Karins and Kazaks underscore role of vaccination in economic recovery

RIGA - Prime Minister Krisjanis Karins (New Unity) and Bank of Latvia president Martins Kazaks agrees that vaccination against Covid-19 is a way to economic recovery and return of the public to everyday life.

The prime minister's office reported that on Wednesday the prime minister held a remote meeting with the central bank's president to discuss the vaccination process, the economic situation in the country, the current events in the work of the bank and the government.

Kazaks said during the meeting that the best medicine for economic recovery is a smooth vaccination process as it opens the possibility for people and companies to return to everyday life. Also, he said that as the vaccination rate improves and the government gradually eases restrictions, it is important to plan exiting the support regime that has been introduced during the pandemic.

The prime minister said that the government is actively working on organization of the vaccination process. At the same time, there is also ongoing work on the economic recovery measures, where the EU funding, including from the Recovery and Resilience Facility, plays an important role.

Karins underscored the goal to promote export-oriented production and development of the industrial sector or the so-called smart reindustrialization. 

Kazaks praised the active dialogue among institutions, social partners and sectors on the important sustainability issues. Among other issues, on Wednesday a memorandum has been signed by the Finance Latvia Association, the Bank of Latvia, the Finance and Capital Markets Commission, Nasdaq Riga, the Latvian Association of Leasing Providers and the Latvian Insurers Association, according to which the financial sector will promote sustainability principles in business and the society.