On Friday, 30 May, the international rating agency Standard&Poor’s upgraded Latvia’s credit rating. Latvia’s sovereign credit rating for long-term liabilities in the local and foreign currency is upgraded from ‘BBB+’ to ‘A-’ with a stable outlook.
On May 19, 2014, in Washington, DC, Mr. Andris Vilks, Minister of Finance of the Republic of Latvia, and World Bank Group President Jim Yong Kim signed a formal agreement to facilitate the sharing of Latvian experience with emerging economies and developing countries. Under this “Baltic Knowledge Initiative”, Latvian experts from the public sector and academia will be made available to join World Bank technical teams to provide analytical and advisory support.
On 24 April 2014, Latvia has priced an issue of 10-year bonds in an amount of 1 billion euro with a coupon of 2.875% (yield rate of 2.961%). The issue was oversubscribed more than three times. Latvian Finance Minister Andris Vilks said he was pleased with the results of the bond issue in euro and with the level of demand from investors.
On Tuesday, 25 March, the Treasury will repay a part of the international loan issued to Latvia during the economic crisis. One billion euros will be transferred to the European Commission (EC). After repaying a part of the EC loan, the expected residue of resources in the Treasury will be 1.2 billion euros.
On the occasion of the forthcoming accession of the Republic of Latvia to the European Stability Mechanism (ESM), the Latvian Finance Minister Andris Vilks and ESM Managing Director Klaus Regling met today in Riga. At the Finance Minister’s invitation Mr. Regling is in Riga for talks today and tomorrow. He will also meet with the Prime Minister, the Central Bank Governor and Members of the Latvian Parliament.
On Tuesday, 14 January, Latvia after a six-year interval and shortly after the introduction of the euro has successfully sold seven-year bonds amounting to one billion euros with a fixed interest (coupon) rate 2.625% a year (profitability 2.815%). Demand for Latvia’s bonds four times exceeded supply.
Today, the inter economic forecast of the Eurozone was presented by EY in Tallinn, commented by the Latvian Minister of Finance, Andris Vilks, and the Estonian Minister of Finance, Jürgen Ligi. According to the forecast, Estonian economy will grow by 2.5% in 2014, and the newcomer’s – Latvia’s – economy by 4.2%, which will make Latvia the Eurozone country with the most rapidly growing economy, ahead of Estonia.
On Tuesday, July 9, one of the largest international rating agencies Fitch Ratings has taken a decision to upgrade Latvia’s credit rating by one level establishing stable rating future forecast. The evaluation of our country for the long-term and short-term commitments in local and foreign currency is upgraded from “BBB” to “BBB+” with stable rating forecast in the future (Outlook Stable).
On Tuesday, July 9, at the meeting of theEconomic and Financial Affairs Council(ECOFIN) of the European Union (EU) in Brussels the final decision to support the introduction of the euro in Latvia from 1 January 2014 was officially taken. The Minister for Finance Andris Vilks expresses his gratitude to all who have made huge efforts for the introduction of the euro as well as to everyone who has supported this goal and believed in it.
On June 28 on the second day of the European Union (EU) Council meeting the leaders of block countries and governments have expressed their support for Latvia’s accession to the eurozone. The Minister for Finance welcomes the fact that the work committed up to now is again approved on the whole European level.