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EU to borrow 800bn euros to fund recovery
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Top Stories |
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IANS | 15 Apr, 2021
The European Commission announced that it would borrow 800 billion euros
from the capital market in current prices until 2026 to fund the
European Union's (EU) massive plan to bail out its Covid-stricken
economy.
A diversified funding strategy was created to ensure
that the ember states of the bloc would receive loans under the package
known as the NextGenerationEU at an advantageous rate, reports Xinhua
news agency.
The EU has set December 2058 as a deadline for
itself to fulfil all the repayment, and plans to generate new own
resources to strengthen the repayment capability.
Making the
announcement at a press conference on Wednesday, European Commissioner
for Budget and Administration Johannes Hahn also urged EU member states
which have not ratified the Own Resources Decision to do so as soon as
possible.
"The message is clear: as soon as the Commission has been legally enabled to borrow, we are ready to get going," said Hahn.
So
far, Germany, Estonia, Poland, Hungary, Austria, Finland, Romania, the
Netherlands, Ireland and Lithuania have not ratified the Decision.
All other 17 have ratified it, according to Hahn.
The
EU has decided to release a historic stimulus package worth 1.8
trillion euros in 2018 prices, or over two trillion euros in current
prices, to help the bloc tackle the economic fallout of the pandemic and
achieve a greener and more digital recovery.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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