Last week, Italy's anti-austerity government cut its 2019 growth forecast and predicted another rise in debt levels.
Italy's Deputy Prime Minister Luigi Di Maio, told CNBC his country will not change course despite fears of ballooning debt and struggling growth.
After the announcement, the European Commissioner for Economic and Financial affairs, Pierre Moscovici, said"We could again have problems with Italy." The 32-year-old said Italy's attempts to improve its economy had to be looked at in the context of the ongoing trade dispute between the United States and China as well as Britain's drawn out exit from the European Union.
To meet its deficit targets in 2020 and 2021, the Italian government agreed with the European Commission in December that it would raise value-added tax , or find other means to generate the cash. "We'll find a balanced solution and we'll form a fiscal system considering our budget constraint," he told CNBC's Joummana Bercetche at the IMF's Spring Meetings in Washington, D.C.
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