EC approves EUR 4 bln financial support for Romania under SURE mechanism

The European Commission (EC) has approved EUR 81.4 billion worth of financial support for 15 EU member states under the SURE instrument. The sum Romania will get under this mechanism is EUR 4 billion, according to a press release issued by the EC.

The EU Council also has to approve the Commission’s proposals.

SURE is a crucial element of the EU's comprehensive strategy to protect citizens and mitigate the severely negative socio-economic consequences of the coronavirus pandemic. It is one of the three safety nets agreed by the European Council to shield workers, businesses and countries.

“We must do everything in our power to preserve jobs and livelihoods. Today marks an important step in this regard: just four months after I proposed its creation, the Commission is proposing to provide EUR 81.4 billion under the SURE instrument to help protect jobs and workers affected by the coronavirus pandemic across the EU. SURE is a clear symbol of solidarity in the face of an unprecedented crisis. Europe is committed to protecting citizens,” said EC president Ursula von der Leyen.

The financial support will be provided in the form of loans granted on favorable terms from the EU to the member states. These loans will assist the states in addressing sudden increases in public expenditure to preserve employment. They will help cover the costs directly related to the financing of national short-time work schemes, and other similar measures they have put in place as a response to the coronavirus pandemic, in particular for the self-employed.

The loans under the SURE instrument will be underpinned by a system of voluntary guarantees from the member states.

(Photo source: Facebook/European Commission)