Italy’s far-right government has approved a budget for next year of about 30 billion euros, or $33 billion, which officials say will be partly funded by a levy on Italian banks and insurers.

Italy's government plans to raise 3.5 billion euros ($3.81 billion) from domestic banks and insurers, Prime Minister Giorgia Meloni said on Tuesday after her cabinet approved budget plans for the next three years.

Prime Minister Giorgia Meloni’s cabinet is tapping Italy’s banks and insurers to help finance its budget, according to a new plan designed to deliver on giveaways pledged to voters.