File photo.
The European Union’s Economic and Financial Affairs Council (Ecofin) approved modifications to Greece’s Recovery and Resilience Plan on Tuesday.
According to a relevant statement, Ecofin endorsed the European Commission’s positive recommendation of the amended Greek plan.
According to the Commission’s analysis, the targeted amendments promoted by Greece do not affect the relevance, effectiveness, efficiency and coherence of the plan.
Greece submitted targeted amendments to its plan on October 21 that is worth 36.6 billion euros, to be provided in grants and loans. The absorption rate is expected to reach 64%, Ecofin said during a meeting attended by Minister of National Economy and Finance Kostis Hatzidakis.
The revision of the Greek plan includes the “My Home II” program for the purchase of first homes, with a subsidized interest rate, the “Upgrade My House” program for the energy upgrade of homes, the program to finance 37,000 evening surgeries to reduce waiting times at the country’s hospitals, and minor modifications to the description of certain actions and milestones in the fifth payment request, submitted by Greece on December 20. At the same time, Ecofin also approved modifications to the recovery plans of Cyprus and Spain.