Rome — Italy approved a set of measures on Friday worth roughly 3 billion euros ($3.12 billion) to help families and business cope with energy costs, Economy Minister Giancarlo Giorgetti said on Friday.
Italy’s government introduced tax cuts in its 2025 budget to increase the purchasing power of low and middle-income earners as it strives to boost its economy.
Concerned the impact of the cuts will be blunted by high energy costs, it made a budgetary provision, approved on Friday, of 1.6 billion euros to support families and an additional 1.2 billion euros for small and medium-sized companies.
“The resources come from the budget so as to avoid the need for higher debt and deficit,” Giorgetti said.
Italy has pledged to bring its budget deficit below the European Union’s 3% of GDP ceiling in 2026 from 3.8% targeted in 2024, limiting its scope to support the economy.
($1 = 0.9604 euros)
Reporting by Giuseppe Fonte; editing by Barbara Lewis – Reuters
