Italy: PM Mario Draghi renounces his annual salary, reason unspecified

Italian Prime Minister Mario Draghi, who draws at least two generous state pensions and owns or part-owns around 10 houses, on May 13, renounced his salary as the country’s leader. Leveraging on the occasion to announce his tax returns, the newly minted PM announced that he won’t be taking his gross annual salary of 110,000 euros from now on. Draghi's 2020 tax return, published late on Wednesday, showed he received a gross income of 583,470 euros in 2019.

Of this, 498,144 euros came from state pensions he receives from his previous jobs as director-general of the Treasury and Governor of the Bank of Italy, his spokeswoman said. Alongside, he also possessed or co-owned at least six buildings in and around Italy including one in London. .In the addendum, he also owns six patches of land.

No reason

While Draghi did not specify any reason for quitting his entitled salary, observers deemed it to be a move to show solidarity with Italians, who’ve been battling the economic crisis. It is imperative to note that Italy’s economy saw a dramatic plunge last year as businesses struggled to stay afloat amidst the coronavirus pandemic. The economy witnessed a small growth of 4.1 per cent in the first quarter of 2021.

Recently, Draghi commented on the country's post-pandemic rescue package. Addressing lawmakers, he said that the country's future and credibility are at stake in the government's 250 billion euro post-COVID Recovery Plan backed by EU loans and grants to kick start the Italian economy The former head of the European Central Bank Draghi had tabled Europe’s most ambitious plan for Italy's post-pandemic recovery, which included development, fighting climate change, and creating equal job opportunities for Italian citizens. Draghi allocated nearly the national recovery plan 220-billion-euro (US$266-billion) funding to implement reforms demanded by the European Union. 

We would all be wrong to think that the (National Recovery and Resilience Plan) PNNR, albeit in its historic importance, is only a collection of projects, numbers, deadlines, objectives," the Italian Prime Minister told the House, unveiling the EU-funded plan according to Lombardy’s Ansa agency. He continued, that "in the combination of the programs there is also, and above all, the destiny of the country”. 

Image: AP