25 billion to support healthcare, businesses and families. The Government has approved the "cura Italia" decree which deploys resources aimed at keeping the country's economy afloat, bent by the coronavirus emergency.
“We were the first to deploy 25 billion euros of fresh money for the benefit of the Italian economic system and we activate flows for a total of 350 billion. This is a powerful economic manoeuvre", announced the Premier Giuseppe Conte, in the press conference following the council of ministers which approved the decree.
“The government is close to businesses, traders and freelancers. To families, young people, grandparents who are making sacrifices for the common good. No one should feel abandoned”, said the Prime Minister. “These measures are the concrete demonstration of the presence of the state”.
“We can talk about the Italian model – continued the premier – not only for the containment of the contagion in terms of health, but also as regards the economic policy to deal with this great emergency. This is a powerful economic maneuver, we can't fight a flood with rags and buckets. But we have built a real containment dam and we want Europe to follow us”.
Conte therefore announces new interventions: “We are aware that this decree will not be enough. But the government responds 'present' today and will do so tomorrow as well. We will then have to rebuild the economic and social fabric that will be severely affected by this emergency and we will do so with a plan of huge and rapid investments. We can be proud to be Italian, together we will make it”.
GUALTIERI: "A DECREE BASED ON 5 AXES"
As per tradition, the details of the measures introduced by the decree are clarified by the Minister of Economy, Roberto Gualtieri. “We have decided to use all the net debt limit that has been authorized by Parliament”. The decree, explains the minister, is divided into five axes:
- 3,5 billion in additional funding for the health system, civil protection and all public entities involved in the fight against the coronavirus,
- over 10 billion to support employment and workers for the defense of work and income. “We have extended the social safety nets to all types of employees and we cover all self-employed and seasonal workers with a check of 600 euros for the month of March. We extend parental leave and offer a babysitting voucher for parents. We have additional income support for workers who will go to work at their workplace,” Gualtieri said.
- Liquidity injection for the credit system which will be able to mobilize 350 billion in loans: the measures include the suspension of installments on mortgages and loans with public guarantees.
- Established the suspension of the payment obligations of taxes and contributions up to 2 million euros and, beyond this limit, for the categories directly affected by the crisis.
- Interventions on the detail of some economic sectors.
Gualtieri then confirmed the arrival of new interventions to be financed with the resources that Europe should make available: “We are already working on the April dl“he said before leaving the press conference to rush to the video conference with the leaders of the Eurogroup.
THE MEASUREMENTS FOR WORK
The Minister of Labour, Nunzia Catalfo, focused on the measures envisaged for workers and businesses. 1,3 billion euros will be used to finance the Wage subsidy fund and 3,3 billion for the layoffs by way of derogation which will also cover companies "with only one employee". 3 billion euros will be allocated to self-employed and freelancers “to protect the period of inactivity, explained the minister. For these categories, in addition to the measures listed by Gualtieri, the suspension of social security contributions is envisaged.
It's still. 1,6 billion will be used to finance the extension of the parental leave to 15 days for working fathers and mothers. Alternatively, parents can take advantage of a babysitting voucher from 600 euros which will rise to a thousand for healthcare personnel. 500 million will be allocated to the expansion of permits of the law 104: for the months of March and April we will go from 3 to 12 days a month. Finally announced the freezing of dismissal procedures activated from 23 February onwards. For private sector workers the period of quarantine will be considered sick leave.
Minister Catalfo confirmed that it was included in the decree a law that de facto nationalizes Alitalia. In fact, article 76 of the decree envisages “the establishment of a new company entirely controlled by the Ministry of the Economy and Finance or controlled by a company with mainly public, even indirect, participation”. Finally, the Government has set up a 600 million euro fund to help the airline sector deal with the coronavirus emergency.
