EU Makes First Payments From Huge Recovery Plan
Faizan Hashmi 2 months ago Tue 03rd August 2021 | 06:40 PM
Brussels, Aug 3 (UrduPoint / Pakistan Point News - 3rd Aug, 2021 ) :The European Union made the first pay-outs to member states Tuesday from its 800-billion-euro ($950 billion) post-coronavirus recovery plan.
These payments are intended to finance essential reforms and investments, laying the groundwork for member states to receive the rest of their allocations.
All but two member states in the 27-nation EU have submitted spending plans and 16 have been definitively approved, while evaluations are continuing on seven.
European Commission spokeswoman Arianna Podesta said the order in which member states receive their first payments would depend on the speed with which national governments can process their agreements.
"For some member states it is a matter of days, for other member states it may take longer," she remarked.
The huge plan was hammered a year ago out in marathon and often tense talks between member state governments.
All agreed that Europe should step up to help rebuild the economy after the ravages of the Covid-19 pandemic, but the so-called "frugals" of northern Europe were initially reluctant to allow joint EU borrowing.