Ecofin Approves Greece’s Recovery Fund Revision, Boosting Absorption Rate to 64%

The absorption rate of Greece’s Recovery Fund is set to reach 64%, following Ecofin’s approval of a revised national plan during its meeting in Brussels. The meeting, attended by Minister of National Economy and Finance Kostis Hatzidakis, also approved revisions for Cyprus and Spain, CE Report quotes Athens-Macedonian

Key updates to Greece's plan include:

• The "My House II" program offering subsidized interest rates for first-home purchases.
• The "Upgrade My House" program focused on energy-efficient renovations.
• Funding for 37,000 evening surgeries to reduce hospital wait times.
• Minor changes to actions and milestones in Greece’s 5th payment request.

The latest request involves the disbursement of €3.13 billion (€1.35 billion in grants and €1.78 billion in loans), bringing Greece’s total disbursements to €21.3 billion, or 64% of its total allocation.

Minister Hatzidakis highlighted two key achievements from the meeting: the approval of Greece’s Medium-Term Fiscal-Structural Plan, reflecting growing confidence in its economy, and the green light for Recovery Fund revisions, enabling critical programs like "My House II" to progress swiftly.

Additionally, Hatzidakis addressed energy price challenges, emphasizing the need for a unified European electricity market to mitigate disparities affecting Eastern European countries. On the sidelines, he held bilateral talks with German counterpart Jörg Kukies, focusing on EU priorities and relations with the US.