Romania Will Not Lose Structural Funds

Romania will not lose the structural and cohesion funds allocated for 2007, worth EUR1.28 billion, if it fails to spend it in 2007, since the deadline for the use of these funds is 2010, said Stefan Ciobanu, director within the Romanian Ministry of Economy and Finance.

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"The statement that Romania has zero absorption in 2007 is unfounded, since the money allocated by the European Commission for this year can be used by the end of 2010. Moreover, the Commission granted to Romania, in August, a EUR343 million advance for the five sector operational programs (POS) already approved," said Ciobanu, director within the Authority for the Coordination of Structural Instruments within the Ministry of Economy and Finance.

He added that the Commission would add another EUR73 million to the funds as soon as it approves the other two POS, thus the absorption would reach EUR416 million in 2007.

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