The IMF insists we have trouble in drawing in EU money

IMF representative Jeffrey Franks, who is in Bucharest for a new round of talks with Romanian authorities, has voiced concern over Romania’s inability to attract the funds earmarked by the European Union, reflected in an absorption degree of around 10%. “We’re highly concerned about European fund absorption. We want to do everything to improve the drawing in of this funding. We will work together with the Government to find some strategies to improve absorption. The main challenge is for the money to be used before it vanishes, before it ceases to be available for Romania,” said Franks after a meeting with the representatives of employers’ associations. The Transportation and Infrastructure Ministry is still lagging behind as regards EU money absorption, having attracted only 38m euros from the EU in 3 years, while the programme managed by the Development ministry is nearing 20%.