The Ministers of Economy and Finance of the European Union, Ecofin, have given this Tuesday their final approval to Spain’s changes to its recovery and resilience plan to access 25,000 million euros within the framework of the fifth payment of these European funds.
Of the more than 25,000 million requested, some 9,100 million gross (8,000 million net) correspond to subsidies and 16,000 to loans (15,900 million net).
This annex to the plan represents the advancement of 55 milestones and objectives already met, so that the fifth disbursement of transfers and the first two of loans will pass from having 32 measurements to collecting a total of 84.
The main requirement for the disbursement of this expanded fifth tranche is the tax reformwhich must include the increase in the tax on diesela measure that lacks sufficient support to move forward in the Congress of Deputies.
Furthermore, Brussels demands that the tax reform result in a permanent increase in revenue that is equivalent, at least, to 0.3% of GDP.
The Commission will now proceed to evaluate compliance with the measures linked to the fifth disbursement, but, if it detects deficiencies in any of the associated objectives, Spain will only receive a partial paymentsomething that already happened in relation to the fourth section of the plan.
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