European Union’s (EU) leadership have reached a historic €750 million deal for Europe’s economic recovery program post-coronavirus.
The amount was approved after five days of deliberations.
The recovery package is to among other things, provide financial assistance across three areas namely: creating reforms to help businesses rebound from coronavirus, rolling out new measures to reform economies over the long haul, and investing to help protect countries in the Union from “future crisis”.
Also, a €1.1 trillion core budget have been agreed upon from 2021-2027.
EU is one of the worst-hit coronavirus regions.
The agreement comes as global confirmed cases of coronavirus reached 14,707,451.
According to the Johns Hopkins University, deaths related to the pandemic globally have reached 609,971, with affected regions or countries remaining 188.
US confirmed covid-19 cases are inching toward 4 million, with the virus ragging through Latin America, with Brazil surpassing 2 million cases and Colombia surpassing 200,000.
Touching on the deal at a press conference monitored by DGN Online on Tuesday, President of the
European Council, Charles Michel, noted that “We did it! Europe is strong. Europe is united.”
“This is a good deal, this is a strong deal, and most importantly, this is the right deal for Europe right now.”
French President, Emmanuel Macron, described the agreement as a “historic day for Europe.”
Belgian Prime Minister Sophie Wilmes observed that “the European Union has never before decided to invest so ambitiously in the future.”
By Melvin Tarlue