EU auditor calls on Lithuania to prepare for end of EU funding

Rimantas Šadžius
DELFI / Kiril Čachovskij

In Sadzius’ words, EU aid money needs to be invested and generate a return.

“We won’t be receiving much EU money in Lithuania after 2020. The task is to accumulate the money that is coming now in financial instruments funds so as to use it many times,” the ECA member told BNS.

“An audit has been performed and general patterns have been observed. The first one, which is common to all (EU) countries, is that once such a fund has been created, it’s very easy to put European money into it, but it’s extremely difficult to set the financing of specific projects going. All countries are facing problems,” Šadžius said.

“The first problem is that money stays in those funds for too long and the second problem is that the amount of money that comes back is low,” he added.

Lithuania has secured 8.39 billion euros in support from the European Structural and Investment Funds (ESIF) for the 2014-2020 period, including 4.6 billion euros in aid for less-developed regions.

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