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IMF urges Italy reforms to cut debt
The International Monetary Fund (IMF) has issued a warning to Italy to make swift and decisive reforms to tackle its public debt, which is set to continue rising and hit 145% of GDP by 2026.
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Economia FMI
In its annual report on the Italian economy, released on Monday, the IMF urged the government to reduce its deficit, debt and delays in managing European recovery funds in order to guarantee economic stability and investor confidence.
The IMF noted that the Italian economy has shown resilience in recovering from the impact of the pandemic and rising energy prices, thanks to tourism and significant policy support.
"Looking ahead, however, the dynamics are less favourable, with real GDP growth expected to decelerate and then recover but remain subdued, while the effective cost of debt financing will increase," the IMF warned.
Italy's Gross Domestic Product (GDP) growth, which stood at 0.9% in 2023, is expected to slow down to 0.6% in the first quarter of 2024, compared to the same period last year, with a forecast of 0.7% for 2025.
According to the IMF, "a faster-than-envisaged fiscal adjustment is warranted to bring down the debt ratio with high confidence and mitigate financing risks."
Regarding the Italian banking system, the organisation stated that it remains solid, but that risks to stability could increase as monetary policy becomes less accommodative and the effects of exceptional support measures fade.
Read Also: IMF warns of Guinea-Bissau's debt and banking vulnerability (Portuguese version)
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