Germany plans 65 bln euro inflation-busting package

News Desk || shiningbd

Published: 9/4/2022 4:46:10 PM
Germany plans 65 bln euro inflation-busting package

Petrol prices are displayed at a bft petrol station one day before the fuel discount in Germany expires after a temporary reduction of the energy tax to the minimum level set by the EU came to an end in Bonn, Germany, August 31, 2022. REUTERS/Benjamin Westhoff

Germany will spend 65 billion euros ($64.7 billion) on its third package designed to shield consumers and businesses from the impact of soaring inflation, the government said in a document issued on Sunday.

The measures, which includes proposals for an extension to discounted public transport and 1.7 billion euros in tax breaks for 9,000 energy-intensive companies, was agreed by the three parties in Chancellor Olaf Scholz's governing coalition on Sunday.

"This is the biggest of the three packages so far," Scholz told a news conference.

($1 = 1.0049 euros)

Source - The Business Standard