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WEEK 30th 2004

Friday, the 23rd of July, 2004

To intensify control over businessmen
The Ministry of Economics offers considerable changes in system of market control including creating a new control organization over enterprises. In the offing the decision must be accepted by the government. The accepted changes remarkably will influence on the work of Latvian businessmen because each enterprise will be controlled by only one inspection. That will lead to more effective use of public finances and human resources. The ministry reminds that in 2003 in the report about Latvia's readiness to access the EU one of the failings was underdeveloped control over market. Therefore the ministry plans to create an Inspection of Enterprises that will control the market.
Kommersant Baltic Daily

Thursday, the 22nd of July, 2004

Enterprises - more within each year
According to the data of Central Statistic Bureau, the amount of economically active enterprises in Latvia increase each year and in June 2004 the number reached 44,550. However, Latvian enterprises have low ability to survive. Out of the companies registered from 1995 to 2001 only 35% were economically active at the end of 2002. The financial expert Vadims Jeroshenko says that currently small enterprises are struggling for existence and he forecasts that in the future the average enterprises would have to fight for existence and development.
Dienas Bizness

Less load of taxes to carriers
The Ministry of Transport and Communication has prepared a suggestion on reducing the Value Added Tax (VAT) from 18% to 5% to the public transport services. That could release the situation to passenger carriers. The reduction of VAT would concern carrying passengers and luggage in city, region, long-distance buses, trams, trolleybuses and inland trains.
Dienas Bizness

Wednesday, the 21st of July, 2004

Government counted investments
Latvia lacks the resources for own development. According to the government's report about public investments during the next two years the investments will be LVL 555.9 million. The given sum is by 27% or LVL 146.9 million less than needed for creating favourable conditions of economic development. For financing the projects of 2004 there are LVL 96.62 million scheduled - by LVL 22.73 more than in 2003. According to the Project of unified strategy of national economy, the government has to spend at least 5% of GDP for successful development of Latvian economy. The Ministry of Economics announced that in 2005 and 2006 the capital investments would be respectively LVL 336.5 million and 367.3 million. That would make about 4.4% and 3.5% of the expected GDP.
Biznes & Baltija

Tuesday, the 20th of July, 2004

Officers at the aim
The Corruption Preventing and Combating Bureau (CPCB) plans carefully to follow the use of European fund resources. This has become an actual problem, because there are suspicions that some of the money is plundered. At the end of week 29 the director of CPCB, Aleksejs Loskutovs, and the director of Latvian Investment and Development Agency, Juris Kanels, have agreed on careful investigation of officers who are in charge of European money flows. The representative of CPCB, Ilze Leimane, announced that there are 60,000 officers in Latvia and CPCB has to examine them in the field of corruption. However, now the priority of the bureau is the examining of those officials who are involved in EU fund structures.

Monday, the 19th of July, 2004

In economical freedom rating Latvia is in place 36
According to the Canadian Fraser Institute, in 2002 Latvia took the place 36 in the rating of economic freedom. The economic freedom index in Latvia is as big as in Italy, Japan, Jordania and Norway. In 2001 Latvia was in place 51.

Latvia in debts
The amount of national debt of Latvia in the first six months of 2004 increased by LVL 80.5 million and at the end of July reached LVL 926.78 million. The inner national debt at the end of May was LVL 399.54 million, and that is by 27.11 million less than at the beginning of 2004. The inner debt consists of short-term obligations at the sum of LVL 64.55 million, medium-term - of LVL 224.14 million and long-term - of LVL 110.85 million. The outer debt of the first half-year is LVL 527.24 million and that is by LVL 107.61 million more than at the beginning of 2004.

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