On Wednesday 14 December, the European Commission (EC) disbursed more than €6.5 billion in financial aid to nine EU member states, including Latvia, its representation office in Latvia reports.
This is the ninth and final transaction under SURE, a financial instrument designed to protect jobs and incomes affected by the COVID-19 pandemic. The total amount of financial assistance – in the form of loans – provided to 19 Member States under SURE reaches €98.4 billion.
In the latest payment, the following amounts were allocated: Bulgaria €460 million, Cyprus €29 million, Czech Republic €2.5 billion, Greece €900 million, Croatia €550 million, Lithuania €142 million, Latvia €167 million, Poland €1.5 billion, €300 million for Portugal. All nine Member States have also previously received financial support under SURE. Belgium, Malta and Hungary, which also asked for this help, were rejected.
This instrument became available in September 2020 and SURE provides financial support in the form of loans, which the EU, as stated in the press release, grants to member states “on favorable terms”.
In total, Latvia received €472 million under SURE.
The loans now disbursed will finance past expenses for measures introduced to prevent the severe socio-economic impact of the Covid-19 crisis. They will help Member States cover the costs of financing national short-time work schemes and other similar measures, including for the self-employed, as well as some health-related measures. These measures have helped protect jobs and support incomes during the COVID-19 pandemic.
Valdis Dombrovskis, European Commission Executive Vice-President for Economic Affairs for People, praising SURE, says: “By helping people and businesses and preserving many millions of jobs to protect incomes, it has truly proven its worth in the recovery of the economy Europe from the consequences of the pandemic. The final payment has been made and SURE remains an outstanding example of EU solidarity, demonstrating the EU’s ability to act swiftly and decisively to deliver help when it is needed most.”
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