Italy has met targets for next EU recovery funds — Draghi

MILAN — Italy has ticked all the necessary boxes to receive the next installment of EU recovery funds from Brussels, said Mario Draghi, Italy’s prime minister.

Rome "has achieved all 51 targets" needed to qualify for the next tranche of nearly 200 billion euros ($177 billion) allocated to Italy as part of the EU's post-virus fund, he said at a press conference on Wednesday.

Brussels has demanded reforms in return for the grants and loans.

Draghi, who has been driving such reforms through parliament in record time, said Rome intended to "radically reform the economy and stimulate productivity, simplify bureaucracy and encourage innovation".

Rome received its first check in August for 24.9 billion euros from the European Commission -- 13 per cent of the total funds expected from Brussels over six years.

Reforms demanded by the European Commission and adopted by Italy include an overhaul of the justice system, one of the least efficient in Europe, and a reform aimed at regularising real estate.