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☆ Defense spending must not detract from climate-driven initiatives, says EIB's Calviño
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDefense spending must not detract from climate-driven initiatives, says EIB's CalviñoNadia Calviño, president of the European Investment Bank, discusses her mandate for the organization and explains how the bank plans to support European security and defense.

Persons: EIB's, Nadia Calviño Organizations: Email Defense, European Investment Bank

☆ There will be a lot of investment needed for the reconstruction of Ukraine, says EIB President
▼ + stars: | 2024-01-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere will be a lot of investment needed for the reconstruction of Ukraine, says EIB PresidentNadia Calviño, president of the EIB, discusses European investment and the region's role in the global economy.

Persons: Nadia Calviño Locations: Ukraine

☆ Spanish economist picked to lead the EU's massive lending unit lays out her priorities
▼ + stars: | 2023-12-11 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Nadia Calviño, Spain's finance minister and deputy prime minister, was appointed head of the European Investment Bank Friday — in what has been touted as a boost for Spanish influence within the European Union. Known as the EU's lending arm it approved some 75.86 billion euros ($81.6 billion) in new projects in 2022. "We also have a European Union with 27 member states, and it is a complex construction. Calviño said that Spain had launched a "massive" investment program using funds from the NextGenerationEU pandemic recovery instrument. So I do think there is a chance for us to crowd in private investment if we do things right," she said.

Persons: Nadia Calviño, Calviño, CNBC's Organizations: European Investment Bank, European Union Locations: Ukraine, Union, Spain

Spain's Prime Minister Pedro Sanchez takes the oath of office during a ceremony at Zarzuela Palace in Madrid, Spain November 17, 2023. Calvino, who is the frontrunner for the top job at the European Investment Bank scheduled to be announced at the end of the year, will also keep her position as first deputy prime minister, Sanchez said in a televised statement. Given the anticipated difficulty of passing laws with a minority government, Budget Minister Maria Jesus Montero will be promoted to be one of four deputy prime ministers. His four deputy prime ministers are all female. Junior coalition partner Sumar got five portfolios, keeping its share of power within the cabinet.

Persons: Pedro Sanchez, Andres Ballesteros, Nadia Calvino, Calvino, Sanchez, Teresa Ribera, Maria Jesus Montero, Jose Manuel Albares, Yolanda Diaz, Sumar, Felix Bolanos, Ana Redondo, Irene Montero, Ione Belarra, Belen Carreno, Inti, Aislinn Laing, Toby Chopra, Charlie Devereux, Ed Osmond, William Maclean Organizations: Spain's, Rights, Socialist, European Investment Bank, European, Energy, Labour, Socialists, Junior, Thomson Locations: Zarzuela, Madrid, Spain, Rights MADRID, Maria Jesus Montero ,, Sumar

☆ Spanish Prime Minister Pedro Sanchez's new cabinet
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +6 min

Spain's Prime Minister Pedro Sanchez takes the oath of office during a ceremony at Zarzuela Palace in Madrid, Spain November 17, 2023. Andres Ballesteros/Pool via REUTERS Acquire Licensing RightsNov 20 (Reuters) - Spanish Prime Minister Pedro Sanchez on Monday announced his new cabinet, keeping the same number of 22 ministers, 12 women and 10 men, despite reshuffling some of their portfolios. SOCIALIST MINISTERS:NADIA CALVINO - ECONOMYCalvino remains as Sanchez's first deputy prime minister and top economic expert. FELIX BOLANOS - JUSTICEBolanos saw his profile boosted by heightened media exposure while acting as Sanchez's de facto cabinet chief. SIRA REGO - CHILDREN AND YOUTHThe second-in-command and main spokesperson for the United Left, she became an MEP in 2019.

