Cyprus a net recipient of EU funds in '23 says European Court of Auditors member

Cyprus is now a net recipient of 126 million euros in EU funds for 2023 and it appears that by 2027 it may further increase this inflow from the EU, European Court of Auditors member Lefteris Christoforou has stressed.

He was speaking following the presentation of the annual report for the financial year 2023 to the three Parliamentary Committees on Foreign Affairs, Finance and Audit.

Christoforou also met the House President, Annita Demetriou, where he referred to the ECA as an institutional body and external auditor of the EU's finances and its capacity to act as the independent guardian of the financial interests of all its citizens, contributing in particular to the improvement of its financial management.

In particular, he stated the purpose of the ECA to provide an independent and impartial assessment of the reliability of the EU's accounts and the legality and regularity of its operations, in particular through the preparation of the ECA's Annual Report, Special Reports and Audit Reports. 

Talking to the press, after both meetings at the House of Representatives, Christoforou said that Cyprus was first in terms of allocations under the previous financial framework for the Cohesion Policy Fund, raising €750 million and reaching 100% absorption rate. Referring to the funds related to the new financial framework, Christoforou said that Cyprus is 35% higher in the absorption of funds than the average EU country.

Christoforou said that with the continuous contacts he has with the President of the Republic, the Government, the Presidency of the Parliament, the MPs and the public service that focuses on the issue of absorption of funds, "there is an undiminished interest and a permanent concern for the absorption of these funds for the benefit of Cypriot citizens and the development of the Cypriot economy".

In total, he said, Cyprus is due to receive 3 billion and 193 million euros from the EU, of which it has received 650 million euros so far and "there are still 2,550 million euros left to be able to use in the next five years".

Regarding the European budget, Christoforou said that the Court of Auditors has exercised financial control over the use of EU funds. "For us, a strong EU is not possible without strong financial management", he said, adding that "every euro of the European taxpayer must be optimally used and must actually go in the right direction, to the citizens, but also for investment and development".

"There can be no prosperity for European citizens without the full, efficient and productive use of EU funds", he concluded.

(Source: CNA)