Minister of Finance Makis Keravnos vowed on Friday that the government will try to absorb “each and every single euro” from the EU Funds in a bid to support the growth of the Cypriot economy.
Keravnos received the European Council of Auditors’ (ECA) annual report for 2022 by Lefteris Christoforou, the Cypriot member of the EEC, who stated that in 2022 Cyprus was in the top four countries concerning the absorption of EU funds with 93%, with a prospect of reaching 100%.
Cyprus, Christoforou said in statements alongside Keravnos, is among the top four EU members in absorption capacity with 93% whereas other member-states have a 70% capacity rate.
According to Christoforou, in 2022 Cyprus contributed to the EU budget €209 million but received from EU funds a total of €458 million and an additional €158 million from the EU Recovery and Resilience Facility.
He also highlighted that Cyprus had no findings regarding issues of financial management and good governance audit, while the findings index for Cyprus is one of the lowers showing the effective operation of the Ministries and the governments and he Civil Service as well.
Noting that Cyprus will receive €3.01 billion from the EU Multiannual Financial Framework and the Recovery and Resilience Facility that would support the Cypriot economy and society, Christoforou said the Minister stated emphatically both the government’s and the Ministry’s focus to work with the Parliament towards utilising these funds in the most effective way.
On his part, Keravnos said the government welcomes any audit “that would assist us to operate in the correct framework.”
He expressed his satisfaction as the report shows that Cyprus is functioning with credibility and exploits the money received by the various EU funds in the right way and with a very satisfactory absorption rate.
“Let me stress that we, both as the government and the Ministry of Finance will continue to work in this way to absorb each and every euro to support the growth of the economy even further,” he concluded.
