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Italy approves new stimulus package to help revive Covid-hit economy




MILAN: Italy has approved a new stimulus package in its 2021 budget to spur an economic response to the recession caused by the coronavirus crisis, a government statement said Sunday after a cabinet meeting late last night.

Enlargement measures in 2021 will amount to more than 39 billion euros ($ 45.70 billion), including about 15 billion euros in grants from the European Union Recovery Fund, wrote Economy Minister Roberto Gualtieri on Facebook.

The ruling coalition, led by the anti-founding 5-Star Movement party and the center-left PD party, agreed on a preliminary version of the budget, a government source said, leaving the final details spoiled.

Amid several measures, the government has set up a 4 billion-euro fund to compensate companies hardest hit by the coronavirus blockades and extended until January a moratorium on loan repayments for small and medium-sized businesses.

The budget also extends temporary layoff schemes for enterprises with field workers at a cost of 5 billion euros. Nearly 6 billion euros are aimed at providing tax relief to support employment in the country’s impoverished south, Gualtieri said.

Italian Prime Minister Giuseppe Conte is expected on Sunday to announce new measures to curb the steady peak in COVID-19 cases in recent weeks.

One of the European countries hardest hit by the pandemic, Italy has projected an economic contraction of 9% for 2020 and a budget deficit equal to 10.8% of gross domestic product.

The budget is expected to keep Italy’s deficit next year at 7% of economic output, from a 5.7% forecast in April, reflecting additional spending.

Italy has projected economic growth of 6% in 2021.

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