Malta allocated €243.6m in EU loans through unemployment aid scheme

26th August 2020 • News

Malta has been allocated €243.6 million in loans given by the EU through the temporary Support to mitigate Unemployment Risks in an Emergency (SURE) initiative.

In a statement, the Finance Ministry highlighted that Malta is among the first tranche of countries to be allocated funds through SURE. It said that SURE would help alleviate the pressure placed on public finances by the support provided to employment and enterprises during the pandemic.

SURE is an instrument through which EU member states may receive up to €100 billion in loans in a bid to fight the negative economic and social consequences of the Covid-19 pandemic. It is targeted specifically for policies related to the preservation of employment, primarily short-time work schemes and related measures.

Finance Minister Edward Scicluna highlighted that Malta had supported the SURE instrument from the outset, and that such an instrument, financed by the European Commission through borrowing from financial markets, was the first of its kind.

Malta welcomed the increased and timely cooperation that led to this action, the minister maintained.