Italy to submit updated plans on EU recovery funds by July - official to paper

Italy will submit to the EU Commission an update of its spending plans related to European post-COVID recovery funds by July following the guidance agreed with Brussels, Italy's Treasury undersecretary was quoted as saying on Thursday.

Italy, the biggest beneficiary of the EU's 724 billion euro ($797 billion) post-pandemic recovery fund (RRF), is struggling to meet the goals laid down by Brussels to receive the money and is falling behind with implementation of its projects.

Treasury undersecretary Federico Freni told La Repubblica daily that he does not see liquidity problems despite the fact that Italy has not yet received the third installment of funding under the plan.