Bulgaria’s EU Funds Absorption: Maximizing the Potential!
February 6, 2014
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Summary
This paper focuses on EU structural and cohesion funds assistance to Bulgaria during the 2007–13 program period. Initial weaknesses resulted in a low absorption rate, which was mitigated by increasing advance payments; applying electronic application and reporting procedures; simplifying and unifying tender processes; and strengthening the role of international financial institutions and banks in project preparation, evaluation and monitoring. The possible impact on growth and potential output is briefly discussed, while the risks of improper absorption are acknowledged. Valuable lessons have been learned, but it is recommended that additional steps be taken for the next program period 2014–20.
Subject: Auditing, Budget planning and preparation, Expenditure, Infrastructure, National accounts, Potential output, Production, Public financial management (PFM)
Keywords: accession funds, Auditing, Baltics, Budget planning and preparation, Bulgaria, EU budget, EU financing, EU funds, EU institution, EU member states, EU structural and cohesion funds, Global, Infrastructure, managing authorities, OP EU, potential growth, Potential output, WP
Pages:
64
Volume:
2014
DOI:
Issue:
021
Series:
Working Paper No. 2014/021
Stock No:
WPIEA2014021
ISBN:
9781475571684
ISSN:
1018-5941
