The European Commission has presented proposals to the Council for decisions to grant financial support of €81.4 billion to 15 Member States under the SURE instrument. The loan for Malta amounts to €244 million.
SURE is a crucial element of the EU’s comprehensive strategy to protect jobs and workers affected by the severely negative socio-economic consequences of the coronavirus pandemic. It is one of the three safety nets agreed by the European Council to shield workers, businesses and countries.
Once the Council approves these proposals, the financial support will be provided in the form of loans granted on favourable terms from the EU to Member States. These loans will assist Member States in addressing sudden increases in public expenditure to preserve employment. Specifically, they will help Member States to cover the costs directly related to the financing of national short-time work schemes, and other similar measures they have put in place as a response to the coronavirus pandemic, in particular for the self-employed.
Loans provided to Member States under the SURE instrument will be underpinned by a system of voluntary guarantees from Member States. The Commission expects that the process of Member States finalising their guarantee agreements with the Commission will be completed very shortly.
SURE can provide financial support of up to €100 billion in total to all Member States.
Each Member State’s contribution to the overall amount of the guarantee corresponds to its relative share in the total gross national income (GNI) of the EU, based on the 2020 EU budget.
For more information
Proposals for Council Implementing Decision
Factsheet: SURE – Supporting Member States to help protect people in work and jobs
Questions and answers: Commission proposes SURE