German finance ministry plans austerity measures of up to 20 billion euros – Spiegel

BERLIN (Reuters) – German Finance Minister Christian Lindner is planning an austerity package with a volume of up to 20 billion euros ($22.12 billion), Germanys Der Spiegel reported on Friday.

With the cuts, Lindner wants to close the funding gaps in the 2024 budget and at the same time create some leeway for unavoidable additional spending, Spiegel reported, citing sources in the ministry.

The ministry refused to comment on the report.

“The ministers position is well-known. He has pointed out that revenues are not sufficient to finance all the demands,” a ministry spokesperson said. “The task is to slow down growth in spending,” the spokesperson added.

According to the report, Lindners officials are recommending that he pass a budget supplement act, to make changes to legally defined government services. The report said cost-cutting measures would particularly affect the departments with the highest social spending, such as the labour and family ministries.

($1 = 0.9043 euros)

(Reporting by Maria Martinez and Holger Hansen; Editing by Miranda Murray)