Greece more than covered its targets for absorbing community funds in 2013, reaching 118 pct of the target set by a memorandum signed with the country’s creditors, with another 5.8 billion euros remaining to be absorbed in the 2014-2015 period, Development and Competitiveness Minister Costis Hatzidakis said.
Presenting a report for the National Strategic Framework and the Public Investments Programe for 2013, Hatzidakis noted: “The results is a proof of what Greeks can achieve with systematic work. We can overcome expectations and dismiss myths circulating for our country abroad”.
Absorption of community funds totaled 4.6 billion euros last year, from a memorandum target of 3.89 billion euros, while total public spending -including national participation- surpassed 5.0 billion euros for an absorption rate of 74 pct.
Hatzidakis stressed that total public spending surpassed 2012 spending by 47 pct to 5.007 billion euros, from 3.414 billion in 2012. Total spending was 16.5 billion euros, with spending in the last 18 months totaling the spending of the previous three-and-a-half years.
The minister said absorption of community funds will intensify in 2014 while the country was awaiting the beginning of capital inflows from a new EU package.
Hatzidakis said that a Public Investments Program spent all its money in 2013, distributing around 6.650 billion euros to the market, up from 6.113 billion in 2012.
(source: ana-mpa)
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