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Monday, February 6, 2023

YPOIK: The funds from the Recovery Fund are not a loan

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YPOIK: The funds from the Recovery Fund are not a loan

The Minister of Finance Mr. Konstantinos Petridis participated today in the session of the Parliamentary Committee on Foreign and European Affairs, on the subject of discussing the policy axes and the strategic planning of Cyprus for the new programming period 2021-2017 for all cohesion policy funds, and the policy axes of Cyprus for the Recovery and Sustainability Plan for the period 2021-2026 (Next Generation EU).

In his statements after the session, the Minister pointed out that there was an excellent discussion in the Foreign Affairs Committee of the Parliament, on a very important issue, which will affect not only us but also the next generations. We discussed, he said, “whether with the new Multiannual Framework of the EU and the EU Recovery Fund which concern projects and reforms of almost € 3 billion if one takes into account the national contribution, we will be able to create the Cyprus we want, the Cyprus of the next generations , making the most of them, combined with some reforms and correcting distortions. I think the discussion was very constructive. As a government and as the Ministry of Finance, we have coordinated from the beginning to seek consensus and consultation and so we will continue to win this national bet, for which future generations will be grateful. In the context of transparency, the need has arisen in the discussion of the Foreign Affairs Committee, for which we are committed as the Ministry of Finance, that with the completion of the approval of the plan by the European Commission, all projects, all schedules and the stage at which their implementation will take place so that there is both proper accountability and proper monitoring, both by journalists and by the political world as well as the citizens. “I want to thank the chairman and the members of the committee again, because it was one of the best discussions that have taken place,” the Minister concluded.

Asked by a journalist whether this money is in the form of a loan and should be repaid, the Minister clarified that this is not in the form of a loan, they operate as the Multiannual Framework operates, based on the contributions of the Member States. He certainly said, our contributions will increase, Cyprus offers about what it gets back, but gradually. “The issue with the Recovery Fund is that a lot of funds will be given at the beginning and will be paid through increased contributions as is the case with the Multiannual Plan over a long period of time. That is why terms and conditions are being introduced, reforms are being made. “The EU will borrow for the Recovery Fund so that in the coming years, by 2026, these projects and the reforms that will change each EU member state have been implemented,” the minister said.

Source: www.philenews.com

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