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Latvia declines fresh installment of EU-IMF aid
Published in Saudi Press Agency on 08 - 06 - 2011


Latvia has declined to take up a fresh
installment of the European Union-International Monetary Fund bailout
it secured two and a half years ago, because of its strong economic
recovery, dpa cited the EU executive as saying Wednesday.
The EU and IMF were ready to give up to 100 million euros (146
million dollars) to Latvia after its parliament agreed to a fresh
round of austerity measures in April, the European Commission said in
a statement.
"However, the authorities have decided not to request (it), given
the current financial position of Latvia, which is better than
originally expected," the commission said.
"The unused funds will be transferred to the next tranche to be
released, upon fulfilment of conditions ... and if requested by the
Latvian authorities, before the end of the assistance, which expires
on 19 January 2012," it said.
The EU and the IMF agreed to lend Latvia up to 7.5 billion euros
in December 2008. The Baltic country, already reeling after its
domestic housing bubble burst, was badly hit by the global financial
crisis,
The Latvian economy contracted by 18 per cent in 2009, but has
been recovering ever since.


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