Romanian Govt Pledges To Cut National Co-Financing Rate For EU-Funded Projects By 10 Pct

The measure is stated in a new letter of interest the Romanian Government negotiated with the International Monetary Fund.

“We will make savings in the capital budget by eliminating non-performing projects identified during the prioritization exercise and by reducing the national co-financing of EU-funded projects. A new EU regulation will allow us to temporarily reduce the co-financing rate by 10 percentage points, as long as Romania is covered by this current FMI-UE program,” reads the document obtained by MEDIAFAX.

The letter also reveals the Government’s plan to replace budget subsidies allotted to the agricultural sector with funds from the European Union.