German president signs constitutional amendments to boost state borrowing

German President Frank-Walter Steinmeier has signed amendments to the country's constitution, passed by parliament, that will enable the government to increase state borrowing.

This move aims to finance the growing expenses for defence and infrastructure projects, Caliber.Az reports via foreign media.

The amendments were passed by the Bundestag on March 18. Just a few days later, on March 21, the decision was approved by the Bundesrat, the legislative body that represents Germany’s federal states. These constitutional changes will allow the German government to significantly boost its borrowing capacity to meet the rising financial demands for national defense and critical infrastructure development.

Once the president’s signature is formalized, the amendments will be officially published in the Federal Law Gazette, completing the process.

By Naila Huseynova