Coronavirus: Germany preparing $160 bln supplementary budget

German Chancellor Angela Merkel and German Finance Minister Olaf Scholz attend the weekly cabinet meeting in Berlin, Germany March 11, 2020. (Reuters)

German finance minister Olaf Scholz said on Saturday that the government was readying a supplementary budget of 150 billion euros ($160 billion), as part of a broader funding package to tackle the economic impact of the coronavirus outbreak.

“A hundred and fifty billion is a large amount, but it gives us the flexibility that we now need,” Scholz said.

“In addition we are laying the ground for various other institutions of our nation to take the steps necessary to stabilize our companies ... it's important to send a clear and strong signal right at the beginning,” told a news briefing.

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Last Update: 16:50 KSA 19:50 - GMT 16:50