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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 17:31

EU to reduce Estonia's support by EUR 35.4 mln

BC, Tallinn, 30.11.2016.Print version
The European Commission has decided in the course of an interim inspection of the present budgetary period to reduce the volume of support set aside to Estonia by 35.4 million euros or about 1%, news portal of the public broadcaster ERR reports cites LETA/BNS.

It is laid down in a regulation regarding the EU 2014-2020 period that the commission is to reassess the 2012 forecasts of member states' gross domestic product, gross national product and employment indicators as well as real levels in 2012-2014, the news portal said.

If a member state has performed better than forecast, the total volume of the country's structural resources from the European Social Fund (ESF), the European Regional Development Fund (ERDF) and the Cohesion Fund (CF) will be reduced. This has happened to Estonia and a decision has been made to reduce the funds allocated to Estonia by 35.4 mln euros.

"The idea behind European Union support is to help poorer countries become richer. Our goal should be to become so rich that the European Union wouldn't support us anymore," a spokesman for the Ministry of Finance, Ott Heinapuu, told. He added that Estonia's gap with the European average has decreased.

During the present budgetary period Estonia is to get 4.5 bln euros more from the EU than it is paying to the budget. Estonia's contribution is around 1.4 bln euros.






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