Italian Parliament Approves $300 Billion Economic Recovery, Development Plan

ROME (Pakistan Point News / Sputnik - 28th April, 2021) The Senate of the Italian parliament voted for the ruling majority's resolution in support of the largest long-term economic development plan, worth nearly 250 billion Euros ($300 billion).

The draft was approved by 224 members of the upper house, 16 lawmakers voted against, 21 abstained, according to the voting data.

Most of the funds of the comprehensive package for overcoming the economic crisis caused by the COVID-19 pandemic are loans from the European Union. The EU's total anti-crisis fund worth 750 billion euros will allocate 191 billion euros to Rome. National resources will contribute to the economic recovery plan in the six-year period 30 billion euros; another 26 billion for major transport projects will be received in the period until 2032.

Italian Prime Minister Mario Draghi, when presenting the package of reforms and investment to lawmakers, praised it as very important.