Green light given to 12 national recovery plans

EU economic and finance ministers today (13 July) adopted the first batch of Council implementing decisions approving twelve national recovery and resilience plans. Economy Commissioner Paolo Gentiloni said: “This is the real start of the recovery plan.”

The pre-financing arrangement allows an initial payment of 13% of total available funding to get the ball rolling, within two months of today’s decisionl. Further disbursements from the facility will be based on a positive assessment of the implementation of the recovery and resilience plan, taking into account the achievement of the milestones and targets set out in each country’s plan. Plans include difficult reforms that while difficult to adopt, can be eased with transitional funding. The plans are also critical to the EU delivering on its green and digital ambitions. 

Gentiloni said that while today’s decision was essential, it was what will happen in the next few weeks, months and year that will be decisive in this “extraordinary and unprecedented programme. 

Austria, Belgium, Denmark, France, Germany, Greece, Italy, Latvia, Luxembourg, Portugal, Slovakia and Spain got the green light for the use of EU recovery and resilience funds to boost their economies and recover from the COVID-19 fallout. ECOFIN approval permits the member states to sign grant and loan agreements linked to the fund.

Two countries have still not submitted their plans: Hungary and Austria. Four more countries are expected to have their plans approved at the next ECOFIN 26 July. 

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