EU – Baltic States, Financial Services, Funds, Latvia

International Internet Magazine. Baltic States news & analytics Tuesday, 09.06.2026, 13:02

Latvia did not absorb LVL 100 mln worth of EU funds in 2011

Nina Kolyako, BC, Riga, 13.03.2012.Print version
In 2011, Latvia did not manage to achieve its previously set budget goals and did not absorb LVL 100 million worth of EU funding. The country will now have to manage to do so under much more intense deadlines, according to the Finance Ministry's report presented to the government today.

The trend continues this year as well. Latvia did not utilize LVL 3.8 million EU funding in January. Environmental and Economy Ministry programs fell behind schedule, writes LETA.

 

The Finance Ministry admits that absorption of EU funds has not been sufficient enough to maintain Latvia's achieved fourth place at the end of 2010 and third place in the previous quarter.

 

Even though 2011 was among the most active years in this regard, the utilization of EU funds has not achieved the desired results, and only LVL 548.5 million out of LVL 648 million was utilized (15.4% remained unabsorbed).

 

LVL 1.512 billion was paid out within the 2007-2013 planning period by December 31, 2011 – 43.5% of the available funding. Overall, 88.4% of EU-funded projects worth LVL 3.070 billion were approved last year.

 

It is highly important that EU funds are utilized with maximum efficiency by the end of 2013, since the 2014-2020 planning period will be introduced in Latvia in 2014, placing additional burdens on Latvia's budget and the entire management of EU funds.





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