Italy has failed to accelerate its use of EU COVID-19 recovery funds, with government data showing it has spent only about half of the money received so far.
By 2026 Rome is due to have received 194.4 billion euros ($209.87 billion) from the EU's so-called Recovery and Resilience Facility (RRF), but the government is struggling to put the latest windfall to good use due to red tape and administrative delays.
As of December 2024 Rome had spent 63.9 billion euros of the 122 billion of EU funds it had received since Brussels began disbursing the cash in instalments in 2021, EU Affairs Minister Tommaso Foti said in a statement on Thursday.
When including the seventh instalment worth 18.2 billion euros, for which Italy requested payment to EU authorities at the end of last year, the spending rate stood at 45%, unchanged from June last year.
In late 2022, Prime Minister Giorgia Meloni targeted investment of around 108 billion by the end of 2024.
"Around 92% of the entire plan is in the implementation or closure phase," Foti said in a statement.
Opposition parties asked the government for an urgent report to parliament over the implementation of the plan.
However, Meloni's office said Italy was first in Europe for total resources received and number of payment requests formalised.
Rome had hoped to see a major economic boost from the EU cash, but the euro zone's third largest economy has expanded by just 0.7% in each of the last two years, and economists expect a similar rate this year.
Foti said all relevant institutions would make every effort to achieve the objectives needed to unlock the last three instalments worth 54 billion euros.
Italy, which has already revised its recovery plan four times, is also negotiating with Brussels a final overhaul with the aim of replacing or downscaling projects that the government will be unable to complete by the 2026 deadline, with others that could be wrapped up within the allowed timeframe.
Delays affect dozens of projects in areas including the rollout of ultra-fast broadband networks, high-speed train lines and plans to create more affordable childcare.
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Germany edged out of recession with 0.2 % growth in the first quarter, but the recovery looked shaky as unemployment climbed to its highest level since the pandemic and looming U.S. tariffs threatened to stall momentum.
South Africa’s 2024/25 maize harvest is now forecast at 14.66 million tonnes, up 14 % from last season and slightly above March’s estimate, the Crop Estimates Committee said in its latest outlook.
An explosion rocked a residential area in Taiyuan, Shanxi province, northern China, killing at least one person and injuring 21 others, according to state media.
U.S. Treasury primary dealers want Congress to scrap the federal debt ceiling, warning in new TBAC minutes that the limit lifts borrowing costs, fuels market turmoil and could weaken the dollar’s reserve-currency standing.
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