Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Latvia Repays $287 Million of IMF Loan to Lower Interest Costs

Sept. 14 (Bloomberg) -- Latvia repaid early 152 million lats ($287 million) of its loan from the International Monetary Fund to reduce interest payments.

The Baltic country will save almost 3 million lats in interest payments with the move, the Finance Ministry in Riga said in an e-mailed statement today.

Latvia was forced in 2008 to turn to a group led by the European Commission and IMF for a 7.5 billion-euro ($9.9 billion) loan after the second-biggest bank, Parex, needed a state rescue. It only drew down 4.4 billion euros from its bailout package.

Latvia’s gross domestic product, which plunged more than 20 percent in 2008 and 2009, has risen for two years and advanced 5.1 percent from a year earlier in the second quarter, outpacing the rest of the 27-member EU.

To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.