Government support aimed at mitigating economic impact of Covid-19 pandemic exceeds EUR 2 billion

20 March 2020

Latvia's government support aimed at mitigating the economic impact from the Covid-19 pandemic has exceeded EUR 2 billion, Finance Minister Janis Reirs (New Unity) told journalists Thursday. According to the minister's estimates, the government support, which was initially planned at EUR 1 billion has now surpassed EUR 2 billion already. The proposal to support the businesses idled by the coronavirus outbreak by financing employees' wages will cost between EUR 60 million and EUR 200 million, if it is decided to expand the number of sectors eligible for the support.

Yesterday, the government also approved the proposal to re-launch the guarantee program of Development Finance Institution Altum. These guarantees will be provided to any companies, including those unaffected by the Covid-19 crisis. EUR 750 will be made available in the Altum grant program and EUR 200 million in a loan financing program. Reirs said that so far decisions have been taken on government support worth EUR 1.1 billion, but that another EUR 1 billion have been earmarked as various financial instruments.

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