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Germany extends coronavirus relief measures at EUR 10bn cost

Germany extends coronavirus relief measures at EUR 10bn cost

Mubasher: German coalition parties agreed to extend a programme to relieve the impact of the coronavirus (COVID-19) crisis on economy at a cost of up to EUR 10 billion ($11.8 billion), Reuters reported late on Tuesday.

The programme includes extending short-time work subsidies until the end of 2021 from March 2021, which would more jobs by allowing employers to cut employees’ hours but keep them in work. 

In addition, the measures also include prolonging bridging aid for small and mid-sized companies until the end of 2020.

The measures could cost up to EUR 10 billion in 2021, the German Finance Minister, Olaf Scholz, a Social Democrat, told public broadcaster ZDF.

The goal now is to stabilise the economy,” Scholz added. “The fact that we acted fast and big has resulted in Germany weathering the crisis much better than other (countries).

During the second quarter (Q2) of 2020, Germany’s economy shrank at a record rate of 9.7% as consumer spending, company investments, and exports witnessed a sharp fall due to the coronavirus crisis.