bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Saturday 24.08.2019 | Name days: Boļeslavs, Bērtulis
LatviaLatvia

Finance Ministry expects credit rating upgrade

FaceBook
Twitter
Draugiem
print
(+2 rating, 2 votes)

Baltic news, News from Latvia, BNN-NEWS.COM, BNN-NEWS.RU

Finance Minister Andris Vilks

There is no better example than Latvia to show that a state can, indeed, tackle major issues. There are only a few countries that can be trusted. I believe investors will appreciate stability of the Baltic region, says Andris Vilks, Finance Minister.

According to him, Latvian credit rating will be raised in near future, because the outcome of the Saeima elections suggests that the state will go on with what has been started, Vilks told LNT broadcast 900 sekundes, when asked for his conclusions from the visit to the U.S.

During the official visit, Vilks met with investors as well as representatives of the major banks and international credit agencies.

Asked how exactly the state and its residents would feel the credit rating upgrade, he stresses that new jobs would appear at a fast pace and remuneration would increase as rapidly. “This will be seen the best in manufacturing, export and logistics.”

“It is clear that money is looking for a place to land. Investors and banks are really willing to invest. They have a lot of money, but there are very little investment safe areas. We have to make use of this. The global crisis was our big chance,” Vilks says, adding that even if a crisis strikes the eurozone, it will still be possible for Latvia to develop.

Speaking of the next year’s budget, he points out that it will be coordinated with lenders. “We are set to meet with the International Monetary Fund officers and the budget project will be handed to the Saeima Speaker on December 6.”

The necessary consolidation totals about a hundred million lats. According to Vilks, this is the last year of it and the programme must definitely round up.

Vilks reveals that he would gladly take the post once again also in the new government if it would be led by Valdis Dombrovskis, “I would unlikely be able to work under the charge of another prime minister. I can hardly see any good candidates. This is not the right moment for experiments,” he says.

Asked what could be the best possible coalition – with Harmony Center (HC) or All for Latvia!-TB/LNNK, he points out that HC’s economic policy is quite unclear and full of populism in terms of the euro and the loan. Not to mention their aspiration towards the East. According to Vilks, if VL-TB/LNNL took part in the coalition, it would be easier to go on with what has already been started.


Leave a reply to Hope

  1. Hope says:

    If only his forecasts could come true! Finally something good is said also about Latvia. It really proved that it was successful during the severe crisis. But what is absolutely important is that it sticks to its current prime minister Dombrovskis, who is a really clever man. he is the only one with numerous degrees as well. Not that it is the only thing that matters, but he seems to be really intelligent.

  2. Gunta says:

    Next budget consolidation will be Latvia doom How is it possible to invest in this country whit a sutch widspread corruption and a sutch shadow economy.It makes no sense unless one has money to waste So better invest in Somalia or Zimbawe It would be less risky

  3. Agatha says:

    I see, I supopse that would have to be the case.

Hot weekend ahead in Latvia

Over this weekend, in Latvia, a wide anticyclone will determine the weather keeping the sunny and mostly dry weather of Friday, according to the Latvian Environment, Geology and Meteorology Centre.

IKEA to land in Estonia from next week

Swedish furniture design and retail chain IKEA plans to enter the Estonian market on August 29. According to the firm, it would first open an online store.

Levits: People on Baltic Way melted totalitarian regime in their hands

During the Baltic Way people melted a totalitarian regime in their hands, said Latvian President Egils Levits at the occasion of the 30th anniversary of the peaceful mass demonstration marked at the Castle of Riga.

Turn in high-profile court saga: Ventspils mayor receives state lawyer

The mayor of the Latvian port city Ventspils, Aivars Lembergs, who is charged with serious crimes and has been suspended from office, has been appointed a state lawyer in the long court process that has had many delays.

No obstacles to Riga signing waste contract on 20 years, says ministry, despite probe

Latvian Ministry of Environmental Protection and Regional Development has stated that the plan by the Riga City Council to award a waste management contract on 20 years is not against the law, despite competition regulator investigating alleged violations.

Riga pledges to increase use of Latvian in its kindergartens

The Riga municipality will continue increasing the use of the Latvian language in the kindergartens of the capital, the responsible department of the Riga City Council has stated in reaction to calls to switch all kindergarten groups to the official language.

France supports new, short Brexit talks for UK to leave with deal

Emmanuel Macron of France supported new, month-long Brexit negotiations to avoid a no-deal Brexit, but was against the removal of the Irish backstop from the deal – a key demand by his guest British Prime Minister Boris Johnson.

