EU reaches historic deal on COVID-19 pandemic recovery

(VOVWORLD) - European Union leaders are finalizing the details of a 750 billion-euro recovery fund to help overcome economic fallout from the coronavirus pandemic as a marathon summit stretches into its fifth day.

European Council President Charles Michel distributed the latest plan on Monday, which would raise debt on behalf of the entire EU with 390 billion euros to be distributed in the form of grants to pandemic-hit countries. The money will be repaid from the joint EU budget through 2058.

Leaders hope the 750 billion euro recovery fund and its related 1.1 trillion euro 2021-2017 budget will help repair the continent's deepest recession since World War Two after the coronavirus outbreak shut down economies.

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