ZAGREB, Aug 25 (Hina) – The European Commission has proposed that the European Council approve €81.4 billion in favourable loans to 15 member states for job retention and Croatia is expected to receive €1 billion.
The Commission on Monday presented proposals to the Council to approve the funds for 15 member states which have officially requested financial support under the SURE instrument to protect jobs and workers from the consequences of the coronavirus pandemic.
The highest amount is expected to go to Italy (€27.4 billion), followed by Spain (€21.3 billion). Slovenia is expected to receive €1.1 billion. Latvia is expected to receive the lowest amount (€192 million).
SURE was agreed during the Croatian presidency as part of efforts to support the economies of the member states in the pandemic and curb jumps in unemployment.
The loans will assist member states in addressing sudden increases in public expenditure to preserve employment and cover the costs directly related to the financing of national short-time work schemes and other similar measures put in place as a response to the coronavirus pandemic.
SURE can provide financial support of up to €100 billion in total to all Member States, the Commission said.
“SURE is a clear symbol of solidarity in the face of an unprecedented crisis,” said Commission President Ursula von der Leyen.