LV: Latvia should tap foreign markets to refinance debt-IMF.

By bne IntelliNews April 7, 2011
Head of IMFs mission to Latvia Mark Griffiths believes that it is best that Latvia attracts funds from international financial markets in order to repay international aide loan. This follows recent proposals by PM Valdis Dombrovsksis and FinMin Andris Vilks to prolong the loan repayment period. However, FinMin changed his stance on the issue shortly after arrival of the IMF/EC mission this week. Griffiths argued that extending the loan repayment would not be the best option, as stabilised economy and internal debt level of 40%-50% of GDP presents opportunity to borrow funds in the international markets. To remind, in the end of 2008 Latvia received a financial aid package worth EUR 7.5bn from international donors (IMF, EC and WB), out of which so far EUR 4.4bn were received.
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