Economics
Germany’s Cabinet Passes $41.6 Billion in Extra Borrowing
- Ministers approve budget top-up to cushion war spillover
- Net new debt set to reach 138.9 billion euros this year
Olaf Scholz addresses the cabinet meeting at the Chancellery in Berlin on April 27.
Photographer: Michael Kappeler/AFP/Getty Images
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German Chancellor Olaf Scholz’s cabinet approved additional borrowing of 39.2 billion euros ($41.6 billion) this year to bolster the economy against fallout from the war in Ukraine.