Germany will allocate 130 billion euros to stimulate its economy

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    On May 3, German authorities led by Angela Merkel adopted a new package of stimulus measures for the economy of 130 billion euros ($ 146 billion), which will allow the country to survive the dire consequences of a three-month lockdown of the economy.

    Merkel said that the measures taken include a reduction in the VAT tax rate from 19% to 16%, and for the hotel business - from 7% to 5%. This rule will come into force on July 1 and will be valid for six months.

    Minister of Finance Olaf Scholz said that Germany can afford these measures thanks to the thoughtful savings that have been applied since 2014.

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