Against the usual IMF regulations, Latvia is due to begin repayment of the loan in 2012 as opposed to 2011.
The maximum interest on this first set of funds is 3.87 percent according to
the Finance Ministry.
However both the interest and the loan repayment period may change according to
the Latvian currency reserves and financial situation. The loan is foreseen to
be repaid in eight separate payments.
According to the Finance Ministry, the first loan will go for the 2009 budget execution as well as debt refinancing for state incurred debts.
In total, Latvia
is to receive 1.68 billion euro from the IMF in ten separate installments, the
bulk of which will come in 2009.
The IMF together with several EU nations and the EC and World Bank are supplying Latvia with 7.5 billion euro in total. Details on the repayment terms were signed on Dec 23.
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