Spain requests second installment of EU funds – EURACTIV.com
Spain requested 12 billion euros in funding from the EU on Friday, Economy Minister Nadia Calviño confirmed.
The Spanish recovery plan “follows the schedule and pace planned” by the executive of the country’s left-wing coalition, Calviño stressed during a press conference where the latest economic updates were presented.
The second payment – in addition to the first 10 billion euros and the 9 billion euros of pre-financing – is directly linked to the achievement of the objectives defined in the Spanish recovery plan submitted to the European Commission and scheduled for the second half of 2021 , EURACTIV partner EFE reported.
Among a wide range of measures, the Spanish government has embarked on an ambitious reform of the labor market and the pension system.
Meanwhile, María Teresa Fábregas, director of the European Commission’s task force for recovery and resilience, told EFE in a recent interview that Spain “is not late” to demand this second disbursement of EU funds.
Once the application is made, approval can take between four and five months, she said. “Member States decide when they will submit their disbursement requests. It is true that in the documents which have been adopted at European level, there are timetables, but these are ‘indicative’”, she explained.
She explained that once Spain has presented the request for payment, the European Commission will have “two months” to study all the documents and verify that the reforms and investments undertaken have been carried out since this payment is linked to the compliance with the steps planned by the Spanish government for the second half of 2021.
Spain plans to receive up to €140 billion in transfers and credits from the European Recovery and Resilience Mechanism (ERM) by 2026. The recovery plan approved by the Spanish government in July 2021 includes reforms and investments for the period 2021-2023 which will be financed to the tune of 70 billion euros corresponding to the transfers.
Spain, like other EU countries, has announced its intention to contract the loans to which it is entitled, ie an additional 70 billion euros.