Spain unveils 6-bn-euro economic plan to ease war impact

MADRID: Spanish Prime Minister Pedro Sanchez unveiled Monday plans to offer 6.0 billion euros ($6.7 billion) in direct aid and fuel subsidies to ease the economic impact of Russia’s invasion of Ukraine.

Details of the long-awaited emergency response plan were unveiled as Spain struggles with a growing wave of social unrest over runaway inflation and rising prices, sparking a truck drivers strike, production stoppages and mass protests by farmers and fishermen.

First mentioned just days after the war began on February 24, the plan — which includes measures to address spiralling fuel prices and will remain in force until June 30 — will be approved at Tuesday’s cabinet meeting.

It will release “approximately 6.0 billion euros in direct aid and tax rebates and 10 billion euros in state-guaranteed loans to cushion the impact of the crisis on families and businesses”, Sanchez told a business forum.