The German government plans to gradually increase its spending without involving new loans. A preliminary draft of the Federal budget for 2018 and the fiscal plan for 2021 was approved yesterday by the Cabinet of German Chancellor Angela Merkel.
Under the new plan, next year Germany will increase total spending by 1.9% to 335.5 billion euros. Additional funds will be used primarily to finance the integration of refugees, assistance in development, defence and internal security. Defense spending at the same amounts to 38.45 billion euros. It is also reported that public investment next year will be reduced to 35.7 billion euros from 36.1 billion euros in the current.
It is expected that the draft budget will be finally approved on June 28.
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