Cyprus can become a EU net recipient member-state (it will receive more from the EU budget than its contributions) provided it absorbs the funds allocated to the country for the period of 2014-2020, Cypriot European Court of Auditors member, Lazaros Lazarou told the Parliament on Tuesday.

Presenting the ECA`s annual report for 2015 to a joint session of the parliamentary committees of Finance, Foreign and European Affairs and Expenditure control, Lazarou said that in 2015 Cyprus contributed to EU coffers €230.2 million which corresponds to 0.16% of the EU budget.

Cyprus Auditor General Rea Georgiou pointed out that in 2015 Cyprus was a net contributor at it received only €163.7 million.

Lazarou noted that Cyprus` absorption capacity reached 95% up to October 2016, exceeding the EU average that amounted to 93%.

The Cypriot ECA member also noted that according to the 2014-2020 multiannual financial framework pre-allocations, Cyprus will receive a total of €1.3 billion.

He underlined that according to EU Commission figures, in 2015 Cyprus had 1.0% funds at risk concerning the EU cohesion funds which was lower than the EU average of 3.0%, where the percentage of funds at risk concerning the natural resources funds stood at 1.5% compared with the EU average of 2.0%.

Replying to questions submitted by the MPs, Lazarou said in its report the ECA points out that the European Commission is not particularly effective in receiving credible data and does not implements consistently the same process for member-states that have been audited.