On March 19, local time, the Italian government convened a cabinet meeting and passed a decree to provide a total of 32 billion euros in economic assistance to enterprises and self-employed individuals, local governments and related industries affected by the epidemic.
Italian Prime Minister Draghi said at the press conference that the core content of the relief measures is to support enterprises, guarantee employment and help the poor, so it is necessary to release as much funds as possible as quickly as possible. He explained that the top priority now is to lead companies and workers out of the epidemic. It is not the time to care about debt and consider the EU’s Stability and Growth Pact.
The Italian Minister of Economy and Finance Franco stated that the relief measures will be implemented in five directions. Most of the funds will be used to help enterprises, employees and the poor. The health care sector will invest 5 billion euros, of which 2.8 billion will be used for Procurement of new crown vaccines and therapeutic drugs, and the remaining funds will be transferred to local governments to fill the financial gap, or allocated to relevant ministries and commissions to support agricultural production and cultural education and other public undertakings affected by the epidemic.