(MENAFN) Italy's Prime Minister, Mario Monti, announced that his government has endorsed a USD32 billion public expenditure cuts plan, reported Qatar News Agency.
Monti said that although the plan, to be implemented by 2014, was set to slash excess spending, however, it will not reduce the quality of services.
The latest spending cuts will let the government save around USD5.52 billion for the rest of the current year, USD12.89 billion in 2013 and USD13.51 billion the following year.
It is worth noting that through the reductions, the government will not have to raise value added tax (VAT), at least until the end of next June.
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