Romanian authorities prepare regulations on state guarantees in community fund absorption

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The Ministry of Public Finance prepares a draft law on giving state guarantees supporting local authorities in accessing European funds, Prime Minister Emil Boc informed the representatives of the main companies working in consultancy for community funds on Thursday.

The Premier explained that this instrument would lead to a higher degree of community fund absorption. “Currently the Ministry of Finance is preparing a law supporting local authorities in pre-financing or co-financing European projects by using the instrument of the governmental guarantees. That is, where there are not sufficient financial resources from the authorities, for us to have our share in co-financing the project, using the instrument of the state guarantees, this will be done in order to increase the degree of community fund absorption,” said Boc.

The Head of Government also assured that, following the talks of the relevant inter-ministry committee, the law on public acquisitions is to be simplified, considering the shortening of terms. In his turn Minister of Finance Sebastian Vladescu admitted that the system of community fund absorption was a difficult and bureaucratic one.

In context the Premier explained that the meeting with the representatives of the consultancy companies aimed at removing the bureaucratic elements which impede the process of money absorption. The aim of the Government in 2010 is to draw 4.3 billion euros from community funds, reiterated the Premier.
Representatives of more than 30 companies working in the field of community funds, of the Ministries of Economy, Transports, the Environment, Labour, the Interior, Regional Development, of the Court of Accounts attended the meeting in the Victoria Palace.

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