Latvia no longer dependent on World Bank

Apr 16, 2007
BNS

Latvia's strengthening status on the world stage was confirmed on April 13 when the World Bank annulled its status as a borrower with the International Bank of Reconstruction and Development.

The move means Latvia is no longer dependent on the World Bank for financial assistance. The Baltic country will soon move toward becoming a donor to the institution to provide aid to other developing nations.

Latvia's Finance Minister Oskars Spurdzins signed the annulment document at the annual trustees' meeting of the International Monetary Fund and the World Bank in Washington.

"This fact marks a new phase in the cooperation between Latvia and the World Bank, whereby accepting the challenge, our country starts moving towards the donor state status," Spurdzins said after the signing.

Latvia joined the IBRD as a borrower in 1992, and accessed funds to help finance more than 15 projects. It has not taken a loan from the bank since 2002, but has continued to access technical advice.

Both Lithuania and Estonia voided their borrower status with the bank in 2006.

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