(Reuters) – Ratings agency S&P Global (NYSE:) on Friday raised Italy’s outlook to “positive” from “stable”, saying the government’s commitment to pro-growth reforms would boost the economy.

In April, the government presented the European Union with a plan for infrastructure investment and reforms that would increase Italy’s potential growth and secure more than 200 billion euro ($234.52 trillion) in EU funds. This plan was approved by the European Union.

The ratings agency stated in a statement that the large majority of bicameral Majorities in Draghi’s government should allow for the implementation by 2021 of 51 milestones, targets and goals included in the ambitious reform program.

It was also stated that the European Central Bank had taken steps since the COVID-19 pandemic to support Italy’s recovery.

A strong investment-led recovery in 2021 and 2022 should put the Italian gross domestic product above 2019 levels one year earlier than S&P had previously estimated, the ratings agency said.

After the 8.9% record contraction of 2020, eight months ago, the government has forecast that the third-largest eurozone economy will expand by 6% in this year.

S&P affirmed Italy’s rating at “BBB/A-2”.