Italy approves stimulus plan to support economy

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Rome:

The new relief measures include 17 billion euros in financial aid to businesses and 9 billion euros in credit aid to businesses, Prime Minister Mario Draghi announced on Thursday.

Another 4 billion euros will go to the labor market, with various measures to support the most vulnerable workers and the unemployed, the Xinhua news agency reported.

In addition, the program will also extend financial support to an additional 370,000 self-employed workers, Draghi said.

However, the prime minister warned that the country will not achieve “sustained growth” as long as the National Recovery and Resilience Plan (PNRR), mainly funded by the European Union (EU) recovery program, does not. will not begin to be implemented.

“We expect the economy to rebound already in this quarter, so our forecast for the year will likely be revised up,” Draghi said at a press conference.

He said the ongoing coronavirus vaccination plan was one of the main drivers of moderate optimism.

More than 29 million doses of the vaccine had been administered across the country and 9.3 million people had been fully immunized by Thursday, according to official figures.

“The success of the Covid-19 vaccination plan allows us to continue reopening under what we call a ‘calculated risk’ and, if we beat the pandemic, the country will return to growth,” Draghi said.

Among other measures, the support program will make it easier for young people to obtain a first home mortgage, including a state guarantee for young low-income couples up to 80 percent of their total financial exposure. .

It has also allocated 50 million euros for the current year to a new Italian fund for basic scientific research with the aim of reversing the current brain drain of Italian researchers.



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