"The program of [economic] support amounts to 130 billion euros [$146 billion] and will become one of the tools of the economic recovery," Walter-Borjans said at a press conference on late Wednesday.
According to Finance Minister Olaf Scholz, the economic measures include 300-euro payments per each child. The plan envisages decreasing value added tax for various branches and bonuses for purchasers of electric cars.
"We seem to have found a balanced decision after the 21-hour talks. This is an ambitious plan," Chancellor Angela Merkel said.
The World Health Organization declared the COVID-19 outbreak a pandemic on 11 March. To date, more than 6.4 million people have been infected with the coronavirus worldwide, with over 383,000 fatalities, according to Johns Hopkins University.
Germany has confirmed more than 180,000 coronavirus cases so far, with 8,602 deaths.