Germany Plans Return To Debt-limit Rules In 2023
Muhammad Irfan Published June 29, 2022 | 03:20 PM
Berlin, (UrduPoint / Pakistan Point News - 29th Jun, 2022 ) :Germany will reinstate its so-called debt brake in 2023 after suspending it for three years to cope with the impact of the coronavirus pandemic, sources in the finance ministry said Wednesday.
The government will borrow 17.2 billion Euros ($18.1 million) next year, adhering to the rule enshrined in the constitution that normally limits Germany's public deficit to 0.35 percent of overall annual economic output, despite new spending as a result of Russia-Ukraine conflict, the sources said.
The new borrowing set out in a draft budget to be presented to the cabinet on Friday is almost 10 billion euros higher than a previous figure for 2023 announced in April.
However, "despite a considerable increase in costs, the debt brake will be respected," one of the sources said.
Although Germany is traditionally a frugal nation, the government broke its own debt rules at the start of the coronavirus pandemic and unleashed vast financial aid to steer the economy through the crisis.
The government has this year unveiled a multi-billion-euro support package to help companies in Europe's biggest economy weather the fallout from the ongoing conflict in Europe and sanctions against Russia.
Berlin has also spent billions to diversify its energy supply to reduce its dependence on Russia, as well as investing heavily in plans to tackle climate change and push digital technology.
But despite the additional spending, Finance Minister Christian Lindner has maintained the aim to reinstate the debt brake in 2023.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 24 April 2024
Today Gold Rate in Pakistan 24 April 2024
Punjab CM inaugurates Pakistan’s first Virtual Women Police Station
Dutch model Donny Roelvink embraces Islam
Experts raise concerns over introduction of 10-stick packs
Iranian president arrives in Karachi
Law Minister expresses Govt's resolve to address issue of missing persons
Rizwan’s batting order may be changed: Sources
Nawaz Sharif to visit Guangzhou exhibition in China
FM Dar not traveling to China: Foreign Office
PM takes notice of deliberate delay in tax cases
Iranian President visits Allama Iqbal’s mausoleum
More Stories From Miscellaneous
-
PDMA predicts gusty wind, rain with thunder, hails
14 hours ago -
Iranian president Raisi given guard of honour at PM House
2 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
2 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
3 days ago -
Cattle farming vital to alleviate poverty in rural areas
3 days ago -
Pakistan: A land of tourism, archeological wonders
3 days ago
-
Transforming education sector: from job hunters to job creators
5 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
9 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
10 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
10 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
13 days ago -
Radio Bahawalpur to broadcast Eid programs
15 days ago