New Spending Package Approved in Italy!

New Spending Package Approved in Italy!

In Italy, one of the countries most affected by the new type of coronavirus (Covid-19) epidemic, the new expenditure package has been approved. The Italian government has taken a new step to revive the economy damaged by the Covid-19 outbreak. Government officials, who met late at night, approved the 25 billion euro spending package. Italy, which had a serious crisis due to the epidemic, had prepared two more packages in the previous periods in order to revive the economy. With the third revival package approved, Italy's budget deficit for this year is expected to reach 12% of GDP. The budget deficit for the year-end target announced in April was expected to be 10.4 percent. This rate fell to 1.6 percent last year as the lowest budget deficit of the last decade. 200 billion euro aid from the EU Recovery Fund is expected to be effective in the return of the Italian economy to the old. The Italian government made a statement regarding the approved expenditure package. According to the statement, after the parliamentary vote on July 29, the state of emergency decisions regarding the economy will be determined. Deputy Minister of Economy Antonio Misiani stated that tax holidays will be applied to companies in order to recall their employees, who have been granted leave with new measures to be taken. Including credit guarantees given to banks and expected expenditures during the epidemic, the measures taken by the Italian government reach 180 billion euros.