Moody's detailed report highlights the significant reduction in debt that will fall below €7 billion in 2020, with a tangible reduction in the incidence on operating revenues (from 48.5% in 2017 to 44.8 in 2019 to 43.2 in 2021), also drastically reducing the cost of debt.

NY based rating agency has also noted a progressive increase in liquidity over the two-year period to date well in excess of one billion euros.  There was also a significant appreciation of organisational progress and expenditure reductions in a number of areas, starting with health care.

It is important to underline that Moody's report highlights the importance of the agreement concluded by the Sicilian Region with the Italian State, in December 2018, for the positive effects it has on its financial balance, in terms of fewer transfers over the three-year period (about €900 million).

There are also important considerations on improving the administrative management of the Region through what are qualified as credible budgetary policies and consolidation, ensuring transparency and detail in the information.

Finally, the importance of regional financial autonomy arising from the provisions of the Special Statute is stressed, whose full implementation is being negotiated by the Region with the State - now in its final stages - of which one of the last discussions at the Ministry of the Economy and Finance in Rome is being held today. It is also highlighted and confirmed the appropriateness of the decision to establish, in 2010, the Pension Fund (a proposal by former Councillor Gaetano Armao).

In conclusion, at the same time as the European Commission's interim letter on the 2020 budget outline arrives in Rome asking for clarification on debt reduction ("Italy's plan does not comply with the debt reduction benchmark in 2020"), Palermo’s Sicilian Regional Government HQs is pleased to note the effects of the debt consolidation and reduction noted by Moody's and the other rating agencies, which were already projected in the latest update of the Bulletin on financial resources by the Department of the Economy.