On Tuesday, 10 January, the Cabinet of Ministers approved the Latvian Anti-Fraud Coordination Service (AFCOS) operational strategy of the Ministry of Finance (MoF). It provides that the public administration institutions involved in the AFCOS network will unitedly fight against fraud in the field of the European Union (EU) funds, thereby increasing efficiency of protection of interests of the EU taxpayers.
Minister of Finance, Dana Reizniece-Ozola, has been recognised as the best Minister of Finance of 2017 in the European region. The high rating has been granted by the international business and financial publication The Banker by appreciating the work done for stabilisation of the financial situation of Latvia and promotion of growth.
After a comparatively strong growth in 2015, when the Latvian economy was able to demonstrate a solid stability in light of the shocks of external environment, the economic growth in 2016 slowed down by 1.4% (in the first three quarters of the year). This was largely due to continuously unfavourable situation in the external environment, as well as a slower introduction of the resources of the European Union (EU) funds, in light of the change of the fund planning periods.