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Wednesday 20.03.2019 | Name days: Made, Irbe
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Surplus of EUR 15.7 million found in Latvian ministries’ budgets

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAfter compiling information about all ministries’ budgets in September, Latvia’s Finance Ministry found that six ministries have a financial surplus of EUR 15.7 million, as reported by Latvijas Avīze.

The ministries with an active surplus are not revealed, but it is known that Healthcare Ministry is not amount them. Part of the surplus amount – EUR 5.7 million – will be diverted to the defence budget in order to make sure Latvia’s expenditures on defence reach 2% of GDP.

Finance Minister Dana Reizniece-Ozola says ministries failed to use this money. Because of that, Finance Ministry will divert his money for implementation of three goals in order to complete several ‘good acts’. «First of all, EUR 5.7 million will be diverted for defence, so that military expenses reach 2% of GDP by the end of the year. GDP has grown more rapidly than previously expected. Secondly, EUR 5.9 million are needed to cover passenger transportation costs. Thirdly, we want to expand Control Service’s capacity and allocate EUR 400,000 for this purpose,» says the minister.

In the second half of the year, Finance Ministry usually requests topical information regarding state budget completion. Finance Ministry’s Communication Department’s head Aleksis Jarockis says the situation tends to change over the course of the year. For example, state procurements are delayed or the money remains unspent because of other objective reasons. Finance Ministry evaluates every ministry individually every year. This time it was revealed the surplus exceeds EUR 15 million.

In order to divert this money to finance so-called ‘good acts’, it needs to be transferred to the state budget’s finances for emergencies programme. The money is not allowed to be transferred from one ministry to another, explains Jarockis. He says parties forming the government will agree on the principles in accordance with which the surplus will be used to finance needs for which sufficient state budget financing was not provided.

The final decision regarding division of funds will be made by the Saeima.


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