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International lenders have shown an increase in respect for Latvia

Photo: Ieva Čika/LETA.
RIGA, Nov 22 - There has been an increase in respect for Latvia from the international lenders over the past several years, which is in large part due to the Latvian government's conservative and responsible attitude towards the country's development, Finance Minister Andris Vilks (Unity) told members of the press yesterday after a meeting with post-program monitoring mission of international lenders' representatives in Riga.
He said that Latvia has received a highly positive assessment from the international lenders in regard to the government's policies, and added that the lenders were previously concerned that Latvia would begin to increase spending and not meet its budget deficit targets.
''But the real situation is that we are improving. We do not wish to stray from our goals. The faster Latvia achieves a balanced budget, the more opportunities we will have to allocate the surplus for other purposes. We will also have smaller external debt,'' the finance minister said.
Prime Minister Valdis Dombrovskis (Unity) also informed that the international lenders have a positive assessment of the government's work in fulfilling this year's budget and ensuring a 1.9 percent deficit. He said that next year's budget deficit will be 1.4 percent of GDP.
As reported, a post-program monitoring mission of international lenders' representatives arrived in Latvia today.
On December 21, 2011, Latvia officially concluded its three-year international loan program, during which the country implemented stringent austerity measures to stabilize its finances after the economic downturn.
The planned amount of the international loan program was EUR 7.5 billion (LVL 5.25 billion). Nevertheless, the country got by with EUR 4.5 billion (LVL 3.16 billion).
leta.lv
21-11-2012
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