Scholz: Additional €30B budget in works
German Minister of Finance and Vice-Chancellor Olaf Scholz said on Friday the government was working on a supplementary budget of €30 billion in addition to the initial €130 billion relief scheme for battling the consequences of the coronavirus pandemic.
The supplementary budget will be funded through loans and debts, as the minister no longer has sufficient funds from the original budget for 2020 to support the measures of recovery. Scholz said the new plan will be presented by the middle of June.
Earlier in the day, the Bundesbank stated it expects the German economy to contract by 7.1% this year as a result of the pandemic.
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