Education ministry admits it will not be able to draw available EU funds

04-09-2012

The Czech Republic stands to lose the equivalent of 4-5 billion crowns due to problems in drawing money from EU funds, according to Education Minister Petr Fiala. Minister Fiala said it was now almost certain the available funds would not be drawn by the end of the year due to poorly prepared projects and delays on the Czech side. Efforts are now being made to minimize the impact of this fall out on the state budget. There are fears that the problems with drawing of EU funds could seriously impact the government’s consolidation strategy.