1bn by IMF. As commented by EC representatives, Latvia is on the right course of budget consolidation in 2010, but it has to continue fiscal corrections and should not ignore the risks of rising imports and inflation. Meanwhile, head of the Bank of Latvia Ilamrs Rimsevics believes that at least another LVL 400mn-large budget consolidation is needed to ensure sustainable economic and financial stability. He stressed that this needs to be reached by the means of cutting expenses and not tax hikes. Rimsevics argued that Latvia's competitiveness recovered and tax hikes might lead to a long period of stagnation.

Related Articles

EE: Estonian Air records EUR 49.2mn loss in 2012.

Estonian national airline Estonian Air recorded net loss of EUR 49.2mn in 2012, up from net loss of EUR 17.3mn in 2011. Operating loss amounted to EUR 35.8mn in 2012. Revenues of the company ... more

LT: Malsena acquires Latvian flour manufacturer Rigas Dzirnavieks.

Lithuanian flour manufacturer Malsena announced that it has acquired Latvian flour manufacturer Rigas Dzirnavieks. The company indicates that with the acquisition it will become the largest flour ... more

EE: Estonian Air to return excess Embraer airplanes.

Estonian national airline Estonian Air announced that it agreed to pay penalties for returning two excess Embraer E190 aircrafts to the manufacturer. The company has started restructuring and ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss