RIGA, December 21 (RIA Novosti) - Latvia made an early repayment of its obligations to the International Monetary Fund (IMF), the Latvian finance ministry’s press service said on Friday.
“As a result, we will be able to save several million lats [one Latvian lat roughly equals two US dollars], which we will invest in our country’s development,” Finance Minister Andris Vilks said.
Latvia had borrowed 4.5 billion euros ($5.9 billion) from the IMF and the European Commission following an economic downturn in 2008
Under the original schedule, the final repayment of loans would have taken place in 2015.
