The Malta Independent 25 September 2020, Friday

Malta allocated €243.6 million in loans from EU to mitigate unemployment risks

Friday, 21 August 2020, 15:14 Last update: about 2 months ago

Malta is amongst the first tranche of countries to be allocated funds, amounting to 243.6 million in loans given by the European Union, as part of the Council’s implementing decision on the European instrument for temporary Support to mitigate Unemployment Risks in an Emergency (SURE), the Finance Ministry said in a statement on Friday.

The Government is supporting employment and enterprises during the pandemic through various schemes and SURE is meant to assist in this alleviate the pressure placed on public finances that emerged from the increase in public expenditure required as a response to the COVID-19 crisis, the ministry said.

SURE is an instrument that provides financial assistance to European Member states of up to EUR 100 billion in the form of loans from the EU. It has been created to fight the negative economic and social consequences of the COVID-19 outbreak.

It is a source of financial assistance targeted specifically for policies related to the preservation of employment, mainly short-time work schemes and related measures.

Finance Minister Edward Scicluna noted that this development with satisfaction as Malta has supported the SURE instrument throughout all its stages of discussion.

“Such an instrument financed by the European Commission, through the borrowing from financial markets, is the first of its kind. Malta welcomes the increased and timely cooperation that has led to this action”, he said.

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