Contacts: In Washington: Steven Jouy (+1-202) 473 4215 sjouy@worldbank.org Ministry of Finance of Latvia: Baiba Melnace (+371) 709-5405 baiba.melnace@fm.gov.lv WASHINGTON, April 13, 2007 – The Government of the Republic of Latvia and the World Bank today exchanged letters to mark the formal graduation of the Republic of Latvia from World Bank borrower status. Mr. Oskars Spurdzins, Minister of Finance of the Republic of Latvia, signed on behalf of the Government and Mr. Shigeo Katsu, World Bank Vice President for the Europe and Central Asia Region, signed on behalf of the World Bank. Mr. Svein Aass, Executive Director representing Latvia at the World Bank was present at the signing ceremony. “Latvia has recorded impressive economic growth in the past few years resulting in rapid income convergence,” said Mr. Katsu. “Latvia’s GDP growth has averaged over 8 percent since 2001, a strong track record indeed, positioning it amongst the new generation of global partners. The World Bank looks forward to the Government building on the achievements thus far while ensuring macroeconomic stability. Latvia is now set to play an important role in advancing global priorities such as fighting poverty, protecting the environment, and sharing lessons of experience and good practices with other countries that still face large development challenges.” “Considering the impressive progress that was achieved in implementing structural reforms since Latvia has regained its independence, as well as the robust economic performance over the past few years, which has expanded Latvia’s opportunities on global capital markets, the Government of the Republic of Latvia approved a Decree on Latvia’s graduation from the IBRD on January 23, 2007,” said Mr. Spurdzins. “It marks a new stage in the cooperation between the World Bank and Latvia, where our country faces new challenges ahead as an emerging donor. We expect our future cooperation to be as productive and efficient as it was over the last 16 years.” Since Latvia joined the World Bank in the early 1990s, it has availed itself of analytical and advisory services and loans from the Bank to help achieve its objective of transitioning to a well-functioning market economy with strong institutions. Since Latvia became a member of the European Union, the partnership between Latvia and the World Bank has focused on measures to implement Latvia’s convergence program, promote regional development, and strengthen governance. Analytical and advisory support from the World Bank, and loans totaling US$379.8 million for 18 operations have supported Government actions to implement structural reforms, improve public finance management, modernize the welfare system and the health, education, and infrastructure sectors, and reduce pollution in the Baltic Sea. Following Latvia’s graduation, future cooperation with the World Bank will be based on knowledge sharing and partnership.
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