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MNI: Italy Seeks To Cover EUR6.2 Bln Shortfall In Budget Plan

(MNI) ROME

Italy's right-wing government is looking at raising some taxes or cutting spending to cover a financing gap in next year's spending plans.

The Italian government is looking at cutting some spending or raising taxes in order to cover a EUR6.2 billion shortfall in its draft 2023 budget plans, two officials working in the budget told MNI.

While the government of new Prime Minister Giorgia Meloni plans to spend the roughly EUR22 billion planned increase in Italy’s budget deficit next year versus earlier plans on support packages for companies and households facing higher energy bills, other measures in the draft would take the deficit over the targeted 4.5% of gross domestic product on current spending, which remains a firm ceiling, the officials said. Italy has increased its planned 2023 fiscal deficit from the 3.4% of GDP envisioned under former Prime Minister Mario Draghi. (See MNI: Italy's Coalition Eyes Bigger 2023 Deficit Target-Sources)

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The Italian government is looking at cutting some spending or raising taxes in order to cover a EUR6.2 billion shortfall in its draft 2023 budget plans, two officials working in the budget told MNI.

While the government of new Prime Minister Giorgia Meloni plans to spend the roughly EUR22 billion planned increase in Italy’s budget deficit next year versus earlier plans on support packages for companies and households facing higher energy bills, other measures in the draft would take the deficit over the targeted 4.5% of gross domestic product on current spending, which remains a firm ceiling, the officials said. Italy has increased its planned 2023 fiscal deficit from the 3.4% of GDP envisioned under former Prime Minister Mario Draghi. (See MNI: Italy's Coalition Eyes Bigger 2023 Deficit Target-Sources)

Keep reading...Show less