Germany Raises Net Borrowing Next Year to 99.7 Billion Euros
- Additional federal debt is 22% higher than the previous plan
- Scholz to present budget to Merkel’s cabinet on Wednesday
Olaf Scholz
Photographer: Krisztian Bocsi/Bloomberg
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German Finance Minister Olaf Scholz is targeting 99.7 billion euros ($114 billion) in additional borrowing next year to bolster the country’s recovery from the coronavirus pandemic.
The projected new debt represents a 22% increase from the 81.5 billion euros foreseen in an earlier federal budget plan, according to two senior government officials, who asked not to be identified in line with protocol. The borrowing would take the total for this year and next to more than 340 billion euros.