Finance News in Finland
Finland is not going to apply for EU SURE loan
The European Union’s SURE instrument is a temporary financial Support to mitigate Unemployment Risks in an Emergency. The financial support is given in the form of EU loans on favorable terms. This financial assistance is available for Member States that need to mobilise significant financial means to fight the negative socio-economic effects of the COVID-19 pandemic outbreak, to solve problems with sudden increases in public expenditure for the preservation of employment.
According to European Commission website the financial support under SURE programm has an overall power of up to €100 billion. The Council has already approved a total of €90.3 billion in financial support to 18 Member States. €53.5 billion has already been disbursed to 15 Member States. Other Member States can still submit requests to receive financial support under SURE programm.
Finland has not so far applied for a loan under SURE programm and does not plan to do so. Finland is able to borrow on favorable terms from the markets, making it unattractive to take a SURE loan, because this would include bearing the borrowing costs, fees and expenses incurred by European Commission (Finnish Ministry of Finance press release 26.01.2021).
The full information and the source text can be found at Finnish Ministry of Finance website.
Published 18.02.2021, FINREPO