EU accepts member-nations’ recovery plans to stimulate continent’s economy

on

The European Union (EU) accepted the economic recovery plans of a dozen member states on Monday, giving them the green light to be the first to use EU funds to boost their economies in efforts to overcome the economic impacts of the coronavirus disease 2019 (Covid-19) pandemic.

The foreign ministers of the EU adopted the plans of Austria, Belgium, Denmark, France, Germany, Greece, Italy, Latvia, Luxembourg, Portugal, Slovakia and Spain, who had asked for pre-financing from their allocated funds.

EU Commission President Ursula von der Leyen detailed that Austria will receive $4.1 billion, Belgium $6.9 billion, Denmark $1.7 billion, France $46.4 billion, Germany $30 billion, Greece $35.9 billion, Italy $225.6 billion, Latvia $2.1 billion, Luxembourg $109 million, Portugal $19.5 billion, Slovakia $7.4 billion and Spain $81.8 billion.

The European Council, which oversees the political priorities of the EU, initially gave the countries’ plans a favorable review in June for pre-financing disbursements with its decision on Tuesday permitting them access to sign grant and loan agreements for up to 13 percent of the allocated funds.

Andrej Sircelj, Slovenia’s minster of finance, said the decision Tuesday to approve nearly half of the national plans presented is “a big step forward in the European economic recovery.”

“With the EU support, the member states can start the reforms and investments needed for the recovery, strengthening and transforming our economies,” Sircelj said. “The adopted Council decisions will allow the member states to use the funds not only to recover from the Covid-19 crisis but also to create a resilient, greener and more digital, innovative and competitive Europe for the next EU generations.”

The countries will have access to 13 percent of the $792.1 billion Recovery and Resilience Facility, which is to fuel the 27-member bloc’s economic recovery from the pandemic’s fallout. Those funds come from a larger $883 billion Next Generation EU Covid-19 recovery package, which also aims to aid the EU in the digital transformation and to combat climate change.

“EU funding can soon start to flow to finance reforms and investments,” said Valdis Dombrovskis, the EU Commission executive vice president, said via Twitter. “Focus + now putting them into quick and proper effect.

Most of the member states submitted their investment plans in April and May, detailing targets necessary to access the funds, the European Council said.

 


Discover more from Current PH

Subscribe to get the latest posts sent to your email.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

MUST READ

Probable Cause and the politics of proof in the...

In Washington, impeachment debates often orbit around constitutional phrases like “high crimes and misdemeanors.” In Manila, the battle lines have sharpened around something more...

Overboarding, Illegal Operations in TNVS and MC Taxi Sector...

Growing evidence of widespread overboarding and unauthorized operations in the country’s ride-hailing and motorcycle taxi industry has prompted urgent calls for stricter government regulation,...

VP Sara Impeachment, Club Filipino event and the Duterte...

When defense lawyers in an impeachment proceeding move early to attack the credibility of a key witness, the tactic is neither novel nor unexpected....

Panayam Kay ASec. Irene Dumlao sa EFG sa Radyo...

https://www.youtube.com/watch?v=H0LZEfzjvMcThis video covers the government response to rising fuel prices and the impact on the transport sector, including tricycle drivers, jeepney drivers, TNVS, MC...

Sore Eyes in Summer: Conjunctivitis Causes, Symptoms, Treatment, and...

https://www.youtube.com/watch?v=OtDRYvx5nUUSore eyes, also known as conjunctivitis, are a common summer eye problem in the Philippines. In this video, Dr. Francis Efraim Laksamana explains why...

Discover more from Current PH

Subscribe now to keep reading and get access to the full archive.

Continue reading

Discover more from Current PH

Subscribe now to keep reading and get access to the full archive.

Continue reading