bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Wednesday 21.08.2019 | Name days: Linda, Janīna
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 Nyvaeh

  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.

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.

Latvia charges energy company executives for attempted fraud

Two board members of Latvian power company SIA Rīgas enerģija have been charged in a criminal case for an attempt to acquire with deceit the rights to supply electricity as part of the mandatory procurement component programme.

Consumer protection: 34% of Latvians admit post-vacation financial difficulties

During vacation, 77% of Latvians spend more money than planned, but 34% admit having trouble making ends meet after vacation, according to a poll by the Latvian Consumer Protection Centre.

Firms like Riga transport company to be banned from working with losses, minister says

As the European Union’s statisticians have classified the Riga municipal transport company Rīgas satiksme in the debt of the national budget, it is planned in Latvia to prohibit such companies from working with losses, Latvian Finance Minister Jānis Reirs has told LNT 900 sekundes programme.

Minor dies in large fire in Latvia

An underage person has been found dead in a large fire in the Latvian region of Vidzeme, the Latvian Fire and Rescue Service has said. Person wascsaved from burning house in Liepāja.

UK aims to end free entry of EU citizens on October 31

UK to stop free migration from European Union member states to the country right after the likely no-deal Brexit on October 31, the British government has stated.

Riga city elects new mayor – Oļegs Burovs – and restores decade-old coalition

The Riga City Council has elected Oļegs Burovs as the new mayor, ending two months of political discussions and restoring the coalition that has ruled in the Latvian capital for ten years.

EU: Rīgas satiksme cuts Latvian budget fiscal room in 2020 by 72 mln EUR

The Riga city company Rīgas satiksme should, according to European Union criteria, be in included in the general government sector, thus it would cut the fiscal space of the 2020 Latvian state budget by 72 million euros, Finance Ministry stated.

Latvijas Krājbanka’s administrator recovered 542 thousand euros in July

The administrator of the insolvent Latvian bank Latvijas Krājbanka recovered 524 444 euros in July, which is by 75% more than a month earlier, according to the official gazette Latvijas Vēstnesis.

Latvian post-reform administrative centres to have 2 000 - 630 000 populations

After the planned administrative reform of Latvia, the population size of the administrative centres of the new municipalities is expected to vary from 2 000 to 632 000 people, according to a conceptual report by the Ministry of Environmental Protection and Regional Development.

A week of warm, but changing weather forecast for Latvia

Weather in Latvia this week is expected to be summer-like and warm, with rain expected on Thursday and Friday, according to the Latvian Environment, Geology and Meteorology Centre.

Kabul wedding terror attack committed by Islamic State, the group says

Responsibility for the terror attack in Afghanistan, where explosives killed 63 people. has been claimed by the Afghan branch of the Islamic State terrorist group.

British Gibraltar releases seized Iran oil tanker

An Iranian oil tanker detained by Gibraltar, part of the United Kingdom, has sailed away from port after being allowed to do so despite Washington’s call to detain it again.

BNN summary of the week: Latvia’s biggest budget; PNB Bank halts operations; Latvia sad with Latvia

Some positive news surfaced in Latvia this week – Prime Minister Krišjānis Kariņš announced that the country’s next budget will be the largest one yet and will exceed EUR 10 billion. In spite of this, however, financial difficulties have been observed – PNB Bank has ended up in a tight spot. The bank’s shortage of funds has forced Finance and Capital Market Commission to halt all of the bank’s financial operations.

Week in Lithuania: PM Skvernelis undergoes surgery, Nausėda meets Merkel, rebukes Latvia

Last week, President Gitanas Nausėda rejected the government’s candidate for EU judge, hints of big changes at Šiaulių Bankas ahead

Independent Deputies Faction joins forces with Honour to Serve Riga

Riga City Council’s Independent Deputies Faction has signed a cooperation agreement with Honour to Serve Riga political party, pledging support for the party’s mayoral candidate Oļegs Burovs, as LETA was told by the faction’s leader Valērijs Petrovs on Monday, 18 August.

Saeima’s MPC investigation committee requests information on every issued license

The parliamentary committee formed to investigate the mandatory procurement component has requested access to information regarding every issued MPC license and decision made by officials in regards to this field, says the committee’s representative Ilze Vanaga.

Latvian athlete receives two-year disqualification

Former Latvian long jumper Ineta Radeviča has received a two-year disqualification, as confirmed by International Association of Athletics Federation’s Athletics Integrity Unit.

Minister: state budget funds will not be used to compensate PNB Bank’s clients

The Deposit Guarantee Fund is sufficient to pay compensations to affected PNB Bank clients. This means not a cent from Latvia’s state budget will be used, said Latvia’s Finance Minister Jānis Reirs in a telephone conversation with public broadcaster LTV programme Rīta Panorāma on Friday, 16 August.

Estonia to invest 22 million in construction of a new TV house

Estonian government has set aside EUR 22 million for the construction of a new public television building, as reported by Estonian public media ERR.

Another one falls – Latvian FCMC halts PNB Bank’s operations

Operations of PNB Bank [formerly Norvik Banka] have been halted in Latvia, as confirmed by Finance and Capital Market Commission.