Latvia receives 1.2 billion euro loan

  • 2009-07-28
  • TBT Staff

This is the second part of the 2.2 billion euro loan from the EC

RIGA- The Finance Ministry of Latvia announced that the second installment of the European Commission loan has been received by Latvia. About 1.2 billion euros are in the treasury accounts now, and Finance Minister Einars Repse hopes that the payment will help revive the economy.

"The goal of the international loan is the stabilization of the Latvian economy, and furthermore, it is serious support for the economy's revitalization," Repse said.

Repse also said that the money received is a "positive signal that the international partners have acknowledged the national budget amendments." He added that it is just as important to now work purposefully on the 2010 budget.

 The first EC loan of 1 billion euro was received in late February 2009.