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Švarcs, Harijs

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Blog Harijs Švarcs - Latvia | 25/05/2010

Latvia should wait before privatising companies

The Latvian government wants to use privatisation to help Latvian companies. Harijs Švarcs calls in his blog with the daily Dienas Bizness for bureaucracy, the budget deficit and debt to be reduced first: "First of all the budgetary deficit needs to be reduced and all the tasks that don't require major financial investments carried out, for example trimming down the bureaucracy or fiscal reform. As soon as the budget deficit has been reduced we can start to pay off our foreign debts, the interest rates of which will soon gobble up a substantial proportion of our budgetary income. Then we can sell the state-owned companies to pay off public debt and thereby reduce the annual interest payments and shrink the debt burden of the coming generations. Then too we can start to support companies most effectively, and not just for one or two years (as would be the case with privatisation now) but for many decades to come."

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