The European Commission yesterday praised Malta for how it is being able to absorb its EU fund allocations putting the island on top of all the other new EU member states which joined the union in 2004.
According to the EU 2007 financial report, until last month, Malta managed to absorb 82 per cent of all its allocated funds under the 2004-2006 financial perspectives.
During this period, Malta was allocated €370.4 million and had managed to spend €303 million or 82 per cent of all the funds by last month.
Under EU rules, Malta, as all the other member states, has until the end of this year to spend the other €67.4 million allocated for the first financial period since Malta joined the EU, otherwise it risks losing the EU funds.
According to the EU's budget statistics, the closest country to Malta in utilising EU funds is Estonia which until last month spent 69 per cent of its 2004-2006 allocation.
At the other end of the scale comes Cyprus which has only spent 60 per cent of its funds.
The statistics also show that during the same period, Malta contributed €113.4 million to the EU coffers remaining with an overall surplus of €257 million.
The financial report also gives details of the first year of spending by member states under the new financial plan, which covers the seven -year budgetary period between 2007 and 2013.
According to this plan, Malta will be allocated €89.3 million this year and at the same time will have to fork out €57 million. The total allocation for Malta during the seven-year period should reach €900 million in funds.
Speaking during a press conference on the general aspects of the EU's financial state of play, Budget Commissioner Dalia Grybauskaitë said that most of the 2007 funds - over 92 per cent, or €105 billion - were spent on the ground in the EU's 27 member states with the four biggest recipients taking almost half the total budget.
France held on to its position of overall top recipient, with €13.9 billion, followed by Spain (€12.8 billion), Germany (€12.5 billion) and Italy (€11.3 billion).
The new member states made steady ground with their share of spending growing from 12.9 per cent in 2006 to 17 in 2007 - €5.5 billion more.
Poland benefited most, receiving €7.8 billion or 7.4 per cent of all EU funds.
According to the EU 2007 financial report, until last month, Malta managed to absorb 82 per cent of all its allocated funds under the 2004-2006 financial perspectives.
During this period, Malta was allocated €370.4 million and had managed to spend €303 million or 82 per cent of all the funds by last month.
Under EU rules, Malta, as all the other member states, has until the end of this year to spend the other €67.4 million allocated for the first financial period since Malta joined the EU, otherwise it risks losing the EU funds.
According to the EU's budget statistics, the closest country to Malta in utilising EU funds is Estonia which until last month spent 69 per cent of its 2004-2006 allocation.
At the other end of the scale comes Cyprus which has only spent 60 per cent of its funds.
The statistics also show that during the same period, Malta contributed €113.4 million to the EU coffers remaining with an overall surplus of €257 million.
The financial report also gives details of the first year of spending by member states under the new financial plan, which covers the seven -year budgetary period between 2007 and 2013.
According to this plan, Malta will be allocated €89.3 million this year and at the same time will have to fork out €57 million. The total allocation for Malta during the seven-year period should reach €900 million in funds.
Speaking during a press conference on the general aspects of the EU's financial state of play, Budget Commissioner Dalia Grybauskaitë said that most of the 2007 funds - over 92 per cent, or €105 billion - were spent on the ground in the EU's 27 member states with the four biggest recipients taking almost half the total budget.
France held on to its position of overall top recipient, with €13.9 billion, followed by Spain (€12.8 billion), Germany (€12.5 billion) and Italy (€11.3 billion).
The new member states made steady ground with their share of spending growing from 12.9 per cent in 2006 to 17 in 2007 - €5.5 billion more.
Poland benefited most, receiving €7.8 billion or 7.4 per cent of all EU funds.