June 17, 2020 / 8:23 AM / a month ago

German cabinet approves new debt of 218 billion euros this year - source

FILE PHOTO: German Finance Minister Olaf Scholz arrives for a special cabinet meeting about the stimulus program to boost the economy after the coronavirus disease (COVID-19) lockdown, at the chancellery in Berlin, Germany June 12, 2020. Markus Schreiber/Pool via REUTERS

BERLIN (Reuters) - The German cabinet on Wednesday approved new borrowing of some 218 billion euros (£195.7 billion) this year, a government source said.

Two people familiar with the plans had on Monday told Reuters that Finance Minister Olaf Scholz would ask parliament to increase new borrowing by a further 62.5 billion euros to a record 218.5 billion this year for measures to boost recovery from the coronavirus pandemic.

Reporting by Holger Hansen; Writing by Michelle Martin; Editing by Paul Carrel

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