EU to explore 'frontloading' structural payments to Cyprus
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The European Commission will propose "frontloading" payments to Cyprus from the EU budget so that allocations for the next seven years are paid early to give the battered economy a boost, European Commission President Jose Manuel Barroso said.
In a letter to Cypriot President Nicos Anastasiades, Barroso said the Commission would also offer Nicosia higher pre-financing rates and explore the possibility of increasing the size of the funds already agreed for Cyprus in the EU's 2014-2020 budget.
"With a view to delivering an impact on the ground as soon as possible I would propose to explore with the budgetary authority the possibility of frontloading future (EU budget) assistance for Cyprus," Barroso said in the letter.
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