Romania and further 4 countries to receive advance payments worth 775 mln euros as cohesion funds
Romania and further 4 European Union member states will benefit from advance payments totaling 775 million euros (accounting for 4 percent of the European Social Fund and for 2 percent of the Cohesion Fund) under some new measures aimed at overcoming the cash flow problems.
These advance payments are granted to the member states that were extended loans under an IMF agreement with a view to stabilize the payment balance or that recorded a GDP decrease of more than 10 percent. The countries that comply with the two criteria are Romania, Estonia, Latvia, Lithuania and Hungary.
The measure is part of the new package of actions implemented by the EU in order to simplify the management of the structural and cohesion funds. Through its three cohesion policy funds, the European Regional Development Fund (ERDF), the European Social Fund (ESF), and the Cohesion Fund, the EU will invest 347 billion euros in 2007-2013 in the 27 member states under 455 programs.