German Finance Minister Scholz to Speak In Parliament Instead of Merkel

German Finance Minister Olaf Scholz stated on Monday that he will be holding a speech in the parliament later this week in Chancellor Angela Merkel's place. He noted that the government would introduce measures to help businesses, but predicted that there will be a roughly five percent decline in GDP.

"We have concluded that we are capable of protecting the country, the health of our citizens, the economy and employment positions despite the very significant changes... We will present this week in the Bundestag [parliament] a draft of an additional budget in the amount of almost 156 billion euros", he announced.

The additional allocation is meant for companies, self-employed persons, renters, and families, the finance minister specified.

Germany recently reported a surge in the number of confirmed coronavirus cases and now occupies fifth place in terms of the total number of infected, with almost 25,000 cases. At the same time, the death toll in the country has reached 94.

Meanwhile, there are 340,000 cases of the COVID-19 across the world and at least 14,750 deaths in various countries. Almost 100,000 infected, however, have recovered from the disease.