German cabinet approves contested budget plan
China DailyGermany's Chancellor Olaf Scholz arrives for the Meeting of the European Political Community at the Blenheim Palace in Woodstock, near Oxford, on July 18, 2024. The German cabinet finally approved its 2025 budget on Wednesday after weeks of negotiations, allocating a record 78 billion euros for investments and 75.3 billion euros for NATO's defense spending target, while halving funds to Ukraine. The budget package, which aims to boost growth while curbing spending, has been a source of tension within Chancellor Olaf Scholz's three-party coalition government, causing weeks of debate over borrowing and ministry funding. The total 480.6 billion euro budget package, approximately 8 billion euros less than this year's, will now be sent to the Bundestag, Germany's parliament, for approval, with a final vote expected in November. He stressed the role of economic growth in creating fiscal opportunities, noting the budget features an ambitious investment plan and strategically allocates funds to strengthen Germany's defense and social infrastructure.
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