Dec 1, 2008, 14:05 GMT
Riga - Talks between the Latvian government, the International Monetary Fund (IMF) and European Commission (EC) representatives about an aid package for the Baltic nation were ongoing in the Latvian capital Riga on Monday, with no concrete indication when they might end.
Prime Minister Ivars Godmanis and Finance Minister Atis Slakteris spoke to reporters between negotiations but were guarded about mentioning numbers and expressed hope that an agreement would be in place 'by Christmas.'
Slakteris had been quoted by news wires Bloomberg and Reuters saying that up to 6 billion dollars might be needed, with 3.5 billion going to economic support and 2.5 billion funding a budget deficit.
However, Slakteris refused to confirm the figures, insisting they were simply estimates provided by some of the experts he had been consulting and he criticized the way his words had been interpreted.
'We want to be finished as soon as possible but it depends on the negotiations. Our colleagues from the European Commission and the IMF are very constructive,' Slakteris told Deutsche Presse-Agentur dpa.
'Our economic stabilization plan looks pretty ambitious,' he said.
Though quick 'concrete decisions' could be taken at a governmental level, other changes would need to be made by passing legislation through the Latvian parliament, Slakteris said.
'To prepare high-quality amendments to the budget we would need some time, but anyway there will be changes to the budget in the first quarter of next year,' he said.
The Latvian authorities have asked the IMF and EC to provide 'technical and financial support' to help the country weather a severe recession after a decade of spectacular economic growth.
The IMF has stated that it is 'ready to rapidly assist their efforts in the context of a comprehensive economic program.'
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