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International Internet Magazine. Baltic States news & analytics Monday, 01.06.2020, 19:58

Latvia: Support available for measures to contain Covid-19 crisis rises to EUR 4 bn

BC, Riga , 07.04.2020.Print version
Funding for measures to contain the crisis caused by Covid-19 has increased to EUR 4 bn, Finance Minister Janis Reirs (New Unity) told LETA on Tuesday.

Speaking about financial resources available to the state, Reirs pointed out that cash reserves at the Treasury stood at EUR 2.6 bn, plus EUR 1.5 bn has been reserved for Latvia through various agreements with European financial institutions.

"This may not seem too much when compared to other countries, where state support is worth dozens of billions of euros. On the other hand, in relation to gross domestic product, the cash reserve is 8.7% of GDP, while in budgetary terms, the cash reserve is 26 % of the state budget. This is an impressive amount, and we are among those European Union countries that immediately put support instruments to use," Reirs emphasized.

When asked whether the state has enough funds to continue financing all the support measures currently available to residents and businesses after the extension of the state of emergency until May 12, Reirs said that that there was enough money.

"There are enough funds to be able to support the economy to overcome the crisis, as well as stimulate the economy after the crisis," the minister emphasized.

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