Italy's public debt nears record high

The Bank of Italy has said that Italy's public debt approached the three-trillion-euro mark in May, hitting a record high of 2,918.9 billion euros ($3.2 billion).

This marked an increase of 13.3 billion euros ($14.5 billion) compared to April, primarily driven by an 11.5-billion increase in the public sector borrowing requirement, Caliber.Az reports citing the foreign media.

Italy has been grappling with significant public debt levels for several years, exacerbated by economic challenges and fiscal pressures.

The COVID-19 pandemic further strained Italy's finances, prompting substantial government spending to support businesses and households, coupled with a sharp economic contraction. This led to a surge in public debt levels as the government sought to mitigate the economic impact of the pandemic.

The Bank of Italy regularly monitors and reports on Italy's public debt dynamics, providing crucial insights into the country's fiscal health and economic resilience.