A 200 billion euro government rescue package designed to shield businesses and households from the effects of high energy costs was passed by the German parliament on Friday.
In addition to this, Parliament approved a new comment on the constitutionally mandated debt-reduction principle.
The monies of the fund will be accessible until 2024, per German government intentions.
The Economic Stability Fund is now able to borrow loans totaling 200 billion euros, according the approval made public by Parliament.
The primary goal of this funding is to lower gas costs, which have lately risen.
The German government should refund the cost of discounts in December to all German gas agents, according to a commission the government appointed.
For regular customers, a maximum gas price can be applied as of next March to a basic share of 80% of normal use, and for significant industrial customers, a gas price will be applied as of next January.
It is still unknown, though, how the German government will put the recommendations into practise.
Source: DBA.
Germany acknowledges providing 200 billion euros in “umbrella protection” to address the energy issue.
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