The payout corresponds to 29 milestones and targets met by the country in the first half of 2022
The European Commission on Friday gave its preliminary positive assessment of the third payment of recovery funds to Spain. The country requested this disbursement of Next Generation funds last November, based on the fulfillment of 29 milestones and targets implemented during the first semester of 2022. Among these achievements are the reforms of the social security system for the self-employed, the Bankruptcy Act and the changes implemented in the field of vocational training.
The Community Executive has sent its approval to the Economic and Financial Committee, which has a maximum of four weeks to issue its opinion. Brussels will then take its final decision, based on the position of the commission, and the disbursement of the 6,000 million euros will then take place. Spain is the first Community country to request the third disbursement and is also the Member State that will receive the most aid – 70,000 million – as it has been most affected by the pandemic.
The EU has already provided €9,036 million in pre-financing to Spain, in addition to a further €22,000 million from the first and second recovery aid payments, to which this third disbursement will be added. A mission from the European Parliament will travel to Madrid next week to evaluate the implementation of the Next Generation funds. Recently, the First Vice President and Minister of Economy, Nadia Calviño, sent a letter to the President of the Mission, Monika Hohlmeier, highlighting the government’s efficiency and transparency in spending this aid.
Looking ahead, one of the main concerns in Brussels is pension reform, which must pass a Community Executive exam in the summer. The fourth disbursement of the recovery funds will depend on this evaluation. The European executive has already expressed doubts about the intergenerational justice mechanism put forward by the Minister of Inclusion, Social Security and Migration, José Luis Escrivá. Moreover, the second part of the reform is still paralyzed and time is short. Asked about this question, the Economy Commissioner, Paolo Gentiloni, assured that he is “confident” that this second part of the reform will be adopted soon. For his part, Escrivá points out that he is in the final phase of negotiations.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
