The mid-term 2025-2029 Structural
Budget Plan "leaves nobody behind" and focuses on the
"sustainability of the pension system and the quality of
healthcare", Economy Minister Giancarlo Giorgetti wrote in the
introduction of the document which was delivered to the Lower
House and Senate, according to EU regulations approved by the
European Parliament and the Council in April this year, Palazzo
Chigi has said.
"The greatest challenge for the country is represented by the
elevated stock of public debt and by the relative burden of
interests" which "have unsettled any margin to draw public
policies to support growth over the last decades", Giorgetti
also wrote.
"The spaces, although limited, for public investments granted by
the Plan starting in 2027 and a prudent and credible budget
policy are two crucial elements to attack the weight of debt and
expenditure on interests, easing it in a structural manner",
wrote Giorgetti, adding that the "fiscal policy path which the
Plan proposes is realistic, credible and cautious".
The full implementation of commitments taken with the post-Covid
National Recovery and Resilience Plan (NRRP) and then a series
of reforms that will focus on a number of issues, including
taxation and the judiciary, with upcoming new measures including
to reduce the duration of trials and the processing of old cases
by courts were key indications outlined in the introduction of
the SBP signed by Giorgetti.
It also listed a reform of the public administration to improve
services, digitalization, competition and the entrepreneurial
world in the new 2024 Competition law.
It also spoke about "measures to improve the programming and
control of public spending and to make State, regional and local
spending centres more responsible with the progression of the
so-called 'differentiated autonomy'".
Giorgetti also noted that the situation of the economy,
employment and public finances in Italy "is improving despite a
fall in the industry's production levels, the concerning
widening of international conflicts and technological and
environmental challenges of growing complexity".
On Friday, Giorgetti said that Italian public accounts are now
under control despite the heavy inheritance of building bonuses
such as the Green home improvement Superbonus which cost
billions of euros for the State.
"The government is working to present the budget law, which will
not deviate from the cornerstones that have inspired the
government's economic budget policy in these two years," he
said.
"Public finances are under control again and after having
inherited the disastrous situation due to the impact of building
bonuses, choices based on responsibility and realism have
brought results and already in 2024, ahead of our forecasts, we
should be able to return to primary surplus, that is, the State
will save more money than it spends net of the cost of public
debt", Giorgetti noted.
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