Cyprus will receive 479 million euros from the SURE Program

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The amount will cover the measures for maintaining the jobs that have already been implemented since last March, including Public Servants salaries!

The measures submitted by the Cypriot government and 14 other EU member states to join the SURE Program were approved by the Commission on Monday, proposing their final approval by the European Council.

As announced, the amount that Cyprus will receive as a loan amounts to 479 million and this will cover measures to maintain the jobs that have already been implemented since last March and will continue to be implemented in the coming months.

European Commission President Ursula von der Leyen said “we must do everything we can to keep the jobs”, adding that the SURE program was “a clear symbol of solidarity in the face of an unprecedented crisis – Europe is committed to protect citizens “.

According to the APE-MPE, this tool is a key factor in the overall EU strategy to protect citizens and mitigate the extremely negative socio-economic consequences of the coronavirus pandemic and is one of the three safety nets agreed by the European Council. for the protection of workers, businesses and countries.

Once the Council approves these proposals, financial support will be provided in the form of favorable loans from the EU to the Member States. These loans will help Member States cope with any sudden increase in public expenditure on maintaining employment.

In particular, they will help Member States to cover the costs directly related to the financing of national part-time systems and other similar measures they have introduced, especially for the self-employed, to tackle the current coronavirus pandemic.

Following consultations with the Member States which have requested assistance and, after evaluating their applications, the Commission proposes that the Council approve the granting of financial assistance as follows:

Belgium 7.8 billion euros

Bulgaria EUR 511 million

Czech Republic 2 billion euros

Greece 2.7 billion euros

Spain 21.3 billion euros

Croatia 1 billion euros

Italy 27.4 billion euros

Cyprus 479 million euros

Latvia EUR 192 million

Lithuania EUR 602 million

Malta EUR 244 million

Poland 11.2 billion euros

Romania 4 billion euros

Slovakia EUR 631 million

Slovenia 1.1 billion euros

SURE can provide financial support of up to € 100 billion in total for all Member States. The proposals submitted by the Commission to the Council with a view to adopting financial support decisions amount to EUR 81.4 billion and cover 15 Member States.

Loans to a Member State under the SURE instrument will be accompanied by a system of voluntary guarantees from the Member States. The Commission expects that the process of finalization by the Member States of their guarantee agreements with the Commission will be completed very soon.