Italy may raise Covid-19 support spending to 5B euros

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    Italy’s government is likely to increase to five billion euros (S$7.72 billion) the value of measures to help the economy withstand the largest outbreak of the novel coronavirus in Europe, Deputy Economy Minister Laura Castelli said on Thursday.

    “It is likely that the government will reach (five billion euros)”, Ms Castelli said in an interview with daily Il Messaggero, adding that she thought it was “necessary to raise the bar as much as possible”.

    Economy Minister Roberto Gualtieri has promised tax breaks and other measures for the affected sectors worth 3.6 billion euros. A government source told Reuters on Wednesday this may be raised to 4.5 billion euros or 0.25 per cent of GDP.

    Ms Castelli added that Rome was considering asking for a temporary suspension of the European Stability and Growth Pact.

    Source: BUSINESS TIMES

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