Cyprus to get € 1.3 bln from EU MFF in 2014-2020 pe­riod

Financial Mirror (Cyprus) - - FRONT PAGE -

Cyprus will re­ceive EUR 1.3 bln in EU funds for the pro­gramme pe­riod of 2014-2020, ren­der­ing the is­land as a net re­cip­i­ent for the first time since its ac­ces­sion in 2004.

The EU Court of Au­di­tors in Brus­sels pre­sented its au­dit on the 2014 bud­get, mark­ing the com­mence­ment of the new 2014-2020 Mul­tian­nual Fi­nan­cial Frame­work, in the con­text of which Cyprus will re­ceive EUR 1.3 bln in EU funds.

Ac­cord­ing to data, the ra­tio of EU fund­ing per ci­ti­zen in Cyprus amounts to EUR 1,560 com­pared with the EU aver­age of EUR 1,500.

Un­der the 2007-2013 MFF, Cyprus’ con­tri­bu­tion to the EU bud­get in 2013 amounted to EUR 160 mlns. How­ever, fol­low­ing a Gross Na­tional Prod­uct re­vi­sion in 2014, Cyprus will pay an ad­di­tional EUR 54 mln by the end of 2015. Cyprus and the Nether­lands had the high­est re­vi­sion in their con­tri­bu­tion to the EU bud­get in 2014 that amounted to an in­crease of 41%.

Ac­cord­ing to Euro­pean Com­mis­sion ab­sorp­tion ca­pac­ity by Oc­to­ber was 90%, aver­age of 87%.

Fur­ther­more, in the ECA’s 2014 au­dit, Cyprus’ elec­tronic pub­lic pro­cure­ment sys­tem has been con­sid­ered as a best-prac­tises ex­am­ple.

The Euro­pean Court of Au­di­tors gave the EU ac­counts a clean bill of health for the eighth year in a row.

Both the rev­enue side and ad­min­is­tra­tive ex­pen­di­ture are free from sig­nif­i­cant er­rors, it said, adding that the over­all er­ror rate in pay­ments has de­clined for a sec­ond con­sec­u­tive year, to 4.4% in 2014. The Court also, in its an­nual re­port on the im­ple­men­ta­tion of the EU bud­get in 2014, stressed the progress made by the Com­mis­sion to in­crease trans­parency and ab­sorp­tion con­cern­ing the fig­ures, Cyprus’ fund slightly above the EU- man­age­ment of EU funds.

“EU money be­longs to our cit­i­zens and we owe it to them that ev­ery euro is well-spent. We share with the Court the view that new re­al­i­ties re­quire new ac­tion. We at the Com­mis­sion are work­ing to align the bud­get with pri­or­i­ties, fo­cus on re­sults and strengthen con­trols,” said Kristalina Ge­orgieva, Euro­pean Com­mis­sion VicePres­i­dent in charge of Bud­get and Hu­man Re­sources.

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