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German Bundesrat Approves Financial Package For Defense, Infrastructure
(MENAFN- Kuwait News Agency (KUNA))
BERLIN, March 21 (KUNA) -- Germany's 'Bundesrat', the country's second legislative authority, endorsed on Friday a constitutional amendment to pass, through it, a historic package to boost spending defense, climate protection and infrastructure.
The council, Bundesrat, announced that that the move gained 53 votes out of 69, and it was necessary to gain just 46 votes to pass the move.
Lessening strict constitutional restrictions on state borrowing will allow exploiting unlimited borrowing to finance defense, civil protection, and cybersecurity intelligence expenditures.
In addition, it includes a fund of 500 billion euros (about USD 540 billion) for infrastructure and 100 billion euros (about USD 108 billion) for climate protection.
On Tuesday, Germany's parliament (Bundestag) approved a historic bill unlocking a record level of state borrowing for defense and infrastructure through amending the country's constitutionally enshrined fiscal rules. (end)
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The council, Bundesrat, announced that that the move gained 53 votes out of 69, and it was necessary to gain just 46 votes to pass the move.
Lessening strict constitutional restrictions on state borrowing will allow exploiting unlimited borrowing to finance defense, civil protection, and cybersecurity intelligence expenditures.
In addition, it includes a fund of 500 billion euros (about USD 540 billion) for infrastructure and 100 billion euros (about USD 108 billion) for climate protection.
On Tuesday, Germany's parliament (Bundestag) approved a historic bill unlocking a record level of state borrowing for defense and infrastructure through amending the country's constitutionally enshrined fiscal rules. (end)
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