EU-27 set to give green light to the Spanish plan and give Spain 9,000 million euros

The EU-27 is set to give the green light to the Spanish plan and give Spain 9,000 million euros. This is only the first part of the money to head to Spain from the EU’s anti-crisis fund.

It is expected on Tuesday, July 13, that the ministers of Economy and Finance of the European Union (Ecofin) will greenlight the reform and investment plan. The plan was put forward by Spain’s government to Brussels in a bid to receive money from the EU’s anti-crisis fund.

If the green light is given as expected, then Spain will receive a payment of 9 billion euros. This money should hopefully arrive in July as an advance.

According to 20 minutes, the recovery fund has a staggering 800 billion euros available and Spain is entitled to 140 billion euros. The fund aims to help European countries recover from the ongoing coronavirus pandemic. The fund also aims to promote digital transformation too.

The European commission has already backed the Spanish proposal and unless there are any last minute surprises, approval is expected to go through smoothly. It is also predicted that 11 of the national plans will be approved. This includes plans from Germany, France and Italy.

The EU-27 has already analysed and discussed the plans so a complicated debate is not expected today, Tuesday, July 13. The plan for Spain has passed through the process so far without being modified, according to sources.

Spain plans to use the money to fight against the first blow of the pandemic and deploy the money “as soon as possible”. There has seen some criticism over plans to spend the money in the first years rather than spreading the money out over a longer time period.

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