ROME (Pakistan Point News / Sputnik - 13th January, 2021) Cabinet ministers in Italy on Wednesday gave their approval to an economic recovery plan worth in excess of 222 billion Euros ($272 billion), the bulk of which consists of funds from the European Union's NextGenerationEU recovery instrument, according to domestic media outlets.
During a meeting that ran into the early hours of Wednesday morning, cabinet ministers approved a stimulus package worth a total of 222.9 billion euros that will bolster government spending in a range of areas, including environmental protection, culture, health care, and education, Italy's Rai 24 broadcaster said.
The vast majority of the funds for the stimulus package will be drawn from the 209 billion euros in loans and grants Italy expects to receive from the EU's NextGenerationEU instrument, which was established to aid the bloc's member states recover from the economic disruption caused by the COVID-19 pandemic.
Matteo Renzi, the leader of the Italia Viva party, has threatened to pull his party's ministers from Italy's cabinet in protest against Prime Minister Giuseppe Conte's plans for spending the EU funds.
