Latvian parliament may adopt budget 2018 in late November

Draft budget 2018 may pass its final reading on November 22-23, PM Kucinskis informed on Monday. The government is likely to complete work on next year’s budget today, October 10, and submit the draft to the Saeima on Wednesday, October 11. PM Kucinskis reported there have been no major disagreements between the coalition partners while drafting the budget, apart from the question on the so-called demographic measures, which are still being debated. If the co-ruling parties fail to reach a consensus on the issue, the relevant provisions will be included in the draft law during the discussion of the proposals for the second reading of the bill.

To note, an approval of budget 2018 from the European Commission has to be obtained between the first and second readings of the draft in parliament. Next year’s budget revenue is planned at EUR 8.8bn, up by EUR 648.0mn compared to budget 2017, while expenditure is expected at almost EUR 9.0bn, higher by EUR 583.0mn. The general government budget deficit for next year is projected at approximately 1.0% of GDP.

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