Rome assures that Brussels will provide 35 billion euros

The Italian government led by Giorgia Meloni assured this Thursday that despite some delays, the peninsula will receive from Brussels the 35 billion euros provided by the European recovery plan for 2023. “In agreement with the European Commission,” the proposed changes will have no impact on the total amount of payments that Italy will receive with the third and fourth tranches in 2023 for a total amount of 35 billion euros”, indicated a press release from the government of Rome.

The third tranche of 19 billion euros of aid to Italy was put on hold by Brussels pending clarification on the allocation of funds and the achievement of objectives. The disbursement of the fourth tranche of EUR 16 billion has been suspended upon achievement of all objectives during the first half of the year. With the amendments proposed by Rome, the third tranche will be reduced to 18.5 billion euros, while the fourth tranche will increase to 16.5 billion euros.

In short, Rome is giving 500 million euros from the third tranche to be recovered with the fourth tranche, delaying the government’s aim of building thousands of beds of university accommodation for students. Italy, the first beneficiary of the European post-pandemic plan, should collect 191.5 billion euros by 2026.

Ten days ago Economy Minister Giancarlo Giorgetti declared, “I hope these resources will come, if they don’t arrive, it will become a problem, that’s clear.” Italy’s public debt exceeds 144% of gross domestic product (GDP), the highest ratio in the euro area after Greece.

(with AFP)