After what is being described as one of the longest summits in the past ten years, EU Leaders have finally reached an agreement on the next 7-Year Budget, as well as on the COVID-19 Recovery Financial Package, with Prime Minister Robert Abela saying on Twitter that this is a “great result for Malta”.
— Robert Abela (@RobertAbela_MT) July 21, 2020
EU Council Chief, Charles Michel simply tweeted “Deal!”, a few minutes before he addressed an early-morning Press Conference together with EU Commission President Ursula von der Leyen.
“We did it! We have reached a deal on the recovery package and the European budget for 2021-2027. This is a strong deal. And most importantly, the right deal for Europe right now,” Michel said.
“This agreement sends a concrete signal that Europe is a force for action,” he added.
“It is about a lot more than money. It is about workers and families, their jobs, their health and their well-being. I believe this agreement will be seen as a pivotal moment in Europe’s journey, but it will also launch us into the future.”
We did it! We have reached a deal on the recovery package and the European budget for 2021-2027.
— Charles Michel (@eucopresident) July 21, 2020
French President Emmanuel Macron said the deal was “truly historic” and that he was convinced the recovery plan and budget could meet the challenge of the coronavirus pandemic.
“This was a summit whose conclusions are truly histroric. We have put in place the capability to borrow collectively, to put in place a collective recovery plan, for the first time,” Macron said. “With this recovery plan, we will reach a near doubling of the European budget over the next three years.”
While there are no details about how the funding will be allocated, on the official Government of Malta pages, it has been stated that this will be the largest allocation of EU Funds for Malta.
The COVID-19 Recovery Package will see the 27-nation bloc offering €750bn in grants and loans to counter the economic impact of the pandemic.
Meanwhile, the agreement on the bloc’s next seven-year budget, is worth about €1.1tn.
The package will now face more technical negotiations by member states, and need ratification by the European Parliament.