Sources in Brussels say Latvia could secure EU funding post-2020

It is likely that EU funds available to Latvia following 2020 will not decrease steeply. Sources in Brussels say that possibly most EU cohesion and social policy programs will remain in place following Britain's exit from the EU, reported Latvian Radio Wednesday.

Experts in Brussels say that Brexit will not severely affect the EU's budget as the country is both a donor and a recipient of EU funds.

The decisions over the next EU funds planning period will be adopted only in the next years but it's safe to say that most of the current priorities will remain in place, according to experts. 

However the principles of granting funds could be reviewed, and projects with a convincing socioeconomic impact will continue to be among those that receive funds.

Furthermore, the EU may opt for loans or financial instruments other than grants in the next planning period. While Latvia has generally been successful in absorbing EU funds, the railway electrification project is an alarming episode and that to secure funding in full, Latvia has to make the necessary decisions by year-end.

Sources in Brussels say that Latvia might be among the countries whose use of funds will not be monitored as closely. 

Previously Latvia's Finance Minister Dana Reizniece-Ozola said that the country will try to convince the European Commission that the less developed regions of Latvia will still need support after the current EU funds programming period concludes in 2020.

Seen a mistake?

Select text and press Ctrl+Enter to send a suggested correction to the editor

Select text and press Report a mistake to send a suggested correction to the editor

Economy
Economy