Italy’s Conte announces reforms to cut red tape, revive virus-hit economy

Italy’s government is preparing a raft of reforms to cut red tape, improve company governance and encourage investment to revive the coronavirus-battered economy, Prime Minister Giuseppe Conte told parliament on Thursday.

Conte promised a “simplification decree” to attract foreign capital by streamlining bureaucratic procedures, and said Rome would help the recapitalization of companies hit by the pandemic.

Red tape has long been blamed for delayed financial aid promised to business and families during a rigid lockdown to try to curb coronavirus contagion, Reuters said.

The European Commission has forecast Italy’s economy will contract by 9.5 percent this year, while the public debt is expected to jump to 158.9 percent of national output.