NICOSIA: President of the Republic Nikos Christodoulides and Member of the European Court of Auditors Lefteris Christoforou underscored Cyprus’ leading position among EU Member States in utilizing European funds during their meeting on Tuesday at the Presidential Palace. The meeting coincided with the presentation of the Annual Report of the European Court of Auditors to the President.
According to Cyprus News Agency, Christoforou expressed satisfaction with Cyprus’ efficiency in absorbing European funds, thanking the President and the Government for their financial management. President Christodoulides, in turn, acknowledged the contribution of various departments in achieving this milestone and emphasized the importance of the Recovery and Resilience Fund, which is reviewed monthly by the Cabinet to assess project progress and propose necessary changes.
The President highlighted that a key focus within the EU is enhancing competitiveness, especially against the US and China. The European Commission is con
sidering new financial instruments to support this goal. He assured that no funds would be wasted, emphasizing their role in transforming Cyprus to meet modern standards and benefit its citizens, while boosting national competitiveness.
Christoforou praised the high regard for the European Court of Auditors across Member States and thanked the President for his commitment to fund absorption and management. He noted that Cyprus ranks first in EU fund absorption, particularly from the Cohesion Policy Funds, European Regional Development Fund, European Social Fund, Cohesion Fund, and Youth Employment Fund. Cyprus absorbed 745 million euros from the previous financial framework and leads by 35% above the EU average in the new framework.
He emphasized Cyprus’ commendable EU presence and credited the President, Government, public service, and related departments for optimizing fund use for Cyprus’ economic development and future. Christoforou pointed out the availability of substantial funds from the multiannual
financial framework and Recovery and Resilience Mechanism, expressing confidence in Cyprus achieving its objectives.
Regarding the Recovery Fund, Christoforou disclosed that Cyprus received 263 million euros, representing 21% of its allocation, with subsequent instalments already deposited. He anticipates more funds flowing to Cyprus next year, which is vital for the economy. He reiterated the focus on maximizing fund utilization and ensuring sound financial management.
In response to questions about specific recommendations, Christoforou stated that the Court of Auditors’ reports guide member states on legal and regulatory compliance to prevent misuse of European funds.