EU recovery fund: Austria receives EUR 450 million pre-financing from EU Blümel: Advance provides stimulus financing for national economic revival – appeal to all departments to observe timelines
At the end of April, through a circular resolution within the Council of Ministers, Austria approved a final national plan for the European reconstruction fund, which was then forwarded to the EU Commission. The initial funds have now been transferred to Austria by the European Commission.
"We always said we would recoup every single euro to which we are entitled. Austria has submitted an ambitious and future-oriented plan, and the measures it sets out will help us to stage a national comeback. The EU has now transferred pre-financing of EUR 450 million. In total, we expect to receive funds in the sum of EUR 3.46 billion, part of which we will be able to invest in our domestic economy as stimulus financing," explains Finance Minister Gernot Blümel.
Through the recovery instrument 'NextGenerationEU', the European Union is making an important contribution to Europe's economic recovery. Via its centrepiece, the Recovery and Resilience Facility, a total of EUR 672.5 billion is being made available in grants and loans, aimed at enabling States to collectively emerge stronger from the crisis. For Austria, the pre-financing is linked to a total of EUR 3.46 billion in RRF funds, and in 2022, this allocation will be updated on the basis of final GDP data for 2021.
Under the recovery plan, Austria has agreed to reach a total of 171 milestones and targets during the period 2020-2026. Milestone monitoring will take place on a quarterly basis and be coordinated by the Ministry of Finance. Reporting to the European Commission is also required on a half-yearly basis.
Annual payment applications must be accompanied by formal evidence showing that the relevant milestones have been achieved. Achieving the previous year's milestones will be a prerequisite of payment. With the first payment application in 2022, evidence confirming achievement of all milestones for the period 2020 to the end of 2021 will also need to be submitted. "The time now really has come for the Austrian Recovery and Resilience Plan - with its 27 reform packages and 32 investment plans - to enter its implementation phase. Payments depend on the achievement of milestones. For this reason, I am calling on all departments to stick to the timelines imposed and lead by example, so that the funds pledged to us are not delayed, and projects can be swiftly implemented," urges Finance Minister Gernot Blümel.
The full Recovery and Resilience Plan can be found at: https://bit.ly/3ujOPWT