MOSCOW (Pakistan Point News / Sputnik - 26th October, 2020) The European Commission said in a press release on Monday that the Council had approved 504 million Euros ($596 million) in assistance to Hungary under the so-called Support to mitigate Unemployment Risks in an Emergency (SURE) instrument.
"The European Commission welcomes the Council's approval to provide ��504 million in financial support to Hungary under the SURE instrument to help protect jobs and keep people in work and finance some health-related measures," the press release read.
The funds are expected to be spent on supporting Hungary's budget amid "sudden increases in public expenditure to preserve employment in the context of the pandemic crisis."
EU Budget and Administration Commissioner Johannes Hahn is also expected to inaugurate the� listing of the first EU SURE social bond, amounting to 17 billion euros, during his upcoming visit to Luxembourg Stock Exchange on Tuesday. According to the press release, there was "very strong investor interest in this highly rated instrument," which has resulted in the bonds being oversubscribed more than 13 times and reaching "favourable pricing terms."
The total amount of EU assistance to member states under the temporary SURE instrument has now reached 87.9 billion euros, as stated in the press release.
