AIRLINK 204.45 Increased By ▲ 3.55 (1.77%)
BOP 10.09 Decreased By ▼ -0.06 (-0.59%)
CNERGY 6.91 Increased By ▲ 0.03 (0.44%)
FCCL 34.83 Increased By ▲ 0.74 (2.17%)
FFL 17.21 Increased By ▲ 0.23 (1.35%)
FLYNG 24.52 Increased By ▲ 0.48 (2%)
HUBC 137.40 Increased By ▲ 5.70 (4.33%)
HUMNL 13.82 Increased By ▲ 0.06 (0.44%)
KEL 4.91 Increased By ▲ 0.10 (2.08%)
KOSM 6.70 No Change ▼ 0.00 (0%)
MLCF 44.31 Increased By ▲ 0.98 (2.26%)
OGDC 221.91 Increased By ▲ 3.16 (1.44%)
PACE 7.09 Increased By ▲ 0.11 (1.58%)
PAEL 42.97 Increased By ▲ 1.43 (3.44%)
PIAHCLA 17.08 Increased By ▲ 0.01 (0.06%)
PIBTL 8.59 Decreased By ▼ -0.06 (-0.69%)
POWER 9.02 Decreased By ▼ -0.09 (-0.99%)
PPL 190.60 Increased By ▲ 3.48 (1.86%)
PRL 43.04 Increased By ▲ 0.98 (2.33%)
PTC 25.04 Increased By ▲ 0.05 (0.2%)
SEARL 106.41 Increased By ▲ 6.11 (6.09%)
SILK 1.02 Increased By ▲ 0.01 (0.99%)
SSGC 42.91 Increased By ▲ 0.58 (1.37%)
SYM 18.31 Increased By ▲ 0.33 (1.84%)
TELE 9.14 Increased By ▲ 0.03 (0.33%)
TPLP 13.11 Increased By ▲ 0.18 (1.39%)
TRG 68.13 Decreased By ▼ -0.22 (-0.32%)
WAVESAPP 10.24 Decreased By ▼ -0.05 (-0.49%)
WTL 1.87 Increased By ▲ 0.01 (0.54%)
YOUW 4.09 Decreased By ▼ -0.04 (-0.97%)
BR100 12,137 Increased By 188.4 (1.58%)
BR30 37,146 Increased By 778.3 (2.14%)
KSE100 115,272 Increased By 1435.3 (1.26%)
KSE30 36,311 Increased By 549.3 (1.54%)

BERLIN: German Chancellor Olaf Scholz said Tuesday that military and financial support for Ukraine was of “existential importance” to Europe, defending defence spending commitments as Berlin confronts a domestic budget crisis.

Germany has been one of the Ukraine’s biggest backers along with the United States, Scholz said, supplying Kyiv with weapons to battle Russia’s invading forces.

“We will continue with this support as long as it is necessary,” Scholz said in a speech to parliament.

“This support is of existential importance. For Ukraine… but also for us in Europe.

NATO chief ‘confident’ US will keep arming Ukraine

“None of us want to imagine what even more serious consequences it would have for us if Putin won this war,” Scholz said.

The chancellor was addressing MPs following a shock constitutional court ruling earlier this month, which blew a massive hole in the government’s spending plans.

Germany’s top court said the government had flouted a constitutional debt rule, which limits new borrowing to 0.35 percent of gross domestic product.

The ruling has left the government scrambling to pass a new budget before the end of the year and shore up sorely needed investments in decarbonisation and the modernisation of its armed forces.

To quell the immediate crisis, the government plans to suspend the constitutional debt rule for a fourth year in a row.

The so-called debt brake was already lifted between 2020 and 2022 to tackle the crises caused by the coronavirus pandemic and the spike in energy prices following Russia’s invasion of Ukraine last year.

Germany had supported households and businesses manage soaring bills with billions of euros in support, Scholz said.

But it was “not enough to look only at the winter of 2022-2023,” Scholz said, when energy prices were high.

“It was always about winter of 2023-2024,” Scholz said, sketching a continuing crisis which could justify lifting the debt brake again.

“Under no circumstances should we let up in our support for Ukraine and in overcoming the energy crisis,” Scholz said.

“That would not be responsible, that would endanger our future.”

Comments

Comments are closed.