Italy unveils financial plan to reboot economy

Syed Umarullah HussainiWeb Editor

22nd Nov, 2020. 01:19 pm

The Government of Italy has unveiled new plans to reboot the economy after facing a severe crisis due to the novel coronavirus.

According to the details, new funds allocated in Italy to feed existing relief measures for economic activities.

The Cabinet announced that fresh funds amounted to 1.95 billion euros ($2.3 billion) in 2020. Some 1.45 billion euros will be allocated as non-repayable financial aid to business activities. However, another 400 million euros would go to mayors in order to implement “urgent food aid measures” to struggling households in their cities.

The remaining 100 million euros allocated to the Extraordinary Commissioner for the Coronavirus Emergency Domenico Arcuri, who is in charge of the country’s national procurement process in the pandemic, for Covid-19 drug purchases.

Coronavirus Situation in Italy

As per the latest statistics, Italy has recorded a total of 1,308,528 Covid-19 cases since the pandemic officially broke out here in late February. Whereas the death toll stands at 49,261.

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