News: European Union has agreed upon a historic €750 billion ($860 billion) coronavirus recovery fund.
- Coronavirus Recovery Fund: The fund is aimed at containing an unprecedented economic downturn in the EU countries caused due to Covid-19 induced disruption.
- What does the fund contain? There are two parts of the fund:
- Euro 360 billion in low-interest loans for countries most hit by Covid-19.
- Euro 390 billion in grants to the worst affected economies.
- Significance of the fund:
- The EU as a whole will borrow money from the markets instead of individual countries.