Persons: Pedro Sanchez, Andres Ballesteros, NADIA CALVINO, Calvino, Sanchez's, TERESA RIBERA, Ribera, MARIA JESUS MONTERO, Sanchez, Montero, FELIX BOLANOS, JUSTICE Bolanos, JOSE MANUEL ALBARES, Arancha Gonzalez Laya, MARGARITA ROBLES, Robles, FERNANDO GRANDE, Miquel Iceta, PILAR ALEGRIA, Alegria, Isabel Rodriguez, ISABEL RODRIGUEZ, Rodriguez, JOSE LUIS ESCRIVA, DIANA MORANT, LUIS PLANAS, Puente, Alberto Nunez Feijoo, JORDI HEREU, Hereu, Hector Gomez, ANGEL VICTOR TORRES, Torres, ELMA SAIZ, Escriva, Redondo, Podemos party's Irene Montero, SUMAR, YOLANDA DIAZ, LABOUR Diaz, Sumar, MONICA GARCIA, Garcia, Isabel Diez Ayuso, ERNEST URTASUN, PABLO BUSTINDUY, Bustinduy, Alberto Garzon, Ione Belarra, SIRA REGO, David Latona, Aislinn Laing, Grant McCool Organizations: Spain's, REUTERS Acquire, Spanish, Monday, European Investment Bank, JUSTICE, High, Culture, Social Security, Universities, Democratic, Socialist, ANA REDONDO, LABOUR, Mas Madrid, Greens, European Free Alliance, Consumer Affairs, United Left, Thomson Locations: Zarzuela, Madrid, Spain, Dubai, France, Morocco, Ukraine, Melilla, Gandia, Valladolid, Barcelona, Canary, Bolanos, Pamplona, Navarre, Mas, Podemos, Gaza, SIRA, Israel

☆ Spain’s Pedro Sanchez secures new term, ending four-month deadlock
▼ + stars: | 2023-11-16 | by ( ) edition.cnn.com time to read: +4 min

Reuters —Spain’s parliament voted to make Pedro Sanchez prime minister for another term on Thursday, ending a protracted deadlock after an inconclusive general election in July. Sanchez had 179 votes in favor and 171 against, with no abstentions. It also represents a remarkable turnaround for Sanchez, who six months ago felt compelled to call a snap election after his party performed poorly in regional elections. Pedro Sanchez (L) is congratulated by Partido Popular leader Alberto Nunez Feijoo after winning a parliamentary vote to elect Spain's next premier, at the Congress of Deputies in Madrid on November 16. Feijoo described Sanchez as being “subject to a monthly contract with separatists” to be able to govern.

Persons: Reuters —, Pedro Sanchez, Sanchez, Alberto Nunez Feijoo, Olaf Scholz, ” Scholz, “, Ursula von der Leyen, Volodymyr Zelensky, Rodrigo Jimenez, Javier, Vox, Santiago Abascal, Feijoo, Esteban Gonzalez Pons, ” Sanchez, Spain's, Javier Soriano, ”, Miriam Nogueras, Nadia Calvino Organizations: Reuters, Spanish Socialist Workers ’ Party, PSOE, People’s Party, EU, Ukrainian, Spanish Socialist Worker's Party, Deputies, European People’s Party, EPP, Partido Popular, Socialists, European Investment Bank Locations: Spain, Catalonia, Spanish, Madrid, Socialist

☆ Germany's Scholz backs Spain's Calvino for EIB presidency
▼ + stars: | 2023-11-11 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Susana Vera/ File Photo Acquire Licensing RightsFRANKFURT, Nov 11 (Reuters) - German Chancellor Olaf Scholz on Saturday backed the candidacy of Spanish acting Economy Minister Nadia Calvino for the post of president of the European Investment Bank (EIB). "I think she will be a very good president of the EIB," Scholz said in an address to a weekend congress of the Party of European Socialists (PES) in Malaga, Spain. He added that they had worked well together in the past when they headed their respective countries' finance ministries. The EIB is currently led by German Liberal Democratic Party (FDP) politician Werner Hoyer. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Nadia Calvino, Susana Vera, Olaf Scholz, Scholz, Werner Hoyer, Andreas Rinke, Vera Eckert, Kirsten Donovan Organizations: Monetary, Financial, International Monetary Fund, World Bank, REUTERS, Rights, Saturday, European Investment Bank, Party of European Socialists, European Union, Berlin, German Liberal Democratic Party, Thomson, Reuters Locations: Marrakech, Morocco, Malaga, Spain, Germany, France

☆ Spain's state fund considers taking Telefonica stake after STC move
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

The logo of Spanish Telecom company is displayed atop the company's building in Madrid, Spain, September 6, 2023. Acting Economy Minister Nadia Calvino has said Madrid will carry out a thorough evaluation before approving STC's stake, while acting labour minister Yolanda Diaz has called for the transaction to be blocked. Spain's SEPI said in a stock market filing on Tuesday that it was carrying out an "exploratory internal analysis over a potential acquisition" of a stake in Telefonica. STC declined to comment on any potential plans by SEPI. Caixabank, which owns 3.5% stake of Telefonica, said last week it would not raise its stake in response to STC's move, and would analyse with Telefonica any potential cooperation with the Saudi Arabian telecoms company.

