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German Cabinet Approves Draft Budget for 2021, EUR96.2 B in New debt

Adel 23 September, 2020 3:48 pm Market Update

A German government official said on Wednesday, the Cabinet approved a draft budget for next year, as proposed by the Finance Minister Olaf Scholz.

The budget sets aside a net new debt of EUR96.2 billion euros or $112.43 billion to offer further financial support to cushion the impact of the coronavirus crisis.

The €96.2 billion in new debt – to be used to finance measures in tackling the virus crisis – would be the second-highest since the end of WWII and comes after the government already took on a record borrowing of roughly €218 billion this year.

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