EU finance ministers support Finland’s COVID recovery plan

The European Union (EU) Finance Ministers in a video conference on Thursday welcomed the assessment of Finland’s Recovery and Resilience Plan, said the Ministry of Finance in a press release.

Minister of Finance Annika Saarikko represented Finland in the conference.

“I am pleased with the positive feedback Finland received. Our recovery plan will help us formulate responsible economic policy in which sustainable management of public finances and green investments go hand in hand,” said Saarikko.

The Recovery and Resilience Plan provides an outline on how Finland intends to use funding from the EU’s Recovery and Resilience Facility.

The recovery plan includes EUR 2.1 billion in funding for reforms and investments at current prices. The Plan is part of the Sustainable Growth Programme for Finland.

The reforms and investments focus on four priority areas- Green transition, Digitalisation, Employment and skills and Health and social services.

The European Commission published a positive assessment of Finland’s plan on 4 October. Finance ministers discussed the assessment in their video conference, but formally the Council of the European Union will approve the plans with an implementing decision by written procedure within a few days.

After the approval, Finland will receive 13% of the EU funding for the recovery plan, i.e. EUR 271 million at current prices.

Parliament has adopted the third supplementary budget, which outlines the use of the funding this year. Next year’s EU funding is included in the Government’s budget proposal.