Finance
European Commission: positive feedback on Italy’s latest payment request
Global Banking & Finance Review®
Company
BRUSSELS (Reuters) – The European Commission said on Tuesday it had given a positive, preliminary assessment to Italy’s latest request for aid payments from the European Union, seen as key to boosting the sluggish performance of the euro zone’s third largest economy.
BRUSSELS (Reuters) – The European Commission said on Tuesday it had given a positive, preliminary assessment to Italy’s latest request for aid payments from the European Union, seen as key to boosting the sluggish performance of the euro zone’s third largest economy.
“Today, the Commission has endorsed a positive preliminary assessment of Italy’s sixth payment under the Recovery and Resilience Facility, the centrepiece of NextGenerationEU, for 8.7 billion euros ($9.10 billion),” it said.
Italy is due to receive 194.4 billion euros in cheap loans and grants from the EU’s Recovery and Resilience Facility (RRF) by 2026, more than any other state in absolute terms.
The next payment to Italy will be made once the European Commission sends this initial, positive assessment of Italy’s request to the EU’s Economic and Financial Council (EFC), and once that body and the European Commission give the final approval for payment.
($1 = 0.9556 euros)
(Reporting by Sudip Kar-Gupta)
The Recovery and Resilience Facility is a financial mechanism established by the European Union to support member states in recovering from economic downturns and enhancing resilience through investments and reforms.
The European Commission is the executive branch of the European Union responsible for proposing legislation, implementing decisions, and managing the day-to-day operations of the EU.
Italy's sixth payment request is significant as it represents a crucial step in receiving funds from the EU's Recovery and Resilience Facility, aimed at boosting the country's economic recovery.
The Economic and Financial Council (EFC) is a body of the European Union that coordinates economic policies among member states and oversees the financial stability of the euro area.
Explore more articles in the Finance category
