(Bloomberg) -- Italy’s government expects debt this year to “surely” stay below 140% of gross domestic product.

Speaking to reporters on the sidelines of the Ambrosetti Workshop in Cernobbio, Italy, Finance Ministry Undersecretary Federico Freni said the country’s expected growth will be “around 1%” in 2024. On Friday the Bank of Italy said the country’s economy will grow just 0.6% this year, maintaining a forecast that clashes with the government’s much rosier prediction.

The government will announce new forecasts for the economy next week. Prime Minister Giorgia Meloni’s government is counting on consumer spending and stimulus from the European Union’s Recovery Fund to boost growth. But it will take until at least 2026 to get its budget deficit below the European Union’s 3% limit, people familiar with the matter have said.

Read more: Bank of Italy Sticks With Lower Growth Forecast Than Meloni

Freni also reiterated a privatization of some listed companies in which Italy holds stakes won’t be “rushed out,” being part of a 20 billion-euro ($21.7 billion) three-year plan that includes lender Monte dei Paschi di Siena SpA and postal operator Poste Italiane SpA.

In January, Italian government approved a plan to sell part of the stake held by the Finance Ministry while retaining a holding, possibly indirectly, to ensure public control of Poste. The disposal will occur in phases and the state will likely retain 51% initially instead of reducing its holding to the planned 35% right away, Finance Minister Giancarlo Giorgetti has said. 

With regard to a potential sale of a minority stake in oil major Eni SpA before summer, Freni said “it’s premature.”

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