The prime minister today highlighted the approval by the European Union, “unanimously, of the Recovery and Resilience Plan (PRR) presented by Portugal, considering that it will accelerate convergence, reduce inequalities and transform the country, making it more competitive.
“The process of approval unanimously, by the European Union, of our PRR. It is time to act to build a robust future, with an eye on the new generations”, wrote António Costa in his official account on the social network Twitter.
A message that the executive’s leader broadcast shortly after the Ecofin Council approved the first 12 recovery and resilience plans (PRR), including that of Portugal, which in the coming weeks will receive the first disbursement of the global cake. 16.6 billion euros.
According to the prime minister, “more than just recovering, the PRR will make it possible to transform the country, accelerating convergence with the European Union, ensuring a greener economy and competitive, a less unequal society, with more and better jobs, decent and with rights”.
António Costa then defended that this “transformation is already underway” and that all Portuguese are “summoned” for this challenge.
“Many of our PRR investments are already underway. We have no time to lose“, added in the same message.
Meeting in Brussels, EU finance ministers formally approved, unsurprisingly, the first package of plans formulated by Member States and already validated by the European Commission to access the funds of the “NextGenerationEU” recovery package, giving the go-ahead – the so-called “Council Implementation Decision” – to the RRPs of Portugal, Germany, Austria, Belgium, Slovakia, Spain, Denmark, France, Greece, Italy, Latvia and Luxembourg.
Once this first package of national investment and reform plans has been approved, it remains for the European Commission to conclude with the 12 Member States the financing agreements – which regulate the transfer of grants – and the loan agreements, which should take place in the coming days , so that the first funds are released, under the 13% pre-financing provided for in the regulation, which should then happen this month or in early August.
Portugal, whose PRR amounts to 16.6 billion EUR 13.9 billion in non-repayable grants, with the remaining EUR 2.7 billion in the form of loans on particularly favorable terms.
First check will be for 2 billion euros
The Minister of Finance, João Leão, welcomed in Brussels the final approval of the Portuguese Recovery and Resilience Plan (PRR), which will allow the arrival, “possibly still this month”, of the “first check”, of around €2 billion.
At a press conference after a meeting of EU finance ministers (Ecofin Council) at which a first package of 12 national plans was formally approved, João Leão said that the Portuguese PRR “was considered a very ambitious plan, of high quality, and which will allow Portugal to embark on a very important period of economic recovery, while at the same time making an important digital and environmental transition for the country’s future”.
“With this approval of the plan, the planned 16.6 billion can start flowing to Portugal, to the economy and to the main reforms that the country needs to make”, said the minister, adding that the green light of the Ecofin Council “ it will allow that within the next few weeks, possibly even this month, the first check actually arrives at the Portuguese State to help finance the economic and social recovery that the country needs”.