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Decision on New Loan for airBaltic Does Not Win Support of Saeima Budget Committee
6 Articles
6 Articles
The Latvian government decided on Tuesday to grant Air Baltic's request and plans to provide the airline with a short-term loan of 30 million euros. However, the final decision on granting the loan will be made by the Latvian parliament.
The Latvian national airline Air Baltic is requesting a short-term loan from the Ministry of Communications, and the airline has justified the application for a loan for an increase in the price of aviation fuel caused by the conflict in the Middle East.
Air Baltic has requested a short-term state loan from the Ministry of Transport in Riga. The airline cites as the reason massively increased kerosene prices as a result of the Middle East conflict.
The Latvian government decided on Tuesday to lend national airline Air Baltic 30 million euros to help it cope with soaring fuel prices due to the Middle East conflict. The company has hedged only a tenth of its fuel risk, while major European airlines have locked in up to 80 percent of their fuel needs this year at pre-crisis prices.
The ministry notes that airBaltic is a significant driving force in the economy of Latvia and the Baltic region.
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