The EC transfers to the Latvian budget all resources of terminated EU fund payments
On Thursday, July 12, the European Commission (EC) transferred to the Latvian budget all European Social Fund payments declared by Latvia in amount of 25.9 million euro. Thus Latvia has received in its budget all terminated payments from funds – European Regional Development Fund, Cohesion Fund and European Social Fund – in full amount nearly 120 million euro.
“Latvia has done its homework well, and improvements made to the EU funds management system have allowed renewing the payment flow from the European Union. Now all recommendations have been introduced according to the action plan, thus the EU funds management and control system has been improved. EU funds are the driving force of the Latvian economic growth, and they will continue to improve Latvia’s competitiveness in the Baltic region,” says Finance Minister Andris Vilks.
On July 4 with an official letter the European Commission informed the Ministry of Finance about renewing European Social Fund payments to the Latvian budget. It means that the Treasury as the Certifying Authority can restart declaring expenditure and requesting payments from the EC in full amount and regular procedure also within the framework of the European Social Fund.
As reported earlier, on June 29 the EC transferred to the Latvian budget 55.5 million euro, but on July 3 – 38 million euro of previously declared European Regional Development Fund and Cohesion Fund payments.
The Ministry of Finance reminds that this situation does not affect project promoters in any way and they receive requested payments all the time. The invested money is first paid to project promoters from state budget resources, and then Latvia submits an expenditure declaration to the EC on repayments made within projects and receives repayments from the EC to the budget.
Information prepared by:
Aleksis Jarockis
Head of the Communication Division
Phone: 67083850,
Aleksis.Jarockis@fm.gov.lv
