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Sanchez: "Spain preparing €150B investment plan"

03 July 2020 20:00 (UTC +04:00)

Spain's Prime Minister Pedro Sanchez stated on Friday that the government is readying a €150 billion investment and reform plan to aid the national economy's recovery following the coronavirus pandemic, APA reports citing Teletrader.

The plan will be submitted to the European Union for approval as the bloc is expected to provide funds for its implementation, he added. "This is a public investment plan that will also mobilize private resources," the prime minister explained in a speech at the Moncloa Palace.

The Bank of Spain has recently projected that the country's GDP would shrink between 9% and 11.6%, while the government expects a 9.2% GDP contraction for the entire 2020 and the unemployment rate of up to 19% due to negative economic consequences of the COVID-19 pandemic.