October 12, 2018 / 6:17 AM / a year ago

Italy needs to respect EU budget rules and build up cash buffer -IMF

NUSA DUA, Indonesia, Oct 12 (Reuters) - Italy needs to respect European Union budget rules with its 2019 budget and build a cash buffer to cushion the next economic downturn, the head of the International Monetary Fund’s European department Poul Thomsen said on Friday.

“We do think that a fiscal relaxation of that magnitude in Italy in the current circumstances is not correct,” he told reporters at the IMF’s annual meetings.

“It is important that Italy has a 2019 budget that is consistent with the European fiscal framework.” (Reporting By Francesco Canepa)

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