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Brussels confirms an increase of 7,700 million in Recovery and Resilience funds for Spain

Brussels confirms an increase of 7,700 million in Recovery and Resilience funds for Spain

It occurs after reviewing the economic growth data for 2020 and 2021 and Spain will now have to update its Recovery Plan

June 30. () –

The European Commission has confirmed this Thursday that it will deliver an additional 7,706 million euros to Spain corresponding to the Recovery and Resilience Mechanism (MRR), for which the country will go from receiving 69,528 million euros to 77,234 million as a final amount.

As explained by the Ministry of Finance and Public Function through a statement, the Regulation of the Recovery and Resilience Mechanism establishes that the maximum financial contribution is computed on the basis of a formula that takes into account variables related to the population, the GDP per capita or the growth of the economy between 2020 and 2021.

Specifically, article 11.1 of the Regulations establishes that 30% of that Maximum Financial Contribution had to be recalculated based on the final GDP growth data in 2020 and the accumulated growth between 2020 and 2021. This new calculation had to be carried out before June 30, 2022, and has already been carried out.

Thus, once the amounts have been recalculated, the maximum financial contribution corresponding to Spain in terms of transfers or non-reimbursable resources charged to the Recovery and Resilience Mechanism (MRR) has therefore been increased by 7,706 million euros in a context now marked by the uncertainty surrounding the war in Ukraine and the rise in prices.


Once the total amount of non-reimbursable transfers available to Spain under the Recovery and Resilience Mechanism has been updated, the Recovery Plan must be updated to include new investments.

PROGRESS IN COMPLIANCE WITH PLAN MILESTONES

This same week, the European Commission issued a positive preliminary assessment of Spain’s compliance with the 40 milestones and objectives linked to the second disbursement of the Recovery, Transformation and Resilience Plan and has started the process for the payment of 12,000 million euros .

After this last disbursement, Spain will have received 31,000 million euros, counting the advance of 9,036 million euros received in August 2021, the 10,000 million of the first disbursement transferred in December of last year, and the 12,000 million corresponding to the second payment.

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Written by Editor TLN

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