BRUSSELS (Pakistan Point News / Sputnik - 10th April, 2020) The European Stability Mechanism will provide member states of the Eurozone with loans with a "very low-interest rate" to help them recover from the COVID-19 pandemic, ESM Managing Director Klaus Regling said at the video conference of the Eurogroup.
On late Thursday, finance ministers of the EU member states agreed on a package of measures to ensure recovery of the EU economy from the pandemic. The measures include, among others, a loan instrument worth 240 billion Euros ($260 billion) that will be ensured via the ESM
"In principle, it [the loan instrument] will be available for all Euro area countries on the basis of standardized terms agreed in advance. Our credit line will provide liquidity at a very low-interest rate as countries can benefit from the ESM's very strong credit rating," Regling said
He added that the "pandemic crisis support" would become available within two weeks if supported by the Eurozone member states.
