WORLD Italy issues biggest economic stimulus to mitigate virus impact

WORLD

Italy issues biggest economic stimulus to mitigate virus impact

People's Daily app

17:43, April 08, 2020

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Italian Prime Minister Giuseppe Conte. (File photo: VCG) 

Italy will enact laws to help companies ride out the outbreak, by adding 400 billion euros in financial support, its biggest financial stimulus in history.

With government insurance, half of the money will be used for cash-strained firms to boost the domestic market while the rest will go towards strengthening exports, Prime Minister Giuseppe Conte said on Monday.

So far, Italy has injected nearly 750 billion euros to relieve the economy hurt by the months-long COVID-19. The country expects to cut 10 billion euro in taxes in April and May.

The government is also pushing stricter regulations for international acquisitions to fend off speculative moves nibbling away at national interests, said Conte. "We are working out new social services to favor hard-hit families."

(Compiled by Bai Yuanqi) 

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