INSTRUMENTS FOR REGIONAL CONVERGENCE AND THEIR ADMINISTRATION SYSTEM

The aim of this article is to analyze and assess the instruments used for harmonizing the regional development level in Latvia by paying particular attention to efficient acquisition of funding provided by the Cohesion Fund. In order to achieve this goal, the following three tasks were set: to assess the legal framework for regional administration of EU's Cohesion Fund; to discuss the system established for administering the instruments for regional convergence in Latvia; and to explore possible ways to improve the system. New, scientifically valid recommendations are presented for improving the regional administration system of the most important convergence instrument - the Cohesion Fund. The most significant recommendation is to reduce the time used for project implementation. New studies should be carried out to improve the regional administration system of the Cohesion Fund.