Spain is proposing members of the European Union to create a fund with up to 1.5 trillion euros (1.63 trillion dollars) to help the bloc's countries worst hit by the new coronavirus pandemic, according to an internal Spanish government document.
Italy and Spain are among the worst hit EU members by the COVID-19 pandemic, leading the region in the number of confirmed infections and recorded deaths.
The document, seen by The Associated Press, says that the new economic recovery fund should draw from members states' grants in order not to raise public debt levels.
The fund should be financed through perpetual EU debt, the document reads.
Spanish Prime Minister Pedro Snchez aims to discuss the proposal during Thursday's meeting of EU leaders, said a government official who wasn't allowed to be named in media reports.
With over 20,000 deaths and nearly 200,000 confirmed infections, Spain is starting to relax its confinement measures, trying to re-activate the economy and allowing children under 12 years-old to venture out to the streets for brief periods from next week.
Disclaimer: No Business Standard Journalist was involved in creation of this content