Italy is meant to receive €191.5 billion ($216.7 billion) in low-interest loans and grants over the next six years. This is its portion of an €806-billion Recovery Fund provided through the Next Generation EU scheme, which was approved in 2020 to help member states recover from the pandemic.

In return, Brussels requires all countries to implement a package of reforms to address specific economic or systemic weaknesses and to push digitalisation.

Italy has received a first tranche of such funds—about €24.9 billion—in August, and would now be able to proceed towards a second tranche.

"Currently, the (European) Commission is discussing the signing of what is called 'the operative agreement', which is the step that follows the achievements of the 51 targets required," Draghi was quoted as saying by a news agency.

"The major challenge for us is to increase our long-term growth rate and solve the structural weaknesses of our economy, beginning with geographical, gender, and generational inequalities," he specified.

The prime minister recalled the good performance the Italian economy has overall shown this year, which would end with an expected 6 per cent annual growth after a 9 per cent decline in 2020.

"This recovery has allowed us to improve public accounts as well ... and the government remains ready to support the economy in case of slowdown," Draghi stressed.

Fibre2Fashion News Desk (DS)