Brussels, 20 January, 2015. – On Tuesday, 20 January, Latvian Finance Minister Janis Reirs addressed Members of the European Parliament (EP) at the Regional Development Committee (REGI). The Minister emphasised that structural reforms, fiscal responsibility and investment played a significant role in facilitating growth in the European Union (EU), and Cohesion Policy is strengthening these three elements.
Promotion of economic growth is important not only for Latvia, but also for the entire European Union (EU). Therefore, during the next six months or Latvia’s Presidency in the EU Council, the most important priority in the economic and financial sector will be promotion of EU growth. In this regard not only the Juncker Plan, but also readiness of EU Member States for structural reforms is important.
On Monday, December 22, Japanese agency Rating and Investment Information, Inc. (R&I) upgraded Latvia’s credit rating. Country’s Foreign Currency Issuer Rating has been upgraded from BBB to BBB+. The Rating Outlook is Stable. This year, Latvia’s credit rating has already been upgraded by three biggest international rating agencies – Fitch, Standard&Poor’s and Moody’s.
On Wednesday, November 5th, the Saeima has expressed confidence in the newly formed Cabinet and Jānis Reirs assumes office as Minister for Finance, thus replacing the former Minister for Finance Andris Vilks who has held the position of Minister for Finance for the longest period of time.
On Friday, 20 June, the international rating agency Fitch 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.
Moody's Investors Service on Friday June 16 upgraded Latvia' s government bond rating by one notch to Baa1 from Baa2. The outlook of the rating is stable.
On Wednesday, 4 June, Minister for Finance Andris Vilks met with European Union (EU) Commissioner for Regional Policy Johannes Hahn.At the meeting, there have been currently topical issues about EU funds planning period 2014-2020 and Latvia’s priorities in the Cohesion Policy* during Latvia’s Presidency of the Council of the EU which will take place at the first half of 2015.
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.
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