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Minister: Latvia’s budget for 2020 allocates funding for healthcare and other sectors

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Finance Minister Jānis Reirs

Latvia’s budget for 2020 allocates finances to healthcare, education, justice and internal security sector, said Latvia’s Finance Minister Jānis Reirs during debates about the next year’s budget in the Saeima.

One-third of the funding available in the 2020 budget has been allocated for healthcare, which will use the money to increase wages, the politician explains.

Reirs stresses that healthcare, state and municipal budgets will receive EUR 1.37 billion or 4.1% of GDP together, which meets the requirement for allocating 4% of GDP for healthcare.

The minister explains that the state budget project’s formation process differed from the previous this time because the foundation was formed by the work group consisting of representatives of five government parties.

Reirs says this helped create a balanced budget without increasing taxes, ensuring stability for residents and businessmen.

The politician said this has been accomplished under conditions when GDP growth outlook for 2020 has been reduced by 0.2 percentage points when compared to the previous one and is planned at 2.8%. This is why there is less available funding than expected, says the finance minister.

Read also: Prime Minister says problems in Latvia’s healthcare sector accumulated over 20 years

Reirs explains that Latvia’s development outlook is subjected to external fluctuations, which have been leaning towards the negative side more and more lately.

As it is known, on Wednesday, 30 October, Latvia’s Saeima conceptually viewed the state budget project for 2020.

The budget plan for 2020 included consolidated budget revenue planned at EUR 9.89 billion and expenditures – EUR 10 billion. Compared to the state budget of 2019, next year’s revenue is set to grow by EUR 717.1 million and expenditures – by EUR 610.1 million.

State base budget’s revenue for 2020 is planned at EUR 6.88 billion and expenditures – EUR 7.22 billion. Increase of state base budget expenditures, when compared to 2019 budget plan, is EUR 400 million or 5.9%. The increase of expenditures by EUR 325.2 million is meant to cover financing of state base functions.

State special social insurance budget’s revenue and expenditures are planned at EUR 3.2 billion and EUR 2.97 billion, respectively.


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