Belgium targets €20 billion stimulus package to restart the economy
Saturday, 21 November 2020
Belgium is targeting a budget of up to €20 billion to kickstart its economy once the pandemic is under control.
“We are aiming for a stimulus plan of between 10 to 20 billion euros,” Thomas Dermine, State Secretary for Strategic Investments explained in a column for L’Echo.
With the 5.15 billion euros earmarked from EU subsidies, Belgium is targeting a financial multiplier effect of 2 to 4, Dermine indicated, the minister responsible for coordinating the plan which should help restart the Belgian economy once the coronavirus pandemic is behind us.
“The political objective is not to fight to know how much each [member state] receives, but to use these 5.15 billion euros in the best projects and to seek to leverage it as much as possible via other financing sources, from the private and regional sectors,” Dermine noted.
Belgium – like other member states – will send its final version of its recovery plan to the European Commission by the end of April 2021.
On Monday, a meeting bringing federal and regional entities together to discuss the economic recovery plan further is scheduled.