Persons: Violeta Santos Moura, Spanish telco Caixabank, SEPI, Nadia Calvino, Yolanda Diaz, Spain's SEPI, Belen Gualda Gonzalez, Onur Genc, It's, Genc, Inti Landauro, Pietro Lombardi, Louise Heavens, Alexander Smith Organizations: Spanish Telecom, REUTERS, BBVA, Telefonica Bank, Telefonica MADRID, Telefonica, Saudi, STC, Saudi Arabia's, SEPI, Thomson Locations: Madrid, Spain, Spanish, Saudi Arabian

☆ IMF steering committee calls for new funds, share plan by June 2025
▼ + stars: | 2023-10-14 | by ( ) www.reuters.com time to read: +1 min

International Monetary and Financial Committee (IMFC) chair Nadia Calvino leaves after a press conference during the annual meeting of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 14, 2023. A statement issued by the Fund's steering committee chair, Spanish economy minister Nadia Calvino, also called for proposals to change the Fund's shareholding formula by June 2025. The statement did not specify any funding amounts but left the door open to a potential near-term funding increase without changes in near-term shareholding. "In order to maintain the Fund’s current resource envelope until a quota increase becomes effective, we call on the Executive Board to propose transitional arrangements," the statement said. Reporting by David Lawder; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Nadia Calvino, Susana Vera, David Lawder, Diane Craft Organizations: Monetary, Financial, International Monetary Fund, World Bank, REUTERS, Rights, Monetary Fund, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH

China, whose economy is now three times the size it was in 2010, continued to push for more IMF shares. IMFC members agreed to add a third IMF Executive Board chair to represent African countries, a key sweetener for the U.S. "equi-proportional quota plan. Pan said China supported this move but it was a separate issue from the shareholding formula. It also called for the IMF's Executive Board to propose options for changes to the shareholding formula by June 2025. This would accelerate the next five-year review of quotas and meet IMF Managing Director Kristalina Georgieva's call for a deadline on adjusting its shareholding to preserve its credibility.

Persons: Nadia Calvino, Kristalina Georgieva, Pan Gongsheng, Pan, Kristalina, Georgieva, David Lawder, Andrea Shalal, Sharon Singleton, Christina Fincher, Franklin Paul, Diane Craft Organizations: Monetary, Financial, International Monetary Fund, World Bank, Monetary Fund, IMF, Fund, The U.S . Treasury, People's Bank of China, Beijing, IMF's, U.S . Treasury, United Arab, Thomson Locations: Marrakech, Morocco, MARRAKECH, U.S, China, CHINA, The U.S, India, Ukraine, Israel, Gaza, United Arab Emirates

EU fiscal rules underpin the value of the euro used by 20 countries and set a limit on budget deficits of 3% of GDP and a public debt limit of 60% of GDP. However, most EU countries exceed these limits as two years of the COVID-19 pandemic and the energy price crisis have both required massive government spending. The main clash is between Germany, which wants annual debt reduction benchmarks that are the same for all, and France, which believes individually negotiated debt reduction paths are the way to go and that one-size-fits-all policies do not work. She said 70% of the text of the new rules has been agreed in technical work over the summer. Reporting by Maria Martinez, Belen Carreno and Jan Strupczewski, writing by Jan Strupczewski; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Valdis Dombrovskis, Dombrovskis, James, Nadia Calvino, Calvino, Maria Martinez, Belen Carreno, Jan Strupczewski, Jason Neely Organizations: SANTIAGO DE, Union, Saturday, Spanish, Thomson Locations: SANTIAGO, SANTIAGO DE COMPOSTELA, Spain, Spanish, Santiago, Santiago de Compostela, Germany, France, Ukraine

☆ No decision on European Investment Bank presidency expected this week, German finance minister says
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

German Finance Minister Christian Lindner speaks during a plenum session of the lower house of parliament, Bundestag, to present the 2024 budget and financial planning of the Federal Government, in Berlin, Germany September 5, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsSANTIAGO DE COMPOSTELA, Sept 15 (Reuters) - German Finance Minister Christian Lindner said at the informal EU finance ministers meeting on Friday that a decision is not expected this week on who will become European Investment Bank (EIB) president. "There are several well-qualified candidates, for example our host today, Nadia Calvino," Lindner said before the meeting of euro zone finance ministers. Lindner said the German government hasn't made a decision yet on which candidate to back, "but we have a clear picture of how the EIB should develop." Lindner said the bank should keep its AAA rating: "Sound banking is essential for us."

