Cabinet approves 9.2 percent budget deficit

Jun 03, 2009
By Kira Savchenko

RIGA - Latvia’s government has agreed to make amendments to the 2009 budget that will increase the deficit to 9.2 percent of gross domestic product (GDP), despite the International Monetary Fund (IMF) and the European Commission both saying no to a deficit of 7 percent. The newly agreed upon amendments are based on a forecast of GDP dropping 18 percent this year. Latvia’s standby agreement with the IMF originally targeted a 4.9 percent budget deficit and it is still unclear whether the i ...

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