2020 budget to be sent to Saeima Monday

Latvia's government on October 11 put the finishing touches to its 2020 budget plans, and will send its plans to Saeima on Monday October 14 to begin the process of legislative approval, the cabinet office announced after a special ministerial meeting Friday.

Revenues of the State Consolidated Budget for 2020 are expected to be 9.9 billion euros and expenditures 10 billion euros. The general government budget deficit for 2020 is projected to be 0.3% of gross domestic product (GDP). By contrast, GDP growth in 2020 is forecast at 2.8%, though the currently uncertain international situation make that figure even more speculative than usual.

Finance Minister Jānis Reirs will follow tradition and hand the budget plan in at Saeima in a special briefcase after appearing on national media to outline what's in the bag.

Then the process of getting the budget through Saeima will begin with deputies able to discuss, criticise and amend the plans before a final vote on acceptance.

Ministers are keen to avoid a repetition of last year's protracted budget process caused by a combination of factors, which meant that the 2019 budget was not actually passed until April this year.

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