Spain on Friday requested €12 billion in EU funding, Economy Minister Nadia Calviño, has confirmed.
The Spanish recovery plan “is following the calendar and pace foreseen” by the country’s left-wing coalition executive, Calviño stressed in a press conference where the latest economic updates were presented.
The second payment – on top of the first €10 billion and the €9 billion in pre-financing – is directly linked to the fulfilment of the objectives outlined in the Spanish Recovery Plan submitted to the European Commission and scheduled for the second half of 2021, EURACTIV’s partner EFE reported.
Among a wide range of measures, the Spanish government committed to an ambitious labour market reform and reform of the pension system.
Meanwhile, María Teresa Fábregas, director of the European Commission’s Working Group for Recovery and Resilience, told EFE in a recent interview that Spain “is not late” in demanding this second disbursement of EU funds.
Once the request is made, the approval can take between four and five months, she pointed out. “The member states decide when they will submit their disbursement claims. It is true that in the documents that have been adopted at the European level, there are timetables, but these are ‘indicative’,” she explained.
She explained that once Spain presents the demand for payment, the European Commission will have “two months” to study all the documents and verify that the committed reforms and investments have been carried out since this payment is linked to the fulfilment of the milestones scheduled 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 that will be financed with €70 billion corresponding to transfers.
Spain, like other EU countries, has announced that it intends to take out the loans to which it is entitled, amounting to an additional €70 billion.