With no major EU aid likely to be provided to Lithuania after 2020, the country should take efforts to ensure that the available European funds yield a return for the state, Rimantas Šadžius, a former finance minister and now a member of the European Court of Auditors (ECA), said.
Rimantas Šadžius
© DELFI / Kiril Čachovskij

In Sadzius' words, EU aid money needs to be invested and generate a return.

"We won't be receiving much EU money in Lithuania after 2020. The task is to accumulate the money that is coming now in financial instruments funds so as to use it many times," the ECA member told BNS.

"An audit has been performed and general patterns have been observed. The first one, which is common to all (EU) countries, is that once such a fund has been created, it's very easy to put European money into it, but it's extremely difficult to set the financing of specific projects going. All countries are facing problems," Šadžius said.

"The first problem is that money stays in those funds for too long and the second problem is that the amount of money that comes back is low," he added.

Lithuania has secured 8.39 billion euros in support from the European Structural and Investment Funds (ESIF) for the 2014-2020 period, including 4.6 billion euros in aid for less-developed regions.

President leaves for UN General Assembly to discuss security and climate change

Lithuanian President Gitanas Nauseda is leaving for New York on Sunday to attend the UN General...

President presents awards to Jews savers (1)

Lithuanian President Gitanas Nauseda on Friday presented Life Saving Cross awards to people who saved...

Lithuania considers sending troops to Strait of Hormuz

Lithuania is considering sending troops to the Strait of Hormuz to contribute to an international...

New rotation of Lithuanian army instructors leaves for Ukraine

The 11th rotation of Lithuanian army instructors was seen off to Ukraine on Thursday to take part...

Probe: foreigner center staff hold children behind bars, lack language skills

The staff of Lithuania's detention center for illegal migrants do not speak foreign languages,...