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World Bank and Latvia to exchange experts

Staff writer |
Andris Vilks, Minister of Finance of the Republic of Latvia, and World Bank President Jim Kim signed a formal agreement to facilitate the sharing of Latvian experience with emerging economies and developing countries.

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Under Baltic Knowledge Initiative Latvian experts from the public sector and academia will be made available to join World Bank technical teams to provide analytical and advisory support.

Over the last twenty-five years, Latvia has managed to transform its economy from a central-planning model to a full-fledged and thriving market economy. Latvia was hit hard by the 2008 global crisis, and yet it achieved a successful and rapid recovery through the effective implementation of a difficult reform program. On January 1, 2014, Latvia adopted the Euro. Economic growth is forecast to be 3.8 percent for 2014, the best performance in the European Union.

Under the agreement signed today, World Bank team leaders will have the opportunity to use Latvian experts for their work in other countries. The government of Latvia will continue to pay for these experts while they work for the World Bank, while the World Bank will cover their travel costs and other expenses.

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