On Monday, May 7, in Stockholm (Sweden), Prime Valdis Dombrovskis delivered a speech about Latvia's experience of introducing the fiscal discipline. He stressed that the Standard & Poor's decision to raise the credit rating of Latvia to the investment grade is indicative of positive economic development trends in Latvia.
Standard & Poor's is the last of the world's most influential rating agencies that has raised the credit rating of Latvia up to the investment grade. "Latvia has received an important signal that the path we chose to reduce the public spending with a view to overcome the financial crisis was correct. It means that we have attained our main goal – to regain national competitiveness and investors' confidence," said the Prime Minister. He stressed that Latvia's next task is to increase competitiveness and continue economic growth that can be achieved by continuously maintaining fiscal discipline.
The Prime Minister mentioned the support for export production, excellent business environment and competitive education as well as the support for job creation as the most important challenges for Latvia to achieve economic breakthrough. Within the framework of the conference, Anders Borg, Minister for Finance of Sweden thanked Latvia for its achievements in ensuring the financial stability of the region.
The Prime Minister in Stockholm (Sweden) participates in the international conference devoted to the analysis of fiscal policy models implemented by different countries and experiences gained as well as to the issues related to the medium-term budget planning. Within the framework of the conference, the Prime Minister meets the top-level financiers of the International Monetary Fund, Sweden and Europe. Within the framework of the visit, the Prime Minister will also participate in the reception hosted by the Embassy of the Republic of Latvia in honour of the Latvian national ice-hockey team.
The Prime Minister will return to Latvia on May 8.
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