IMF, World Bank approve Latvia loans

  • 2011-05-27
  • TBT Staff

RIGA - The IMF and the World Bank have approved new funding for Latvia, making over $300 million available for the cash-strapped country.

The IMF Thursday rubber-stamped the next installment of the loan money available for Latvia, totalling $170 million, which orgnization officials say has been the world's worst affected economy by the crisis. 

The World Bank, meanwhile, made $70 million available to the country, using a program through which Latvia will be able to utilize the funds for social programs.