Saturday, June 3, 2023

The government will raise another 94,300 million in European funds and allocate a third to Perte

The government is going full throttle in Phase II of the Recovery, Transformation and Resilience Plan. The economic vice-president, Nadia Calvino, indicated this Tuesday after a meeting of the Council of Ministers that about 7,700 million loans given to Spain will be mobilized, in addition to the 7,700 million in the addendum to the plan recently approved by the government. In non-refundable transfers. Additional reimbursables that were already provided in June, but were dependent on the addendum above. Overall, raising an additional 94,300 million euros to add 160,000 million to the total.

The credits include €2,600 million from the Repower EU program that will go to programs related to the ecological transition. A good part of the remaining €84,000 million in loans, for its part, is intended to reinforce 11 strategic plans (known as PERTE), to which a new one will be added for the decarbonisation of industry, to be approved later. Will go Week. ,

Overall, Spain will strengthen strategic projects by allocating more than €26,300 million of additional public resources, which come from transfers and loans linked to the addendum.

The government project aims to ensure the country’s autonomy in five main axes: digitization and cyber security, technology, renewable energy, industry and the agri-food sector; However, other areas like health have also been curbed.

Perte Chip, for example, will be the main recipient of approximately 12,000 million through the addendum, the practical completion of the 12,250 million program budget. According to government sources, most of these will be made in the form of loans.

The renewable energy, renewable hydrogen and storage part will be strengthened by 10,400 million euros; The electric vehicle part will do so for 4,295 million euros and the decarbonisation part of the industry, which will be approved before the end of the year, will get 3,100 million euros.

Calvino plans to present the contents of the addendum to the Congress of Deputies this Thursday and announced that it will be presented to Community authorities in early 2023. The executive intends to channel the credit through 12 funds, of which eight will be newly created and four are already active. Among the main items, 20,000 million will go to investments in sustainability promoted by autonomous communities, while 15,000 million will support the ICO Fund for sustainable loans and financing for SMEs.

reform and hit

The addendum approved by the government also includes a program of complementary reforms for those already deployed from 2020. This is the explanation of government sources, 30 reforms, “some of which include various actions and modifications to those already committed, complying with specific recommendations. For Spain within the framework of the European Semester”.

According to these sources, the addendum does not include changes relating to the controversial pension reform – whose second phase is still under negotiation – nor to tax reform. On the other hand, they are linked to accelerating ecological transition and industrial transformation, with the aim of accelerating the deployment of renewable energy. Similarly, some are involved with the aim of improving labor integration and promoting the ability and need of workers.

In parallel, the addendum contains revisions to some of the milestones and objectives included in the recovery plan due to “objective circumstances that make compliance difficult”. The same government sources say that this is something “provided for regulation and is something that many EU countries like Germany are doing.” One of the reasons for the calendar change is “delayed investment due to inflation and constraints”. This is something predetermined and normal”, say government sources, who promise that Spain will follow “in time and form” to fully implement the plan. This would mean all transfers in August 2023 and executed in 2026. All funds. “We are sure that we will meet the deadline.”

Of course, the same government sources, who are aware of the low rate of execution registered to date, stress that it would be convenient to reflect at Community level on a calendar agreed between the Member States and the Commission. “In view of the general performance in Europe, it would be convenient to reflect whether the 2026 deadline is not very reasonable. Moreover, because there are countries that have just approved their plan. Although we are more advanced, we are not surprised Whether it would be good to delay the execution period”, he says.

Three more points of GDP by 2031

The Spanish recovery plan includes over 160,000 million euros in European funds, including all transfers and loans. Vice President Nadia Calvino recalled yesterday that the impact of the investment would increase Spanish GDP by three percentage points until 2031. Rate of 2,000 million monthly in calls.

Spain has requested a third payment of transfers to the European Commission for the amount of €6,000 million, linked to the fulfillment of 23 milestones and six objectives in the first half of 2022. This figure will be added to the 31,036 million Euro (earlier) already received. -financing, first and second disbursement), pending a positive assessment by the European Commission for this third tranche. The latest information handled by the government speaks of an allocation of 26,600 million to the autonomous communities. As of 30 November, works have been called for tender or assistance for 22,000 million, of which the central administration has put up 18,700 million and the CCAA another 3,400 million. However, various studies maintain that less than 10,000 million entered the real economy.

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