Latvia repays 1.2-bln-euro loan to European Commission
Xinhua, January 16, 2015 Adjust font size:
Latvia on Friday repaid the European Commission 1.2 billion euros loaned as part of an international financial assistance program, the local media reported.
The Latvian State Treasury made the payment at 11 a.m. Friday, said Treasury spokeswoman Eva Dzelme.
Latvia has already refinanced the European Commission's 1.2 billion euro loan by borrowing in international markets last year.
Latvia is also expected this year to start repaying a loan granted by the World Bank (WB) under the international financial assistance program.
Latvia is due to repay 60 million euros to the WB in 2015. Twenty million euros will be paid in January and July and ten million euros in April and October.
The financial assistance program for Latvia was arranged by the European Commission, the International Monetary Fund (IMF) and the World Bank to help it through a downturn during the recent economic crisis. Enditem