The Irish government approved a supplementary package of 6.7 billion euros in the budget to deal with the jump in energy and food prices, reports Bloomberg.
The package, announced today, will be financed through public spending programs up to €5.65 billion in 2022 and 2023, while the remaining €1.05 billion will be covered by tax measures.
The government will simultaneously allocate 4.5 billion euros to temporary measures to provide humanitarian aid to refugees from Ukraine and to measures to contain Covid-19, as announced by the country’s Ministry of Finance.
Rising borrowing costs and higher debt have been assessed under the new government plan, while risks include a worse-than-expected economic outlook for the second half of the year, which could weigh on tax revenues.
Source: Capital
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