Romania’s EU Fund Absorption Rate Stands At 14.8% - President

Romanian President Traian Basescu said Monday the country’s European fund absorption rate stands at 14.8% of the budget allotted by the European Union.

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The head of state pointed out there are serious problems regarding billing delays and called on local authorities to step up the billing process.

Minister for European Affairs Leonard Orban said recently his target is a EU fund absorption rate of at least 20% by 2012. He pointed out that Romania stands to lose several billion euros in 2013 if it fails to meet this target.

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