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Monday 23.07.2018 | Name days: Magda, Magone, Mērija
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Ushakov calls opposition talks about financial failure an «annual tradition»

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThe situation with Riga’s budget for 2015 is stable, says Mayor of Riga Nil Ushakov. According to him, the main budget index worth keeping in mind is that the municipality’s revenue exceeds expenses by 13%.

Ushakov emphasized that a municipality’s credit rating is an important financial stability index. During its assessment of the economic and financial situation in Riga, Moody’s Investor Service had increased Riga’s long-term development credit rating from Baa3 to Baa2 with a stable future outlook in June 2014. Standard&Poor’s credit rating agency, which also regularly performs assessments in Riga, had increased the city’s credit rating for short-term and long-term commitments from BBB/A-2 to BBB+/A-2 in November 2014. Riga’s credit rating remains the highest it has ever been since 2008.

In response to the recently voiced criticisms in regard to the municipality’s large debts, Ushakov said the amount currently exceeds EUR 900 million, adding that the municipality’s debts had exceeded EUR 1 billion in 2009. From this he concludes that the total debt has decreased significantly since then.

Meanwhile, commenting on the opposition’s statements in regard to the lack of development of the capital’s business environment, Ushakov said that opposition deputies’ proposed initiatives are based only on the social area – not a single proposal has been submitted in regard to potential business development.

Vice-mayor of Riga Andris Ameriks says the capital is fully prepared to perform its functions.

Ushakov calls the recent report compiled by opposition deputies in regard to the alleged financial failure of Riga ‘an annual tradition’, adding that the capital will not go bankrupt any time soon.

Ref: 102.109.109.3883


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