June 29, 2020 / 6:38 AM / a month ago

EU's recovery fund must include substantial grants - IMF

FILE PHOTO: A woman, wearing a protective mask walks past the head quarter of the European Central Bank (ECB) during sunset in Frankfurt, Germany, April 29, 2020, as the spread of the coronavirus disease (COVID-19) continues. REUTERS/Kai Pfaffenbach/File Photo

BERLIN (Reuters) - A substantial part of the European Union’s package of measures to help the economy recover from the coronavirus pandemic must consist of grants rather than loans, the International Monetary Fund’s chief economist told Der Spiegel.

“Otherwise it will not promote economic recovery,” Gita Gopinath was quoted as saying by the German magazine on Monday.

EU leaders agreed in April to build an emergency fund to help the 27-nation bloc rebound from the pandemic, but the final details have yet to be agreed.

Reporting by Thomas Seythal; editing by Riham Alkousaa

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