EUR510m for electrification of Latvian railway

Riga, Latvia (jbdodane, CC BY-NC 2.0)

IMF calls Russia for reforms

Broad social consensus supports Moldova's EU accession: Foreign Minister

Latvia

The European Commission (EC) has approved funding of Latvian railways electrification project. The total costs are estimated at EUR510m. EC will provide EUR347m, the remaining financing will come from the European Investment Bank (EIB).

Currently, only 257 km of the Latvian 1,860 kilometer railways are electrified, or around 14 per cent. The project will electrify another 840 kilometers, ensuring that 59 per cent of Latvia’s railways will be electric. The EU average is 55 per cent.

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Russia

The International Monetary Fund (IMF) cut its forecast for Russian 2019 GDP growth from 1.4 per cent to 1.2 per cent, Reuters News Agency informed. “Without deeper structural reforms, long-term growth is projected to settle around 1.8 per cent. Priority should be given to creating a more vibrant private sector and reducing the footprint of the state,” the IMF said.

The IMF also backed Russia’s central bank’s “careful and data-driven approach in setting monetary policy”. Last year the central bank has taken steps to cool down the consumer lending boom. However, the IMF stressed that more steps may be needed if lending growth does not moderate.

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Moldova

Moldova’s foreign minister Nicu Popescu said that his country “would love to join” the European Union and that this is supported by a broad social consensus. He added, however, that Moldova wants to preserve good relations with Russia. “We have no other alternative but strong pro-European integration: 68 per cent of Moldovan exports went to the EU last year, while 8 per cent went to Russia,” Mr. Popescu said.

As for the country’s energy dependence on Russia, Mr. Popescu said that talks are underway to rent a gas storage unit from Ukraine, and developing infrastructure to transfer gas from Romania also remains an option.

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What’s up in indexes

BET (of Bucharest) increased from 9140.94 index points Tuesday, July 16th to 9153.08 index points Wednesday, July 17th. It’s up 0.03 per cent d/d and up 14.0 per cent y/y.

BUX (of Budapest) increased from 40879.00 index points Tuesday, July 16th to 40991.00 index points Wednesday, July 17th. It’s up 0.27 per cent d/d and up 18.0 per cent y/y.

OMXR (of Riga) increased from 1019.27 index points Tuesday, July 16th to 1024.19 index points Wednesday, July 17th. It’s up 0.48 per cent d/d and down 0.81 per cent y/y.

OMXT (of Tallinn) decreased from 1274.77 index points Tuesday, July 16th to 1273.66 index points Wednesday, July 17th. It’s down 0.09 per cent d/d and up 0.51 per cent y/y.

OMXV (of Vilnius) decreased from 683.70 index points Tuesday, July 16th to 681.32 index points Wednesday, July 17th. It’s down 0.35 per cent d/d and down 4.89 per cent y/y.

PX (of Prague) increased from 1057.73 index points Tuesday, July 16th to 1062.36 index points Wednesday, July 17th. It’s up 0.44 per cent d/d and down 1.76 per cent y/y.

RTS (of Moscow) decreased from 1382.09 index points Tuesday, July 16th to 1361.58 index points Wednesday, July 17th. It’s down 1.48 per cent d/d and up 16.9 per cent y/y.

SAX (of Bratislava) decreased from 349.00 index points Tuesday, July 16th to 341.20 index points Wednesday, July 17th. It’s down 2.23 per cent d/d and down 0.37 per cent y/y.

SOFIX (of Sofia) decreased from 578.50 index points Tuesday, July 16th to 577.20 index points Wednesday, July 17th. It’s down 0.23 per cent d/d and down 7.57 per cent y/y.

UX (of Kyiv) decreased from 1594.41 index points Tuesday, July 16th to 1593.63 index points Wednesday, July 17th. It’s down 0.05 per cent d/d and down 0.57 per cent y/y.

WIG20 (of Warsaw) decreased from 2321.52 index points Tuesday, July 16th to 2306.67 index points Wednesday, July 17th. It’s down 0.64 per cent d/d and up 7.13 per cent y/y.

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