Analytics, Budget, Economics, Financial Services, Latvia

Einars Repse.

The World Bank president is on a three-day visit to Latvia to express his support towards Latvia's structural reforms, meet with officials carrying out social reforms in the country, as well as participate in discussion with representatives from the private sector in order to get an understanding of the economic situation in Latvia, as well as challenges the country faces and solutions to these problems, informs LETA.

During the meeting, Repse and Zoellick discussed the economic situation in Latvia, as well as the importance of the World Bank's social security system in overcoming the economic crisis.

''The World Bank's social security system is a very important support mechanism for Latvia's economic recovery,'' said Repse.

The finance minister informed the World Bank president on Latvia's fiscal policies, the progress of the 2011 budget, as well as the importance of reforms carried out in the public sector.

In addition, the two sides also discussed the situation in the Baltic region. The minister confirmed to Zoellick that one of the government's strategic goals is to implement the euro by 2014.

At the end of the meeting, Repse thanked the World Bank president for the support Latvia's national economy has received, as well as praised the cooperation that has taken place up until now, LETA was informed by Finance Ministry spokesman Aleksis Jarockis.

As reported, Latvia, like other European countries, will have to carry out long-term structural reforms in order to get the country's economy back on the road to long-term sustainability, World Bank President Robert Zoellick said during a press conference in Riga earlier.

At the same time, he emphasized that the World Bank will not determine what kind of budget cuts must be made, and that this will be decided by the government.