Budget, Financial Services, Latvia, Legislation

59 coalition members voted for the budget draft, while 30 opposition deputies voted against.

According to the budget project, revenue is expected at around EUR 7.253 billion, while expenditure at EUR 7.471 billion.

Prime Minister Laimdota Straujuma (Unity) and Finance Minister Janis Reirs (Unity) refer to the next year's budget as a "social and national security budget." In addressing Saeima, Straujuma said that the budget draft is designed in a way to benefit all residents of Latvia. Yet she stressed that it is impossible to satisfy all desires, however, by focusing on higher goals, it will be possible to achieve the goals step-by-step.

Meanwhile, opposition deputies were critical of the next year's budget draft, as well as a short time of time they were given to review the draft.

Saeima plans to confirm the budget draft in a final reading on December 17.

Compared to 2014, consolidated budget revenue has increased by EUR 208.6 million, while expenditures by EUR 283.3 million.

Additional financing worth EUR 180 million has been allocated for new initiatives and increase spending on other initiatives.

In order to prepare the budget project, Latvia's projected GDP for 2015 was used – EUR 25.366 billion.

The budget deficit has been planned at 1% of GDP.

The maximum national debt level at the end of 2015 has been also set – EUR 8.65 billion.