The RRF will make €672.5 billion in grants and loans available for public investment and reforms in the Member States to help them address the impact of the COVID-19 pandemic, to foster the green and digital transitions and to build resilient and inclusive societies. Ministers also adopted a recommendation under the excessive deficit procedure for Romania that sets a new deadline for Romania to improve its fiscal situation for 2024. In addition, the Council adopted the recommendations on the updated stability and convergence programmes of the Member States in the framework of the European Semester 2021 and approved conclusions on the fiscal sustainability challenges arising from an ageing population. Ministers also held an important policy debate on the direction to take regarding the key elements of the VAT rates proposal and discussed the 'buy and donate' proposal. The latter proposal would allow the Commission and other EU bodies to buy goods and services required to combat certain emergencies, such as the COVID-19 pandemic, with a VAT exemption and to distribute them free of charge to Member States. The ministers also reviewed progress on banking union and financial services legislative proposals. Lastly, they approved terms of reference for the meeting of the G20 finance ministers and central bank governors that will take place from 7 to 10 July 2021.