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

Remigio Civitarese
Ottobre 19, 2020

The Italian government has moved to approve a new stimulus package to support its economic rebound from the COVID-19-induced recession, it said on Sunday.

There is also money to extend short-term layoff schemes, to support families, to help the underdeveloped south and to make it cheaper to hire workers under 35 years of age.

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

After late-night cabinet deliberations on Saturday, the ruling coalition agreed a preliminary deal for its 2021 budget, a source told Reuters, with finer details of the deal to be confirmed at a later date.

The Italian prime minister Giuseppe Conte is on Sunday also expected to announce new measures to curb a second wave of the virus.

One of the European countries worst hit by the pandemic, Italy has forecast a 9% economic contraction for 2020 and a budget deficit equating to 10.8% of gross domestic product.

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

Italy has forecast economic growth of 6 percent in 2021. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes.

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