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Italy to get 172.7 bn under EU Recovery Fund plan – sources

27 May 2020 19:29

BRUSSELS. KAZINFORM Italy is to get 172.7 billion euros of the 750-billion-euro EU Recovery Fund for the coronavirus emergency, if the European Commission's plan is approved, well-informed sources told ANSA Wednesday.

Some 81.087 billion will be granted as aid and 90.938 as loans, they said, ANSA reports.

European Economic Affairs Commissioner Paolo Gentiloni said Wednesday that «the Commission is proposing a 750 billion euro Recovery Fund that will be added to the joint instruments already launched. «

(It is) a European turning point to face an unprecedented crisis,« added the former Italian premier.

The EC's proposed quota for Italy is the highest in the Fund, followed by Spain with 140.4 billion, split into 77.3 in aid and 63.1 in loans, the sources told ANSA.

European Commission President Ursula van der Leyen, who will present the proposal later Wednesday, has tried to satisfy both southern European countries like Italy who want grants and northern European deficit hawks who want loans.

Premier Giuseppe Conte said «Italy must be ready to use the funds».

The EC will get the 750 billion by temporarily raising the common budget ceiling to 2% of GDP and going to the markets to finance itself.

The debt will have to be repaid between 2028 and 2058, via the post 2027 common budget.

In order to get resources Brussels proposes including new resources from taxes on emissions, on major multinationals, on plastic and via a web tax.

Keywords: Coronavirus, EU, Economy, World News,