OREANDA-NEWS. June 11, 2010. The review mission of the partners of the international loan program in Latvia headed by the International Monetary Fund (IMF) and European Commission (EC) has successfully completed. Currently, there are series of agreements reached at technical level for which the final decisions at the IMF and the EC management level will be adopted in the coming months.

During the mission, the conclusion was made that there are signs of recovery of the Latvian economy, proved by the agreement between Latvia and the partners on the positive economic growth forecasts for the 2011.

Also a common understanding was reached on the initial assessment of the necessary amount of consolidation in 2011, namely from LVL 395 - 440 million. The work on estimation of precise necessary consolidation will be continued, taking into account the future economic development and execution of the state budget in autumn.

The Latvian Government will continue intensive work on a detailed list of consolidation measures for 2011, which will exceed the required amount of consolidation, so that the newly elected Parliament and its Cabinet of Ministers were able to take immediate, qualitative, assessed, and weighted decisions.

The Latvian Government has reached an important agreement with the lenders on substantial additional investments in the economy in the amount of LVL 200 million already in 2010, increasing the funding for the European Union structural funds and agricultural projects.

In addition, an agreement was reached with the EC on a set of specific structural reforms, including improvements in acquisition of the EU funds, public procurement regulations, employment measures, as well as combating the shadow economy.