Friday, January 21, 2022

Germany borrowed 24.8 billion less than planned last year, the finance minister said

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BERLIN, Jan. 14 (Xinhua) – Germany borrowed less from markets last year than originally planned, with the federal government lowering its allowed 240 billion euro debt limit to 24.8 billion euros, Finance Minister Christian Lindner said on Friday.

“So we’re doing what we need to do, but we’re not finishing what is possible,” Lindner told lawmakers in parliament.

Germany, which received an unprecedented loan of 130 billion euros in 2020 to finance measures in the coronavirus pandemic, received a record new debt of 215 billion euros last year.

Lindner is the leader of the financially cautious Free Democrats (FDP), part of the ruling coalition led by the center-left Social Democrats, as well as the Greens.

He said the government should create fiscal buffers to prepare for the next crisis in the coming years and reiterated the coalition’s plan to return to strict borrowing limits from 2023, a constitutional rule called debt repayment.

In the coming years, the production ratio of debt should gradually decrease, Linder said, and the government wants to reduce the tax burden on citizens and companies.

“Taxes will not be raised,” Lindner said. (Christian Kraemer’s interview, written by Michael Nienaber, edited by Peter Graff)

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