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Ministry of Finance
of the Republic of Latvia
1 Smilsu st., Riga
LV-1919, Latvia

P.: +371-67095405
F.: +371-67095503
E-mail: pasts@fm.gov.lv
info@fm.gov.lv

Today, The Ministry of Finance of the Republic of Latvia and the World Bank signed the Latvia Tax Policy and Equity Reimbursable Service Agreement (RAS) that aims to review the current tax system in Latvia through a lens of efficiency, competitiveness, revenue mobilization and equity. 

Following successful approval of the Twinning Light project, experts of the European Union (EU) Funds Audit Authority (AA) have been granted the right to train specialists of the Croatian Audit Authority. During the period of six months Latvian experts will transfer to Croatian colleagues their knowledge about sound EU funds financial management in the new programming period 2014-2020.

For the Latvian economy, the year 2015 has been a complicated but overall successful year. Despite unfavourable external conditions, the economic growth increased up to 2.7 % (in the first three quarters of the year); while in previous year the gross domestic product (GDP) grew by 2.4%. In 2015, Latvian exporters overcame successfully the sanctions imposed by Russia and dealt with the decreasing demand in the neighbouring country, which experienced a recession. Although exports to Russia in the first nine months of the year decreased by 24.4%, Latvia is the only Baltic country, which has managed to increase the total amount of exports. In the nine months, it grew by 2%.

On December 8, 2015, taking advantage of the unique situation in financial markets, within the framework of the government debt management, debt liabilities undertaken in US dollars were partially refinanced with euro denominated bonds of corresponding maturity. The favourable situation for the repurchase of obligations in US dollars was determined by the existing difference between the credit spread of Latvia government securities in US dollars and euros. Thus, these transactions resulted in reduced government debt servicing costs in medium term.

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.

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Tālrunis uzziņām: 67095405

Lietvedības tālrunis: 67095578

Fakss: 67095503

E-pasts: info@fm.gov.lv

Adrese: Smilšu iela 1, Rīga, LV-1919, Latvija

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Latvijas Republikas Finanšu Ministrija