EU Chief Calls For Agreement On Economic Relaunch
Fahad Shabbir (@FahadShabbir) Published July 16, 2020 | 08:40 AM
Brussels, (UrduPoint / Pakistan Point News - 16th Jul, 2020 ) :EU chief Charles Michel has called on European leaders to agree on a plan to relaunch the bloc's virus-ravaged economy, two days before a key summit in Brussels.
Europe has been thrust into its biggest recession in history and European Council head Michel is seeking the green light to launch a 750-billion-euro recovery fund to help governments weather the crisis.
"Now is the time. A deal is essential," he said Wednesday in a letter to the 27 leaders of the EU member states.
"We will need to find workable solutions and come to an agreement, for the greater benefit of our citizens. Finding agreement will require hard work and political will on the part of all," he added.
This will be the first in-person summit since the pandemic engulfed Europe in March and leaders will also seek approval of the bloc's long-term budget.
Last week Michel unveiled his latest proposal for the 750-billion-euro fund in the hope of winning over the more frugal member states.
The fund would include 500 billion Euros of direct grants to the hardest-hit countries, financed by joint borrowing backed by all EU members.
But countries including the Netherlands, Austria, Denmark and Sweden are resisting the plan, saying the money should be advanced as loans with tough conditions attached, such as deep economic reforms to cut debt.
As a sweetener for the so-called "Frugal Four", Michel has proposed revising the EU's seven-year budget down to 1.074 trillion euros ($1.2 trillion), 13 billion euros less than an earlier proposal.
Michel also said last week that countries with long-held rebates on their European contributions would continue to get them, despite a big push to do away with these discounts.
The negotiations at the two-day EU summit promise to be lengthy and difficult. Some are expecting the talks to extend into a third day and perhaps a later summit.
clp/bh/pvh/rma
Related Topics
Recent Stories
44 arrested for kite flying in 24 hours
Boao forum for Asia 2024 concludes on successful note
Turkey's Erdogan to hold White House talks with Biden in May
Rana Mashhood appointed chairman PM's Youth Programme
IGP inspects under-construction safe city building, Liaquat Bagh Service Center
IG says security of foreign nationals, projects to be ensured at all cost
President Biden writes letter to PM Shehbaz, expresses best wishes for newly ele ..
DC Larkana chairs meeting regarding Youm-e-Ali arrangements
Interior Minister visits FC headquarters Peshawar
One dies, 28 injured after passenger bus overturned
US Fed's favored inflation gauge ticks higher as fuel costs rise
IESCO notifies 2-day power suspension programme
More Stories From Business
-
US Fed's favored inflation gauge ticks higher as fuel costs rise
37 minutes ago -
ICCI, CDA sign MoU for upgrading, maintaining public washrooms
39 minutes ago -
Prudent policies lead to sustainable economic recovery: Finance Ministry
2 hours ago -
Minister for Finance and Revenue Muhammad Aurangzeb holds meeting with SBP Governor
39 minutes ago -
Exchange rates for currency notes
3 hours ago -
PTC rebuts misleading tax loss figures, seeks fair market competition
4 hours ago
-
Economy commences on better note in 2024: Finance Minister
4 hours ago -
Gold rates up by Rs.3,800 to Rs.234,800 per tola
4 hours ago -
SACM directs authorities to find out solution to problems of miners, crush plants
4 hours ago -
Weekly inflation falls slightly
4 hours ago -
Uzbekistan's Ambassador, Pakistan’s Commerce minister forge path for enhanced economic ties
4 hours ago -
Finance Minister calls for reforming tax system to improve country's economy
5 hours ago