Senators Discuss Bill on Substance Abuse Prevention Programs - Hamburg has accelerated repayment of its corona emergency loans.
Hamburg has repaid the emergency loans it borrowed during the coronavirus crisis earlier than anticipated. The Senate revealed this in response to a minor inquiry from SPD MP Milan Pein. The full repayment of these loans occurred before schedule in the previous year, NDR adds. Initially, the plan was to repay the corona-related debt over 20 years, beginning in 2025. However, the early repayment is deemed prudent and responsible by Pein, who serves as the budget policy spokesperson for the SPD parliamentary group, as reported by NDR. This move also allows for reduced interest payments, as well as more room for budget expenditures in the upcoming years.
As per the NDR report, the city council authorized up to 3.5 billion euros in new debt due to the pandemic. This resulted in the temporary suspension of the debt brake. Nonetheless, the city only utilized less than half of this total amount.
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Source: www.stern.de
