Tue, 18 May 2021

BRUSSELS, Belgium: EU officials believe Italy will miss the April 30 deadline for submitting its Recovery Plan to the European Commission, outlining how $240 billion in aid would be spent.

The delay is being caused by Brussels, which remains unsatisfied with parts of the Italian drafts, two sources said.

However, Prime Minister Mario Draghi's office strongly denied that the deadline would be missed. "The plan will be presented on April 30," Draghi said.

All 27 European Union countries have been preparing their national plans, detailing how each government would spend its share of the EU's $900 billion Recovery Fund.

Italy is eligible for more than $240 billion in grants and loans from the Fund, the largest amount to be granted to any EU country. The money will be received over six years.

"The Commission is unhappy with the (Italian) Recovery Plan, as it stands," said one of the sources.

The source also said Draghi is expected to present the plan in mid-May, or later.

Brussels has said the Italian plan does not include details of how the plan will be managed, or information on planned reforms.

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