ROME, 16 April, 2021 (TON): Additional borrowing worth 40 billion euros ($47 billion) has been passed by the Italian Prime Minister Mario Draghi’s to finance a new package of measures to help businesses and households hit by the pandemic.

On Thursday, the package was signed off separately in a cabinet meeting, along with the Economic and Financial Document (DEF) 2021.

According to DEF, the new stimulus will push the country’s budget deficit target to 11.8 per cent of the GDP this year from a previous 8.8 per cent projected, and the public debt to 159.8 percent.

However, the move was in line with that of other European Union (EU) such as Germany in March, and with the recommendations of the IMF, which on Wednesday called on euro-zone countries to boost their spending to help their economies cope with the effects of the lockdowns and other restrictions.