Germany's stimulating package is 130 billion euros: Families an additional 300 euros per child

Germany has agreed on a new internal stimulus package Wednesday worth 130 billion euros, even higher than the previous maximum amount expected.

According to foreign media, Telegrafi traces, German Chancellor Angela Merkel has indicated the move during a press conference after the coalition announced the stimulus.

The size of the package will reach 130 billion euros for 2020/2021, 120 billion of which will be spent by the federal government”.

Merkel added: “We have an economic stimulus package, a package for the future, and besides that, we are now dealing with our responsibility for Europe and the international dimension”.

Merkel's CDU party, as well as centre-left coalition partners CSU agreed on the measures.

The main value added tax (TVSH) will be temporarily reduced from 19% to 16% for six months from July 1st, Merkel said.

Other measures include providing households with an additional 300 euros per child (336 dollars) and doubling the discount in the car buyers' bonus scheme.

The other measures include supporting households with an additional 300 euros per child and doubling the discount in the auto purchase bonus scheme.

The rescue plan also includes a 50 billion-euro fund for achieving innovation and digitalisation of climate change in the German economy.

The European Union last week proposed a recovery package, worth 750 billion euros, to help the 27-member bloc survive from “economic size of the pandemic coronavirus”