Romanian President Scolds Govt For Slow Foreign Fund Absorption

The President, who attended the Government's meeting on Wednesday, said four international lenders - the European Investment Bank, the European Bank for Reconstruction and Development, the International Bank for Reconstruction and Development and the Council of Europe Development Bank - have provided Romania with EUR4.1 billion, but the Executive is too slow in directing the money towards investments.

Basescu said EUR110 million are available to Romania's justice sector, but only EUR9 million have been used, calling minister Catalin Predoiu's attention to this matter, but also urging the rest of the Cabinet to hold government procurement bids and spend the foreign money. The President said EU-financed projects developed by local administrations also run into delays, because the ministries take too long to issue authorizations.

The President asked the Government to draft an act to ease Romania's absorption of foreign funds.

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