Persons: Christian Lindner, Annegret, Nadia Calvino, " Lindner, Lindner, hasn't, Maria Martinez, Miranda Murray Organizations: Bundestag, Federal Government, REUTERS, SANTIAGO DE, German Finance, European Investment Bank, AAA, Thomson Locations: Berlin, Germany, SANTIAGO, SANTIAGO DE COMPOSTELA

The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Also interested are the politically non-affiliated Italian central banker Daniele Franco, Poland's right-wing former Finance Minister and current EIB Vice President Teresa Czerwinska, and Sweden's socialist former Energy Minister and also current EIB Vice President Thomas Ostros. "We can say we are really spoilt for choice because all the candidates are excellent," German Finance Minister Christian Lindner told reporters on Thursday. The EIB is the lending arm of the EU and is active in 160 countries offering loans, guarantees, equity investments and advisory services. Germany's Deputy Central Bank Governor Claudia Buch and her Spanish counterpart Margarita Delgado are both in the running.

Persons: Eric Vidal, Vincent van Peteghem, Germany's Werner Hoyer, Margrethe Vestager, Nadia Calvino, Daniele Franco, Poland's, Teresa Czerwinska, Thomas Ostros, Christian Lindner, Central Bank Governor Claudia Buch, Margarita Delgado, Buch, Vestager, Emmanuel Macron, Richard Chang Organizations: European Investment Bank, Reuters, Rights, Belgian, Union, European Commission, Finance, Energy, European Central Bank, Germany's, Central Bank Governor, SSM, Thomson Locations: Luxembourg, Rights BRUSSELS, Italian, Spanish, EU, Paris, Spain

As Telefonica's rivals slashed prices to attract internet users, the Spanish company also borrowed to invest in new mobile and internet networks. But the secrecy with which STC (7010.SE) built its stake did catch some observers off guard, the person said. Telefonica said it was informed Tuesday about STC'S investment, after the companies had become more acquainted in recent months. STC sought to keep the stake under wraps until it could buy at least 9.9% of Telefonica, the person said. Middle Eastern investors have been taking stakes in Spanish companies for some time.

Persons: Violeta Santos Moura, Jose Maria Alvarez, Pallete, Alvarez, Prince Mohammed bin Salman's, UGT, Morgan Stanley, Linklaters, Motaz Al Angari, Al Angari, pare, EFG Hermes, Nadia Calvino, Inti Landauro, Tomas Cobos, Amy, Jo Crowley, Pablo Mayo, John O'Donnell, Anousha, Elisa Martinuzzi, David Gregorio, Ros Russell Organizations: Spanish Telecom, REUTERS, Rights, Telefonica, STC Group, STC, Saudi Arabia's Public Investment Fund, Foresight, Saudi, United Arab, Vodafone, Thomson Locations: Madrid, Spain, Rights DUBAI, MADRID, Silicon Valley, Saudi, Riyadh, Telefonica, Saudi Arabia, Spanish, Latin America, theocracies, United Arab Emirates, Iberdrola, Davos, Gulf, London

☆ New boss will be EIB’s chance to stay relevant
▼ + stars: | 2023-09-07 | by ( Rebecca Christie | ) www.reuters.com time to read: +5 min

Flags are seen behind the logo of the European Investment Bank in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal Acquire Licensing RightsBRUSSELS, Sept 7 (Reuters Breakingviews) - The European Investment Bank has a chance to remake itself when it gains a new leader next year. The EIB has been making infrastructure loans since 1958, and now channels some 65 billion euros in annual financing to the economy. To do that, the next EIB chief will need to let the bank shoulder more risk, as suggested by Vestager on Thursday. By comparison, the World Bank has $240 billion loans outstanding.

