Bulgaria's parl ratifies EU regulation on SURE agreement

Bulgaria's parl ratifies EU regulation on SURE agreement

Bulgaria's parliament said that it has ratified the EU regulation on the establishment of a European instrument for temporary support to mitigate unemployment risks in an emergency (SURE), in accordance with which Bulgaria is expected to get a 1 billion levs ($605 million/511 million euro) loan.

Bulgaria will provide state guarantees of 107.5 million euro, which will be due in case one or more participants in the instrument fails to fully or partially repay its loan, according to documents published by Bulgaria's parliament on Wednesday.

The SURE instrument will allow the government to continue to support employment during the coronavirus crisis through job retention schemes, prime minister Boyko Borisov said last month.

SURE is a temporary financing scheme designed to provide up to 100 billion euro of loans under favourable terms to EU member states. The instrument enables member states to request EU financial support to help finance the sudden and severe increases of national public expenditure.

Among the other EU member states in Southeast Europe, Romania is set to receive the largest support - of 3 billion euro. The European Commission's proposal also envisages support of 1.1 billion euro for Slovenia and 1.0 billion euro for Croatia.

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