Italy unveils record 430 bn US dollars stimulus to boost economy

Italy has unveiled a record 430 billion US Dollar stimulus to help businesses hurt by a month-long national lockdown that is like to run on for many more weeks. 

Prime Minister Giuseppe Conte told the nation to be patient in the face of a pandemic that has now officially claimed 16,523 lives in the Mediterranean country and left millions at least temporarily unemployed. He added that the people will soon witness a new spring for Italy but for the moment we must stay at home.

The programme will add to the 340 billion euros in government-backed loans announced last month. Half of the new package will be earmarked for export-oriented companies whose turnover has



imploded over the past month.

The government also announced that it will take steps to protect Italian companies weakened by the economic crisis from being taken over by foreign competitors.

Italy has seen its novel coronavirus infection rates subside over the past few weeks and its death toll slowly level off. But the number of fatalities shot back up yesterday from its lowest level in more than two weeks.

The civil protection service said the daily number of official COVID-19 deaths rose to 636 yesterday from 525 the day before. Sunday's toll was the lowest since March 19.