Lunedì, 22 Ottobre 2018

Senate approves additional 20-25 bn to pay private firms


Rome, July 31 - The Italian Senate on Wednesday
unanimously approved the allocation of an additional 20 to 25
billion euros to pay overdue bills owed by the public sector to
private businesses.
The sum is to be made available after January 1, 2014, and
is in addition to the 40 billion euros already allocated to
settle languishing supplier invoices.
The Bank of Italy reckons the Italian public administration
owes an estimated total of 90 billion euros to private
Eligible private businesses will be granted promissory
notes guaranteed by the state and redeemable from a fund at the
State's savings and finance arm, the Cassa dei Depositi e
Prestiti (CDP).
The new allocation is contained in an amendment to a
government ''labour'' decree to tackle youth unemployment by
providing targeted tax incentives to employers.
The government hopes paying its overdue bills will give a
much-needed boost to the country's recession-hit businesses, and
is a policy originally pushed by technocrat ex-premier Mario
Monti to encourage economic growth.
In April, a decree authorising the release of 40 billion
euros over 12 months for the repayment of public administration
debt to the private sector came into force - one of the very
last moves taken by Monti prior to stepping down for the current
government led by Premier Enrico Letta.

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