German Finance Minister and Vice-Chancellor Olaf Scholz at a news conference in Berlin April 8, 2020. — Reuters pic
Scholz’s aid package aims to help cities and towns stabilise their finances, according to the finance ministry document seen by Reuters. The plan also contemplates extra relief for some heavily indebted municipalities. Under Germany’s federal system, local authorities are in charge of a large chunk of public investments such as building roads and bridges as well as modernising schools and hospitals.He said earlier this week that plunging tax revenues will not stop the government from unleashing another fiscal stimulus package next month and that the measures should include emergency aid for struggling municipalities.
Equivalent to our national budget for the whole year
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