Italy secures around 5 billion euros from banks - Draft budget for 2026-2028 approved
Italy will secure funds from banks and insurance companies to help finance the budget for the period 2026-2028, the Finance Ministry announced, after the government cabinet approved the draft budget package.
Political sources said that the financial sector will contribute to the state coffers with a total amount of 4.5 to 5 billion euros, spread over several years.
The draft budget, which aims to reduce Italy's deficit to 2.8% of national output in 2026, from around 3% expected this year, will be sent to the European Commission for approval.
The Finance Ministry said tax cuts and other expansionary measures for the next three years will amount to about 18 billion euros per year, financed through spending cuts and revenue increases from various sources.
Also, 2 billion euros have been earmarked for next year alone, which will compensate employees for the loss of purchasing power due to inflation during 2022-2023. No details were given on the form this measure will take.
The budget also includes a large-scale tax amnesty, which allows people who have not paid taxes by 2023 to settle disputes with the tax administration without penalties and interest. Such tax amnesties have become common under the right-wing government of Giorgia Meloni since she took office in 2022.
The budget also provides for 4 billion euros in tax breaks to encourage company investments.
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