Italy set to welcome new PM

Incoming Italian Prime Minister Mario Draghi (Photo: Alessandro Di Meo/EPA)

Former European Central Bank chief Mario Draghi was expected to be formally announced on Friday as Italy’s new prime minister, to lead a national unity government and guide the nation through the devastation of the Covid pandemic.

Draghi, who was brought in after the outgoing centre-left coalition collapsed, will visit President Sergio Mattarella at 7:00pm (1800 GMT), the president’s office said.

Draghi has spent the last nine days assembling a government of national unity to manage the deadly pandemic that hit Italy almost one year ago, the led to a deep recession.

Italy has been without a fully functioning government for almost a month since former prime minister Matteo Renzi withdrew his Italia Viva party from Conte’s coalition, which also included the M5S and centre-left Democratic Party (PD).

Draghi’s arrival was greeted with delight on the financial markets — Italy’s borrowing costs dropped to a historic low this week — but the task facing him is huge.

Source: Bangkok Post