On Thursday, December 14, the Minister of Finance Dana Reizniece-Ozola and the State Secretary of the Norwegian Ministry of Foreign Affairs Jens Frølich Holte signed the Memorandums of understanding on the Implementation of the European Economic Area (EEA) and Norwegian Financial Mechanism in 2014 - 2021. The memorandums provide to Latvia support in amount of 102.1 million euro, which, for both mechanisms in total, is by 29.15 million euros or 40 per cent more than in the previous period.
Estonia, Latvia and Lithuania have agreed to create a pan-Baltic capital market to strengthen their economies and stimulate investment to create jobs with support of the European Commission (EC) and the EBRD.
On Friday, October 27, the international credit rating agency Fitch affirmed its 'A-' long term foreign and local currency sovereign credit ratings on the Republic of Latvia. The outlook is set stable.
On Friday, September 22, international credit rating agency S&P Global changed Latvia`s credit rating outlook to positive from stable. S&P Global has affirmed the Foreign Currency Issuer Rating at A- .
On Friday, July 14, the international credit rating agency Moody`s affirmed its 'A3' long term foreign and local currency sovereign credit ratings on the Republic of Latvia. The outlook is set stable.
If Latvia wants to meet the rising expectations among its citizens for better public services, such as health, education, and transportation, it should consider increasing revenues through improving its taxation system, according to the World Bank.
The forthcoming report, which will summarize the findings from a year-long review, finds that tax revenues in Latvia are lower than in many similar countries, while social inequality remains higher in comparison to many European Union (EU) countries. The tax revenue to GDP rate in Latvia, at some 29 percent, in one of the lowest in the EU – 10 percentage points below the EU average and about 5 percentage points below the Organization for Economic Cooperation and Development (OECD) average.
To combine efforts in the fight against the grey economy, corruption and other fraudulent activities affecting the state budget and the overall welfare of the society, the state administration implements the social information campaign also known as the anti-fraud movement – #FraudOff! The long-term goal of the movement is to achieve a zero tolerance of the population towards the fraud in our country.
On Monday, January 30, Japanese credit rating agency R&I changed Latvia`s credit rating outlook to positive from stable. R&I has affirmed the Foreign Currency Issuer Rating at BBB+.
On Tuesday, 10 January, the Cabinet of Ministers approved the Latvian Anti-Fraud Coordination Service (AFCOS) operational strategy of the Ministry of Finance (MoF). It provides that the public administration institutions involved in the AFCOS network will unitedly fight against fraud in the field of the European Union (EU) funds, thereby increasing efficiency of protection of interests of the EU taxpayers.
Minister of Finance, Dana Reizniece-Ozola, has been recognised as the best Minister of Finance of 2017 in the European region. The high rating has been granted by the international business and financial publication The Banker by appreciating the work done for stabilisation of the financial situation of Latvia and promotion of growth.
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