Main economy of Europe to get into billion dollars

German authorities approved measures to increase borrowing by 99.7 billion euros (119 billion euros) next year. The country decided to fit into debts to cope with the consequences of the coronavirus pandemic, writes Bloomberg.

Predicted net debt in this and next year will be more than 340 billion euros. German Chancellor Angela Merkel warned that the country will need huge investments in new technologies to stay competitive.

Cabinet of Ministers also approved measures worth eight billion euros aimed at reducing greenhouse gas emissions. The main economy of Europe seeks to achieve climate neutrality by 2045.

The implementation of a plan to build state borrowing will mean the refusal of the “black zero” policy practiced for most of the last decade. It implies a refusal to issue a new public debt and the desire to preserve the surplus budget, in which expenses are funded by income, including taxes.

Previously, German companies declared their readiness to invest billions of euros. In total, in 2020, foreign investors participated in 141 projects in Russia. Most of all invested in Russia Germany, half of the European investment was sent to the agri-food sector.

/Media reports.