Cabinet decides to increase Funds for Unforeseen Events by EUR 300 million

  • 2020-05-12
  • LETA/TBT Staff

RIGA - The Cabinet of Ministers supported the proposal that the budget program Funds for Unforeseen Events will be increased by EUR 300 million.

Thus, in 2020, in total EUR 625 million will be allocated in the Funds for Unforeseen Events. 

The Finance Ministry said earlier that the EUR 300 million will be attracted from the Treasury that formerly were borrowed in international financial markets.

The ministry explained that the Funds for Unforeseen Events had to be increased so that the government may make further decisions on support during the Covid-19 crisis.

Initially, EUR 25 million have been earmarked in the Funds for Unforeseen Events in this year's budget, but as the Covid-19 crisis started, the Cabinet in late March earmarked additional EUR 300 million in the funds.

By the end of April, EUR 343.8 million have already been distributed from the Funds for Unforeseen Events.