EU – Baltic States, Financial Services, Latvia, Legislation, Markets and Companies

This may impact many areas, especially road construction projects. Such negligence, which could cost Latvia at least EUR 90 million, may have disastrous consequences for Latvia's road construction companies, Dienas Bizness writes. Eight road construction tenders were to be announced in May and June, in all of which contracts worth more than EUR 5.225 million were to be signed.

According to the Latvijas Avize newspaper, Saeima could be requested to review the new Public Procurement Law as urgent in order not to hamper investments from the European Union funds.

Latvia had to transpose two EU directives on public procurement by April 17. In order not to lose EU funds available to Latvia, the Finance Ministry has warned state and municipal institutions to postpone their tenders until the directives are transposed.

The new Public Procurement Law and Law on the Procurement of Public Service Providers were endorsed at a meeting of state secretaries already in 2015, but there has been no further progress as the opinions about the laws are very different, indicates Latvijas Avize.

The new Public Procurement Law stipulates that the lowest price will no longer be the main criterion for evaluation of bidders, and a number of other changes.