Romania, Sole Net Debtor In EU New Members - Fiscal Council

"Alas, Romania is the only state that joined EU after 2004 in the position of net debtor, excluding pre-accession funds," said Ionut Dumitru, president of the Council.

Dumitru said Romanian payments to the EU community amounted to EUR3.68 billion in the 2007-2009 period, while the country's revenue from post-accession funds reached EUR3.225 billion.

Romania collected EUR703.4 million in EU subsidies over the mentioned period and additional EUR1.508 billion in current transfers from the EU budget.

At the same time, Romania cashed in EUR59 million from the EU as current transfers to the non-government sector in 2007 and 2008, according to Council data. The EU also transferred capital worth EUR190.9 million to the Romanian government and another EUR763.6 million to the non-government sector.

The corresponding data for 2009 are not available.

Thus, Romania is net debtor to the EU budget, with a deficit of EUR455.9 million for the 2007-2009 period.

At the same time, however, Romania's net revenue from pre-accession funds reached EUR2.382 billion over the analyzed period.

The EU alloted cohesion funds to Romania worth EUR8.67 billion in 2007-2009. Romanian and EU officials approved contracts amounting to 56.9% of the mentioned amount, but the eastern European country only cashed in 10.1% of the funds, representing a little over EUR867 million.

End July, the International Monetary Fund voiced concern over Romania's small absorption rate of European funds, saying that it will work with the authorities in Bucharest to find new strategies to attract financing.

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