EU finance ministers agree on 540 billion euros economy rescue package

The European Union finance ministers agreed to allocate 540 billion euros (about US$590 billion) to support member countries affected by the coronavirus pandemic. This has been reported by Eurogroup President Mario Centeno in a video statement following the agreement.

The funds will be allocated within the next two weeks. In particular, it includes a joint employment insurance fund worth 100 billion euros (US$109 billion), a European Investment Bank instrument intended to supply 200 billion euros (US$218 billion) of liquidity to companies, as well as credit lines of up to 240 billion euros (US$262 billion) from the European Stability Mechanism.

Photo: grozny-inform.ru