The European Union has disbursed to Spain this Monday the first tranche of the recovery fund, which amounts to 10,000 million euros, as confirmed by the President of the European Commission, Ursula von der Leyen, and the President of the Spanish Government, Pedro Sánchez.
“The first payment of the Next Generation EU, 10,000 million euros for Spain, is already on its way! Congratulations to Spain,” the German announced through her profile on the social network Twitter. “I hope to have more good news for other EU countries very soon,” he added.
The Treasury has already received the first € 10,000 million of funds #NextGenerationEU that the EU has transferred to Spain.
– Pedro Sánchez (@sanchezcastejon) December 27, 2021
Likewise, the European Commission has confirmed the disbursement for Spain of “10 billion euros in subsidies to support reforms and the transition to a green and digital future.”
For his part, the President of the Government of Spain, Pedro Sánchez, has confirmed that “the Treasury has already received the first 10 billion euros of Next Generation EU funds that the EU has transferred to Spain.” “Our country does not stop, we are making decisive progress in the deployment of the Recovery Plan to bring progress to all people, sectors and territories,” he added.
Last Wednesday, the European Commission formally adopted the decision that allowed the disbursement to Spain of the 10 billion euros of the first tranche of the European Union recovery fund.
Community green light
At the beginning of the month the Community Executive already issued a favorable opinion for the payment but still needed the approval of the Twenty-seven, which took place last Tuesday, before formalizing the decision in a meeting of the so-called comitology committee, with national experts and community.
Once the transaction is completed, this tranche of 10,000 million is thus added to the advance of 9,000 million that the Community Executive advanced in mid-August and that was not subject to conditions.
Spain was the first EU country to submit a formal request to receive the first disbursement and was able to do so after having signed with the Community Executive the technical document that stipulates how to verify compliance with each commitment.
The 10 billion tranche of Spain’s recovery plan depended on 52 milestones and objectives that the Government had already met, which allowed the European Commission to complete its preliminary analysis in just three weeks, without exhausting the two-month period of that he had.
More than 50 requirements
This first tranche depended on reforms included in almost all components of the Government’s recovery plan. Eight of them are part of the chapter on modernization of the Administration, among them the regulations to reduce temporary employment in the public sector.
The component on the tax reform with measures such as the introduction of the digital tax, the tax on financial transactions or short-term modifications in the corporate tax and indirect taxes also had an important weight in this disbursement.
This first disbursement also includes measures from the labor reform chapter, such as the law that regulates teleworking, the regulations to reduce the gender pay gap and the entry into force of the action plan to tackle youth unemployment.
Regarding the pension reform, the disbursement of these 10,000 million was conditional on the separation of the sources of financing from Social Security, the review of the individual pension plan bonuses and the modification of the maternity pension supplement. .
Other milestones and objectives included among the requirements to access this section of direct aid are the approval of the climate law, the decarbonisation strategy until 2050, the hydrogen roadmap, the Spanish circular economy strategy, the digitalization plan for SMEs or the national artificial intelligence strategy.