On Monday, November 30, Saeima passed the 2016 budget draft law in the second — final — reading. The next year’s budget is the budget of internal and external security, which has been drafted in a responsible and well-considered manner.
Already this year the Ministry of Finance (MoF) will start to review base expenditures of line ministries. The Ministry will also start to develop medium-term tax guidelines. Two of the most important aspects to ensure quality of public funds are effective use of state budget expenditures, as well as stable and predictable tax revenues in the state budget to guarantee fulfilment of state functions, in particular, to finance security, social and economic measures, which are top priorities of the government.
On Tuesday, September 29, at the meeting of the Cabinet of Ministers (CoM) the government approved the draft law on the state budget for 2016 and the draft law on the medium-term budget framework for 2016, 2017 and 2018. Next year’s consolidated budget revenue is estimated at EUR 7.38 billion, but expenditure – at EUR 7.655 billion. The admissible state budget deficit is 1% of gross domestic product (GDP).
On Tuesday, September 29, at the meeting of the Cabinet of Ministers the government approved the draft general government budget plan of Latvia for 2016. It is planned that the general government budget plan of Latvia will be submitted to the European Commission (EC) and the Eurogroup on September 30.
On Wednesday, September 16, Latvia issued 10-year bonds in amount of 500 million euros at an annual fixed interest (coupon) rate 1.375% (yield 1.449%). The demand for Latvia’s bonds exceeds 1.6 times the offer. Finance Minister Jānis Reirs is satisfied with the successful issue of bonds on international financial markets.
On Friday, July 17, in an extraordinary meeting having evaluated the structural reforms implemented by the Greek government ministers agreed that Latvian Finance Minister Jānis Reirs could start negotiations between the European Commission and Greece to begin preparation of the international loan programme. The international loan will be granted to Greece through the European Stability Mechanism (ESM) borrowing necessary resources on external markets.
On Sunday, July 12, leaders of the Eurozone in an extraordinary meeting agreed on a new potential international loan programme for Greece supported by the European Stability Mechanism through borrowings on external markets. If by the end of July 15 the Greek government implements all necessary reforms, Member States of the Eurozone (national governments or parliaments) will consider the possibility to launch negotiations with Greece about drafting a Memorandum of Understanding.
On Friday, June 19, the Minister for Finance, Jānis Reirs chaired the meeting of the EU Economic and Financial Affairs Council (ECOFIN) in Brussels. During the meeting, the EU Member States expressed their views on the Banking structural reform, Capital markets union and other issues.
On 17 June 2015, the Council presidency and the European Parliament reached an agreement on a regulation to improve the transparency of securities lending and repurchase transactions.
Riga, 17 June 2015. On Thursday, 25 June under the Latvian Presidency international conference will be held in Riga bringing together nearly 140 accounting experts from EU Member States and other countries around the world. The evaluation report of the European Commission (EC) on the application of the International Accounting Standards (IAS) Regulation will be presented at the conference.
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