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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)

EU Decision 2009/592 · Adopted 13 July 2009 · Extends to United Kingdom

Original text. legislation.gov.uk does not revise this item, so later amendments are not shown here. Changes made to it are listed under each provision when known.

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 paymentsf1 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/ECf2, the Council decided to grant mutual assistance to Latvia. By Decision 2009/290/ECf3, 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:

Annotations to the whole text

Footnotes

f1

OJ L 53, 23.2.2002, p. 1.

f2

OJ L 79, 25.3.2009, p. 37.

f3

OJ L 79, 25.3.2009, p. 39.

Contents

  1. 1Article 1
  2. 2Article 2
  3. 3Article 3
  4. Signature

1

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

  1. 1..

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

    1. (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. 2..

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

    1. (b)

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

2

This Decision is addressed to the Republic of Latvia.

3

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

Signature

Done at Brussels, 13 July 2009.

For the Council

The President

E. Erlandsson