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Friday 20.10.2017 | Name days: Leonīda, Leonīds
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The EC transfers the remaining amount of EU fund money to Latvia’s budget

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Andris Vilks

On July 12, the European Commission (EC) transferred the remaining 25.9 million EUR that were declared by Latvia in the European Social fund. So the Latvian budget finally received the entire amount of money that was previously declared in European funds – European Regional Development fund, Cohesion fund and the European Social fund. The total amount of financial support is around 120 million EUR.

«Latvia has done its homework very well and the improvements made to the EU fund system have given us green light to restore payment flow from the EC. Right now, all requirements are introduced according to the measure plan; therefore, a full compliance with in EU fund management and control system is met. EU funds are Latvia’s national economy growth engine, which will continue improving the competitiveness of Latvia’s economy in the Baltic region,»- says Finance Minister Andris Vilks.

The EC informed the Latvian Finance Ministry about the restoration of payments from the European Social fund with an official letter on July 4. This means that the State Treasury will be once again allowed to start declaring expenses and request payments from the EC and EU funds in full amount.

It was previously reported that the EC transferred 55.5 million EUR to Latvia’s budget on June 29; and 38 million EUR more on July 3.

The current situation will did not affect project organizers, because they were receiving full payments for the realization of their projects all the time. The invested money was initially paid from the state budget funds, and then Latvia filed in declarations on expenses to the EC about payments made to projects. Now, the EC is paying back that money.

Ref: 102.109.109.2551


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