Finland Ratifies Participation In EU's $916Bln Economic Recovery Mechanism

The Finnish parliament on Tuesday approved the country's participation in the NextGenerationEU package of measures to help the European economy recover with a budget of 750 billion euros ($916 billion), a Sputnik correspondent reported.

HELSINKI (UrduPoint News / Sputnik - 18th May, 2021) The Finnish parliament on Tuesday approved the country's participation in the NextGenerationEU package of measures to help the European economy recover with a budget of 750 billion Euros ($916 billion), a Sputnik correspondent reported.

The decision was adopted in a 134-57 vote after a week-long consideration.

All EU member states must ratify the economic recovery plan for the NextGenerationEU mechanism to be implemented.

The recovery fund, which was integrated into the bloc's long-term budget for the next seven years, is the EU's main response to the pandemic-induced crisis. Its goal is to support economic recovery and build a green, digital and sustainable model of society.

The package is yet to be ratified by Austria, Hungary, the Netherlands, Poland and Romania.