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EU to give €2.5 billion loan to Ireland to overcome job crisis during Covid period

European Union lends 2.5 billion euros to Ireland to create short-term jobs.

The European Union (EU) is providing loans to Ireland as part of a program to ensure that member states affected by the Covid epidemic are Support to mitigate Unemployment Risks in an Emergency (SURE).

On November 13, the Commission recommended 2.5 billion in financial assistance to Ireland. Then, on Monday morning, EU Commission President Ursula von der Leyen announced on Twitter that the loan was available to Ireland.

She said their goal was to ensure jobs for the people even during the Covid epidemic and as part of this they implemented a new scheme for short-term employment.

Meanwhile, Ireland is the 18th European Union country to benefit from the SURE program. So far, the EU has approved 90.3 billion euros in loans to various member states under the scheme.

In the first phase, 17 billion euros were distributed to countries such as Italy, Spain and Poland.

As part of the plan, the European Union will be able to provide up to 100 billion euros in funding to member states to ensure job security in the face of a sharp rise in public spending.

At the same time, the Irish government estimates that the EU’s new loan could be used to pay for Pandemic Unemployment Payments (PUPs).

According to the latest figures from the Department of Social Welfare, about 330,000 people received PUPs in Ireland in the week to November 3.

The figures also show an increase of 34,000 in a week.

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