EU – Baltic States, Financial Services, Investments, Latvia

Thus, all of the previously-withheld European Union fund payments to Latvia have been made from the European Social Fund, as well as the Cohesion and European Regional Development funds - approximately EUR 120 million in total, LETA was informed by the Finance Ministry.

 ''Latvia has done its homework, and the improvements in the allocation of EU funding have given the green light to renew these payments,'' Finance Minister Andris Vilks (Unity) points out.

As reported, at the end of January, the European Commission suspended EU fund payments to Latvia, informing that the Finance Ministry, which deals with the allocation of the funds, lacks a mechanism for influencing decisions made by ministries and government agencies in the distribution of the EU funding.

However, this past June, the European Commission, recognizing Latvia's accomplishments in ensuring control over European Union fund payments, decided to lift temporary restrictions on funding from the Cohesion and European Regional Development funds, as well as the European Social Fund.