Spain’s next move: Brussels delivers third installment of pandemic recovery fund

SPAIN released its third installment of a major pandemic recovery grant from the European Union on Friday, March 31. The third installment totalled €6 billion, bringing the total funds granted to the country to more than €37 billion.

The awarding of the funding means that Spain has received more than half of its total allocation of €69.5 billion from the Next Generation EU recovery fund, making it the largest recipient of the funds in the EU.

The European Commission approved the payment to go ahead back in January. The approval was based on a review which confirmed that Spain had implemented the reforms and investments it had committed to for the first half of 2022, including hitting 23 milestones and meeting six objectives. Spain has also taken steps to improve transparency in its audit system, which the EU had identified as a problem.

Spain is using the funds to help its economy recover from the impacts of the COVID-19 pandemic. Specifically, the funds are being used to support reforms and investments in various areas, including reforms to the social security system, forest fire prevention schemes, and fighting tax fraud.