Belgium wants to borrow European money to avoid temporary …

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Belgium has asked the European Union for 7.77 billion euros in financial support for the temporary unemployment system. The EU makes cheap loans available especially for this principle, and our country wants to make use of it.

Deputy Prime Minister and Minister of Finance Alexander De Croo (Open VLD) announced this on Monday. With a new financial instrument, which has been given the name SURE, the EU wants to assist the member states that make use of temporary unemployment systems during corona times. They should prevent companies from firing employees when the economic crisis hits the hardest. The European Commission can provide Member States with a total amount of EUR 100 billion in favorable loans.

Belgium has now applied to receive 7.77 billion euros in such favorable loans. “This amount represents Belgian government expenditure resulting from national measures directly related to temporary unemployment and similar measures to address the economic and social consequences of the extraordinary circumstances of the COVID-19 outbreak,” said De Croo.

Of the requested aid, 6.21 billion euros relates to expenditure by the federal government. The other expenditure was made by the regions and the communities. The first series of loans requested by Belgium and other countries is expected to be paid out between September 2020 and mid-2021.

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