MOSCOW (Pakistan Point News / Sputnik - 04th July, 2023) Germany plans to take on 16.6 billion Euros ($18.1 billion) in new debt in 2024, the Handelsblatt reported on Monday citing government sources.
The new borrowing is part of Finance Minister Christian Lindner's draft budget that the cabinet is expected to approve on Wednesday, the business daily reported.
Europe's economic powerhouse plans to cut spending to 445.7 billion euros next year, with the only exception being defense expenditure, which Germany wants to hike to 2% of GDP to meet the NATO target.
The draft comes after months of haggling between the three parties making up the German coalition government � the Social Democrats of Chancellor Olaf Scholz, the Greens of Foreign Minister Annalena Baerbock and Lindner's business-oriented Free Democrats.
