The European Commission has made a proposal to the member states to provide a first tranche of 81.4 billion euros in financial support to fifteen member states in the form of favorable loans. This is the Sure program set up by the European Union to provide favorable loans totaling EUR 100 billion to Member States to support systems of temporary unemployment resulting from the pandemic.
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The Commission now proposes that Belgium would receive 7.8 billion in favorable loans. That responds neatly to the request of the Belgian government, which had asked for 7.77 billion euros. “This amount represents the Belgian government expenditure resulting from national measures directly related to temporary unemployment to address the economic and social consequences of the Covid-19 outbreak,” Finance Minister Alexander De Croo said earlier this month.
Belgium could borrow the third largest amount of the 15 Member States. Spain can count on 21.3 billion euros and Italy 27.4 billion. Once the Member States have approved the Commission proposal, they can start paying up the loans. It is not yet clear when that will happen.
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