The time span between 2014 and 2020 constitutes a new, multi-annual financial framework. During this time, by negotiating with the European Union, Romania received financing through 5 major types of funds which were part of the European Structural Investments Funds (ESIF) and which were structured in six major Operational Programs, the most consistent of which is POIM - The Major Infrastructure Operational Program (MIOP). Within this financial framework, Romania needs to improve its absorption of funds based on the experience gained in the previous framework, with regards to issues like bureaucracy, corruption, lack of qualified personnel for the implementation of projects, the transition from the quantitative side of projects to the qualitative one, and the lack of a strategic vision. The country shouldn’t continue with justifications of powerlessness that are divided between political and economic factors. Romania needs a viable solution in terms of absorption, because otherwise economic and social development projects cannot be carried out in the near future. Romania's problem is that, after 2020, it has to absorb an amount of around 80 billion euros in European Funds coming from both the Recovery and Resilience Program and the 2021-2027 allocation.
- operational programs
- absorption rate
- programming period
- European projects
- multiannual financial framework