By Nina Kolyako, BC, Riga,
December 24 2008
Yesterday evening, the International Monetary Fund’s (IMF) board confirmed an international loan to Latvia.
Latvia will receive EUR 7.5 billion (LVL 5.27 billion) worth of financial support, writes LETA.
The European Union plans to allocate a medium-term loan to Latvia worth up to EUR 3.1 billion (LVL 2.18 billion).
Also participating in issuing Latvia the loan is the International Monetary Fund (IMF) – EUR 1.7 billion (LVL 1.19 billion), Sweden, Denmark, Finland and Norway – EUR 1.8 billion (LVL 1.27 billion), and the World Bank – EUR 0.4 billion (LVL 0.28 billion).
The European Reconstruction and Development Bank, the Czech Republic, Poland and Estonia will allocate Latvia another EUR 0.5 billion (LVL 0.35 billion), which is a total of EUR 7.5 billion (LVL 5.27 billion).
The loan will be issued to Latvia gradually over the next three years.