Persons: Eric Vidal, Werner Hoyer, Nadia Calviño, Denmark’s Margrethe Vestager, Daniele Franco, Teresa Czerwińska, Thomas Östros, Vestager, Margrethe Vestager, Spain’s Nadia Calviño, Poland’s Teresa Czerwińska, Italy’s Daniele Franco, Sweden’s Thomas Östros, Denmark’s Vestager, Neil Unmack, Streisand Neto Organizations: European Investment Bank, Reuters, Rights, Spanish, World Bank, AAA, European Union, Financial Times, European Investment, Union, Thomson Locations: Luxembourg, Rights BRUSSELS, Italian, Europe, Ukraine, France, Spain

☆ French, Spanish economies grow at sustained pace in second quarter
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

PARIS/MADRID, July 28 (Reuters) - The French and Spanish economies grew at a sustained pace in the second quarter on the back of stronger exports and tourism, statistics agencies said on Friday, auguring a possible euro zone rebound. France's gross domestic product expanded in the second quarter a faster-than-expected 0.5% from the preceding quarter, while the Spanish economy grew 0.4%, according to data from INSEE and INE, as the French and Spanish statistics agencies are respectively known. The data from French and Spanish economies, respectively the euro zone's second- and fourth-largest, bode well after the euro zone's growth was 0% in the first quarter of this year. The French economy sped up from a revised 0.1% in the first quarter, INSEE said in its quarterly GDP report. Unlike France and Spain, Austria, a much smaller economy, shrank 0.4% in the second quarter due to a slowdown in construction and industry.

Persons: auguring, Bruno Le Maire, bode, Nadia Calvino, Tassilo Hummel, Inti, Dominique Vidalon, Christopher Cushing, Nick Macfie Organizations: PARIS, Finance, RTL, Thomson Locations: MADRID, Spanish, Spain, France, Austria

☆ Americans are flocking to Spain and buying pricey homes. New 'digital nomad visas' could make it even more popular.
▼ + stars: | 2023-07-27 | by ( Eliza Relman | ) www.businessinsider.com time to read: +2 min

The number of Americans living and buying real estate in Spain has jumped in the last few years. Americans are also buying some of the most expensive property in the country. A "digital nomad visa" launched this year could encourage even more Americans to move to Spain. CNBC reported that the General Council of Notaries in Spain found the number of Americans living in Spain increased by 13% between 2019 and 2021. The number of homes sold to Americans in Spain surged 88% between the first half of 2019 and the first half of 2022.

Persons: Nadia Calviño Organizations: Service, CNBC, General, Danes, Economic Locations: Spain, Wall, Silicon, Navarre, Basque, Madrid, Valencia, Spanish

☆ Watchdog with teeth can help EU hunt unicorns
▼ + stars: | 2023-07-11 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

Yet the EU today is a long way from uniting its capital markets. By comparison, the United States has seven exchange groups, three listings exchanges and 16 trading exchanges, along with one clearing house and one depository. Bringing capital markets together through better regulation, as well as better market incentives, could keep the next generation of unicorns home. Follow @rebeccawire on TwitterCONTEXT NEWSEuropean Union leaders called for the EU to improve capital markets as part of a push for competitiveness at summits in March and June. Capital markets union is an EU endeavour launched in 2014 as a long-term project to boost investment across borders.

Persons: –, Austria’s i5invest, Backes, Magdalena Rzeczkowska, Nadia Calviño, ESMA, ” Calviño, won’t, centralisation, Francesco Guerrera, Oliver Taslic Organizations: Reuters, EU, ABC Fitness Solutions, Reuters Graphics Reuters, Canada, Berlin Brands Group, European Securities and Markets Authority, European, Central, Union, European Commission, Capital, Thomson Locations: BRUSSELS, Europe, China, Ukraine, Arkansas, London, Switzerland, United States, IPOs, Belgian, U.S, Paris, spillovers, Luxembourg, Poland, Brussels, EU, wean

☆ We need to ensure climate action effectivess throughout the world, Spanish minister says
▼ + stars: | 2023-06-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe need to ensure climate action effectivess throughout the world, Spanish minister saysSpanish Economy Minister Nadia Calviño discusses the goals of the Summit on a New Global Financing Pact, the state of the Spanish economy and the key issues behind the upcoming general election.

Persons: Nadia Calviño Organizations: Global, Pact Locations: Spanish

☆ Ferrovial says Dutch relocation could damage brand in Spain
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

MADRID, June 15 (Reuters) - Ferrovial's (FER.MC) decision to move its holding company to the Netherlands to try to speed up a U.S. listing could have an adverse impact on its brand in Spain, the company said in a document published on Thursday. The operation "could potentially have a negative impact on its brand in Spain, which, in turn, could have a material adverse effect on the group's competitive position," it said. The reverse merger, under which its Dutch subsidiary Ferrovial International SE (FISE) has absorbed holding company Ferrovial, was fully completed on Thursday. In the website prospectus, Ferrovial said Spanish tax authorities could decide the merger falls outside a special tax regime for holding companies that allows dividends and capital gains from the transfer of shares from subsidiaries to be exempt from taxation. Ferrovial on Thursday had no comment beyond the published document.

