Cyprus has received a clean bill of health from the European Court of Auditors, with the institution’s 2024 annual report recording zero audit findings for the country. Finance Minister Makis Keravnos announced this significant achievement following a meeting with Cypriot Member of the Court of Auditors of the EU, Lefteris Christoforou.
Leading the Way in EU Fund Utilisation
The Minister highlighted Cyprus’s strong performance across multiple European funding mechanisms, emphasizing the nation’s efficiency and integrity in financial management:
Multiannual Financial Framework (MFF)
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2014-2020 Framework: Christoforou confirmed that Cyprus has achieved almost 100% absorption of the funds available under the previous MFF. Christoforou hailed this as a “significant achievement,” noting that “not a single euro was lost.”
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2021-2027 Framework: Cyprus is currently moving ahead of the European Union average. The country has absorbed around €250 million, representing 18.8% of the available funds, significantly higher than the EU average of 14%.
Recovery and Resilience Fund (RRF)
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Cyprus has absorbed approximately 50% of its total RRF funds to date, slightly below the European average of 56%.
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Keravnos stressed the government’s priority is to utilize the remaining funds productively by October 2026, moving forward with a rapid pace and full coordination across all Ministries.
A Testament to Effective Management
The combination of high absorption rates and the absence of any audit findings for cases related to the Recovery and Resilience Fund confirms Cyprus’s effective utilization and management of European financial resources.
Christoforou stressed that this performance demonstrates the member state’s “effectiveness and ability to utilize European funds in the best possible way,” concluding that Cyprus is “truly worthy of congratulations.”
Net Financial Benefit
As a direct result of these efforts, Cyprus is realizing substantial net financial benefits from its EU membership:
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For 2024 alone, Cyprus recorded net revenues of €254 million from the European Union.
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Over the entire last four years, the country recorded total net revenues from EU funds of around €1.28 billion, money that has been channeled into the economy to benefit society and citizens while achieving established European goals.
Source: Stockwatch.com.cy