Finance minister wants to set up 'fighting fund'

  • 2007-10-05
  • By Mike Collier
RIGA -- Latvian Finance Minister Oskars Spurdzins believes that the country should establish a strategic long-term stabilization fund as a means of protecting itself from the possible effects of economic overheating.

Spurdzins has recommended that the fund could be backed by money from privatization revenue as well as budgetary sources. In addition, he has requested that the current law on administering budget and finances be amended so that the government is only able to access the fund with the assent of the finance minister - in effect giving him a veto over use of the long-term fund.