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On Thursday, May 17, at the Saeima sitting, Prime Minister of Latvia Valdis Dombrovskis emphasized that the implemented fiscal discipline and promotion of economic competitiveness has yielded results – Latvia has regained confidence of the international financial markets and investors. The future priorities are economic development, investments and export.
"One of the success factors of Latvia is confidence of the international community and financial markets in our ability to cope with our problems that should be used to promote investment attraction and create new jobs. The current economic growth has very little to do with the bubble of the overheated and speculative economy of the so-called "fat years". Substantial reforms have been carried out in the country and the current economic development is largely based on the production and export growth,” said the Prime Minister. He emphasized that strict fiscal discipline is the basis for financial stability and, respectively, also the basis for economic growth; therefore on March 2, 2012, Latvia and 24 other EU Member States signed the agreement on fiscal discipline. "The annual government budgets should be carefully and responsibly developed by balancing wishes with possibilities, as well as ensuring a counter-cyclical fiscal policy,” stressed the Prime Minister.
"Stabilization of the country' financial system and structural reforms have never been an end in itself, but rather a possibility to create a stable basis for medium-term and long-term economic growth. The government's economic policy has three priority directions – raising competitiveness of economy, investment attraction and export promotion," said the Prime Minister, emphasizing that in order to implement the aforementioned priorities, there is a need for an orderly, predictable, entrepreneur and investment-friendly business environment and currently a substantial progress has been achieved – Latvia ranks the 21st in the World Bank "Doing Business" 2012 study among 183 world countries - by ten positions higher than last year. While in the assessment of the entrepreneur-friendly environment, Latvia ranks the 7th among all EU Member States - by two positions higher than last year".
At the Saeima sitting, V.Dombrovskis accounted for the government's accomplishments since the beginning of its work on October 25, 2011. The Prime Minister submits the Annual Report on the Accomplishments and Intended Activities of the Cabinet of Ministers to the Saeima pursuant to Section 1181 of the Rules of Procedure of the Saeima.
Foreword to the Annual Report on the Accomplishments and Intended Activities of the Cabinet of Ministers by Prime Minister V.Dombrovskis.
Photos of the Saeima sitting on May 17: http://www.flickr.com/photos/saeima/sets/72157629766223438/
Supplementary information:
Mārtiņš Panke
Press Secretary to the Prime Minister
Phone: +371 67082865, +371 26556965
E-mail: Martins.Panke@mk.gov.lv
Information prepared by:
Diana Germane
Consultant of the Communication Department
State Chancellery
Phone: +371 67082922
E-mail: diana.germane@mk.gov.lv
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