Viktor Orban’s Hungary will have to wait at least until the end of September to see the national recovery plan approved. And for Poland too, the procedure for allocating European funds could be extended by at least two months. And this despite Warsaw, at least in the last week, has avoided the thunderous tones of defiance used instead by the ally of Budapest who attacked the Commission of Ursula von der Leyen head-on, saying he was ready to do “without European resources”. All in the name of sovereignty.
The finance ministers of the European Union, meeting yesterday by videoconference, gave the green light to the national recovery and resilience plans of four other member countries: Cyprus, Croatia, Lithuania and Slovenia. Thus starting the countdown that will quickly lead to the disbursement of EU pre-financing for projects indicated by individual governments.
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Sixteen countries have already received the green light for funding
With the four approvals made official yesterday, there are now sixteen national plans accepted by Brussels, with all the major economies already being promoted. The Recovery Fund represents an unprecedented effort for the European Union, a 750 billion euro fund to support the recovery after the Covid pandemic, focusing above all on the green economy and digital technologies. The 27 countries have the opportunity to receive billions of low-cost grants and loans to invest and carry out reforms (with pre-financing that in this start-up phase covers 13% of the funds allocated to each country). A historic transaction with a common debt issue, in which the Commission can enforce its AAA credit rating on the markets.
«Ecofin has given a positive evaluation of the plans of the four countries – said the vice president of the European Commission, Valdis Dombrovskis – and of the mix of reforms and investments presented. The next step now is to implement these plans and start the recovery of the European economy ”. Dombrovskis himself explained that “the Commission will disburse pre-financing as soon as the technical requirements allow it: a matter of weeks or in some cases, days”. Then, with the signing of the bilateral commitments, the appropriations already approved will arrive: “I believe for the summer – added the vice-president of the Commission – or at the latest at the beginning of autumn”.
Hungary and Poland still under scrutiny
But not for Hungary, which has asked for € 7.2 billion in European grants (taking time on loans). And not even for Poland, which asked the Union for 23.9 billion in subsidies and 12.1 billion in loans. “The Commission has proposed to Hungary an extension until 30 September for the analysis of the national recovery plan, discussions are underway, an agreement must be found,” said Dombrovskis, adding that “for the analysis of the Poland there is already an extension in progress, but we do not exclude it may take more time ».