Greek gov’t to send Recovery Fund plan to Brussels next week

The Greek government is expected to send its final plan for the Recovery Fund to the European Commission next week. The multi-page report, largely ready, will include both the government’s priorities on the course of projects and investments proposed and the reforms that will accompany them.

The government’s economic team initially expected the plan to be sent as soon as Friday. Based on European regulation, disbursement of funds will be linked with the reform framework opted by the Greek government. Therefore, there will be landmarks which must be adhered to or else the country faced the risk of losing money. European monitoring on adhering to the plan will be made twice a year to assess reform progress.

A decision by the German Constitutional Court on Wednesday paved the way for a timely implementation of the European recovery plan. It was undoubtedly a significant development that calmed fears over delays in the start of fund disbursement. Poland is the other country stalling ratification of the Recovery Fund due to intergovernmental disputes. Overall, 17 European countries have ratified the plan which envisages disbursement of funds up to 750 billion euros to help countries deal with the impact of the pandemic.