Brussels, 09/06/2011 (Agence Europe) - The positive assessment of Latvia's progress in implementing a structural adjustment programme in return for financial aid totalling €7.5 billion makes the payment of the next batch of aid possible of a total of €200 million, half of which is being provided by the EU. “Over the past year, Latvia has made further remarkable progress in correcting the existing macroeconomic and fiscal imbalances”, commented EU Economic and Monetary Affairs Commissioner Olli Rehn in a press release. With a better than expected economic situation, the Latvian government has decided not to make use of the aid, but to keep it for later. The €650 million on deposit at Latvia's central bank to bail out the country's banks will now be used to finance other public expenditure as and when. Latvia is required to reduce its public deficit to below 3% of GDP next year and to continue to sort out its banks, tackle the black economy, reform the civil service and introduce greater transparency in public affairs. (M.B./transl.fl)