The pace of utilizing European Union (EU) funds in Latvia is accelerating, and up to 95% may be utilized by the end of the year, representatives of the Ministry of Finance reported at a meeting of the Saeima's commission on public expenditures and audits, informing about the progress in utilizing EU funds.
According to the Ministry of Finance, in the first five months of 2026, the progress in utilizing funds from EU funds exceeds the figures for the corresponding period last year. This year, upon completion of the Recovery Fund plan, the potential for budget expenditures for overall economic growth is projected to exceed 1.4 billion euros.
In the planned period of 2021-2027, projects co-financed by EU funds have entered an intensive implementation phase, the Ministry of Finance reports. By June of this year, project selections amounting to 4.1 billion euros had been announced or completed, which constitutes 97% of the available funding, and contracts have been signed for 3.1 billion euros, or 74%.
According to the Ministry of Finance's forecasts, by the end of 2026, about 90% of the total funding of 4.2 billion euros will be in the implementation stage, with the possibility of reaching a figure of 95%.
In April, payment requests for 64 million euros were submitted to the European Commission, and the total amount of interim payments reached 791 million euros. Thus, Latvia has ensured the minimum declared expenditure volume set for this year, exceeding the target by 2% and preventing the risk of losing funding.
In the spring, amendments to the EU funds program were approved in the Cabinet of Ministers and later in the European Commission, which provide additional funding for the completion of the reconstruction of the Latvian Oncology Center. Additionally, 51.9 million euros have been redistributed for projects with a high degree of readiness, including 25.5 million euros for the development of entrepreneurship and production in the defense sector.
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