EU chief Ursula von der Leyen gives initial approval to national recovery plans

Associated PressUpdated: Wednesday, June 16, 2021, 07:42 PM IST
article-image
European Commission President Ursula von der Leyen |

European Union authorities are moving a step closer to deploying the bloc's massive pandemic recovery fund as the president of the 27-nation bloc's executive commission begins a tour of some EU capitals to announce the initial endorsement of national spending plans.

European Commission President Ursula von der Leyen arrived Wednesday in Portugal, which was the first EU member to formally present ideas for spending its share of the 750 billion euros ($909 billion) earmarked to help countries out of a sharp economic downturn caused by COVID-19.

The money is to be distributed in the form of grants and credit. The EU's 1.1 trillion-euro ($1.3 trillion) seven-year budget from next year will also help national economies.

In Portugal, Von der Leyen was expected to tell Prime Minister António Costa that his government's plan for how to use its 16.6 billion-euro windfall (USD 20 billion) has earned the European Commission's blessing. Final approval of EU countries' plans is still weeks away.

Portugal says much of its expenditure will go to improving the public health network, reducing pollution from public transportation, making housing more energy efficient and buying computers for schools.

So far, 23 of the EU's 27 countries have submitted their spending plans to Brussels authorities, which vet them to ensure they are in line with the bloc's policy goals and plan to follow up to check whether they are abiding by their commitments.

After Portugal, Von der Leyen was scheduled in Spain later in the day to meet with Prime Minister Pedro Sánchez.

She plans to visit Greece, Denmark and Luxembourg later this week.

(If you have a story in and around Mumbai, you have our ears, be a citizen journalist and send us your story here. )

(To receive our E-paper on WhatsApp daily, please click here.  To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Budget 2023 LIVE UPDATES: Chief Economic Advisor (CEA) presents Economic Survey 2023

Budget 2023 LIVE UPDATES: Chief Economic Advisor (CEA) presents Economic Survey 2023

Adani Group stocks trade lower for fourth running day

Adani Group stocks trade lower for fourth running day

Adani Port's port acquisition will help Israel's Haifa city grow into strong Mediterranean hub:...

Adani Port's port acquisition will help Israel's Haifa city grow into strong Mediterranean hub:...

Layoff wave: OLX to layoff 15% staff, around 1,500 employees to be impacted

Layoff wave: OLX to layoff 15% staff, around 1,500 employees to be impacted

Mumbai: Property registration in city up 7% to over 8,500 units in January, reports Knight Frank

Mumbai: Property registration in city up 7% to over 8,500 units in January, reports Knight Frank