| Latvia and the representatives of the EC and IMF reached an agreement on completion of the final supervision mission and the international financial aid program, EC representative in Latvia announced. The fifth and final review mission was in Latvia until November 10 and continued with additional consultation on the crash of Latvijas Krajabanka bank and government's strategy regarding the national air carrier airBaltic. International donors note Latvia's economic recovery, while reminding that growth rate is to decline sharply next year due to weak external environment. PM Valdis Dombrovskis welcomed the conclusion of the mission and stressed that it will be a positive signal to financial markets and potential investors, allowing an upgrade of the credit rating, cutting the government's debt servicing costs and easier access to financing for entrepreneurs and residents. To remind, since 2008 Latvian government was implementing a tight budget consolidation under supervision of IMF and EC. As estimated by FinMin this week, aggregate budget consolidation in Latvia in 2008-2012 amounts to LVL 2.3bn (EUR 3.2bn) or 17% of GDP. A financial aid package of EUR 7.5bn was provided, out of which Latvia used EUR 4.4bn. |
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