Finance Minister Fernando Medina said on Tuesday that even with the Socialist Party (PS) in opposition, given the legislative elections, “it will always be at the forefront” of implementing the Recovery and Resilience Plan (PRR). ).
“The PS in its program and in its policy practice has a strong incentive for public investment, everything that is public investment, and especially quality investment. […] Naturally, the PS will always be at the forefront of the rapid implementation of these projects so that their benefits reach the population,” said Fernando Medina, answering a question about the possible approval of PDP projects when the Socialists are in opposition in the European Assembly.
Referring to “these investments that are referenced and contracted” under this plan, created to address the effects of the Covid-19 crisis, the government official noted that it was the PS that “pushed the PRR into existence.” in Europe when others did not, who supported and advocated PRR for rapid implementation in Europe when others did not believe it would happen, and that […] insisted that contracts for these projects be awarded more quickly.”
“It was the PS government that accelerated the implementation of these projects as much as possible in the most difficult times,” said Fernando Medina.
On Monday, financial ratings agency DBRS warned of the risk that Portugal’s blocked parliament and unstable government could hamper the implementation of the PRR, without ruling out new early elections.
In a report published at the end of February, the European Commission said Portugal is the fifth EU country with the highest weight of PRR in GDP in the peak year of 2026, behind only Greece, Croatia, Spain and Bulgaria.
As we mark three years since the entry into force of the Recovery and Resilience Mechanism (MRR), which finances the PRR, Brussels then estimated that the Portuguese plan would have an impact that ranges from 3% to 3.5% of GDP in a high productivity scenario and from 2% to 2.5% of GDP with low productivity.
The Portuguese PRR amounts to €22.2 billion in grants and loans and covers 57 reforms and 284 investments.
To date, Portugal has already received 6.12 billion euros in grants and 1.65 billion euros in loans, with a plan implementation rate of 28%, according to European Commission data for December 2023.
The Democratic Alliance won Sunday’s legislative elections in Portugal with 29.49% of the vote and 79 deputies, compared with 28.66% and 77 deputies achieved by the PS, with four expatriate seats still to be distributed.
Chega quadrupled the number of deputies to 48, gaining 18.06% of the votes.
IL received eight deputies (5.08%), BU retained five deputies (4.46%), the CDU reduced the number of deputies compared to 2022 to four (3.3%).
Livre will form a parliamentary group for the first time, managing to recruit four deputies (3.26%), while the PAN will be left with one deputy (1.93%).
Author: Lusa
Source: CM Jornal
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