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Latvia’s 2012 Budget May Contain Fewer Cuts, Vilks Tells BNS

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Dec. 2 (Bloomberg) -- Latvia’s 2012 budget may contain fewer budget cuts than next year’s as the economy is performing better than expected, Finance Minister Andris Vilks said, the Baltic News Service reported today.

The country is targeting savings of 310 million lati ($576.3 million) in the 2012 budget, though this figure may drop to as low as 200 million lati as the economy recovers, Vilks said, according to the Riga-based newswire.

Latvia pledged to make 280 million lati in budget cuts in 2011 to meet the terms of its 7.5 billion-euro ($9.9 billion) loan from a group led by the European Commission and the International Monetary Fund.

To contact the reporter on this story: Aaron Eglitis in Riga at aeglitis@bloomberg.net

To contact the editor for this story: Willy Morris at wmorris@bloomberg.net