Greece's National Recovery and Resilience Plan: Latest state of play

Briefing 11-04-2022

Before the pandemic, the Greek economy was just getting back onto a positive path, following reforms implemented under the macroeconomic adjustment programmes. Action to address the country's specific characteristics is now all the more important since the -8.2 % downturn of 2020. Greece was among the first four countries to submit its national recovery and resilience plan (NRRP) in April 2021. The plan envisages investments and reforms totalling €30.5 billion, to be implemented up to 2026, with €17.8 billion to be financed from non-repayable financial support (grants) and €12.7 billion, the maximum possible allocation, from loans. The plan corresponds to 4.2 % of the €723.8 billion Recovery and Resilience Facility (RRF) and represents 16.7 % of the country's gross domestic product (GDP) in 2019 (the RRF being 5.2 % of EU-27 GDP in 2019). The grants alone represent 9.7 % of the country's GDP, and overall this is the sixth biggest national plan. Greece is the biggest per capita grant beneficiary, receiving €1 666 in grants per person. The Greek plan was approved by the Council on 13 July 2021, which allowed the disbursement of the pre-financing payment of €4 billion to Greece on 9 August 2021. Further disbursements will be made up until 2026, upon fulfilment of the agreed milestones and targets. Grants are scheduled in nine equal instalments, and loans in six equal instalments. A first payment request was submitted by Greece on 29 December 2021 for the fulfilment of 15 milestones. On 7 January 2022, implementation had begun of 103 measures, corresponding to €6.1 billion. The European Parliament, which supported an EU recovery instrument from the start of the pandemic, is involved through a regular, structured dialogue with the Commission and the Council, and is competent to scrutinise its implementation. This briefing is one in a series covering all EU Member States. First edition. The 'NGEU delivery' briefings are updated at key stages throughout the lifecycle of the plans.