Cabinet of Ministers agrees to provide Latvian ministries additional funding

Cabinet of Ministers agrees to provide Latvian ministries additional funding

On Tuesday, 2 June, the Cabinet of Ministers decided to distribute EUR 600 million to different initiatives from ministries. EUR 103.2 million of this amount will be diverted to healthcare infrastructure projects.

The government reviewed Finance Ministry’s prepared report on overcoming COVID-19 crisis and stimulating the economy.

The report mentions that generally state support for COVID-19 prevention measures and efforts for stimulating the economy reaches EUR 2.1 billion. Of this amount the government has already reserved EUR 966.46 million for different activities. EUR 228.67 million of this amount is already allocated for different support programmes as of 31 May. At the same time, the government had previously decided to divide EU finances worth EUR 496 million for different initiatives from ministries.

On Tuesday ministries agreed to distribute an additional EUR 600 million. EUR 233 million is intended for modernization projects – EUR 75 million for Altum financial institution, EUR 90 million as financial instruments for support of major businesses and EUR 58 million for the modernization of agriculture industry.

EUR 152.2 million will be diverted to different infrastructure projects. EUR 103.2 million will be provided to healthcare industry’s infrastructure projects.

EUR 11 million will be diverted to culture sector and EUR 35 million will be provided for building heating.

An additional amount of EUR 63.5 million will be allocated for education and science projects: EUR 6 million for state research programme to study COVID-19 in 2021, EUR 5 million for market research in 2021, EUR 5 million as additional funding for digitization of higher education, and EUR 27.41 million for science, colleges and other single-time activities of Education and Science Ministry. At the same time, EUR 20.09 million will be diverted towards raising qualifications of employed persons.

To ensure accessibility of healthcare services, including for the least protected groups of residents, the government will provide EUR 16.8 million.

EUR 20 million is planned to be diverted as support for tourism. EUR 21 million for culture development plan, EUR 66 million for Latvian Railway, and EUR 15 million for demographic measures.

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