Italy passes $38bn Covid aid package

Rome, March 20 The new Italian government under Prime Minister Mario Draghi has passed its first major financial aid package to counter the effects of the pandemic, worth 32 billion euros ($38 billion).

The package, passed on Friday, aims to support industries worst affected by the pandemic such as tourism, stabilise the labour market and accelerate the country's vaccination campaign, reports dpa news agency.

"We are aware that this is only a partial answer," Draghi told reporters on Friday, adding that this was the best that was currently possible.

The plan includes almost 5 billion euros to support the health sector, especially the country's vaccine drive, as well as security, Finance Minister Daniele Franco said.

Meanwhile, 8 billion euros will bolster the labour market and combat poverty.

Draghi, the former head of the European Central Bank, became Prime Minister last month, influencing the decision on aid.

The support package had been in the making for some time but there had been disagreement over several areas.

The previous government of Giuseppe Conte in 2020 already implemented billion-euro packages to support the country's battered economy.

The number of cases in Italy has risen drastically in March, and several regions have been declared red zones and are subject to strict lockdown rules.

The seven-day incidence rate of cases per 100,000 people in one week has risen to 260, experts said on Friday.

Italy's coronavirus caseload and death toll currently stand at 3,332,418 and 104,241, respectively.

( With inputs from IANS )