World News | Italy's Far-right Government Wins Final Approval for Its 30-billion-euro Budget

Rome, Dec 28 (AP) Italy's parliament on Saturday approved the government's 2025 budget, worth about 30 billion euros (USD 31 billion) in tax cuts and social security contributions for low-income citizens.

The measures, pushed by the far-right cabinet headed by Premier Giorgia Meloni, won final approval in the Upper House by 108 votes to 63.

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The country's centre-left opposition had harshly criticised the economic package, saying it didn't meet the premier's pledges to slash taxes for most Italians and boost employment.

Meloni has staunchly defended the budget, stressing its “wide balance” and its aim to support low and medium-income earners and families with children, while adding resources for the country's struggling health system.

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“We used the limited resources available to strengthen the main measures approved during the past years, making them structural and widening them to include a larger audience,” the premier said after the budget's final approval.

The package includes a 1,000-euro bonus for the parents of newborns, with wealthier families excluded, as part of efforts to reverse Italy's declining birth rate.

Banks, which have enjoyed high profits in recent years thanks to falling interest rates, will be asked to contribute 3.5 billion euros to the budget, which will to go the national health system.

Italy is under pressure from the European Union to slash its deficit after huge spikes in 2022 and 2023, and has pledged to bring it below the EU's 3 per cent of GDP ceiling in 2026. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)