Dombrovskis stresses Latvia's success in overcoming crisis

  • 2012-05-07

Valdis Dombrovskis delivering a speech at the conference in Stockholm, Sweden. Photo by Valsts Kanceleja.

Today in Stockholm, Prime Minister Valdis Dombrovskis (Unity) delivered a speech about Latvia's experience in tightening fiscal discipline, emphasizing Latvia's success in overcoming the crisis, as the premier's press secretary Martins Panke told LETA.

Dombrovskis stressed that the rating agency "Standard & Poor's" decision to raise Latvia's credit rating to the investment level attested to positive trends in the Latvian economy. "Latvia has been acknowledged that our strategy of reducing public spending in order to overcome the financial crisis was the right move. It also means that our main goal has been achieved - the competitiveness of the country is increasing, and investors' trust is growing," said the premier.

Latvia's next task is to continue improving the country's competitiveness and consolidating economic growth, which may be achieved by sticking to financial discipline, stressed Dombrovskis. The key tests that Latvia should concentrate on to achieve an economic breakthrough include support for exporting enterprises, development of excellent business environment, competitive education, and support for the creation of new jobs.

During the conference in Stockholm, Swedish Finance Minister Anders Borg thanked Latvia for its accomplishments, contributing to the entire region's financial stability.

As reported, Dombrovskis is visiting Stockholm to attend an international conference on fiscal policy models and experience analysis, and participate in discussions on planning medium-term budgets. At the conference, Dombrovskis is meeting with financial experts from the International Monetary Fund, Sweden and other European countries.

While in Stockholm, the PM will also attend a reception for the Latvian national men's ice hockey team, organized at the Latvian Embassy to Sweden.