Latvia’s government coalition decided on Monday to inject 2 billion euros (2.22 billion United States dollars) in the national economy over the next couple of years to fuel its recovery from the crisis caused by the COVID-19 pandemic, Prime Minister Krisjanis Karins announced at a news conference following the coalition meeting.
The prime minister said the coalition agreed at Monday’s meeting on a strategic investment intended to promote an economic recovery in the wake of the COVID-19 crisis.
“While last week we decided on how to invest, now there is an agreement on particular categories,” Karins said.
The prime minister explained that the money to be invested in the economy over the two-year period will be divided into three equal portions and spent on benefits, infrastructure and modernization.
Around 660 million euros will be made available for projects in each category. Of that amount, 32 million euros will be allocated to culture-related projects and 42 million euros to scientific research. Support is also being planned for the tourism industry, which has been hit especially hard by the COVID-19 crisis, as well as other activities.
The prime minister said that the solution agreed on by the government coalition would benefit both the state and the economy. (1 euro = 1.11 United States dollars)