IMF approves €200 tranche for Latvia

  • 2010-02-18
  • Oskars Magone

The IMF approved the latest loan or the country, which is set to receive 2.7 billion euros this year.

RIGA - The International Monetary Fund has announced that it approved the latest loan tranche for Latvia.

The installment will total some €200.3 million, and is a regular part of the loan installment plan. Latvia has in the past failed to win approval for a tranche, which are awarded only if the country meets certain budgetary and economic policy requirements.

"The executive Board of the International Monetary Fund today completed the second review of Latvia's performance under an economic program supported by a stand-by arrangement," an IMF press release said.

Finance Ministry spokesman Aleksis Jarockis told national news agency LETA that the approval is a sign the country is back on the right track, and that it is winning back the confidence of international investors.

Latvia plans to borrow a total of €2.7 billion this year from a team of international lenders that includes the IMF, the EU and the Scandinavian countries.

The country has so far received €3.3 billion euros.