Nordic-Baltic Ministers, Governors of the Nordic Investment Bank (NIB), have today invited the Bank to take swift action to help alleviate the effects from the corona crisis. The Governors urge the Bank to increase lending to the maximum level to businesses in the region affected by the crisis. In this way, the Bank can support stabilization of the economy in the Nordic-Baltic countries.
On 21 March, President of Latvia Egils Levits fast-tracked promulgation of laws adopted by the Saeima (Parliament) on 20 March to better manage the state of emergency declared by Latvia in response to outbreak of the Coronavirus Covid-19, as well as mitigating the impact of the virus. The regulation will take effect as of March 12, when the state of emergency has been declared in the State.
On Thursday, March 19, the Cabinet of Ministers (CoM) ratified a special fixed-term draft law prepared by the Ministry of Finance on the measures for preventing and overcoming the national threat and the consequences thereof related to the spread of COVID-19. The purpose of the draft law is to set measures for preventing and overcoming the national threat and the consequences thereof, special support mechanisms, as well as crisis expenditure directly related to financing the containment of the spread of COVID-19. The regulation will take effect as of March 12, when the state of emergency has been declared in the State.
On Tuesday, March 17, the Cabinet of Ministers (CoM) resolved that for the prevention of consequences caused by COVID-19 in the social and entrepreneurial field it is necessary to act in four directions. The Ministry of Welfare is preparing proposals on how, during the COVID-19 pandemic, to provide in a solidary manner a fixed-term State aid to employers for the purposes of the payment of sick-leave certificates, performing this from the special budget funds. At the same time, tax solutions are also planned, as well as support to entrepreneurial activity in the form of financial mechanisms.
On Monday, 16 March, the meeting of the task force established on assignment of the Prime Minister for the support to enterprises and the employed under the management of the Minister for Finance, Jānis Reirs, was held. To contain further spread of the COVID-19 coronavirus, unprecedented restrictions already have been imposed. The government works in an emergency regime in order to ensure the imposition of the necessary additional restrictions for minimizing further spread of the virus, as well as to provide the necessary support to the health sector and introduce the necessary support measures so as to limit, as far as possible, the volume of the economic shock and for it not to have any long-term effects on the economy at large.
In the light of the statement by the World Health Organization of 11 March 2020 that COVID-19 has been confirmed as pandemic and based on Section 4, Paragraph one, Sub-clause ‘e’ of the Civil Protection and Disaster Management Law, and Section 4, Section 5, Paragraph one, Section 6, Paragraph one, Clause one and Paragraph two, Section 7, Paragraph one and Section 8 of the Law on Emergency Situation and State of Exception and Section 3, Paragraph two of the Epidemiological Safety Law, in order to determine the epidemiological safety and other measures:
On Friday, February 21, an international credit rating agency S&P Global Ratings (S&P) upgraded Latvia from ‘A’ to ‘A+’ level with a stable outlook. Agency’s assigned ‘A+’ credit rating ensures historically highest credit rating level since 1997, when credit rating was assigned to the Republic of Latvia for the first time.
On Friday, February 21, the Financial Action Task Force (FATF) announced that Latvia has established a strong and robust financial crime prevention system and will not be subject to "enhanced supervision" or included in the so-called "greylist".
“The ambitious work on adjusting the regulation of financial sector, as well as its supervision and control, has paid off! The decision not to be the subject to enhanced supervision will serve as an incentive for us to continue our work aimed at economic development and supporting business. Credit institutions are provided with all the prerequisites to continue to work with a clear awareness of specific risks for Latvia and to contribute to the growth of our country,” says Jānis Reirs, Minister of Finance.
On Wednesday, 29 January, Minister of Finance Jānis Reirs met with the spokesman for the U.S. Department of the Treasury Mr Geoffrey W. S. Okamoto. During the meeting, the achievements in the economy and the financial sector in Latvia were discussed, as well as the future prospects of the field.
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