MNI POLICY: EU RFF Borrowing 'At Least EUR56bn' In H2: Hahn

The European Union would issue a minimum of EUR56bn in the second half of this year for pre-financing of the EU's Recovery and Resilience Fund / NexGen programme, Budget Commissioner Johannes Hahn said Wednesday, adding that "It may be more."

Hahn said that borrowing strategy for the RRF is currently being developed in terms of its volumes and frequency, he said.

The outstanding EUR13bn issuance outstanding under the EU's SURE programme will be completer over the next 2 months in 2 to 3 tranches, he said. Speaking to journalists, Hahn noted that the Commission would launch a primary dealers' network to support its borrowing programme for the RRF/NexGen programme, which would allow auctions and allow for issuance of shorter-term securities of between 3 months and a year in maturity.

The commissioner said he had no indications that national ratifications of the own resources increase to support the EU's RRF borrowing is "not on track" and said this should be concluded by the end of June, with National Recovery Plans so far submitted had demonstrated member states' commitment to digital transition and the green agenda, but he noted that there was "some room for improvement" on structural reform and linking the plans to the European Semester – the EU's annual economic policy advice to states.