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Latvia's goal of joining eurozone in 2014 is achievable

IMF mission in Latvia, Shekhar Aiyar (R). Photo: Ieva Čika/LETA.
 RIGA, Nov 26 - Latvia's accession to the eurozone in 2014 is achievable, Shekhar Aiyar, IMF mission's head in Latvia, told reporters today.

He admitted that such Maastricht criteria as government budget deficit and government debt-to-GDP ratio will be easily met this year and in 2013.

Inflation and long-term interest rate criteria have shrunk. Latvia managed to meet them, but feels uneasy since its assessment will depend on other countries' figures.

Aiyar expressed support to Latvia's efforts in joining the eurozone, pointing out that the country's accession to the eurozone will prevent currency risks and strengthen the financial system, which is already closely connected with the euro.

As reported, the second post-program monitoring mission from the European Commission, the International Monetary Fund and the World Bank will conclude assessing Latvia's fulfillment of international commitments and economic recovery today.

LETA also reported, 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)
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