On 11 June 2018, in Rīga, at EU house, the Baltic-Nordic independent fiscal institutions for the fourth time. At their annual meeting each institution has shared their topical issues and received immediate and valuable comments from their colleagues of the neighbouring countries. 

During the Cabinet meeting that took place on 22 May 2018 the Cabinet discussed an agenda item that foresees the reallocation of  savings. The Council objects to the decision to reallocate savings. This decision increases maximum permissible government expenditures for 2018 by 227 124 euro. The Council contends that the decision to reallocate the funds earmarked for work pensions among the Ministry of Welfare programmes creates a non-conformity with the Fiscal discipline law.

Evaluating the proposed Latvia's Stability Program for 2018-2021, Fiscal Council has concluded that the Government continues to implement responsible fiscal policy and in general respects the requirements of fiscal discipline. Meanwhile, the Council highlights a significant expansion of the fiscal policy plans compared to 2015 and 2016, which is not in line with the current favourable economic conditions and facilitates pro-cyclical directions (additionally warming economy and not reducing state debt). This has been recognised by the Fiscal Council in their annual interim report, which was published on 9 April and submitted to the Cabinet of Ministers.

Fiscal sustainability refers to the ability of a government to maintain its current revenue and expenditure policies, without failing to meet its commitments and obligations, or leading to an unmanageable growth of public debt. Analysis conducted this year indicates that both the provision of public services and public debt service will create challenges.

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Why people should not be indifferent to the public debt, how it affects our daily lives, and why the borrowed money should be taken with the responsibility - these and other issues related to the public debt will be opened for the discussion at this year's Lampa conversation festival at the panel organised by the Fiscal discipline council.

On 12 June 2018 this year's second GDP working group meeting was held with participation of the Bank of Latvia experts. Working group discussed the trends in the macroeconomic development of Latvia, incl. financial sector non-resident banks and labor market issues. 

Council meeting was held on 12 June 2018 in which the experts of the European Court of Auditors and the Ministry of Finance participated.

On 11 June 2018, in Rīga, at EU house, the Baltic-Nordic independent fiscal institutions for the fourth time. At their annual meeting each institution has shared their topical issues and received immediate and valuable comments from their colleagues of the neighbouring countries.

A meeting of the Fiscal Risks Working Group of the Fiscal Discipline Council took place on 9 May 2018. Representatives from the Cross-Sectoral Coordination Centre, from the Ministry of Economics and JSC Latvenergo, as well as from the Ministry of Finance. During the meeting the information was received about the risk management mechanisms, and the discussion continued on the quantification of these fiscal risks in the fiscal risk declaration.

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