
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 payments 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/EC, the Council decided to grant mutual assistance to Latvia. By Decision 2009/290/EC, 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:

Article 1 
Decision 2009/290/EC is hereby amended as follows:

1.. Article 3(5)(a) shall be replaced by the following:
'
((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.. Article 3(5)(b) shall be replaced by the following:
'
((b)) implementation of the budget for 2009 and adoption of the budget for 2010 with sustainable measures consistent with the consolidation path;'.
Article 2 
This Decision is addressed to the Republic of Latvia.
Article 3 
This Decision shall be published in the Official Journal of the European Union.
Done at Brussels, 13 July 2009.
For the Council
The President
E. ERLANDSSON