ITALY UNVEILS UNPRECEDENTED €400 BILLION PLAN TO SUPPORT CORONAVIRUS-HIT ECONOMY


08/04/2020




Aslıhan DOĞRU -TDO- Italian Prime Minister Giuseppe Conte has announced that they are funding 400 billion euros ($435) in emergency liquidity to combat the impact of the coronavirus (Covid-19) outbreak for small, medium and large Italian businesses.

Prime Minister Conte held a press conference at the Prime Minister's Palace Chigi with Economy Minister Roberto Gualtieri and Economic Development Minister Stefano Patuanelli, sharing details of a new package of financial support to mitigate the impact of the outbreak, particularly on Italian businesses.

"We provide 400 billion euros in emergency liquidity for small, medium and large Italian businesses. Of this, 200 will be aimed at the domestic market and 200 will be for exports. It's an important detonator. I don't remember such an intervention before." Conte said in a statement.

With this decree we make an unprecedented economic intervention”, said the Minister of Economy and Finance Roberto Gualtieri. Combined with the previous “Heal Italy” decree, the measures to counter the economic impact of the coronavirus are worth up to €750 billion ($815 billion). “The State is present and puts its fuel power in the economic engine. When Italy gets back up, it will run”, tweeted the Prime Minister Giuseppe Conte.

Underlining that they have announced a package equivalent to half of gross domestic product, he said, "We have adopted a very effective tool to protect all companies that carry out strategically important activities."

Prime Minister Conte also said some tax payments would be suspended in April and May.


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