EU leaders approve 750 billion euros in Covid-19 stimulusJuly 22, 2020 - 16:57 AMT PanARMENIAN.Net - After almost five days of fraught discussions, European leaders have agreed to create a €750 billion ($858 billion) recovery fund to rebuild EU economies ravaged by the coronavirus crisis, CNN reports. The European Commission will borrow the money on financial markets and distribute just under half of it — €390 billion euros ($446 billion) — as grants to the hardest hit EU states, with the rest provided as loans. Leaders also agreed a new EU budget of nearly €1.1 trillion ($1.3 trillion) for 2021-2027, creating combined spending power of about €1.8 trillion ($2 trillion). "It is an ambitious and comprehensive package combining the classical [budget] with an extraordinary recovery effort destined to tackle the effects of an unprecedented crisis in the best interest of the EU," the EU leaders said in a joint declaration. The deal focuses on providing funding across three pillars: helping businesses rebound from the pandemic, rolling out new measures to reform economies over the long haul, and investing to help protect against "future crises." It came after days of deadlock and fractious talks that were described as some of the most bitterly divided in years. "We did it! Europe is strong. Europe is united," European Council President Charles Michel said at a press conference Tuesday. "This is a good deal, this is a strong deal, and most importantly, this is the right deal for Europe right now." Michel said it was the first time that members of the European Union were "jointly enforcing our economies against the crisis." Photo. Reuters Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Armenian, Saudi Foreign Minister meet in Riyadh The two commended the positive dynamics of the development of political dialogue between Armenia and Saudi Arabia Pashinyan: Azerbaijan’s proximity shouldn’t worry border residents At the same time, he said that he “does not guarantee [the security of villagers] one hundred percent”. U.S. doesn’t see Russia as contributing to peace in Caucasus Patel made the remarks when asked about the implications of Russia’s withdrawal of peacekeepers from Karabakh. Up to 1% cashback when shopping on Wildberries with IDBank cards IDBank is launching an exclusive campaign on Wildberries for online shopping enthusiasts. |