Valdis Dombrovskis.
RIGA - Next year, Latvia will have to reduce its budget deficit by around 70 million lats (99.6 million euros), Prime Minister Valdis Dombrovskis (Unity) said in an interview on the Latvian Radio 1 program “Krustpunkta” today.
The goal is to improve the budget's structural balance by 0.5 percent (approximately 70 million lats) each year. Dombrovskis, however, emphasized that the government will achieve this at the expense of economic growth and by limiting expenditures. The Cabinet does not plan new consolidation measures.
The prime minister also explained that, during the second part of the year, when deciding about allocating budget funds, the ministries' requests will be thoroughly assessed and not all of them will receive funds during budget deficit conditions.
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