Romania had one of the highest contracting rates for EU funds in the region but only managed to get a little over half of the money allotted to it by the European Commission in the 2007-2013 period, according to KPMG, writes romania-insider.com.
Romania had a 106% contracting rate of the EU funds allotted to it, at the end of 2014, the fourth highest of ten countries in the region. However, it only managed to get 52% of the money, its payment ratio being by far the lowest in the region.
Romania had EUR 19.2 billion allotted from the EU budget for the 2007-2013 period, from the European Regional Development Fund (ERDF), Cohesion Fund (CF) and European Social Fund (ESF). The country came up with projects worth a total of EUR 20.3 billion, but managed to get less than EUR 10 billion by the end of 2014.
Romania can still receive payments from the 2007-2013 funds until the end of this year. By the end of May 2015, the EU fund absorption rate went up to 54% and the Government targeted at the beginning of this year an 80% absorption rate by end-2015. The projects that are not finished by then will lose their EU funding.
Hungary and the Baltic states had the highest EU funds absorption rates at the end of 2014, of over 85%.
Romania’s slow progress was due to the delay in implementing EU-funded programs, as well as the many irregularities and corruption suspicions in the procurement process for the projects implemented by public authorities, which determined the European Commission to suspend payments for some programs at times.
Read more on romania-insider.com.
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