That comes on top of the seven-year 1 trillion euro EU budget. At first the grants were to total 500 billion euros, but the figure was brought down to 390 billion euros. The bloc’s executive has proposed a 750-billion euro coronavirus fund, partly based on common borrowing, to be sent as loans and grants to the countries hit hardest by the virus. That comes on top of the seven-year 1 trillion euro EU budget that leaders had been haggling over for months even before the pandemic. The five EU nations — nicknamed “the frugals” — had long opposed any grants at all, while the EU executive had proposed 500 billion euros.

Source: Manila Times July 21, 2020 16:18 UTC