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Sunday 19.11.2017 | Name days: Liza, Līze, Elizabete, Betija
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Contracts signed for 94.8% of available financing from EU funds

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUBy the end of June, 2013, 5,700 contracts regarding the implementation of EU projects worth a total of LVL 3.3 billion were signed. This is a total of 94.8% of the available public funding.

Payments to all recipients will be performed in full accordance with the schedule. A total of LVL 2.2 billion were paid by the end of Q2 of 2013, which is 63% of the available funding and 102.8% of the planned reporting period. The completion can be considered successful from the point of view of budget expenses as well – 98.5% of the planned LVL 179.4 million, as mentioned in Finance Ministry’s report.

Starting 2014, it will be necessary to administer the current and future EU fund planning period. This means that the share of investment planning will provide an even larger burden for the state budget and EU fund management, FM notes.

It is also mentioned in the reports that there may be a risk with fund appropriation in 2014. If Latvia fails to submit a request for sufficient payments to European Commission, it could lose some part of EC’s allocated funds. The risk is the highest for the Cohesion fund. The appropriation of its funds includes the fewest projects and extensions for several projects are planned.

Finance Ministry reports that the coalition’s work group and that of the Cohesion Fund had agreed upon the division of budget and EU fund money without increasing the common available funding.

It is also noted in the report that work will continue on the planning of 2014-2020; offers of ministers are being offered more attention as well. Unofficial negotiations with EC will continue as well. This will allow the government to provide successful approval of documents during submission process. The development of the EU structure funds and Cohesion Fund for 2014-2020 has begun. It is planned to have it submitted this September.

FM has also calculated that EU fund investments benefit Latvia’s economy as a whole. According to FM’s June development scenario, EU investments in Latvia will increase the country’s GDP by 3.4 percent points, having GDP growth rate reach 4.2%. EU fund investments will also increase the number of employed persons by 1.2%. This will also create a light inflation effect of 1.6%.

Ref: 103.109.109.8708


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