President-European Court of Auditors member highlight Cyprus' first place in EU fund utilisation

President of the Republic Nikos Christodoulides and the Member of the European Court of Auditors Lefteris Christoforou, have highlighted Cyprus' first place among the EU Member States in terms of the utilisation of European funds.

They met at the Presidential Palace on 19 November, in the context of the presentation of the Annual Report of the European Court of Auditors to the President of the Republic.

In his brief remarks, Christoforou expressed satisfaction that Cyprus is in first place in terms of the efficiency and the absorption of European funds and thanked the President of the Republic and the Government for the financial management of these funds.

On his part, the President of the Republic thanked all the departments that contributed to the efficient absorption of the funds.

He added that the Recovery and Resilience Fund is discussed at the Cabinet meeting once a month to assess the progress of projects and make recommendations for changes, which he said will be repeated in December.

He also said that the main topic of discussion within the EU at the moment is strengthening the Union's competitiveness, particularly vis-a-vis the US and China, with the European Commission, he noted, considering the creation of new financial instruments in this direction.

"Not a single cent will be lost from the assistance given by the EU, which is in essence a financial assistance to change our country, so that it can meet today's standards, to benefit the Cypriot citizen but also to enhance the competitiveness of the country," President Christodoulides stressed.

He also praised Christoforou’s presence in the European Court of Auditors as Cyprus' representative and highlighted the esteem in which the institution is held among Member States in general.

In his statements after the meeting, Christoforou reiterated his thanks "for the President of the Republic of Cyprus' unfailing interest in the absorption of European Union funds and European budgets and funds, as well as for the sound financial management of these funds."

"The constant focus of the Government and the President of the Republic of Cyprus on the the utilisation of European funds brings significant results. Cyprus ranks first in the absorption of European funds in terms of the Cohesion Policy Funds, the European Regional Development Fund, the European Social Fund, the Cohesion Fund and the Youth Employment Fund, where Cyprus absorbed 745 million from the previous financial framework, while in the new financial framework again Cyprus is 35% ahead of the European Union average funds," he said.

"Once again it proves that Cyprus can be proud for its dynamic presence in the European Union and I believe that the President, the Government, the public service and the relevant departments involved deserve fair praise for managing to fully utilise the funds for the benefit of Cypriot citizens, the development of the economy, the future of this country," he stressed.

He also described as very important the fact that Cyprus currently has at its disposal significant funds to absorb from the multiannual financial framework and from the Recovery and Resilience Mechanism and expressed confidence that Cyprus will once again manage to achieve its objectives and mission which is to make the most of its presence in the European Union.

"Cyprus has a positive presence in the European Union and in the utilisation of European funds and this is an honour for our country and an honour for everyone because this achievement is very important in these days when funds and development are definitely needed in the country," he said.

Asked when the disbursement of the second instalment from the Recovery Fund is expected, Christoforou said that Cyprus has received 263 million so far, essentially 21% of the total amount it has to receive, the second, third and fourth instalments have already been deposited, amounting to about 230 million, while the fifth instalment will be deposited at the end of the year.

"I believe that within the coming year more money will flow into Cypriot coffers from the Recovery and Resilience Mechanism and this is very important for the Cypriot economy. We always focus on the full utilisation of European funds, on the absorption of European funds and on the sound financial management of these funds," he said.

Asked if there are recommendations in the report for specific areas, Christoforou said that the Court of Auditors' reports focus on guiding member states to follow the legal and regulatory provisions regarding the use and spending of funds and to avoid the waste of European citizens' money.

(Source: CNA)