Friday, December 4

Calviño confirms that Spain will use the 140,000 million of European funds

Vice President Nadia Calviño.

Vice President Nadia Calviño.

The Third Vice President of the Government and Minister of Economic Affairs and Digital Transformation, Nadia Calviño, has assured that Spain intends to fully use the aid of 140,000 million euros that correspond to it under the EU recovery plan and hopes that there will be no delay to be able to implement the national plan on January 1, 2021.

This has been pointed out in la jornada ‘Capital Markets Forum Spain’ organized by Bloomberg held this Thursday, the same day that the Twenty-seven meet to evaluate the recent agreement on the European budget, which Hungary and Poland reject en bloc due to the system by which the EU could suspend the payment of European aid to those countries that have violated the principles of the rule of law, which could delay the arrival of European funds for recovery.

Calviño has highlighted the importance of the agreement on the European budget, “politically very relevant and extremely relevant for financial markets and confidence in the recovery and in the European project “.

“Much legal text is negotiated, it is not a surprise that there may be tensions, potential vetoes and threats in the application of these norms. I hope that in the coming weeks we will be able to overcome these first negative reactions”, he pointed out.

In any case, Calviño has ensured that the European Parliament is committed and that on January 1, 2021 “should still be the deadline” for the implementation of the Spanish recovery plan, financed with resources from the European Union. “We want to start implementing the national plan as soon as the budget is approved,” he assured.

Likewise, Calviño has indicated that the Spanish Government intends to fully use the 140,000 million euros that correspond to Spain. As explained, will focus first on direct transfers of 72 billion and later on loans, since the former must be used within a period of three years and the latter, in up to six.

“We are very interested in making sure we commit this amount in the first three years, so Let’s not lose a euro from the grant part. The loans can be implemented in six years, “he said.

Deficit reduction

During her speech, the minister also defended the need to extend support measures to ensure that the economic recovery continues. “If we withdraw support measures too quickly, we risk the recovery of an economy that is not strong enough“Calviño has warned.

Along these lines, he has referred to the recent extension of the repayment term for ICO loans by three years. “We are going to give creditworthy companies more time to pay back publicly guaranteed loans and we will see what additional measures are needed. We have to see if the situation requires additional measures and we will see that in the coming weeks“, has explained.

In any case, he reiterated that Spain is fully committed to reducing the public deficit “as soon as possible”, but has called for a revision of European fiscal rules. “They are related to abstract indicators that, frankly, do not accurately reflect reality“, It has been recognized.

The Minister of Economic Affairs has valued the effectiveness of measures to support families and businesses affected by the coronavirus and that the data known in recent weeks show an improvement in the evolution of the pandemic in Spain.

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