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Hungary to receive nearly $600m in unemployment assistance from EU – Commission

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The European Commission said the council had approved 596 million dollars (504 million euros) in assistance to Hungary under the so-called Support to Mitigate Unemployment Risks in an Emergency (SURE) instrument.

The commission said this in a statement issued on Monday.

“The Commission welcomes the council’s approval to provide 504 million Euros in financial support to Hungary under the SURE instrument to help protect jobs.

“And also t0 keep people in work and finance some health-related measures,” the statement said.

The funds are expected to be spent on supporting Hungary’s budget amid “sudden increases in public expenditure to preserve employment in the context of the pandemic crisis.”

EU Budget and Administration Commissioner Johannes Hahn is also expected to inaugurate the listing of the first EU SURE social bond, amounting to 17 billion euros, during his upcoming visit to Luxembourg Stock Exchange on Tuesday.

According to the statement, there was “very strong investor interest in this highly rated instrument,” which has resulted in the bonds being oversubscribed more than 13 times and reaching “favourable pricing terms.”

The total amount of EU assistance to member states under the temporary SURE instrument has now reached 87.9 billion euros, as stated in the statement.

Edited By: Fatima Sule/Silas Nwoha
Source: NAN

Fatima Sule

Fatima Sule: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a media subscriber of the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.ng. Disclaimer.

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