Cyprus’ risk of losing allocated EU funds for low absorption; and the EU budget

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The funds of €110 million allocated to Cyprus from the EU, for the period of 2014-2020, have only been absorbed at a rate of 13%, according to the Directorate General for European Programmes, Coordination and Development, Mr. Costas Iacovou.
If these funds are not absorbed by the end of the relevant period, he concluded, there is a risk that they will be lost.

Addressing the EU budget as a whole, coming to €136.4 billion in 2016, Mr. Lazaros Lazarou, member of the European Court of Auditors (ECA) – the EU’s independent external auditor, stated that a “qualified opinion” on spending was issued for 2016, which is considered a considerable upgrade from the “adverse opinion” issued in previous years.