Brussels, May 25 : The European Commission has recommended a €750 billion recovery fund to boost European economies hit hard by the COVID-19 pandemic, EU officials said on Wednesday.
The commission officials said that south European countries, which have been worst hit by the pandemic would get the bulk of the proposed fund which would include €500 billion in grants and the rest in loans. The Commission suggests that Spain and Italy– the two countries affected by the pandemic – be given €140 billion and €173 billion respectively through a combination of loans and grants.
European Union's Economic Affairs Commissioner Paolo Gentiloni welcomed the proposal, labelling it as "European breakthrough" he said that the fund would be helpful to "tackle an unprecedented crisis". France 24 quoted European Commission President Ursula von der Leyen saying that this stimulus package if provided timely, would help avoid the need for more costly damage-control measures in the future "Tomorrow the cost of inaction in this crisis will be far more expensive for us. The point here is to lay the foundations for our future together," she said. "Let us put aside the old prejudices!" she emphasised. (UNI)