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IMF head: We are worried about Romania's low absorption rate of EU fundsUpdated: 27-07-2010 | Financial and Banking
The International Monetary Fund is worried about Romania's low absorption rate of European funds, IMF Mission chief for Romania Jeffrey Franks said, following the talks with representatives of the employers' associations.
Franks pointed out both the Fund's delegation and especially the European Commission delegation will cooperate with the Government with a view to issue a strategy for improving the access to structural funds. The results are, indeed, very poor. A certain amount has been earmarked for Romania in Brussels, free of charge, but it depends on the issue of some projects and their development, so that payments can be released. No effort must be spared to speed up this process, Franks added.
If Romania fails to access the structural funds made available to it on a determined period of time, the unused pre- and post-accession funds will no longer be available. Measures have already been taken to speed up the absorption of EU funds, given that these amounts will not affect the budget deficit.
The head of the mission said no discussions were initiated on the nature of the future IMF agreement, either a precautionary or a stand-by agreement, but the Fund is willing to help the Romanian government by providing any required form of support.
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