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ARCHIVED - Spain to receive 19 billion euros this year following EU approval of recovery plan
EU Commission President Ursula von der Leyen presented her Covid Digital certificate as she entered Spain
On Wednesday (June 16) European Commission President Ursula von der Leyen met with Spanish President Pedro Sánchez as part of a round of visits to member states.
She brought with her the formal approval of the Spanish Covid recovery plan, highlighting in her official presentation that it allocates 68 per cent of the funds to reforms and programmes relating to energy transition and digital transformation.
Brussels has approved the recovery plan the Spanish government submitted at the end of April, bringing the country one step closer to receiving a nine billion euro advance payment from the European crisis fund.
However, the initial payment still depends on the document being given the green light by the EU’s Economy and Finance ministries, which is expected to happen in mid-July.
Moreover, the European authorities think another 10-billion-euro payment could be approved at the end of the year, meaning Spain will have received 19 billion by the end of 2021. Unlike the initial advance payment, the second will depend on whether the country has reached a series of goals and milestones agreed by Spain and Brussels. Specifically, the EU authorities will have to validate some 50 targets in order to approve it. Many of these goals have already been met, as they can include measures adopted since February 2020. There are still some pending issues though, EU sources have pointed out, such as reducing the temporary nature of the public sector, the entry into force of the climate law and the deployment of electric car charging points.
Although Spain was eligible to receive some 140 billion euros from the EU’s 800-billion recovery fund, for the time being, the government has only requested the 69.5 billion euros available in non-refundable transfers. The remaining amount would have been in the form of loans.
The country must meet a total of 416 goals and milestones to unlock six-monthly payments between the end of 2021 and June 2025. The biggest single instalment, amounting to some 12 billion euros, is scheduled for June 2022, and the government must meet a range of targets to obtain it, most of which are related to labour market reform.
Spain’s plan, the Commission said in a statement, includes a broad range of mutually reinforcing reforms and investments that contribute to fully addressing or significantly reducing the economic and social challenges highlighted in the country-specific recommendations. Moreover, it includes details of how the national authorities intend to prevent, detect and correct conflicts of interest, corruption or fraudulent use of the EU funds.
EC President Ursula von der Leyen said that the plan will profoundly transform Spain’s economy, making it greener, more digital and resilient. The Commission has backed the plan because it is ambitious, forward-looking and will help build a better future for citizens in Spain, she said.
"This is a unique opportunity not only to strengthen the country's recovery from the pandemic but also to build an economy that is more socially just, more sustainable and more dynamic," added EU Economy Commissioner Paolo Gentiloni.
Image2: Fernando Calvo/Pool Moncloa