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UPDATED: Italy to issue new stimulus package to help COVID-hit businesses – deputy EconMin

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Italy’s government is preparing a new 7 billion euro ($8.28 billion) stimulus package to help its coronavirus-battered business, Deputy Economy Minister Antonio Misiani said on Thursday.

Italy, whose economy is expected to contract by at least 9% in 2020 due to the pandemic, is planning to spend an additional 15-20 billion euros between the end of 2020 and next year to resurrect its economy from the coronavirus crisis.

In another development, Economy Minister Roberto Gualtieri said on Thursday that Italy has urged European authorities to update their state aid rules to clarify the scope of action for national asset management companies buying bad loans.

Speaking at a parliamentary hearing, Gualtieri said no further changes to the European regulatory framework regarding prudential supervision were expected at the moment.

($1 = 0.8455 euros)

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