Document ID: 32009D0592

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.

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