IMF: Romania To Step Up EU Fund Absorption Or Face Repays

05.09.2011 By Florentina Dragu

Romania could be forced to refund up to EUR1.5 billion in European money this year unless it accelerates structural fund absorption, an official of the International Monetary Fund said Monday.

"The government is making progress regarding EU funds absorption, but this progress in insufficient and it must double its efforts (…) and focus on the sectors where money absorption is growing fast," IMF mission chief Jeffrey Franks told a news conference in Bucharest.

"Romania may have to refund up to EUR1.5 billion unless these projects are completed by year-end," he added.