European Funds Minister: Corrections of EUR 1 bln for previous financial framework

European Funds Minister Eugen Teodorovici stated on Thursday in Cluj that based on current calculations Romania will have to pay financial corrections of EUR 1 bln for the 2007-2014 financial framework.

He pointed out that if left unpaid this sum would have significantly raised the European funds absorption rate. “We estimate the financial corrections to the current financial framework at EUR 1 bln. These are financial corrections most of which concern the special system, public procurements. Namely it’s the price paid by Romania for the stupidity of placing in key offices people that unfortunately had no place being there. And especially in what concerns public procurements,” Teodorovici said.

The minister pointed out that all projects approved by October 2011 are subjected to financial corrections. “Until they are closed, in 2015, some will bear a financial correction on every reimbursement request. Some – 10, 15, 25 per cent. Because that is what the Commission has said in its audit reports. It’s a very large sum… You can imagine that if this EUR 1 bln had already been placed by the Commission for reimbursement today we would have had in the ballpark of 60 per cent [absorption rate], not 53 per cent. But these are costs that I hope Romania will understand not necessarily money-wise, albeit important, but so as to avoid similar situations in the future,” the European Funds Minister explained.


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