Baltic finance ministers pledge lowest European deficits

RIGA - Finance ministers from the three Baltic states at an annual meeting in Riga have praised the region's return to economic growth and vowed that the three countries would have the lowest budget deficits in the EU by 2013.

Latvian Finance Minister Andris Vilks told journalists Tuesday that Estonia's progress toward the EU's lowest budget deficit sets a strong example for Latvia and Lithuania, LETA reported.

"It was concluded that the Baltic States should keep the strong commitment towards the fiscal discipline in future fiscal strategies to ensure the sustainability of public finances within the medium and long term," the finance ministry said in a press release.

Vilks, Estonian Finance mInister Jurgen Ligi and Lithuanian Finance Minister Ingrida Simonyte met Jan. 11 in Riga. The finance ministers said the region was returning to growth faster than expected

"Finance ministers of Latvia, Estonia and Lithuania say that economic recovery in all three Baltic states is faster than expected. Futher economic growth at large extend will depend on developments in global and EU economies," the finance ministry said.

Next year's meeting is scheduled to meet in Lithuania.