Lithuania backs Sinkevičius as European Commission nominee

The Lithuanian parliament on Thursday, August 22, voted to support Virginijus Sinkevičius, the Lithuanian Minister of the Economy and Innovation, as the country’s pick for the next European Commission.

New member of Riga Freeport board rushes to meet controversial Šlesers, TV3 Ziņas says

Riga councilman Sandris Bergmanis has a day after being elected to the board of the Freeport of Riga Authority met with businessman and former Latvian minister Ainārs Šlesers, according to the news programme TV3 Ziņas.

Latvian power production drops to lowest level in year

Energy companies in Latvia produced 357 655 megawatt hours of power in July, which is the lowest level of national power output since July 2018. This allowed to cover 64% of the Latvian electricity consumption, according to AS Augstsprieguma tīkls.

Compensation payments of defunct Latvian PNB Banka begin

With operations of the Latvian bank, AS PNB Banka, stopped, the process of paying the guaranteed compensation to its clients has begun on August 22, according Citadele, the lender tasked with the payments.

Riga planning to introduce tourist fee – one euro per day

The Riga City Council is discussing a plan to introduce a tourist fee charging all places of tourist accommodation a fee of one euro per day.

Expert: With Belarus electricity freezing Baltics’ solidarity, Moscow is over the moon

In a blow to Lithuania’s far-reaching plans, Latvia has announced it looks forward to buying electricity from a nuclear power plant in Belarus’ Astravyets under construction 50 kilometres away from Vilnius.

WHO: Little risk from microplastics in drinking water

The World Health Organization has declared that the current level of microplastic particles in drinking water does not pose is not a serious risk for health, yet more research was necessary to determine their effects on human health.

Subsidies to controversial Riga transport company could increase by EUR 20 mln

Amid the criticism of the Riga municipal transport company Rīgas satiksme for its losses and their effect on the Latvian state budget, a plan has been voiced to increase its subsidies, now 120 million euros, by another 20 million euros, Latvian Radio reports.

Latvian Minister keeping adviser detained by corruption watchdog for now

Latvian Agriculture Minister Kaspars Gerhards will clarify the reason, why his advisor and the mayor of the city of Ogre, Egils Helmanis, has been detained by corruption investigators, to decide on keeping him in office.

Trump, Macron willing to readmit Russia to G7, despite Crimea annexation

The leaders of France and the United States have expressed their backing to readmitting Russia to the G7 conference of world powers in 2020, despite Ukraine’s Crimea still being held by Moscow, CNN reports.

Latvian excise tax income up by 8% in first half of 2018

The Latvian excise tax income in the first half of 2019 has been 521 million euros, –an increase by 39 million euros, or 8.1% – compared to the respective period last year, showed data by the Latvian State Revenue Service.

Latvian PM: Most of freely available 2020 budget funds already earmarked

Discussing the 2020 Latvian national budget, Latvian prime minister Krišjānis Kariņš pointed out that its fiscal space is limited by previous decisions and that the expected losses of the Riga transport company will not permit raising wages and pensions nationally.

Corruption watchdog detains Ogre city mayor Helmanis

The Latvian Corruption Prevention and Combating Bureau has on Wednesday detained the mayor of central Latvian city of Ogre, Egils Helmanis, according to LETA news agency.

New members to Freeport of Riga Authority elected, despite criticism

The Riga City Council elected to the Board of the Freeport of Riga Authority, mayor Oļegs Burovs and councilman Sandris Bergmanis, despite heavy criticism of the latter for incompetence and lack of vision.

Italy loses government, coalition of right-wing, anti-establishment parties collapses

Italy has lost its government with Prime Minister Giuseppe Conte announcing resignation after the right-wing League party pushed for no-confidence motion to its own government.

Kaljulaid opposed to Estonian minister after police chief scandal

Alleging that Estonian Interior Minister Mart Helme has violated the law by trying to sack top police chief, Estonian President Kersti Kaljulaid has stated that the minister has no place in the government.

Planned Latvian economic cases’ court conceptually backed by government

The plan by the Latvian Ministry of Justice to establish a court of economic cases has on Tuesday, August 20, been supported by the Latvian Cabinet of Ministers.

Riga deputy mayor posts go to Harmony and independent politician

In the Riga City Council, deputy mayors have been elected with one post going to Anna Vladova from Harmony and the other – to Vadims Baraņņiks from the group of independent councilmen.

Newest comments