May 6, 2020 / 10:46 AM / a month ago

EU recovery plan to be ready in weeks, approved in June: Gentiloni

FILE PHOTO: European Economic Commissioner Paolo Gentiloni attends a news conference on public finances in EU states at European Union Commission headquarters in Brussels, Belgium February 26, 2020. REUTERS/Francois Lenoir

BRUSSELS (Reuters) - The European Commission will prepare in the next weeks a plan to finance the economic recovery in the European Union, a top EU economic official said on Wednesday, adding he was confident the plan would be approved by EU leaders in June.

European Commissioner for Economic and Financial Affairs Paolo Gentiloni told a news conference the plan would include a mix of grants and long-term loans.

He also said that the Commission would present to euro zone finance ministers on Friday an eligibility assessment for the use of the euro zone bailout fund’s precautionary credit line to fight the COVID-19 pandemic and that all euro zone countries would be eligible for the money.

Reporting by Jan Strupczewski

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