Italy has met the requirements for receiving funds from the European Union's (EU) post-Covid recovery programme, and Prime Minister Mario Draghi has stated that the government is still prepared to assist the national economy in the event of a fresh recession. He stated at a typical year-end press conference that the country has met "all of the 51 targets" required to qualify for the next tranche of European cash.
Over the next six years, Italy is expected to receive 191.5 billion euros (USD 216.7 billion) in low-interest loans and grants. This is their share of an 806-billion-euro European Recovery Fund established under the Next Generation EU programme in 2020 to aid member nations in their recovery from the pandemic.
In exchange, Brussels expects all countries to execute a set of measures aimed at addressing specific economic and systemic shortcomings, as well as promoting digitalization. Italy got the first tranche of these money in August and is now able to move forward with the second tranche.
"At the moment, the European Commission is debating the signature of what is known as 'the operating agreement,' which is the next step after the 51 targets have been met," Draghi added. "The fundamental task for us is to raise our long-term growth rate and address our economy's structural deficiencies, starting with regional, gender, and generational imbalances," he SAID. The prime minister praised the Italian economy's overall performance this year, which is set to end with a 6 percent annual increase following a 9 percent decline in 2020.
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