Germany approves a 130 billion euro stimulus package
Thursday, 06 04 2020, Category: Economy, Country: Germany
Chancellor Angela Merkel’s ruling coalition on Wednesday agreed a bumper stimulus package to speed up Germany’s recovery from the coronavirus.
Speaking at a news conference after marathon talks that extended well into the night, Merkel said the package would amount to 130 billion euros ($146 billion) and include lower value-added tax (VAT) to boost consumption.
“The size of the package will amount to 130 billion euros for the years 2020/2021, 120 billion of which will be spent by the federal government,” Merkel said. “So we have an economic stimulus package, a package for the future.”
The stimulus programme follows a 750 billion-euro rescue package agreed in March which encompassed a debt-financed supplementary budget of 156 billion euros.