EU – Baltic States, Financial Services, Funds, Latvia, Legislation

Latvia has declared, but not received, approximately EUR 90 million (LVL 63.25 million) within the European Regional Development Fund and the Cohesion Fund programs during this period, writes LETA.

In an official letter, the European Commission informed the Finance Ministry that EU fund payments to Latvia have been renewed.

The European Commission's representation in Latvia informs that the European Commission, recognizing Latvia's accomplishments in ensuring control over European Union fund payments, has decided to lift temporary restrictions on funding from the Cohesion and European Regional Development funds.

Finance Minister Andris Vilks (Unity) praised the Commission's decision to renew the fund payments, because EU fund financing is a very important source of public investments in the country, which helps the development of the national economy and increases Latvia's competitiveness.

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.