The ECOFIN (Economic and Financial Affairs Council configuration) today adopted a text of Conclusions recognising the contribution of the Recovery and Resilience Fund in helping the European economy recover from the pandemic, accelerating the digital and green transition, as well as promoting critical reforms.

In his intervention, the Minister of Economy and Finance, Kostis Hatzidakis, stressed that the Recovery Fund made it possible to make investments that would not have been made or would have been made with a long delay. He pointed out that these investments had a positive impact on the European economy as a whole and not only on the beneficiary countries.

He also considered it particularly positive that the funding is linked to reforms agreed upon between the European Commission and the Member States. With regard to Greece in particular, Hatzidakis stressed that our country receives the largest financial package, in relation to its GDP, while it is a champion in implementation, as it has so far received an amount of 14.9 billion euros, i.e. 41% of the total programme, while the European average is 30%, and it has completed 23% of the milestones against a European average of 17%. He also said that by the end of May the Greek government plans to make two additional payment requests for €2.3 billion in loans and €1 billion in grants, as it has already completed 18 of the 20 milestones required.

The Minister said that "the implementation of EU funding is an unprecedented process for all Member States, as they have to absorb a lot of European financial resources in a few years, in combination with the Recovery Fund.

The difficulties identified in the European Commission's report and affecting all Member States, such as lack of flexibility and more administrative work than expected at the beginning, must be tackled horizontally. And this must be combined with the necessary controls at both the national and European levels."