The European Union's executive body will lay out measures aimed at repaying the money it plans to borrow for its post-coornavirus recovery fund, European Commission Vice-President Maros Sefcovic said Thursday
BRUSSELS (Pakistan Point News / Sputnik - 23rd July, 2020) The European Union's executive body will lay out measures aimed at repaying the money it plans to borrow for its post-coornavirus recovery fund, European Commission Vice-President Maros Sefcovic said Thursday.
EU leaders agreed the 750 billion euro ($867 billion) recovery fund this week after days of wrangling over the amount of borrowing. The EU will pay out 390 billion in grants and 360 billion in cheap loans to virus-hit member states and then repay all this new debt by 2058.
"We are going to present... new sets of so-called own resources, meaning how we are going to repay that 750 billion loan, which the European Commission is going to raise on financial markets on behalf of the EU," Sefcovic said during a video conference.
The measures include new taxes, such as a digital tax, a levy on non-recyclable plastic waste, a carbon border adjustment mechanism, which will set the price of carbon in EU products, and a wider emission trading scheme that will cover aviation and maritime sectors.
