Italian authorities to support business with state guarantees worth 200 billion euros

The Government of Italy has agreed on a program to support the country's enterprises with state guarantees on loans, the national media reported on Monday, April 6. The total amount of support will amount to 200 billion euros. Up to 90% of credit funds will be guaranteed, there will be no restrictions on the amount of payments or on types of business. In addition, the Government of Italy intends to support national exports in the same amount (200 billion euros) and also through State guarantees. On 22 March, Italian Prime Minister Giuseppe Conte announced the suspension of all enterprises of the country, except strategic ones, as well as all trading institutions, except pharmacies and grocery stores. Earlier, a project of financial support for industries and regions most affected by the consequences of the coronavirus pandemic was approved, with a total amount of 25 billion euros. The same amount is expected to be allocated in April 2020. 400 million euros have been allocated for the purchase of products to the needy, as well as funds from the budgets of the regions. Charities record a sharp (up to 50%) increase in applications for free products. Self-employed citizens can receive a lump sum payment of 600 euros from the budget. It is also expected to pay 1000 euros to those who have no savings and who have lost their jobs (according to the authorities, 3 million people). The authorities prohibited citizens from moving through the country (except in cases of extreme necessity), cancelled all mass events, including rallies, religious services with the participation of laity and matches of the football championship, closed schools and universities. All entertainment centres and catering facilities have been discontinued. Citizens are advised to minimize all non-mandatory contacts, checks are carried out on the streets, and fines for quarantine violators have been increased. Multi-billion-dollar losses for the economy due to lack of tourists and reduction of production and exports are predicted, each month of the current downtime will cost the economy 3% of GDP, experts believe. As of April 6, 16,523 people died in Italy