Italy is to get 172.7 billion euros of the 750-billion-euro EU Recovery Fund for the coronavirus emergency, if the European Commission's plan is approved, well-informed sources told ANSA Wednesday.
Some 81.087 billion will be granted as aid and 90.938 as loans, they said.
Premier Giuseppe Conte said "an excellent signal from Brussels, it goes right in the direction indicated by Italy. We were described as visionaries because we believed in it form the start, 500 billion in non-repayable grants and 250 in loans are an adequate sum. Now let's accelerate on the negotiation and quickly free up the resources".
European Affairs Minister Enzo Amendola said "Europe is there. The Commission's Recovery Fund proposal - Next Generation EU - is a solid base to conclude the negotiations at the next European council in a positive way".
He said "now the government will define, as Conte has said, a national Recovery Plan linked to the European measures. Let's give concreteness to a great plan of transformation and reform of the country, based on the green economy, digitalization, healthcare, education and research".
Foreign Minister Luigi Di Maio said "the Recovery Fund means enabling us to spend all the money that is needed: the priority now is to lower taxes, we must not go wrong like 10 years ago. Let's use the money to cut taxes".
European Economic Affairs Commissioner Paolo Gentiloni said Wednesday that "the Commission is proposing a 750 billion euro Recovery Fund that will be added to the joint instruments already launched.
"(It is) a European turning point to face an unprecedented crisis," added the former Italian premier.
The EC's proposed quota for Italy is the highest in the Fund, followed by Spain with 140.4 billion, split into 77.3 in aid and 63.1 in loans, the sources told ANSA.
European Commission President Ursula van der Leyen, who will present the proposal later Wednesday, has tried to satisfy both southern European countries like Italy who want grants and northern European deficit hawks who want loans.
Premier Giuseppe Conte said "Italy must be ready to use the funds".
The EC will get the 750 billion by temporarily raising the common budget ceiling to 2% of GDP and going to the markets to finance itself.
The debt will have to be repaid between 2028 and 2058, via the post 2027 common budget.
In order to get resources Brussels proposes including new resources from taxes on emissions, on major multinationals, on plastic and via a web tax.
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