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Brussels, 27 January 2010

Statement by Commissioner Almunia on Latvia

"I commend the Latvian coalition government, the Saeima and the society at large for the courage and determination in delivering the efforts necessary to put the country on a more stable footing with the help of the EU and the wider international community.   The multilateral assistance package, including the €3.1 billion loan by the European Union, has helped improve the economic conditions and outlook in Latvia by easing financial tensions and external financing pressures . Although not without difficulties, the government and the Parliament have delivered on their commitments, in line with the requirement set by the EU Finance Ministers and the criteria for the Balance of Payments assistance. However, the effort needs to continue, notably for what concerns further fiscal adjustment and ensuring a stronger and more sustainable economic activity in the future. While the recent budgetary consolidation progress in Latvia is very impressive by any standard there is obviously some way to go to bring the deficit below 3% of GDP to ensure a stable and sustainable environment in the future and with a view to adopt the euro", said Joaquín Almunia, European Economic and Monetary Affairs Commissioner. 

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