Decision 2009/592 - 2009/592/EC: Council Decision of 13 July 2009 amending Decision 2009/290/EC providing Community medium-term financial assistance for Latvia

1.

Legislative text

4.8.2009   

EN

Official Journal of the European Union

L 202/52
 

COUNCIL DECISION

of 13 July 2009

amending Decision 2009/290/EC of 20 January 2009 providing Community medium-term financial assistance for Latvia

(2009/592/EC)

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Community,

Having regard to Council Regulation (EC) No 332/2002 of 18 February 2002 establishing a facility providing medium-term financial assistance for Member States balances of payments (1) and in particular Article 5, second subparagraph, in conjunction with Article 8 thereof,

Having regard to the proposal from the Commission made after consulting the Economic and Financial Committee (EFC),

Whereas:

 

(1)

By Decision 2009/289/EC (2), the Council decided to grant mutual assistance to Latvia. By Decision 2009/290/EC (3), the Council decided to provide medium-term financial assistance for Latvia.
 

(2)

The scope and intensity of the financial crisis affecting Latvia calls for a revision of the economic policy conditions foreseen for the disbursement of the instalments of the Community financial assistance with a view to taking into account the fiscal effects entailed by the significant reduction of the GDP.
 

(3)

Decision 2009/290/EC should therefore be amended accordingly,

HAS ADOPTED THIS DECISION:

Article 1

Decision 2009/290/EC is hereby amended as follows:

 

1.

Article 3(5)(a) shall be replaced by the following:

 

‘(a)

implementation of a clearly-set medium-term fiscal programme so as to bring the general government deficit below the Treaty reference value of 3 % of GDP with a timeframe and consolidation path consistent with the Council recommendation(s) to Latvia adopted under the excessive deficit procedure;’;
 

2.

Article 3(5)(b) shall be replaced by the following:

 

‘(b)

implementation of the budget for 2009 and adoption of the budget for 2010 with sustainable measures consistent with the consolidation path;’.

Article 2

This Decision is addressed to the Republic of Latvia.

Article 3

This Decision shall be published in the Official Journal of the European Union.

Done at Brussels, 13 July 2009.

For the Council

The President

  • E. 
    ERLANDSSON
 
 

This summary has been adopted from EUR-Lex.