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Germany will plough 130 billion euros (Dh536 billion) into a stimulus package to kick-start an economy severely hit by the coronavirus pandemic, Chancellor Angela Merkel said Wednesday.
Under the wide-ranging measures outlined in a 15-page document, value-added tax will be temporarily slashed, families will receive 300 euros (Dh1,238) for each child, while those who purchase electric cars will see a government rebate doubled to 6,000 euros (Dh24,757).
"The size of the package will reach 130 billion euros (Dh536 billion) for 2020 to 2021, 120 billion of which will be borne by the federal government," said Merkel.
"We have an economic stimulus package, a package for the future and in addition, we're now dealing with our responsibility for Europe and the international dimension."
Noting that millions of employees in Germany have been put on shorter working hours, Merkel said that "shows how fragile the whole thing is, and why we must succeed in giving the economy a push so that jobs can be secured."
"We need to get out of this crisis with an oomph," said Finance Minister Olaf Scholz.
The fresh stimulus comes on top of a massive 1.1 trillion-euro (Dh4.54 trillion) rescue package already agreed in March, comprising loan guarantees, subsidies and a beefed-up shorter-hours programme to avoid job cuts.
To fund the unprecedented package, parliament had approved new borrowing, marking a sea change in German economic policy, upending a financial-crisis-era constitutional rule drastically limiting budget deficits.
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