Bloomberg News

Latvia Should Plan for Balanced Budget in 2013, Rimsevics Says

October 17, 2011

Oct. 17 (Bloomberg) -- Latvia, which had a budget deficit of almost 10 percent of gross domestic product in 2009, should plan to cut its deficit more than planned this year and balance it in 2013, central bank Governor Ilmars Rimsevics said.

The country is planning a deficit of 2.5 percent of GDP next year, but “an optimal one would be 2 percent, and in 2013 would be good if the budget was balanced,” Rimsevics said on Latvian Television program 900 Seconds today.

“Latvia has to be ready for a second wave of the crisis,” he said on television. “For Latvia to be ready we would need a balanced budget or a budget with a surplus” in 2013.

--Editor: Douglas Lytle

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

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


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