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MNI: Italy Aims To Fill 6-8Bln Fiscal Gap By Next Week-Sources

Italy is rushing to complete a Draft Budget Plan to send to Brussels.

MNI (ROME) - The Italian government is still looking for ways to close a EUR6-8 billion financing gap before it presents its 2025 Draft Budget Plan to the European Commission by Oct 15, but should be ready to provide details following a likely council of ministers meeting next Monday, sources close to the governing coalition told MNI.

Finance Minister Giancarlo Giorgetti needs to boost revenues and cap expenditures to keep Italy on target for a fiscal deficit of no more than 3.3% of GDP next year, while honouring promises for no new levies and for tax cuts despite downward data revisions which have thrown 2024’s targets of 1% growth and a 3.8% of GDP deficit into question.

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MNI (ROME) - The Italian government is still looking for ways to close a EUR6-8 billion financing gap before it presents its 2025 Draft Budget Plan to the European Commission by Oct 15, but should be ready to provide details following a likely council of ministers meeting next Monday, sources close to the governing coalition told MNI.

Finance Minister Giancarlo Giorgetti needs to boost revenues and cap expenditures to keep Italy on target for a fiscal deficit of no more than 3.3% of GDP next year, while honouring promises for no new levies and for tax cuts despite downward data revisions which have thrown 2024’s targets of 1% growth and a 3.8% of GDP deficit into question.

Keep reading...Show less