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Preliminary approval by Brussels of the second payment from Spain's recovery funds

Monday's preliminary positive assessment by the European Commission regarding the second payment of recovery funds to Spain was made.

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Preliminary approval by Brussels of the second payment from Spain's recovery funds

Monday's preliminary positive assessment by the European Commission regarding the second payment of recovery funds to Spain was made. The country requested the second disbursement from Next Generation funds on April 30. This was based upon the achievement of 40 milestones or objectives that were implemented in the second half 2021. Reforms in areas like the green transition, the labor marketplace, and digitization are just a few of the many achievements.

The Community Executive has approved the Economic and Financial Committee. It will then have up to four weeks to respond to the matter. Based on the Committee's position, the final decision of the European Commission will be made and 12,000 million euros will be disbursed.

Ursula von der Leyen (President of the European Commission) stated that Spain has made enough progress in the execution its national recovery plan to be eligible for a second payment through Next Generation EU. According to her, the country is "continually advancing reforms in key political areas", including the labor market and sustainability of the public finances. Spain will be paid the second installment "once the Member States give their approval".

Paolo Gentiloni (Commissioner for Economy) has stressed that the second payment will be subject to "transformative Reforms" which have been agreed with the social partners. They also highlight the changes in the labor market "to increase job stability" as well as the first part pension reforms "which will support pensioners' purchasing power and adapt the legal retirement age."

Already 9,036 million Euros of pre-financing has been provided to Spain. This is in addition to the additional 10,000 million for recovery aid. The second payment will be added.

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