Belgium gets green light for second tranche of European recovery fund
The European Commission has officially approved the payment to Belgium of the second tranche under the recovery plan created after the Covid pandemic. This tranche amounts to over 900 million euros and follows the successful implementation of 46 pre-agreed milestones and targets.
Belgium is entitled to 5 billion euros in grants and 264 million euros in loans from the recovery fund - officially the Recovery and Resilience Facility. The fund of about 650 billion euros was set up to help EU member states recover economically after the Covid pandemic by boosting investments and reforms, especially in the green and digital transition. Countries had to submit plans with targets and milestones.
The Commission had already given a provisional green light to Belgium's second payment request, accounting for 869m euros in grants and 40m euros in loans. Now the approval has also been officially transferred to the government.
"We show that Belgium lives up to its commitments and deserves trust from the Commission"
“This approval is not a matter of course, but the result of intensive work and structural progress,” said federal Budget minister Vincent Van Peteghem.
“Despite the legacy of an inadequate pension reform from the previous legislature, we have taken the helm firmly with this government. We show that Belgium lives up to its commitments and deserves trust from the Commission."
He refers to a milestone - a reform to improve the financial and social sustainability of the pension system - that Belgium failed to achieve last year.
The Commission will now transmit the payment request to the Economic and Financial Committee, which has to give its opinion within four weeks. After a positive evaluation, the money will be transferred.
With the second tranche, Belgium will have received a total of 1.55 billion euros. Belgium has already started the process for a third payment request.
Belgian Budget minister Vincent Van Peteghem © PHOTO MARTIN BERTRAND / HANS LUCAS / VIA AFP
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