April 10, 2018 / 9:14 AM / in 9 months

Czechs face halt to 4.5 billion euros EU funds program

PRAGUE (Reuters) - The European Commission has temporarily halted an EU funds program worth 113 billion crowns (4.46 billion euros) for the Czech Republic after an audit detected several errors, the Czech Industry Ministry said on Tuesday.

The funds are aimed at enterprise and innovation and the halt is estimated to last several months, a ministry spokeswoman said. The errors were discovered by a Finance Ministry audit.

The fund has been running since 2015 and previous financing decisions are not impacted, the spokeswoman said.

EU development funds have contributed to state budget surpluses in recent years and are a boost for investment in the country’s export-reliant economy, which grew 4.6 percent in 2017.

Reporting by Petra Vodstrcilova, writing by Jason Hovet

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