Payment of the debts of the PA - Posted Law Decree in the Official Gazette

Date:
11/04/13

In the Official Gazette no. 82 8 day of April was published the Decree Law on the payments of the debts of the PA towards its suppliers.

It is an amount of € 40 billion to be disbursed over the next 12 months.

There are the following measures:

  • immediate loosening of the Internal Stability Pact;
  • creation of a Fund for the payment of debts of regions, provinces and municipalities;
  • increase in disbursements for tax refunds for 6,5 billion (2,5 billion in 2013 and 4 billion in 2014).

In particular:

- Municipalities and Provinces, 30 by next April, will ask for permission to MEF for payments to be made. These payments will be authorized by 15 May and funded with cash and cash equivalents of companies. By 15 June, the government will have to communicate the amounts and timing of payments to the beneficiary companies. Right now, pending the aforementioned authorization, municipalities and provinces may, however, start to pay its debts within the limits of 50% of scheduled payments.

- Municipalities, provinces, regions and local health, if you do not have cash, they can get funding from the Fund. To this end, by next April will 30 request to the MEF of the resources needed for payment and will receive by 15 May, the relative divisions, from the Fund.

- By May 31 2013 the PA debtor shall report to the creditor companies plan payments.

The law of 2014 Stability will complete the liquidation of the debts of the PA started with the Decree.

The Law Decree came into force on the day following the date of publication in the Gazette.

The Decree Law was then forwarded to the House for the start of the process of conversion into law.

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