Latvian parliament backs budget first reading
RIGA, June 4 (Reuters) - Latvia's parliament on Thursday backed a new 2009 budget in a first reading, including sharp spending cuts aimed at helping the government agree further loans from the IMF and European Union and stave off devaluation.
Parliament backed the budget in a first reading with 68 votes in favour and 10 against in the 100-seat parliament.
But the bill is due to be amended again for a second reading, the government has said, including even more spending reductions which the International Monetary Fund and European Union say are necessary to meet budget deficit targets.
Prime Minister Valdis Dombrovskis has said he hopes he can agree with the lenders and get 1.2 billion euros of loans in July, part of a 7.5 billion euro IMF-led rescue package agreed for the crisis-hit nation in December. (Reporting by Patrick Lannin; Editing by Ron Askew)
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