German Chancellor Angela Merkel recently announced that they will “do whatever it takes” to reduce the effects of the Kovid-19 outbreak. Germany rolled up its sleeves to cope with the economic effects of the coronavirus.
According to CNBC’s report, officials in Germany are preparing a new incentive package of hundreds of billions of euros. This plan, which is expected to be shared by Finance Minister Olaf Scholz in the future, will be discussed by the ministers today and tomorrow.
Authorities preparing a package for major small-medium enterprises and consumers in general envisage a total expenditure of 356 billion euros. Although the details are not known exactly, this package is expected to increase the government budget by 156 billion euros, add 100 billion euros to the economic stabilization fund and give 100 billion euros to the country’s largest banks, KfW. KfW will then use this 100 billion euros to save businesses that need loans.