The European Commission's preliminary approval for the disbursement of 3.6 billion euros requested by Greece will keep the country away from the threat of recession, Alternate Finance Minister Theodoros Skylakakis said on Friday.
After the Commission's announcement, Skylakakis said, "Under conditions of uncertainty, because of Russia's war against Ukraine and the energy crisis, the investment leverage of the Recovery Fund and other European tools - combined with the uninterrupted implementation of our reform program - will, I believe, keep Greece away from the danger of inflation, which many other European countries will experience."
The request to the Commission for the second disbursement (3.6 billion of a total of 17.4 billion euros), comprising both grants and loans, was made by Skylakakis in September, after Greece met 28 required milestones.
Greece was among the five countries that submitted a request for the second installment by the Recovery and Resilience Fund (RRF), and the first that has filed a request for the disbursement of the third installment, the Finance ministry said. A single request was made for both, as three milestones were fulfilled earlier than the expected timetable.
The country received a preliminary instalment (3.96 billion euros) in August 2021, followed by the first installment (3.6 billion euros) in April 2022. Grants received by Greece will be used for the "Greece 2.0" development plan, with 13.7 billion euros going to over 440 projects so far. The projects fall under four main directions of the plan - green transition, digital transition, work & skills & social cohesion, and private investments & transformation of the economy.