Budget for German development ministry remains stable in 2020
On June 26, 2019, German finance minister Olaf Scholz presented the federal budget draft for 2020 and the financial planning until 2023. The draft was passed by the cabinet later the same day.
Compared to the top-level budget figures for 2020 that were announced in March 2019, the current budget draft includes funding increases for the Federal Ministry for Economic Cooperation and Development’s (BMZ's) budget of around €128 million (US$144 million), from €10.3 billion (US$11.6 billion)to €10.4 billion (US$11.7 billion). This is an increase of 1.2%, which is on par with the growth rate for the entire federal budget. The midterm financial planning foresees budget cuts over the next three years, with the budget for the BMZ set at €9.4 billion (US$10.6 billion) in 2021 and 2022 and €9.3 billion (US$10.5 billion) in 2023. The budget draft will be discussed, amended and finalized by Parliament sometime between August and November.