Latvia gets 10 billion in EU recovery fund and multi-annual budget

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After nearly 90 hours of talks in Brussels, the EU's multi-annual budget and economic recovery program of around €1.8 trillion have been agreed in negotiations between EU leaders. More than €10 billion will be available to Latvia's economy over the next seven years, Prime Minister Krišjānis Kariņš said July 21.

The Prime Minister announced the agreement between the 27 Member States on Twitter. He told Latvian Television that he had not expected the discussion to be so difficult.



The agreement between EU leaders means that more than €10 billion will be available to Latvia's economy over the next seven years. Kariņš said in an interview on Latvian Television that it is about €3 billion more than in the previous phase of EU fund allocation.

“At a time when funds are actually declining across Europe, we will see them growing significantly,” added Kariņš.

Latvia will have an increase in the Cohesion Fund, where other countries mostly have a reduction.

A 40% increase in agricultural direct payments has been achieved. This means that Latvian farmers will receive an average of €200 per hectare in 2022, €250 per hectare in 2027.

“I think the result is very favorable for Latvia. We, the government, will now have to work to invest these funds wisely. Because the opportunity is being given to us now, and indeed it is a great opportunity to continue to develop our own economies,” said Kariņš.

After a nearly five-month break, all European Union (EU) member leaders gathered in Brussels on Friday, July 17. The summit aimed to resolve disagreements over how to divide money in the next seven-year budget and the COVID-19 recovery fund. 

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