Download or read book Bulgaria’s EU Funds Absorption written by Iana Paliova and published by International Monetary Fund. This book was released on 2014-02-06 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on EU structural and cohesion funds assistance to Bulgaria during the 2007–13 program period. Initial weaknesses resulted in a low absorption rate, which was mitigated by increasing advance payments; applying electronic application and reporting procedures; simplifying and unifying tender processes; and strengthening the role of international financial institutions and banks in project preparation, evaluation and monitoring. The possible impact on growth and potential output is briefly discussed, while the risks of improper absorption are acknowledged. Valuable lessons have been learned, but it is recommended that additional steps be taken for the next program period 2014–20.