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World Bank Group president lauds Latvia's achievements in overcoming crisis

Jim Yong Kim. Photo: AFP.
 RIGA, Dec 14 - During the annual meeting of the World Bank's Nordic and Baltic governors in Stockholm, World Bank Group President Jim Yong Kim lauded Latvia's achievements in overcoming the crisis.
The president noted that Latvian experts should participate in international missions and share their experience. He also added that Latvia is an impressive and inspiring example of how to carry out reforms to gradually overcome the consequences of the crisis and return to growth, the Finance Ministry informed LETA.
Scandinavian, particularly Swedish, government representatives were delighted about Latvia's accomplishments and assessed them as examples of successful leading and discipline, especially comparing Latvia to southern Europe. The repayment of the entire loan borrowed from the International Monetary Fund before term was perceived as a high achievement.
Finance Minister Andris Vilks (Unity), who also participated in the meeting, emphasized Latvia's successful path from a very difficult economic situation to the country's current achievements. "By implementing a stabilization policy, Latvia has managed to overcome the crisis and is currently the fastest growing economy in the European Union. We also managed to refinance on international financial markets with the historically lowest interest rates to repay the IMF loan before term," pointed out Vilks.
The minister also thanked the World Bank for its loan.
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