By Tasos Dasopoulos
The green light for the disbursement of the 3.6 billion euro tranche from the Recovery Fund, requested by Greece on December 29th, gives a positive preliminary assessment approved today by the European Commission.
The € 3.6 billion tranche consists of € 1.7 billion in grants and almost € 1.9 billion in loans under the Recovery and Sustainability Mechanism (RRF), NextGenerationEU’s core instrument.
Greece’s request for payment was based on the achievement of the 15 milestones selected in the Executive decision of the Council for the first installment. The milestones cover reforms and investments in the areas of energy efficiency, electricity mobility, waste management, labor market, taxation, business environment, healthcare, public transport, and the Greek control system for its implementation. RRF.
According to the Commission, the submission of the first payment request by Greece followed a period of close cooperation between the Greek authorities and the Commission for the preparation of evidence proving the satisfactory fulfillment of the milestones included in the payment request.
At their request, the Greek authorities provided detailed and complete data proving the fulfillment of the 15 milestones. The Commission evaluated this information thoroughly before submitting a positive preliminary assessment of the payment claim. The Commission has now sent a positive preliminary assessment to Italy’s fulfillment of the milestones and targets required for this payment to the Economic and Financial Committee (EFC), seeking its opinion. Following the EFC opinion, the Commission will make the final decision on the disbursement of the financial contribution.
The Deputy Minister of Finance, Mr. Thodoros Skylakakis, stated: Significant support, which will boost the country’s economy, is the result of hard work. “ensuring the effective management of the resources of the Recovery Fund. We are reducing the bureaucracy and accelerating the pace of implementation of the Greek program, in terms of transparency”.
Greece is the fourth country to submit (29.12.2021) a request for payment, after the full achievement of the milestones and targets selected in the Executive decision of the Council for the first installment. It is noted that, in total, only five countries have submitted a request for payment, out of 26 that have submitted a Draft to the Commission.