State Investment Strategy Too Dependent on EU Funding, Says National Audit Office

12/6/2013 4:29 PM
Category: Economy

Estonia is developing itself mainly in the directions that EU funds allow, without investing much itself, says Tarmo Olgo, head of the Performance Audit Department at the National Audit Office.

Speaking at a construction conference, Olgo said that the state has little of its own money to invest, as state expenses are growing faster than revenue, Äripäev reported today.

Olgo said that between 2007 and 2013 Estonia has invested 4.2 billion euros, of which 70 percent came from EU funds, but with there will be a decline in availability of EU funds in the next few years due to the crossover to the new seven-year EU budget period.

Certain areas have received little or no investments, as they are not prioritized by the union, Olgo said, adding that museums are one such example, where exhibit rooms have been renovated, but art storage buildings are in a dire state.


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