ECOFIN Approves Revisions to Greece’s Recovery Plan

The EU Council of Finance Ministers (Ecofin) has given Greece the green light to move ahead with proposed changes to its national recovery plan, paving the way for the accelerated implementation of key programs under the Recovery and Resilience Facility (RRF).

Greece’s Economy and Finance Minister Kostis Hatzidakis announced the news on Tuesday following an ECOFIN meeting  in Brussels.

During the meeting, EU finance ministers also approved revised national plans submitted by Cyprus and Spain.

Key changes to the Greek plan include revisions to the “My Home II” program, a subsidized interest rate scheme to assist first-time homebuyers; the “I Upgrade My Home” program aimed at improving energy efficiency in residential properties; and special hospital funding for 37,000 evening surgeries to reduce waiting times at Greek hospitals, among others.

The revised plan concerns 3.13 billion euros in funding (1.35 billion euros in grants and 1.78 billion euros in loans). Upon the successful completion of the approval process, Greece will have received a total of 21.3 billion euros or 64% of the allocated Recovery Fund resources.

Greece was also among eight EU member states whose mid-term fiscal plans were approved without reservations from the European Commission.

“The approval of our mid-term fiscal structural plan reaffirms Brussels’ confidence in our economy. ECOFIN’s endorsement of the Recovery Plan revisions will allow us to fast-track crucial programs like ‘My Home II.’ This will significantly enhance fund absorption, which is expected to reach 64%,” said Hatzidakis.