On Tuesday, March 17, the Cabinet of Ministers (CoM) resolved that for the prevention of consequences caused by COVID-19 in the social and entrepreneurial field it is necessary to act in four directions. The Ministry of Welfare is preparing proposals on how, during the COVID-19 pandemic, to provide in a solidary manner a fixed-term State aid to employers for the purposes of the payment of sick-leave certificates, performing this from the special budget funds. At the same time, tax solutions are also planned, as well as support to entrepreneurial activity in the form of financial mechanisms.
On Monday, 16 March, the meeting of the task force established on assignment of the Prime Minister for the support to enterprises and the employed under the management of the Minister for Finance, Jānis Reirs, was held. To contain further spread of the COVID-19 coronavirus, unprecedented restrictions already have been imposed. The government works in an emergency regime in order to ensure the imposition of the necessary additional restrictions for minimizing further spread of the virus, as well as to provide the necessary support to the health sector and introduce the necessary support measures so as to limit, as far as possible, the volume of the economic shock and for it not to have any long-term effects on the economy at large.
In the light of the statement by the World Health Organization of 11 March 2020 that COVID-19 has been confirmed as pandemic and based on Section 4, Paragraph one, Sub-clause ‘e’ of the Civil Protection and Disaster Management Law, and Section 4, Section 5, Paragraph one, Section 6, Paragraph one, Clause one and Paragraph two, Section 7, Paragraph one and Section 8 of the Law on Emergency Situation and State of Exception and Section 3, Paragraph two of the Epidemiological Safety Law, in order to determine the epidemiological safety and other measures:
On Friday, February 21, an international credit rating agency S&P Global Ratings (S&P) upgraded Latvia from ‘A’ to ‘A+’ level with a stable outlook. Agency’s assigned ‘A+’ credit rating ensures historically highest credit rating level since 1997, when credit rating was assigned to the Republic of Latvia for the first time.
On Friday, February 21, the Financial Action Task Force (FATF) announced that Latvia has established a strong and robust financial crime prevention system and will not be subject to "enhanced supervision" or included in the so-called "greylist".
“The ambitious work on adjusting the regulation of financial sector, as well as its supervision and control, has paid off! The decision not to be the subject to enhanced supervision will serve as an incentive for us to continue our work aimed at economic development and supporting business. Credit institutions are provided with all the prerequisites to continue to work with a clear awareness of specific risks for Latvia and to contribute to the growth of our country,” says Jānis Reirs, Minister of Finance.
On Wednesday, 29 January, Minister of Finance Jānis Reirs met with the spokesman for the U.S. Department of the Treasury Mr Geoffrey W. S. Okamoto. During the meeting, the achievements in the economy and the financial sector in Latvia were discussed, as well as the future prospects of the field.
Latvia encourages setting up of a single European Union (EU) supervisory mechanism for anti-money laundering and combating the financing of terrorism (AML/CFT). The Ministers for Finance of France, Germany, Italy, Latvia, the Netherlands and Spain have agreed upon a joint approach towards setting up such supervisory mechanism. The coordinated text of the statement has been sent to the Minister for Finance of Finland (country holding the EU presidency) (President of the EU Economic and Financial Affairs Council (ECOFIN)) and to the Vice-President of the European Commission Valdis Dombrovskis.
Internal audit experts of the Ministry of Finance of Latvia conducting the third mission in the Ministry of Finance of Moldova (October 21 - 25 2019) within the project “Further Development of Effective Internal Control Systems and Internal Audit in the Republic of Moldova”.
On Friday, 18 October, Minster of Finance Jānis Reirs met with Swedbank Group Chairman of the Council, Göran Persson, and newly appointed President/CEO, Jens Henrihsson, during a working visit to Washington, D.C., to discuss the bank's long-term strategic vision for the Baltic market. During the visit, several important meetings were also held with representatives of the US Treasury, the World Bank and the International Monetary Fund to present in detail the implementation of the financial sector control reform in Latvia.
The Ministry of Finance of Latvia welcomed representatives of the Central Harmonization Unit and public internal auditors from the Republic of Moldova for the Study Visit within the project “Further Development of Effective Internal Control Systems and Internal Audit in the Republic of Moldova”. Study visit to Latvia is organized for five working days (October 14 -18, 2019).
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