Recovery Instrument NextGenerationEU Ready to Be Implemented, Bulgaria’s Recovery Plan Delayed
The Commission adopted on Wednesday the Funding strategy that will ensure all necessary elements are already in place as borrowing under the temporary pandemic recovery instrument NextGenerationEU to be financed on the most advantageous terms.
The EU executive will use it to raise up to around €800bn in current prices until 2026. The size of NextGenerationEU would translate into borrowing volumes of on average €150bn per year between mid-2021 and 2026, which will make the EU one of the largest issuers in euro.
Using diverse funding instruments and techniques, the Commission will expand the investor base for EU securities, facilitate the smooth repayment of borrowed amounts, and deliver all funds as required on the most advantageous terms for EU citizens.
Saying that the NextGenerationEU is a game changer for European capital markets, Johannes Hahn, EU Commissioner in charge of Budget and Administration, explained that the funding strategy will operationalise the NextGenerationEU borrowing, “so we will have all necessary tools in place to kick-start the social and economic recovery and promote our green, digital and resilient growth”.
The message is clear: as soon as the Commission has been legally enabled to borrow, we are ready to get going, the Commissioner asserted.
Meanwhile it became clear that Bulgaria is late with the completion and presentation of the National Recovery and Resilience Plan, the President of the Confederation of Independent Trade Unions in Bulgaria Plamen Dimitrov warned. The plan must contain measures and reforms in fields such as competitiveness, productivity, education and skills, healthcare, employment, social, economic and regional cohesion. The incumbent Deputy Prime Minister Tomislav Donchev said he will leave this important task to the new government which further delays the plan’s submittal to EC and hence the receipt of recovery funds for an indefinite time.
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