Bulgarian Council of Ministers Proposes EU SURE Instrument to Mitigate Covid-19 Crisis

At an extraordinary meeting, the Council of Ministers decided to propose to the National Assembly to ratify by law the Loan Agreement between the European Union as a lender and the Republic of Bulgaria as a borrower under the SURE instrument, the government press office said.

The maximum amount of funds that the European Union can allocate to Bulgaria under the SURE instrument is EUR 511 000 000, with a 15-year maximum average maturity. The period of availability of the financial assistance granted shall be 18 months counted from 30 September 2020.

We forward our decision to the National Assembly as soon as possible so that our country can start implementing the SURE tool in a short time. Thus, we will complement our national efforts to overcome the pandemic and its socio-economic consequences for workers and the self-employed, Prime Minister Boyko Borissov said at the meeting.

Finance Minister Kiril Ananiev noted that the European instrument on average between 4,500 and 5,000 employers are expected to be supported to keep at work about 140,000 employees.

On 7 August, Bulgaria made a formal request for financial assistance under the SURE instrument. The agreement was signed by Finance Minister Kiril Ananiev on 26 November and by the European Commission on 11 December, the communication said.

What SURE is about

The European instrument for temporary Support to mitigate Unemployment Risks in an Emergency (SURE) The temporary Support to mitigate Unemployment Risks in an Emergency (SURE) is available for Member States that need to mobilise significant financial means to fight the negative economic and social consequences of the coronavirus outbreak on their territory.

It can provide financial assistance...

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