EU countries may not have time to master 724 billion euros for post-COVID economic recovery
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The countries of the European Union (EU) may not have time to spend until the end of 2026 the largest financial assistance package in history, the bulk of which was allocated by the Recovery and Resilience Facility (RRF) 723.8 billion euros. It is reported by Reuters. The RRF was agreed upon in the midst of the coronavirus pandemic in July 2020 and entered into force on February 19, 2021 as the main part of the wider €806.9 billion NextGenerationEU programme. Of the €723.8 billion RRF, €385.8 billion are loans and €338 billion are grants.
To benefit from the fund’s support, EU states submit their recovery plans to the European Commission (EC). Each plan outlines reforms and investments to be implemented by the end of 2026.
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