EU Leaders 'Not There Yet' on Agreeing COVID-19 Recovery Package - Commission Head

MOSCOW (Pakistan Point News / Sputnik - 20th July, 2020) The fourth day of talks among EU leaders on a common post-coronavirus recovery fund has so far not resulted in a consensus on terms, European Commission President Ursula von der Leyen said on Monday ahead of another negotiation round in Brussels.

The summit was initially scheduled to end on Saturday, but was extended into its fourth day. This is for the first time since the pandemic's onset that European leaders gather for an in-person format conference.

"After three days and three nights of negotiation marathon, we are entering now a crucial phase, but I have the impression that European leaders really want an agreement, they show a clear will to find a solution," von der Leyen told journalists, adding "We are not there yet, but things are moving in the right direction.

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European leaders are negotiating terms of what is expected to become the bloc's largest economic package ever.

The initial plan was to form a 750 billion Euros ($857 billion) tap-in fund, of which 500 billion euros will be issued in grants and the remaining 250 billion euros in loans. The controversy appears to be evolving around the member states' varying stances on how much should be earmarked for loans and how much for grants and whether there should be any not coronavirus-related conditions to get the money, such as reforms.

The summit is also expected to result in the settlement of the EU's long-term budget for the next seven years.