IMF Worried About Poor EU Fund Absorption Rate In Romania

The Internationally Monetary Fund is concerned about the weak absorption rate of European funds in Romania and will work with the authorities to identify new ways to step up the process, IMF mission chief Jeffrey Franks said Tuesday.

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Speaking at the end of a meeting with Romanian employers' associations, Franks said the authorities must find a way to use the EU funds before they become inaccessible.

Franks aid the EU money is vital to finance investments, but added that the absence of these funds will not influence Romania's fiscal goals.

The IMF official told Romanian companies that they risk losing EUR20 billion in EU funds because of the disastrous absorption, Cezar Coraci, president of employers' confederation UGIR-1903 said earlier today.

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