"Exports must be the driver of the Croatian economy as a sector that creates added value, while the government must provide all the necessary support to help its further development," Finance Minister, Zdravko Maric, told the Exporters Club of Lider business magazine on Tuesday.

“Exports must be the topic all the time because it is the sector that invests and employs, and the fact that it is competitive on the global market shows how strong it is,” the finance minister said, according to a statement issued by Lider.

Maric said that the coronavirus crisis had caused a twin shock to supply and demand, and severe disruptions to supply chains had considerably affected macroeconomic results. Despite this, last year’s results achieved by tourism and exports surpassed all expectations, he added.

“As for this crisis, we do not expect a full recovery of the economy before the end of 2022, but until then we should do all we can to make the recovery as strong and as fast as possible and to open up our horizons, which have not disappeared because of this crisis. Once all the economies have opened up again, those best prepared will have a great advantage,” Maric said.

Speaking of the Next Generation EU facility, Maric said that Croatia must finalise and adopt a national recovery and resilience plan by 29 April to be able to absorb funds from this fund. “We must manage our expectations because this type of instrument encourages member states to carry out structural reforms in both the private and the public sector.”

Maric said that 13 percent of an advance payment from this fund, or €800 million in grants, was expected to be disbursed to Croatia before the end of this year, adding that this money would be spent on structural reforms which would be backed by public and private investments.

The EU’s money is not intended for “patching up financial holes” but for strengthening resilience so that we would be better prepared to overcome any future crises faster, he said.