Italy says energy crisis puts its plans for defence spending in doubt
Italy may not be able to raise defence spending as planned due to growing economic and public finance difficulties plus the need to counter surging energy prices, a government document said on Thursday.
Prime Minister Giorgia Meloni's government cut its growth projections on Wednesday and hiked forecasts for the budget deficit and public debt, reflecting surging energy prices and turmoil in the Middle East.
The Treasury's multi-year budget plan (DFP) issued on Thursday underlined the downside risks to the outlook and said Italy now had little fiscal room for manoeuvre given its need to help families and firms deal with the energy shock.
'As a result, it will be necessary to re-define our priorities and re-programme the planned spending increases in other areas, including defence,' Economy Minister Giancarlo Giorgetti said in an introductory note to the DFP.
Italy, along with most other NATO European countries, has agreed to a call from U.S. President Donald Trump for an increase in defence and security spending to 5% of GDP by 2035.
Reuters
Italy may not be able to raise defence spending as planned due to growing economic and public finance difficulties plus the need to counter surging energy prices, a government document said on Thursday.
Prime Minister Giorgia Meloni's government cut its growth projections on Wednesday and hiked forecasts for the budget deficit and public debt, reflecting surging energy prices and turmoil in the Middle East.
The Treasury's multi-year budget plan (DFP) issued on Thursday underlined the downside risks to the outlook and said Italy now had little fiscal room for manoeuvre given its need to help families and firms deal with the energy shock.
'As a result, it will be necessary to re-define our priorities and re-programme the planned spending increases in other areas, including defence,' Economy Minister Giancarlo Giorgetti said in an introductory note to the DFP.
Italy, along with most other NATO European countries, has agreed to a call from U.S. President Donald Trump for an increase in defence and security spending to 5% of GDP by 2035.
Reuters
Italy may not be able to raise defence spending as planned due to growing economic and public finance difficulties plus the need to counter surging energy prices, a government document said on Thursday.
Prime Minister Giorgia Meloni's government cut its growth projections on Wednesday and hiked forecasts for the budget deficit and public debt, reflecting surging energy prices and turmoil in the Middle East.
The Treasury's multi-year budget plan (DFP) issued on Thursday underlined the downside risks to the outlook and said Italy now had little fiscal room for manoeuvre given its need to help families and firms deal with the energy shock.
'As a result, it will be necessary to re-define our priorities and re-programme the planned spending increases in other areas, including defence,' Economy Minister Giancarlo Giorgetti said in an introductory note to the DFP.
Italy, along with most other NATO European countries, has agreed to a call from U.S. President Donald Trump for an increase in defence and security spending to 5% of GDP by 2035.
Reuters
comments
Italy says energy crisis puts its plans for defence spending in doubt
comments