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. Last Updated: 07/27/2016

Latvia Poses '96 Budget

RIGA, Latvia -- Latvia has drafted a 1996 budget with a deficit of 60 million lat ($110 million), compared with a planned 90 million lats in 1995, the Finance Ministry said Wednesday.

The International Monetary Fund had backed the 1995 deficit, which was more than double the originally planned level, on the condition that the current year's budget was balanced.

But the Baltic state's revenue crisis and damage caused by the crash of its largest bank made this impossible.

A ministry spokesman said the budget would be presented again to the cabinet for approval next Tuesday and would then go to parliament for debate.