On 3 March, President Edgars Rinkēvičs met with the Governor of the Bank of Latvia Mārtiņš Kazāks at the Riga Castle. During the meeting, the parties discussed the strategic priorities of the Bank of Latvia, the financial sector’s involvement in financing defence industry enterprises and demographic issues.
During the meeting, President Rinkēvičs emphasised the necessity of a flexible approach to the application of fiscal rules to enable European Union member states to significantly increase their defence capability funding.
“The availability of funding is one of the most important factors in enhancing Latvia’s competitiveness. Additionally, greater support from the financial sector for defence industry projects is needed. These issues have already been widely discussed, and the necessary steps are clearly defined. I hope that the goals set by the Bank of Latvia will translate into concrete initiatives that foster the development of both the banking sector and the capital market, thereby strengthening Latvia’s economy," said E. Rinkēvičs.
