As a big support to the European Union (EU), all its countries agreed on a massive stimulus plan of €750 billion (US $ 859 billion) recovery fund at Brussels. This aid would demonstrate that the EU can step up to a crisis any time.
Also, with this, there is now consent on EU’s 2021-2027 common budget of around €1.1 trillion.
Notably, the amount is huge enough to rescue the economies of coronavirus-hit countries.
All top leaders of the EU said it is a historical moment for the EU, as EU has never invested like this for the future.
From this €750 billion recovery fund, 390 billion should be non-repayable grants, and the rest in repayable loans.
Indian and Bangladeshi apparel exporters are hopeful that the overall condition will now improve in EU, as hundreds of these apparel exporters depend on Europe as their major market.
Receiving tens of billions of euros in grants and as cheap loans, Poland is going to be a top beneficiary of the recovery package.
This recovery fund was proposed 2 months back and it took 90 hours of discussion among the top leaders to finalise this ‘deal’.
This initiative will prove to be a big support as virtually every country has broken EU’s deficit limit after having spent to keep healthcare systems, businesses and jobs alive.