France and Germany have agreed on establishing a joint European recovery fund amounting to €500 billion (US$543 billion) that will be given out as grants to the economic sectors and regions most affected by the Covid-19 pandemic. German Chancellor Angela Merkel and French President Emmanuel Macron have announced a joint initiative aimed at helping the European Union recover from the devastation the novel coronavirus pandemic has inflicted on its economy. The plan involves allocating a vast sum for the specialized recovery fund within the next Multiannual Financial Framework (MFF) – a seven-year program regulating annual EU budgets.
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