December 4, 2018 / 6:46 AM / 5 months ago

Italian PM to present EU new budget proposal in next few hours - paper

FILE PHOTO: Italian Prime Minister Giuseppe Conte holds a news conference on the final day of the G20 leaders summit in Buenos Aires, Argentina December 1, 2018. REUTERS/Agustin Marcarian

MILAN (Reuters) - Italian Prime Minister Giuseppe Conte will present a new budget proposal in the next few hours, he told the Avvenire daily, aiming to avoid a disciplinary procedure by Brussels.

Italy has drafted an expansionary budget that forecasts the deficit to rise to 2.4 percent of GDP in 2019 from 1.8 percent this year.

The European Union has rejected the budget, saying the plans will not lower Italy’s large public debt as required by the grouping’s rules, and has urged Rome for revisions, to prevent a procedure that could eventually lead to fines.

Conte said the new proposal could reasonably include a deficit lower than previously forecast, but did not reveal details of his plan.

Reporting by Francesca Landini; Editing by Clarence Fernandez

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