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NEWS

German government plans supplementary budget for 2024, Bild says

BERLIN (Reuters) – The German government is planning a supplementary budget for the current year with up to 11 billion euros ($11.89 billion) in additional borrowing while respecting the debt brake, newspaper Bild said on Thursday, citing government sources.

The ministry of finance informed budget politicians of the coalition government about the plans a few days ago, Bild said.

“Something like this is conceivable. But the government has not yet made a concrete decision,” a government source told Reuters.

The structural component of the debt brake, a fiscal rule embedded in the German constitution, allows for a limited deficit spending of 0.35% of gross domestic product. Its cyclical component nevertheless allows additional borrowing in economic downturns.

Additional borrowing would be possible in 2024 because the economy will grow more modestly than previously expected during budget preparations.

“We are monitoring the development of tax revenues and budget implementation and are ready to act at any time,” a spokesperson from the finance ministry told Reuters.

($1 = 0.9253 euros)

 

(Reporting by Maria Martinez and Holger Hansen; Editing by David Gregorio)

 

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