AGL 36.51 Decreased By ▼ -1.49 (-3.92%)
AIRLINK 216.01 Increased By ▲ 2.10 (0.98%)
BOP 9.46 Increased By ▲ 0.04 (0.42%)
CNERGY 6.59 Increased By ▲ 0.30 (4.77%)
DCL 8.50 Decreased By ▼ -0.27 (-3.08%)
DFML 40.90 Decreased By ▼ -1.31 (-3.1%)
DGKC 99.48 Increased By ▲ 5.36 (5.69%)
FCCL 36.48 Increased By ▲ 1.29 (3.67%)
FFBL 88.94 No Change ▼ 0.00 (0%)
FFL 17.17 Increased By ▲ 0.78 (4.76%)
HUBC 126.25 Decreased By ▼ -0.65 (-0.51%)
HUMNL 13.35 Decreased By ▼ -0.02 (-0.15%)
KEL 5.24 Decreased By ▼ -0.07 (-1.32%)
KOSM 6.71 Decreased By ▼ -0.23 (-3.31%)
MLCF 44.24 Increased By ▲ 1.26 (2.93%)
NBP 60.50 Increased By ▲ 1.65 (2.8%)
OGDC 222.49 Increased By ▲ 3.07 (1.4%)
PAEL 40.60 Increased By ▲ 1.44 (3.68%)
PIBTL 8.16 Decreased By ▼ -0.02 (-0.24%)
PPL 191.99 Increased By ▲ 0.33 (0.17%)
PRL 38.60 Increased By ▲ 0.68 (1.79%)
PTC 27.00 Increased By ▲ 0.66 (2.51%)
SEARL 103.50 Decreased By ▼ -0.50 (-0.48%)
TELE 8.62 Increased By ▲ 0.23 (2.74%)
TOMCL 34.86 Increased By ▲ 0.11 (0.32%)
TPLP 13.60 Increased By ▲ 0.72 (5.59%)
TREET 24.99 Decreased By ▼ -0.35 (-1.38%)
TRG 71.99 Increased By ▲ 1.54 (2.19%)
UNITY 33.33 Decreased By ▼ -0.06 (-0.18%)
WTL 1.72 No Change ▼ 0.00 (0%)
BR100 11,987 Increased By 93.1 (0.78%)
BR30 37,178 Increased By 323.2 (0.88%)
KSE100 111,351 Increased By 927.9 (0.84%)
KSE30 35,039 Increased By 261 (0.75%)

The Italian Senate on Sunday passed a revised 2019 budget agreed after a tense standoff with Brussels which saw the populist government water down key measures. Senators passed the budget put forward by the governing coalition of the anti-establishment Five Star Movement (M5S) and the anti-immigration League by 167 votes to 78, with three abstentions.
It was passed by a vote of confidence after midnight that avoided debate of around 700 amendments, provoking acrimonious scenes in the Senate with the opposition complaining about the lack of debate. The budget is expected to go to the lower house after Christmas and before a New Year deadline. In a historic first, in October the European Commission rejected Italy's big-spending budget, which promised a universal basic income and scrapped pension reform.
In a deal reached on Wednesday, Italy agreed to reduce the cost of both of its landmark measures, and is now committed to not adding to its colossal two-trillion euro debt load next year. The EU and Italy negotiated intensely with both sides worried that a protracted feud would alarm the markets and ignite a debt crisis in the eurozone's third biggest economy.
Without the compromise, Italy would have ultimately faced a fine of up to 0.2 percent of the nation's GDP after a long and rancorous process with its eurozone partners. The talks centred on the so-called structural deficit, which includes all public spending minus debt payments. Italy's first budget was set to blow through commitments made by the previous government, and require Rome raising even more debt. Last week's deal anticipates that this will now be balanced, with the overall deficit target lowered to 2.04 percent of GDP.

Copyright Agence France-Presse, 2018

Comments

Comments are closed.