Romania: A Net Recipient of EU Money

Romania will receive more money from the EU than it contributes after accession, according to figures released by the Romanian authorities. In a bid to soothe fears of financial damage from EU accession, Romania’s chief negotiator Vasile Puscas said that Romania will be a net recipient of funds from 2007 -- its first year of as an bloc member. Romania will contribute €800 million ($981 million) in 2007 and will increase this sum slightly in 2008 and 2009. Bucharest’s contribution to EU coffers over the first three years will amount to some €2.5 billion. However, the country will receive €11 billion from Brussels, according to the financial package adopted earlier this year. Half of this sum will be delivered in concrete payments between 2007 and 2009. The other half of this money will be spent on specific projects presented by Romania, likely to focus on regional and rural development as well as agriculture. (EUobserver.com)