Recovery plan: Brussels praises Government's focus on resilience and digital transition

"It is still too early to provide a complete assessment of the Portuguese Recovery and Resilience Plan project, however, we have already noted the strong focus on building resilience and the digital transition," a European Commission spokesman told Jornal Económico .

The European Commission said this Thursday that the draft recovery and resilience plan delivered by the Portuguese Government sets the starting point for a dialogue on the best use of European funds, adding that, although it is too early to evaluate the document, highlights the focus on resilience and the digital transition

The outline of the Recovery and Resilience Plan it was approved yesterday by the Council of Ministers and today delivered to the European Commission.

“The Commission takes note of the announcement about the recovery and resilience plan made by the Portuguese authorities,” a Commission spokesman told Jornal Económico. "We hope to analyze the draft plan prepared by the Portuguese authorities and continue our dialogue on the design and content of your recovery and resilience plan before its final presentation."

This dialogue should help ensure that Portugal makes the best use of European Union (EU) funds to support its recovery and comes out stronger and more resilient in this process, in line with EU priorities, he said.

"It is still too early to provide a complete assessment of Portugal's draft recovery and resilience plan, however, we have already noted the strong focus on building resilience and the digital transition," he underlined.

“The priorities announced by the Portuguese Government appear, in general, to be in line with the Commission's agenda. The Commission will continue to work with the Portuguese authorities at all levels in the preparation of its recovery and resilience plan ”, he said.

Portugal today presented its draft recovery and resilience plan, a step that Bruxela sees as the starting point for the dialogue to be carried out between the Commission and the Portuguese authorities.

Portugal and the other Member States will be able to formally present their Recovery and Resilience Plans as soon as the relevant regulation enters into force. However, Member States are encouraged to submit draft plans from 15 October 2020 and to enter into a dialogue with the Commission.

Prime Minister António Costa said on Thursday that he wants an agreement to be reached quickly in Brussels so that the Economic Recovery Plan can move forward “on time”.

Costa expects a quick deal in Brussels to start “on time” with recovery plan

Read more

Recovery Plan helps the economy to grow 0,5 percentage points, estimates the Government

Government estimates GDP growth of 5,4% in 2021 and expansion of 3,6% in 2022. In Government calculations, without the Recovery Plan, the Government estimates that the economy would grow 5% next year and 3,4 % in 2022.

Recovery Plan: After all, Government considers using 4,3 billion euros of loans

Despite favoring the use of grants, the Executive now admits that depending on the conditions of the loans, it may come to use them, namely 2.745 million euros for investment in the public park of accessible housing, 1.250 million euros for the capitalization of companies and resilience through Banco de Fomento and 300 million euros for rolling stock for rail, for long-haul regionals, inserted in sustainable mobility.

Costa expects a quick deal in Brussels to start “on time” with recovery plan

The prime minister wants a swift agreement between Parliament and the European Council to start "time and hours" with the Recovery and Resilience Plan next year.

Eurozone economy needs more support with second wave, considers IMF

"With the second wave, national fiscal policies are likely to need general support for longer than initially estimated," said the IMF, in its review of the eurozone economy.

Yellen and five more. This will be the economic team of the Biden administration

For Yellen's team, Biden also appointed Wally Adeyemo as deputy secretary of the Treasury; Neera Tanden as director of the Management and Budget office; Cecilia Rouse as chairman of the Council of Economic Consultants and Jared Bernstein and Heather Boushey as members of the Council of Economic Consultants.

EUR 3 billion. First tranche of European support to Portugal arrives this Tuesday

This amount of 3 billion euros, which is included in the SURE program, with a total value of 5.900 million euros for employment aid, is intended to support workers and companies and will be financed through a loan to Portugal by the European Commission.