Persons: Ferrovial, Rafael del Pino, Nadia Calvino, Corina Pons, Emma Pinedo, Charlie Devereux, Sharon Singleton, Barbara Lewis Organizations: Ferrovial, Thomson Locations: MADRID, Netherlands, U.S, Spain, Amsterdam, Madrid, Ferrovial, Spanish

☆ Spain hopes to set up AI regulation during EU rotating presidency
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: 1 min

MADRID, April 26 (Reuters) - Spain aims to set up a set of regulations for artificial intelligence during its rotating presidency of the Council of the European Union, Economy minister Nadia Calvino said on Wednesday. Calvino added that such future rules must not stop AI development, but ensure privacy protection. Spain is preparing to take on the rotating presidency of the Council of the European Union in the second half of 2023. Reporting by Inti Landauro. Writing by Emma Pinedo, editing by Andrei KhalipOur Standards: The Thomson Reuters Trust Principles.

They are among the discordant calls made by Spanish and EU bureaucrats as Spain's drive to hand out 77 billion euros ($84 billion) in grants from EU pandemic recovery funds becomes mired in complexity, according to interviews with business associations, government officials, companies and consultants. Spain is the EU pilot project for disbursing grants from the largest stimulus package in the bloc's history, an overall pot of 724 billion euros, including loans. A year into the disbursement process, about 23.5 billion euros had been awarded as of December last year, according to the latest figures published by the government last month. That's a sluggish pace, given the EU and Spain have set a deadline of the end of this year to award all 77 billion euros. Meanwhile, only about 9 billion euros have actually reached the businesses awarded funds, according to calculations by the Esade Centre for Economic Policy, a Madrid-based think-tank that tracks the pandemic recovery cash.

☆ IMF's Georgieva sees 'tangible progress' on debt issues, urges seeking help earlier
▼ + stars: | 2023-04-14 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, April 14 (Reuters) - International Monetary Fund chief Kristalina Georgieva said on Friday that debtors and creditors made "tangible progress" on debt restructuring issues this week, but urged countries facing mounting debt problems to seek help earlier in the process. A new sovereign debt roundtable was helping to accelerate work on debt restructurings, Georgieva told a news conference during the IMF and World Bank spring meetings in Washington. But countries nearing debt distress and their creditors should move forward on reprofiling debt levels before a full restructuring was needed, she said. Imagine a further tightening of financial conditions, that increases the burden on these countries," she added. Georgieva said the IMF would continue to work closely with the 20 African countries with heavy debt burdens to avoid getting to the point where restructurings were needed.

WASHINGTON, April 14 (Reuters) - The International Monetary Fund's steering committee on Friday said it would accelerate its discussions on quota reforms at the global lender with an eye to making "considerable progress" by its next meeting in October. "In this context, we support at least maintaining" the IMF’s current lending resources, Calvino said in a summary of the committee's work. "With regard to IMF resources, I continue to believe that overall resources remain adequate," Yellen said. "At the same time, the IMF needs to follow through on its commitment to a new quota formula that is both fair and simple and primarily reflects the economic size of its member countries." He called for a "pragmatic approach" to complete the review by December to increase IMF resources and to "strengthen the voice and representation of dynamic emerging market and developing economies."

[1/4] Chinese President Xi Jinping and France's President Emmanuel Macron meet at the Guandong province governor's residence, in Guangzhou, China, Friday, April 7, 2023. Macron's comments came in an interview on a trip to China that was meant to showcase European unity on China policy, with European Commission President Ursula von der Leyen also taking part, but highlighted differences within the European Union. A senior diplomat from Central and Eastern Europe, speaking on condition of anonymity, said: "President Macron is not speaking for Europe or the European Union. The French foreign ministry cancelled a planned debrief on the trip for foreign diplomats in Paris on Tuesday as officials scrambled to make sure they had a consistent message and to limit any fallout with Washington. But even some of those broadly supportive of Macron's agenda lamented the handling of the China trip, in which von der Leyen received a much more muted welcome than the French president.

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