Commission pays first instalment of EU medium-term financial assistance to Latvia

The transfer by the Commission of €1 billion was the first instalment in the medium-term financial assistance to Latvia of up to € 3.1 billion agreed by ECOFIN ministers in January, provided on strict conditions of Latvia's pursuit of an ambitious programme of economic and budgetary adjustment. The assistance was part of an internationally co-ordinated package of up to €7.5 billion, all subject to such stringent conditionality.