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Friday 21.09.2018 | Name days: Matīss, Modris, Mariss
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Finance Minister: 2012 consolidation not to claim exact figure

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Finance Minister Andris Vilks

The next year’s budget consolidation will not be a specific figure, it will be more like a «band», ranging from one sum of money to another, Latvia Finance Minister Andris Vilks says, adding that the final figure will be made known in August before 2012 budget discussions, when both this budget and economic performance will be assessed.

While the starting point of the «band» could be made known in a couple of weeks.

Asked whether the consolidation will fall below 400 million lats, Vilks answers, «Definitely». It would be 400 million if the economic performance of 2010 and 2011 was worse.

Finance Minister gives the economic situation, employment and taxes as the three key aspects of budget formation, stressing that although there are several indicators that can improve the outlook, the balance is still negative. Namely, in terms of the budget deficit, Latvia does not rank among the leading EU states, it is more somewhere in between, he says.

Finance Ministry promises to specify consolidation amount for the next year after the visit of the international lenders. It is planned lenders will pay a visit to Latvia in early April.

Martins Bicevskis, Finance Ministry press secretary, has previously pointed out the consolidation planned for 2011 and 2012 reached 590 million lats. 2011 will have cut 320 million lats and the economic growth performance will determine the amount of budget deficit cuts in 2012.

The portal pietiek.com reported, although the political party Vienotība (Unity) Finance Minister Andris Vilks has repeatedly stressed 2012 consolidation will not exceed 200 million lats, unofficial information suggests international lenders are far more less optimistic.

The International Monetary Fund and European Commission have implied in informal talks with several government representatives the next year’s consolidation could reach up to 400 million lats. This means social sector, education, health care and state administration would face sharp cuts. Similalry, taxes would be increased even more, according to pietiek.com.

 

 


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