Greek Finance Ministry setting up agency for Recovery Fund

The Greek Finance Ministry tabled an amendment to Parliament on Tuesday envisaging a special agency for the EU Recovery Fund resources, to be headed by a technocrat.

Under the amendment, Finance Minister Christos Staikouras said in parliament, the ministry will establish a special agency of coordinating with the Recovery Fund, responsible for drafting a recovery plan and monitoring and assessing the implementation of projects to be supported by the Fund.

The agency will be headed by a governor with a three-year tenure and the option for renewing his or her term for another three years. The job holder’s compensation will be equal to that of a secretary general of a ministry, plus a performance bonus.

The agency will also have three directorates and a personnel of 40. It will run on an annual budget of 870,000 euros, plus 1.24 million euros for technical support contracts, 29,000 euros for a governor bonus and 110,000 euros for infrastructure equipment, and it will automatically end operations on March 31, 2027.