Budget for '99 allows for no financial deficit

  • 1999-01-14
  • Anastasia Styopina
RIGA - Finance Minister Ivars Godmanis handed over a weighty draft budget to Parliament Chairman Janis Straume Jan. 12, that allows for no financial deficit in 1999."The goal is finally achieved," Godmanis said.With Latvia eager to join the EU, the main objective for the government was to prepare a balanced budget and show that the country is financially sound. Although the budget has no financial deficit, it does allow for a fiscal deficit of 113 million lats ($198.2 million), or 2.5 percent of GDP. Godmanis noted that Latvia tried to stay within the limits set by the EU's Maastricht agree...
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