Press Release: EU Balance of Payments assistance to Latvia: signing of Supplemental Memorandum of Understanding (SMoU) paves way for further EU fund disbursement

On 20 July 2010 the European Commissioner for Economic and Monetary Affairs Olli Rehn signed a new Supplemental Memorandum of Understanding (SMoU) between the EU and Latvia on continuing the EU programme of financial assistance to Latvia.

Following the signature of the SMoU by Latvian counterparties last week, this paves the way for the next EU disbursement of up to €200 million expected in September 2010. The SMoU follows a positive assessment of the implementation of the Programme conditions undertaken by the Commission during the third review mission in cooperation with the IMF and other lenders from 25 May to 7 June 2010.