Latvia passes budget in first reading

  • 2009-11-05
  • Oskars Magone
RIGA - Saeima (Latvian parliament) has passed next year's budget in the first reading. A total of 64 deputies voted for the bill, while 32 voted against and one abstained.

"Eventhough this budget should be considered a crisis budget, it willallow us to continue the program for stabilization of Latvia'seconomy and move towards recovery of the economy," Prime Minister Valdis Dombrovskis said during the parliamentary debate.

The controversial budget has been months in the making, with the Cabinet arguing over the implementation of large budget cuts that were a key condition of international lenders.

Ealier this week, Finance Minister Einars Repse said "the 2010 budget is one of themost difficult budgets in the history of the Latvian financialsystem."