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8/31/2020, 1:32 PM (Source: TeleTrader)
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PM Sanchez: EU relief fund boosts Spanish GDP

Spain's Prime Minister Pedro Sanchez (pictured) said on Monday that the €140 billion relief received from the European Union's recovery fund will support the growth of the country's gross domestic product by an additional 2 percentage points long-term. Out of the whole package, €72.7 billion will be issued in grants, while the rest of the funds will be provided through repayable loans.

Economy Minister Nadia Calvino said that the country's economy is expected to grow by 10% in the third quarter of the year, making a comeback after two trimesters of downfall. Furthermore, she urged legislators to pass the "general state budget" in order to "address this (extraordinary) situation from the health, economic and social point of view."

After several months of recording under 1,000 COVID-19 cases per day, Spain has been hit since mid-July with an alarming rise of newly registered positive cases. The coronavirus outbreak resurged in recent days, with health authorities reporting the highest number of daily recorded cases since peaks seen during March.

Breaking the News / AM