Following the approval of the Latvian Recovery Fund plan by the Economic and Financial Affairs Council of the European Union on 13 July, line ministries have begun active preparations in cooperation with non-governmental organisations and social partners for the implementation of the plan.
Valdis Dombrovskis, an Executive Vice-President of the European Commission for an Economy and International Trade, emphasizes: "Economic recovery plan of Latvia will ensure substantial investments and reforms, which are necessary not only to strengthen the resilience of the Latvian economy, but also to the transition to a digital and climate-friendly economic model. The plan will help ensure competitiveness of Latvia in the European and global markets, which is a way to ensure the well-being of society on the long term perspective. At the same time, strengthening an inclusive society is important for Latvia, for example, by reducing inequalities, improving education and health systems, as well as access to state and municipal services. The available EU funding will give a serious impulse to the development of Latvia, and now we have to focus on the practical implementation of the plan."
Minister of Finance Jānis Reirs admits: “It will depend right on the speed and quality of the activities of ministries how effectively we will invest funds in the development of Latvia. We have made good progress and must continue at the same pace. We are the first to have access to financial resources. We must also be the first to implement the measures set out in the plan!”
Minister of Environmental Protection and Regional Development Artūrs Toms Plešs: “More than 300 million euros are planned from the Recovery Fund plan for the activities being under the supervision of the Ministry of Environmental Protection and Regional Development (MEPRD). This will be a significant support for ongoing reforms that will mitigate the long-term effects of the Covid-19 crisis, support ongoing structural reforms such as territorial reform, and primary investments in green and digital economic transformation, which is one of the top priorities of the MEPRD."
Jānis Vitenbergs, Minister of Economics acknowledges: " We are now at a time of significant changes and opportunities, when we can implement fundamental changes in the economy in the short period of time towards both, a greener economy, moving towards a sustainable energy system and energy efficiency in buildings and business sectors, and reducing inequalities by finally tackling the availability issues of housing in regions and establishing industrial parks, which will help to attract investments and create new and well - paid jobs for our citizens in a more targeted way. Also the sector digital path is of the same importance- entrepreneurs need to become even more competitive, and increasing innovation capacity is vital to stimulate economic growth and increase the share of exports. "
Minister of Education and Science Anita Muižniece: “The European Union Recovery Fund plan is one of the important resources to implement the goal of the Education Development Guidelines approved by the government in June this year - to provide quality education opportunities for all inhabitants of Latvia, promoting development and implementation of every potential throughout life. More than 212 million euros of the investments of the Recovery Fund in the field of education and science are provided for the development of higher education and science and the strengthening of international competitiveness, the modernization and provision of accessibility of primary schools, and the development of digital skills."
Latvia could receive the first advance payment from the Recovery Fund in the amount of 236 million euros till the end of summer. In turn, in order for the Commission to approve further instalments, Latvia has to fulfil the benchmarks and targets set out in the plan, demonstrating progress in the implementation of investments and reforms.