Only three of 14 preconditions set by the EU before disbursing specified funds covering the period up to 2021’s end under Cyprus’ Recovery and Resilience Facility (RRF) have been implemented so far.
But all 11 pending goals have to be met within the deadline agreed between Nicosia and the Commission before Cyprus receives the second disbursement of €85 million by February 2022.
And this causes the Finance Ministry great anxiety, Philenews reported on Friday citing insiders.
In September, the Commission disbursed €157 million to Cyprus in pre-financing, equivalent to 13% of the grant and loan component of the country’s financial allocation.
The pre-financing payment under the RRF aimed to kick-start the implementation of the crucial investment and reform measures outlined in Cyprus’ recovery and resilience plan.
The country is set to receive €1.2 billion in total over the lifetime of its plan, with €1 billion provided in grants and €200 million in loans.