ROMA – Almost 140 billion of debt in three years. 139.8 to be exact. But it changes little. Here is the Pnrr account. Updated from initial estimates. Heavier, for the state coffers. It is a document developed by the technicians of the Chamber and the Senate to calculate the worsening of the trend, from this year to 2026.
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Another grain for the government. Which is added to another anguish. Not even the time to take a deep breath, after having sent the documents to Brussels to try to save the fourth installment, when the trace is once again that of urgency. Because there is a month and a half left before the formal deadline to present the revision of the entire Recovery and Resilience Plan.
Ma the yard is full of potholes. The theme is not so much, better still, the reprogramming of resources that will free themselves from unfeasible projects by the summer of 2026, the deadline of the Plan. The point is that the transfer operation into the Cohesion funds and into the new RepowerEU chapter is anything but a simple technical operation. It means touching the money managed by ministers. In short: more than someone in the government will have to leave a piece of their “treasure” to their colleagues. And the resistance, which has been going on since April, has not abated.
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Indeed, in the last few hours, discontent has increased, because the time for choices is approaching. And the risk therefore grows: to be unprepared in the management of European funds, and therefore to lose credibility, also in terms of consensus. Raffaele Fitto, the minister in charge of the Plan, flew to Brussels yesterday evening. Today he has a series of technical meetings on his calendar, including on the new modifications. On his return he will try to shorten the times, but by now he has taken into account that it will be necessary to bypass July to get all his colleagues to agree.
And although the government has repeatedly reiterated that the deadline is August 31st, just a month ago the goal was different, and that is to prepare the new proposal by mid-July.
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The review issues don’t end there. And here comes the issue of debt. THEThe burden on public finances has increased because, the technicians write, in the first three years of implementation of the Pnrr there was an improvement in the debt, for 17.2 billion. A figure that emerges from the difference between revenues, fueled by 29 billion in grants, and cash expenditure, equal to 11.7 billion.
Starting this year, the picture will change radically. “Expenses of 179.8 billion remain to be disbursed in cash, against revenues from grants, still to be collected, amounting to only 39.9 billion”, reads the document. This is how “the effect of worsening”, that is the ballast of 140 billion, which exceeds, by about twenty billion, the impact estimated when the Pnrr was born.
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Of course, the revision of the Plan could change the picture. But touching the investments financed with loans means knocking on the doors of the ministries. Which will be difficult to open.
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