EU exec: Italian post-COVID recovery plan broadly OK, needs to be strengthened

BRUSSELS (Reuters) - Italy's recovery plan to help the economy deal with the slump caused by the COVD-19 pandemic is broadly in line with criteria set by the EU that will finance it but needs to be strengthened, EU Economic Commissioner Paolo Gentiloni said on Monday.

The Commission is discussing such national recovery plans with many EU governments, to make sure they meet EU criteria before they are formally submitted in late February or early March to get approval for funding.

The plans will be financed by the EU from a 750 billion euro recovery fund that will be jointly borrowed and repaid by the whole 27-nation bloc.

(Reporting by Jan Strupczewski)