Bigger advance payment has been ensured to EU Member States for the implementation of projects of the Youth Guarantee Scheme 31/01/2018
On Thursday, April 16, the European Parliament made a decision about amendments to Regulation 1304/2013 on European Union funds stipulating that a bigger than planned advance payment should be provided for the implementation of projects of the Youth Guarantee Scheme. Thus another important task of the Latvian Presidency of the Council of the European Union has been accomplished.
“Youth unemployment grows in all EU Member States. Youth is our future, therefore I am really satisfied that the European Parliament similarly to the Council led by the Latvian Presidency made a decision that in 2015 Member States will receive an advance payment in amount of 30% or 1 billion euro instead of 1%. It will ensure that particular projects in Latvia and other EU Member States will receive financing faster,” notes Finance Minister Janis Reirs.
According to the data collected by the European Commission, at the end of 2014 in Latvia there were 105 thousand unemployed persons, including 16% or 17 thousand young people. Currently many EU Member States lack initial financing for the implementation of the Youth Guarantee Scheme. Timely and sufficient amount of resources will help project implementers to commence earlier the implementation of projects of the Youth Guarantee Scheme.
The Youth Guarantee Scheme is one the EU instruments with the help of which it is planned to reduce the level of youth unemployment in regions where currently it is comparatively high. With projects of the Youth Guarantee Scheme proactive and effective fight against the youth unemployment in EU Member States will be ensured.
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