Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Welcome
Go
Free Newsletter Sign Up

Germany Borrows $34 Billion More This Year to Pay for Stimulus

June 5, 2020, 2:24 PM

German Finance Minister Olaf Scholz is planning to raise more debt this year and next to help pay for the government’s massive stimulus program.

Scholz will propose to raise debt by at least 30 billion euros ($33.9 billion) in a supplement to this year’s budget that will require parliamentary approval, according to people familiar with the discussion. Further borrowing will be necessary next year as well to help offset weaker tax revenues and pay for growth measures, said the people, asking not to be named because the plans aren’t public.

Chancellor Angela Merkel’s coalition agreed this week on a sweeping ...