Part of funds meant for economic recovery of EU will be available this year - Dombrovskis

  • 2020-07-06
  • LETA/TBT Staff

RIGA - Part of the funds meant for economic recovery of the European Union will be available this year, however, the EU member states must develop national economic sustainability plans by the fall, European Commissioner Valdis Dombrovskis (New Unity) told the media on Monday.

Today, Dombrovskis and Prime Minister Krisjanis Karins (New Unity) discussed the European Commission's recovery plan for Europe, which envisages the creation of a EUR 750 billion European recovery package, of which EUR 500 billion could be provided in the form of grants and EUR 250 billion in loans. According to Dombrovskis, based on what the Commission has proposed, EUR 2.9 billion will be made available to Latvia from the European recovery package.

At the same time, the commissioner emphasized that the EU member countries had to agree on a European economic recovery plan this month, so that part of the EU's economic recovery funding could be made available to the member countries already this year. The member countries will also have to draw up individual national economic sustainability plans in order to be eligible for additional funding.

Karins said that Latvia and the Commission shared the same position on the European recovery plan. At the same time, it is currently unknown in which areas Latvia will invest the additional funding of almost EUR 3 billion, Karins pointed out.

According to Karinis, the Finance Ministry is already working on Latvia's economic sustainability plan, and the government and coalition members will join the work on the plan in August.

Karins also said he expected complicated talks about that the Commission's recovery plan for Europe and the EU multiannual budget at the European Council's upcoming meeting later this month.