(Alliance News) - Germany is set to take out almost EUR180 billion in new debt next year, according to the nation's 2021 budget, which has grown in recent weeks to allow for the mounting costs of the pandemic in Europe's biggest economy.
The budget was agreed to early Friday following overnight discussions by a parliamentary committee. The Bundestag parliament is expected to pass the framework in a vote in December.
The German state is to spend around EUR498.6 billion in 2021 - almost as much as its outgoings this year, when the government freed up billions for business aid and stimulus in response to the coronavirus crisis.
A draft budget put forward by Finance Minister Olaf Scholz was approved by Chancellor Angela Merkel's cabinet in September.
Several amendments to this document were adopted by the budgetary committee in talks lasting over 17 hours.
The amended budget foresees over EUR85 billion more in spending than the first draft.
The amendments factored in costs for vaccination against the coronavirus and further billions in financial assistance for businesses impacted by Germany's current shutdown, which has been extended into December.
source: dpa
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