Italy’s government approved a much-delayed 55 billion-euro ($60 billion) stimulus package to rescue an economy crippled by a two-month nationwide lockdown, promising a boost in liquidity for businesses and aid for families in need.

Prime Minister Giuseppe Conte held a cabinet meeting on the new spending measures after tensions within the ruling coalition forced repeated postponements for what was originally dubbed the “April decree.” Conte announced the new measures in a news conference Wednesday night.

The new spending includes emergency income measures, extra funding for companies and tax cuts for some 4 billion euros. Non-reimbursable grants for small and medium-sized companies will also be available.

News Source: Livemint


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