Spain has requested the European Commission the disbursement of the first tranche of the recovery fund, which amounts to 10,000 million euros, as confirmed by the Ministry of Finance this Friday in a statement. Brussels has a period of two months to verify if all the requirements for unlocking the money have been met.
With this step, Spain has been the first EU country to make a formal request to receive the first disbursement and it has been able to do so after having signed with the Community Executive the technical document that stipulates how to verify compliance with each commitment.
The first disbursement within the recovery plan for Spain depends on 52 milestones and objectives.
The Government assures that all of them have already been fulfilled, so that the disbursement could arrive before the end of the year. From the Treasury they recall that the Spanish plan received the highest possible rating from the technical services of the European Commission in ten of the eleven variables that they analyzed.
“Now we will analyze it and decide quickly,” said the president of the European Commission, Ursula von der Leyen, in a message shared on her official Twitter profile. The Community Executive has up to two months to make its evaluation, although it could shorten the times to streamline the process.
Brussels will issue first of all a preliminary analysis on which the rest of the Member States will have to pronounce. If this analysis is positive and the countries also endorse it (or if a month passes without their having spoken), the disbursement will be authorized.
In this case, the tranche of 10,000 million will be added to the advance of 9,000 million that the Community Executive disbursed in mid-August and that was not subject to conditions.
The first payment depends on reforms included in almost all components of the Government’s recovery plan. Eight of them are part of the chapter on modernization of the Administration, including regulations to reduce temporary employment in the public sector.
It also has an important weight in this outlay the component on tax reform with measures such as the introduction of the digital tax, the tax on financial transactions or short-term modifications in corporate tax and indirect taxes.
This first disbursement also includes measures of the labor reform chapter, such as the law that regulates teleworking, the regulations to reduce the gender pay gap and the entry into force of the action plan to tackle youth unemployment. As to
pension reform, the disbursement of these 10,000 million is conditional on the separation of the sources of financing from the Social Security, the review of the bonuses of the individual pension plans and the modification of the maternity pension supplement.