Press Release: Commission asks Council to provide a medium-term loan to Latvia as part of coordinated multilateral and bilateral financial assistance

The European Commission agreed to propose to the Council to provide medium-term financial assistance to Latvia of up to € 3.1 billion. The proposed European Union loan is the biggest of the contributions put together with the Nordic countries and the IMF, among others, and which will total up to €7.5 billion. The financial assistance is conditional on a major economic adjustment programme already adopted by the Latvian government designed to limit and progressively correct the budgetary and other imbalances. Ultimately, it will put the Latvian economy on a sounder and more sustainable footing.