Brussels approves additional EU-Latvia Memorandum

Ivars Busmanis, press secretary of the European Commission's (EC) representation in Latvia, informed LETA that all EU member states had now been consulted over the additional memorandum, and that the signing process could now begin.

In accordance with established procedure, it was necessary for Latvia to receive the support of all EU member states in order to receive the next installment of the international loan.

The additional memorandum is to be signed from the Latvian side by Prime Minister Valdis Dombrovskis (New Era), Finance Minister Einars Repse (New Era), President of the Bank of Latvia Ilmars Rimsevics, as well as Financial and Capital Market Commission Chairperson Irena Krumane. From the EU side, the memorandum will be signed by the Commissioner for Economic and Monetary Affairs.

Following this, Latvia will receive EUR 500 million (LVL 350 million).

Latvia was represented at today's meeting by the Finance Ministry's Deputy State Secretary on European Affairs Inta Vasaraudze.

As reported earlier, on January 22, after receiving a mandate from the Saeima, a letter of intent to the International Monetary Fund (IMF) was signed by Dombrovskis, Repse, Rimsevics and Krumane.

The board of the IMF could approve Latvia's letter of intent at a board meeting on February 12. Following a positive vote, Latvia would receive EUR 300 million (LVL 210 million).

LETA