September 20, 2018 / 8:08 AM / in 3 months

Germany cuts debt issuance plans as govt enjoys budget surplus

BERLIN (Reuters) - Germany’s debt agency said on Thursday it was cutting its debt issuance plans for the fourth quarter by 2 billion euros ($2.34 billion) as the government enjoys a budget surplus.

“The financing needs of the federal government and its special assets have decreased since the start of 2018,” the agency said in a statement.

It added it would slash the total volume of nominal money and capital market instruments to be issued in 2018 to 173 billion euros from the 175 billion euros it had originally planned.

Now in its ninth year, the upswing in Europe’s largest economy has led to record employment, rising tax revenues and a budget surplus.

Chancellor Angela Merkel said earlier this month Germany would reduce debt and invest in employment and infrastructure to extend the upswing and prepare for any downturn.

Reporting by Thomas Seythal; editing by Michelle Martin

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