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The Council of Ministers approved the draft Loan Agreement between the European Union as a lender and the Republic of Bulgaria as a borrower and authorized the Minister of Finance to sign it on behalf of the Republic of Bulgaria subject to further ratification, BGNES reported.
The agreement is derived from art. 8 (2) of Council Regulation (EU) 2020/672 of May 19, 2020, which establishes the European Instrument for temporary support to mitigate unemployment risks in exceptional circumstances after the COVID-19 outbreak, known as The SURE Tool.
The need to conclude the agreement arises from the official request made on August 7, 2020 by the Republic of Bulgaria for financial assistance under the SURE instrument. The loan requested by our country is to complement national efforts to overcome the impact of the COVID-19 pandemic outbreak and its socio-economic consequences for workers and the self-employed.
The maximum amount of funds that the European Union can grant to Bulgaria under the SURE instrument is 511 million euros, with a maximum average maturity of 15 years. The period of availability of the financial aid provided is 18 months.
The Council of Ministers also approved a Decree supplementing the Decree № 381 of the Council of Ministers of 2019 on the execution of the state budget of the Republic of Bulgaria for 2020, regulating issues related to the opening of a central budget account, the receipt of Loan funds under the Agreement and its service. / BGNES
Sofia / Bulgaria Bulgaria
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