The European Comission has given the green light this Monday to the so-called addendum to the Spanish Recovery Plan, which will allow access to up to an additional 94,000 million euros (between loans and transfers) in community funds, as long as our country meets its objectives in a timely manner. that are associated. With the modifications and extensions presented by the Government, there are 253 measures, distributed among 111 reforms and 142 investments. There are a total of 595 milestones and objectives that cover almost all fields and modifications are authorized such as the one necessary to avoid having to include a toll system on highways, as well as a delay in the disbursement schedule, since there is no material time to achieve the two planned for 2023. But there are no changes in important issues such as the tax reform or the complete evaluation of the impact of the pension reform, which are elements included in the fourth disbursement, whose authorization Spain can request at any time from today.
When the program that shapes the Next Generation funds was created, Spain was initially awarded some 140,000 million of euros, of which half, 69,528 million, were in transfers that do not have to be returned nor count towards deficit or debt, and the rest in loans. Based on that amount, the Government made the Recovery Plan sent to Brussels and approved, with hundreds of milestones, objectives and reforms to comply with in exchange, but it only requested the transfers. However, that was only a provisional estimate. The mechanism created by the Commission established that the 70% of the total amount of the assignment It was established then, but 30% would be concluded later, depending on the final economic figures, once revised.
When that happened, our country was awarded 7.7 billion more in transfers due to a more severe than expected recession. Furthermore, the energy crisis came to Europe due to the Russian invasion and the rise in the price of gas, which led to the creation of the EU Repower program, which in turn has meant that another 2,644 million euros are allocated to Spain. Just to receive that amount, around 10,000 million, an addendum was necessary, a modification of the original plan that contemplates more reforms and extra investments, as occurs with the rest of the community partners. But taking advantage of the moment, and given that financing conditions have tightened in Europe due to the change in monetary policy and low growth forecasts, the Government also chose to request the 83,000 million euros in credits on favorable conditions to the that we have the right.
To qualify for those 94,000 million, the Government sent the addendum before the summer, and that is when the deadlines became complicated. Spain is the most advanced country in the entire EU, the only one that has already requested and received three complete disbursements (in addition to an initial one, known as pre-financing). Nadia Calviño’s team was almost ready to make the request for the fourth, but it came together with the addendum. The conversations with Brussels concluded that it did not make sense to do both things at the same time, because the same team of technicians is the one that has to evaluate both things and it was too much of a burden, so it was sequenced. First the addendum and then, from now on, the fourth payment.
With the modifications approved by the EU, the calendar now changes a little and more elements are added until August 2026, when the deadlines expire for everyone. Our country is behind the deadlines set at the beginning for 2023, since this year two disbursements of 10,000 million and 7,000 million euros respectively were scheduled. Assuming the impossibility due to the calendar (since the dissolution of the courts and the calling of elections paralyzed the processing of some of the necessary laws in Congress and the Senate), by mutual agreement it has been decided to delay one of them to 2024.