⁍ Italy approved on Friday a new stimulus package aimed at helping businesses and families survive the coronavirus crisis.

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⁍ The government would use the extra spending, worth 25 billion euros, to soften the blow to an economy ravaged by lockdown measures imposed to stem the COVID-19 pandemic.

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⁍ Italy hopes to front-load this year part of 209 billion euros in grants and cheap loans it should receive from the Recovery Fund starting in 2021.

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– The Italian government has approved a $29.5 billion stimulus package to help soften the impact of the country’s economic crisis, which has been caused by the spread of the coronavirus, which has killed more than 35,200 people in the country this year, Reuters reports. According to the Wall Street Journal, the package, which was approved by the country’s Cabinet on Friday, will extend temporary layoff schemes for up to 18 weeks and cut pension contributions by 30% for all workers, not just new hires. It will also provide cheap loans to small and medium-sized businesses and boost incentives for combustion engine cars and electric and hybrid vehicles. Italy has been among the worst-hit countries in the European Union as a result of the economic crisis, which has been caused by the spread of the coronavirus. The Italian government hopes to front-load this year part of 209 billion euros in grants and cheap loans it should receive from the European Union’s Recovery Fund starting in 2021. The Italian economy has been among the worst hit by the crisis, facing an 11.2% contraction this year, according to European Union estimates, the sharpest fall in the 27-nation bloc. “We have set aside 12 billion euros to support employment,” Prime Minister Giuseppe Conte told reporters after the Cabinet meeting.