Latvia becomes a full-fledged donor state

11.02.2008. 17:48

On 8 February official information was received that Latvia has become a full-fledged donor state. This significant accomplishment of our state was confirmed in the World Bank International Development Association resolution no. 217 of 22 January, which reflects the change in Latvia's status and determines the state's right to vote.    

Within the framework of the spring meeting of the World Bank and the International Monetary Fund last year, on 13 April Latvia announced the annulment of its status as a borrower state, thus indicating the economic growth reached and Latvia's readiness to increasingly take part in the provision of aid to developing and transition economies. Donor state status will boost Latvia's prestige and promote its international recognition.   

The decision on the change in status indicates that Latvia now can be considered to be a developed economy. 

The International Development Association was established in 1960 as a body of the World Bank. Its aim is to tackle poverty and promote economic growth. The association is one of the key sources of aid for more than 80 of the world's poorest states.

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