Italy's Prime Minister Giorgia Meloni speaks during a press conference after a meeting of an EU Summit at the European Council Building in Brussels on Feb 10, 2023. (PHOTO / AFP)

ROME - Italy said on Tuesday it is on course to formally request the fifth installment of the European Union's post-COVID recovery fund from the European Commission by the end of this year.

Italian Prime Minister Giorgia Meloni said in a statement that the government is progressing towards fulfilling 52 new targets required to qualify for the fifth tranche of the fund, amounting to 10.5 billion euros ($11.5 billion).

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Italy's National Recovery and Resilience Plan hinges on the country meeting specific criteria to qualify for disbursements from the European Union. Through its Next Generation EU program, the bloc initially aimed to allocate a total of 191.5 billion euros in grants and loans to Italy by 2026.

Italy has already received three payouts from the fund, and is scheduled to receive the fourth installment totaling 16.5 billion euros by year-end

All grants and loans are tied to specific reform goals to make the country's economy more modern, efficient, and resilient.

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Following a recent set of reforms proposed by Meloni's government, which received approval from the European Council on Dec 8, Italy's modified plan for investment programs is now worth 194.4 billion euros in total, with 122.6 billion euros in loans and the remaining part in grants.

The revised plan covers 66 reforms, seven more than the original, along with 150 investments, according to the European Commission. Its focus is on modernizing Italy's economy with lower environmental impacts.

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Italy has already received three payouts from the fund, and is scheduled to receive the fourth installment totaling 16.5 billion euros by year-end.

The country is the largest beneficiary of the Next Generation EU program among EU member states.