March 21, 2020 / 2:51 PM / 15 days ago

Finance minister says Germany preparing 150 billion euro supplementary budget

FILE PHOTO: German Minister of Finance Olaf Scholz speaks during a plenum session at the lower house of parliament, Bundestag, in Berlin, Germany March 13, 2020. REUTERS/Annegret Hilse

FRANKFURT (Reuters) - German finance minister Olaf Scholz said on Saturday that the government was readying a supplementary budget of 150 billion euros (137 billion pounds), as part of a broader funding package to tackle the economic impact of the coronavirus outbreak.

“A hundred and fifty billion is a large amount, but it gives us the flexibility that we now need,” Scholz said.

“In addition we are laying the ground for various other institutions of our nation to take the steps necessary to stabilise our companies ... it’s important to send a clear and strong signal right at the beginning,” told a news briefing.

Reporting by Ludwig Burger; Editing by Alexander Smith

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